<SEC-DOCUMENT>0001157523-20-001438.txt : 20201105
<SEC-HEADER>0001157523-20-001438.hdr.sgml : 20201105
<ACCEPTANCE-DATETIME>20201105063558
ACCESSION NUMBER:		0001157523-20-001438
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20201103
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201105
DATE AS OF CHANGE:		20201105

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:		201288546

	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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<DESCRIPTION>STRATEGIC EDUCATION, INC. 8-K
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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>&#160;</div>

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

        <div> <br />
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  <tr>

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

      </div>

    </div>

    <div>&#160;</div>

    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Emerging growth company <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_8ae9c919bb774c16b553cd4b43085745" contextRef="c20201103to20201103" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric></div>

    <div>&#160;</div>

    <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
      revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act. &#9744;<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"></span></div>

  </div>

  <div><br />
  </div>

  <div><br />
  </div>

  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div style="page-break-after: always;">
      <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" /></div>

  </div>

  <div> <br />
  </div>

  <div>
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  <tr>

    <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;1.01.</div>
          </td>

    <td style="width: 90%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Entry into a Material Definitive Agreement.</div>
          </td>

  </tr>


</table>
    <div>&#160;</div>

    <div style="text-align: left; text-indent: 27pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On November 3, 2020, Strategic Education, Inc. (&#8220;Strategic Education&#8221;) entered into a Third Amendment to Second Amended and Restated
      Revolving Credit and Term Loan Agreement and Amendment to Other Loan Documents (the &#8220;Amendment&#8221;) with certain of its subsidiaries party thereto as subsidiary guarantors, Truist Bank (as successor by merger to SunTrust Bank), as administrative agent
      (the &#8220;Administrative Agent&#8221;), and the other lenders party thereto. The Amendment amends the Second Amended and Restated Revolving Credit and Term Loan Agreement, dated November 8, 2012 (as amended by the First Amendment to Second Amended and Restated
      Revolving Credit and Term Loan Agreement, dated July 2, 2015, the Second Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement, dated August 1, 2018, and the Supplement Agreement, dated August 10, 2020, the &#8220;Credit
      Agreement&#8221;), among Strategic Education, the lenders party thereto and the Administrative Agent. The Credit Agreement, which was described in Strategic Education&#8217;s Current Reports on Form 8-K filed on August 1, 2018 and August 10, 2020, provided,
      among other things, for a $350 million senior secured revolving credit facility (the &#8220;Revolving Credit Facility&#8221;) with a maturity date of August 1, 2023.</div>

    <div>&#160;</div>

    <div style="text-align: left; text-indent: 27pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Amendment, among other things, (i)<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</span>extends the
      maturity date of the Revolving Credit Facility from August 1, 2023 to November 3, 2025, (ii) provides Strategic Education with an option, subject to obtaining additional loan commitments and satisfaction of certain conditions, to increase the
      commitments under the Revolving Credit Facility or establish one or more incremental term loans (each, an &#8220;Incremental Facility&#8221;) in the future in an aggregate amount of up to the sum of (x) the greater of (A) $300 million and (B) 100% of Strategic
      Education&#8217;s consolidated EBITDA (earnings before interest, taxes, depreciation, amortization, and noncash charges, such as stock-based compensation) calculated on a trailing four-quarter basis and on a pro forma basis, and (y) if such Incremental
      Facility is incurred in connection with a permitted acquisition or other permitted investment, any amounts so long as Strategic Education&#8217;s leverage ratio (calculated on a trailing four-quarter basis) on a pro forma basis will be no greater than
      1.75:1.00, (iii) provides for a subfacility for borrowings in certain foreign currencies in an amount equal to the U.S. dollar equivalent of $150 million, and (iv) amends certain negative covenants and events of default. In addition, the Credit
      Agreement, as amended by the Amendment, requires that Strategic Education satisfy certain financial maintenance covenants, including:</div>

    <div style="text-align: left; text-indent: 27pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br />
    </div>

    <div>
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    <td style="width: 45pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 27pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-family: Times New Roman">&#9679;</span></div>
            </td>

    <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A leverage ratio of not greater than 2.00:1.00. Leverage ratio is defined as the ratio of total debt (net of unrestricted cash in an amount not to
                exceed $150 million) to trailing four-quarter EBITDA.</div>
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br />
              </div>
            </td>

  </tr>


</table>
    </div>

    <div>
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    <td style="width: 45pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 27pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-family: Times New Roman">&#9679;</span></div>
            </td>

    <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A coverage ratio of not less than 1.75:1.00. Coverage ratio is defined as the ratio of trailing four-quarter EBITDA and rent expense to trailing
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            </td>

  </tr>


</table>
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    <div>
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              <div style="text-align: left; margin-left: 27pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-family: Times New Roman">&#9679;</span></div>
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            </td>

  </tr>


</table>
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    <div>&#160;</div>

    <div style="text-align: left; text-indent: 27pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In addition, the Administrative Agent and other lenders party to the Credit Agreement consented to the consummation of Strategic
      Education&#8217;s acquisition of the Australia and New Zealand operations (collectively, the &#8220;Business&#8221;) of Laureate Education, Inc. (&#8220;Laureate&#8221;) pursuant to the sale and purchase agreement, dated July 29, 2020 (the &#8220;Purchase Agreement&#8221;), by and among
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    <div>&#160;</div>

    <div style="text-align: left; text-indent: 27pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Except as amended by the Amendment, the remaining terms of the Credit Agreement remain in full force and effect.</div>

    <div>&#160;</div>

    <div style="text-align: left; text-indent: 27pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text
      of the Amendment, which will be filed as an exhibit to Strategic Education&#8217;s Form 10-Q for the quarter ended September 30, 2020. In addition, a conformed copy of the Credit Agreement will appear as Exhibit A of the Amendment.</div>

    <div><br />
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    <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;2.01.</div>
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    <td style="width: 90%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Completion of Acquisition or Disposition of Assets.</div>
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</table>
    <div>&#160;</div>

    <div style="text-align: left; text-indent: 27pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On November 3, 2020, Strategic Education completed the previously announced acquisition of the Business from Laureate. Pursuant to the
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      of net cash at close, and an estimated $3.3 million related to higher net working capital. These estimated adjustments will be subject to a final true-up of net cash and net working capital, based on the actual closing accounts to be agreed upon no
      more than 60 days following close.&#160; Strategic Education funded the aggregate consideration paid in the transaction using cash on hand and borrowings under the Revolving Credit Facility.</div>

    <div>&#160;</div>

    <div style="text-align: left; text-indent: 27pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The foregoing summary description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference
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    <div>&#160;</div>

    <div style="text-align: left;"><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;">. &#160;&#160;&#160;&#160;</span><span style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Results of Operations and Financial Condition.</span>&#160;</span></div>

    <div>&#160;</div>

    <div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On November 5, 2020, Strategic Education <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">issued



        a press</span> release announcing its financial results for the period ended September 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>

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    <div><br />
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    <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 Securities and Exchange
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    <div><br />
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    <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item&#160;2.03.</div>
          </td>

    <td style="width: 90%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</div>
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</table>
    <div>&#160;</div>

    <div style="text-align: left; text-indent: 27pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The information set forth under Item 1.01 of this Current Report is incorporated in this Item 2.03 by reference. On November 3, 2020,
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    <div>&#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 class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </span><span class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</span><span class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</span><span class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</span><span class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial Statements and Exhibits.</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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    <td style="width: 0.65%; vertical-align: bottom;">&#160;</td>

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          </td>

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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a href="https://www.sec.gov/Archives/edgar/data/1013934/000110465920090844/tm2026328d3_ex2-1.htm">2.1</a></div>
          </td>

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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;&#160;</div>
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            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a href="https://www.sec.gov/Archives/edgar/data/1013934/000110465920090844/tm2026328d3_ex2-1.htm">Sale and Purchase Agreement, dated July 29, 2020,
                among Strategic Education Inc., SEI Newco Inc., LEI AMEA INVESTMENTS B.V. and Laureate Education, Inc. (incorporated by reference to Exhibit 2.1 to Strategic Education Inc.&#8217;s Current Report on Form 8-K/A filed on August 5, 2020)</a></div>
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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a href="a52320667ex99_1.htm">99.1</a></div>
          </td>

    <td style="width: 0.65%; vertical-align: bottom;">&#160;</td>

    <td style="width: 93.17%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a href="a52320667ex99_1.htm">Press Release dated
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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">104</div>
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    <div>&#160;</div>

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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>&#160;</div>

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

    <div>&#160;</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>

    <div>&#160;</div>

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

    <div><br />
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            <div style="text-align: left; margin-right: 1.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">STRATEGIC EDUCATION,&#160;INC.</div>
          </td>

  </tr>

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    <td style="width: 49.78%; vertical-align: top;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Date: November 5, 2020</div>
          </td>

    <td style="width: 4.57%; vertical-align: top;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
          </td>

    <td style="width: 45.64%; vertical-align: top;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
          </td>

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            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
          </td>

    <td style="width: 4.57%; vertical-align: top;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
          </td>

    <td style="width: 45.64%; vertical-align: top;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
          </td>

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    <td style="width: 49.78%; vertical-align: top;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
          </td>

    <td style="width: 4.57%; vertical-align: top;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">By:</div>
          </td>

    <td style="width: 45.64%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">/s/ Daniel W. Jackson</div>
          </td>

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    <td style="width: 49.78%; vertical-align: top;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
          </td>

    <td style="width: 4.57%; vertical-align: top;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
          </td>

    <td style="width: 45.64%; vertical-align: top;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Daniel W. Jackson</div>
          </td>

  </tr>

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    <td style="width: 49.78%; vertical-align: top;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
          </td>

    <td style="width: 4.57%; vertical-align: top;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
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    <td style="width: 45.64%; vertical-align: top;">
            <div style="text-align: left; margin-right: 0.8pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Executive Vice President and Chief Financial Officer</div>
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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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            <div style="text-align: right;"><font style="font-weight: bold;">&#160;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 Third Quarter 2020 Results and Announces Closure of Australia/New Zealand Acquisition</b> </h1>
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                      <p>HERNDON, Va.--(BUSINESS WIRE)--November 5, 2020--Strategic Education, Inc. (Strategic Education) (NASDAQ: STRA) today announced financial results for the period ended September 30, 2020 and closure of the acquisition of the
                        Australia and New Zealand academic operations from Laureate Education, Inc. (Laureate) (NASDAQ: LAUR). </p>
                      <p> &#8220;We are excited to announce that Strategic Education&#8217;s acquisition of Laureate&#8217;s Australia/New Zealand institutions closed on November 3, 2020. The addition of these highly-regarded academic institutions to our portfolio enhances
                        our position as a global leader in post-secondary education and provides an additional growth platform as we pursue our mission of enabling economic mobility with education,&#8221; said Karl McDonnell, Chief Executive Officer of Strategic
                        Education. &#8220;As our organization continues to adapt to the challenges presented by the COVID-19 pandemic, we are encouraged by consistent performance at Capella University and in Australia/New Zealand, and are restructuring our
                        organization to focus on areas of existing strength in our core business and new opportunities including employer initiatives, Sophia Learning, and digital enablement partnerships.&#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. Since our last earnings release in July, the Company has taken a number of steps to safely return
                        certain parts of the organization to more normal operations, including: </p>
                      <ul style="list-style-type: disc;">
                        <li> Reopening corporate offices in Minneapolis, Minnesota and Herndon, Virginia for a small number of volunteer employees </li>
                        <li> Reopening three campuses in Lithonia and Augusta, Georgia and Arlington, Virginia to assist international students and eventually all students </li>
                      </ul>
                      <p> The Company is continuing to provide financial relief to students impacted negatively by the pandemic. These measures, which include payment flexibility, scholarship opportunities, and other pricing relief, will continue to
                        pressure revenue-per-student for the year. </p>
                      <p> In the third quarter of 2020, the Company began implementing a restructuring plan that includes both voluntary and involuntary employee terminations in an effort to reduce ongoing operating costs to align with changes in
                        enrollment. </p>
                      <div> </div>
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                      <p> <b><u>STRATEGIC EDUCATION CONSOLIDATED RESULTS</u></b> </p>
                      <p> <b>Three Months Ended September 30 </b> </p>
                      <ul style="list-style-type: disc;">
                        <li> Revenue decreased 1.1% to $239.0 million compared to $241.7 million for the same period in 2019. </li>
                      </ul>
                      <ul style="list-style-type: disc;">
                        <li> Income from operations was $15.4 million or 6.5% of revenue, compared to $20.0 million or 8.3% 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, $2.9 million in costs associated with the merger with Capella Education Company and transaction expenses associated with the acquisition of the Australia and New
                          Zealand operations of Laureate, and $4.0 million of severance costs associated with the Company&#8217;s restructuring. Income from operations in 2019 included $15.4 million of amortization expense related to assets acquired in the
                          merger with Capella Education Company and $1.5 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 $37.8 million in 2020 compared to $36.9 million for the same period in 2019. The adjusted operating income margin was 15.8% compared to 15.3% 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>
                      </ul>
                      <ul style="list-style-type: disc;">
                        <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 $11.0 million in 2020 compared to $16.7 million for the
                          same period in 2019. Adjusted net income was $27.4 million compared to $28.4 million for the same period in 2019. </li>
                      </ul>
                      <ul style="list-style-type: disc;">
                        <li> Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $41.6 million in 2020 compared to $46.4 million in 2019. Adjusted EBITDA, which excludes merger costs, transaction expenses associated with the
                          acquisition of the Australia and New Zealand operations of Laureate, severance costs associated with the Company&#8217;s restructuring, and stock-based compensation expense, was $52.4 million compared to $50.9 million for the same
                          period in 2019. </li>
                      </ul>
                      <ul style="list-style-type: disc;">
                        <li> Diluted earnings per share was $0.47 compared to $0.75 for the same period in 2019. Adjusted diluted earnings per share decreased to $1.18 from $1.28 for the same period in 2019. Diluted weighted average shares outstanding
                          increased to 23,214,000 from 22,129,000 for the same period in 2019, due primarily to new shares issued to facilitate the acquisition of Laureate&#8217;s Australia and New Zealand academic operations. </li>
                      </ul>
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                      </div>
                      <p> <b>Strayer University Segment Highlights </b> </p>
                      <ul style="list-style-type: disc;">
                        <li> For the third quarter, student enrollment at Strayer University decreased 1% to 48,774 compared to 49,194 for the same period in 2019. New student enrollment for the period, which was previewed during our Q2 2020 earnings call,
                          decreased 28%, and continuing student enrollment for the period increased 6%. Starting in the first quarter of 2020, Strayer University adopted a new enrollment reporting census date, which occurs approximately two weeks following
                          the start of the academic term. Previously the Strayer University enrollment census date coincided with the end of the University&#8217;s &#8220;drop-add&#8221; period, approximately one week following the start of the academic term. This new
                          census date is consistent with the approach employed by Capella University. All historical enrollment data included in this release and other disclosures has been revised using the new census date. Year-over-year percentage change
                          in enrollment for the new census date does not differ significantly from the prior approach. </li>
                      </ul>
                      <ul style="list-style-type: disc;">
                        <li> Revenue decreased 1.2% to $128.4 million in the third quarter of 2020 compared to $130.0 million for the same period in 2019, driven by lower third quarter enrollment and lower revenue-per-student. </li>
                      </ul>
                      <ul style="list-style-type: disc;">
                        <li> Income from operations increased to $22.8 million in the third quarter of 2020 from $18.0 million for the same period in 2019. The operating income margin was 17.8%, compared to 13.8% for the same period in 2019. </li>
                      </ul>
                      <p> <b>Capella University Segment Highlights </b> </p>
                      <ul style="list-style-type: disc;">
                        <li> For the third quarter, student enrollment at Capella University increased 4% to 40,268 compared to 38,885 for the same period in 2019. New student enrollment for the period increased 4% and continuing student enrollment for the
                          period increased 4%. Starting in the first quarter of 2020, Capella University consolidated two different enrollment reporting census dates into a single date, which occurs approximately two weeks following the start of the
                          academic term. All historical enrollment data included in this release and other disclosures has been revised accordingly. Year-over-year percentage change in enrollment for the new census date does not differ significantly from
                          the prior approach. </li>
                      </ul>
                      <ul style="list-style-type: disc;">
                        <li> FlexPath continued to be a significant driver of new and total enrollment growth in the third quarter of 2020 and is 40% of Capella University&#8217;s bachelor&#8217;s and master&#8217;s degrees total enrollment. With the new Doctor of Nursing
                          Practice program offered in the FlexPath learning format in the third quarter of 2020, FlexPath is 31% of Capella University&#8217;s total enrollment. </li>
                      </ul>
                      <ul style="list-style-type: disc;">
                        <li> Revenue decreased 1.0% to $110.6 million in the third quarter of 2020 compared to $111.8 million for the same period in 2019, driven by lower revenue-per-student. </li>
                      </ul>
                      <ul style="list-style-type: disc;">
                        <li> Income from operations decreased to $15.0 million in the third quarter of 2020 from $18.9 million for the same period in 2019. The operating income margin was 13.5%, compared to 16.9% for the same period in 2019. </li>
                      </ul>
                      <div> </div>
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                      </div>
                      <p> <b><u>BALANCE SHEET AND CASH FLOW</u></b> </p>
                      <p> At September 30, 2020, Strategic Education had cash, cash equivalents, and marketable securities of $768.9 million, which includes approximately $220.2 million of net proceeds from Strategic Education&#8217;s public offering of common
                        stock on August 10, 2020. For the first nine months of 2020, cash provided by operations was $158.8 million compared to $141.4 million for the same period in 2019. Capital expenditures for the first nine months of 2020 were $34.8
                        million compared to $27.8 million for the same period in 2019. Capital expenditures for 2020 are expected to be approximately $45 million. </p>
                      <p> Strategic Education also closed the refinancing of its revolving credit facility on November 3, 2020, for a total commitment of $350 million for a period of five years with materially the same terms as under the prior revolving
                        credit facility. The Company borrowed $141.8 million on the facility on November 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> coinciding with the close of the acquisition of Laureate&#8217;s
                        Australia/New Zealand institutions. </p>
                      <p> For the third quarter of 2020, consolidated bad debt expense as a percentage of revenue was 4.7%, compared to 5.0% of revenue for the same period in 2019. Net tuition receivable as of September 30, 2020 includes additional
                        reserves to account for projected deterioration in collections performance in 2020 due to the pandemic. </p>
                      <p> <b><u>LAUNCH OF SUR LA TABLE ONLINE CULINARY INSTITUTE</u></b> </p>
                      <p> Strategic Education, together with culinary leaders including Marquee Brands, the global brand owner of Sur La Table &#8211; a leader in providing a hands-on culinary cooking experience and Chef Scott Conant, successful restauranteur
                        and television personality, announced this morning the launch of the Sur La Table Online Culinary Institute, a new online offering designed to help students obtain the skills they need to succeed in the kitchen and thrive in the
                        modern culinary world. The Sur La Table Online Culinary Institute courses are being reviewed by the American Council on Education and are recognized by the American Culinary Federation Education Foundation as an Approved Program.
                        The program will initially feature six courses with 55 hours of instruction each and three thematic courses ranging from two to four hours in length. These courses, offered by Strategic Education, support personal development in
                        culinary practices through an online, self-paced experience. To read the full press release and find out more information about this offering, please go to www.strategiceducation.com in the News section or visit
                        surlatableonlineculinaryinstitute.com. </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 December 7, 2020 to shareholders of record as of November 30, 2020. </p>
                      <p> <b><u>WEBCAST WITH MANAGEMENT</u></b> </p>
                      <p> Strategic Education will host a webcast with a corresponding slide presentation to discuss its third quarter 2020 results at 10:00 a.m. (ET) today. To access the live webcast with the presentation, please go to
                        www.strategiceducation.com in the Investor Relations section 15 minutes prior to the start time to register. After completion of the webcast, the slide presentation will be posted to www.strategiceducation.com in the Investor
                        Relations section. The webcast will also be archived and available at www.strategiceducation.com in the Investor Relations section. If unable to join via webcast, investors can participate in the live call by dialing (877) 303-9047
                        ten minutes prior to the start time. </p>
                      <p> <b>About Strategic Education, Inc. </b> </p>
                      <p> Strategic Education, Inc. (NASDAQ: STRA) (www.strategiceducation.com) is dedicated to helping advance economic mobility through higher education. We serve working adult students all over the globe through our core focus areas: 1)
                        U.S. Higher Education, through Strayer University and Capella University, each institutionally accredited, and collectively offer flexible and affordable associate, bachelor&#8217;s, master&#8217;s and doctoral programs including the Jack Welch
                        Management Institute at Strayer University; 2) Alternative Learning, encompassing Sophia Learning, self-paced general education courses that are ACE-recommended for college credit; Workforce Edge, a full service, online employee
                        education management portal; Digital Enablement Partnerships, helping advance capabilities in course development, online delivery and student support; and non-degree web and mobile application development courses through Hackbright
                        Academy and Strayer University&#8217;s DevMountain; and 3) Australia/New Zealand, comprised of Torrens University, Think Education and Media Design School operations in Australia and New Zealand. This portfolio of high quality,
                        innovative, relevant, and affordable programs and institutions helps our students prepare for success in today&#8217;s workforce and find a path to bettering their lives. </p>
                      <div> </div>
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                      </div>
                      <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 and growth opportunities 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, including in the case of Strategic Education&#8217;s acquisition of Laureate&#8217;s Australia and New Zealand business, the risk that the benefits of the
                          acquisition may not be fully realized or may take longer to realize than expected, and the risk that the acquisition may not advance Strategic Education&#8217;s business strategy and growth strategy; </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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                      </div>
                      <table cellspacing="0" id="zc2a6d27291414a56a41b6bbd2a5c232d" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;" colspan="17">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>STRATEGIC EDUCATION, INC.</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;" colspan="17">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;" colspan="17">
                              <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: 0px;"><br>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="padding-left: 0px;" colspan="7"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;" colspan="7">&#160;</td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;text-align: center; list-style-position: inside;white-space: nowrap;" colspan="7">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended <br>
                                  September 30,</b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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: 0px;border-bottom: solid black 1pt;text-align: center; list-style-position: inside;white-space: nowrap;" colspan="7">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the nine months ended <br>
                                  September 30,</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 241,747 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 239,026 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 733,365 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 760,159 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1pt;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Costs and expenses: </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Instructional and support costs </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 132,527 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 127,174 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 397,281 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 385,654 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> General and administration </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 72,303 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 74,069 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 204,816 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 210,596 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of intangible assets </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 46,251 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 46,251 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,500 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,920 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 11,698 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 7,858 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Restructuring costs </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 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: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,024 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 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: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,024 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Total costs and expenses </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 221,747 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 223,604 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 660,046 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 654,383 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1pt;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 20,000 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 15,422 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 73,319 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 105,776 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Other income </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 3,243 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 912 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 10,695 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,674 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1pt;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Income before income taxes </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 23,243 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 16,334 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 84,014 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 110,450 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Provision for income taxes </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 6,551 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 5,374 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 31,413 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 30,099 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 16,692 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 10,960 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 52,601 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 80,351 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Earnings per share: </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Basic </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.77 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.48 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2.42 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 3.62 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.75 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.47 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2.38 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 3.58 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Weighted average shares outstanding: </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Basic </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 21,806 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 23,004 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 21,694 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 22,193 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                            </td>
                            <td colspan="1" rowspan="1">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 22,129 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 23,214 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 22,096 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 22,432 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 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="zdb9145a6b8814917bf04b2e0f300e516" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="9">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>STRATEGIC EDUCATION, INC.</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="9">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="9">
                              <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: 0px;vertical-align: bottom;"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="3"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;"><br>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="3">&#160;</td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;white-space: nowrap;" 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;white-space: nowrap;" colspan="3">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>September 30, <br>
                                </b><b>2020</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>ASSETS</b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Current assets: </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Cash and cash equivalents </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 717,804 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Marketable securities </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 20,457 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Tuition receivable, net </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 45,958 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Other current assets </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 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="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 22,156 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Total current assets </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 806,375 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Property and equipment, net </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 115,607 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Right-of-use lease assets </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 80,719 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Marketable securities, non-current </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 30,663 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Intangible assets, net </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 231,511 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Goodwill </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Other assets </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 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="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 50,369 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Total assets </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                              <p style="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: 0px;padding-right: 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="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,047,319 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 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 colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Current liabilities: </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Accounts payable and accrued expenses </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 115,829 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Income taxes payable </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 12,093 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Contract liabilities </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 42,633 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Lease liabilities </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 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="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 24,740 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Total current liabilities </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 195,295 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Deferred income tax liabilities </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 34,012 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Lease liabilities, non-current </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 76,802 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Other long-term liabilities </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 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="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 36,152 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Total liabilities </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 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="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 342,261 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Commitments and contingencies </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Stockholders&#8217; equity: </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Common stock, par value $0.01; 32,000,000 shares authorized; 21,964,809 and 24,403,364 shares issued and outstanding at December 31, 2019 and September 30, 2020, respectively </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 244 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Additional paid-in capital </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,515,662 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Accumulated other comprehensive income </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 760 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Retained earnings </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 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="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 188,392 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Total stockholders&#8217; equity </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 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="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,705,058 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                              <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;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                              <p style="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: 0px;padding-right: 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="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,047,319 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <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="zbf08e40ff8924b2d8a2d52de66f11148" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="9">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>STRATEGIC EDUCATION, INC.</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="9">
                              <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>
                            </td>
                          </tr>
                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="9">
                              <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: 0px;vertical-align: bottom;"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="7">&#160;</td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;text-align: center; list-style-position: inside;white-space: nowrap;" colspan="7">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the nine months ended <br>
                                  September 30,</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Cash flows from operating activities: </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 52,601 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 80,351 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Adjustments to reconcile net income to net cash provided by operating activities: </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 30px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of deferred financing costs </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 250 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 250 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of investment discount/premium </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 286 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 108 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Depreciation and amortization </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 78,862 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 78,189 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Deferred income taxes </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 971 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (12,867 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Stock-based compensation </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 9,075 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 10,759 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Impairment of right-of-use lease assets </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 30px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Changes in assets and liabilities: </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 45px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Tuition receivable, net </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,258 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,224 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 45px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Other assets </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,648 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (8,684 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 45px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Accounts payable and accrued expenses </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (2,022 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 681 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 45px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Income taxes payable </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (7,125 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 10,674 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 45px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Contract liabilities </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 10,311 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,540 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 45px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Other long-term liabilities </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (2,412 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,444 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 60px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Net cash provided by operating activities </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 141,407 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 158,786 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Cash flows from investing activities: </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Purchases of property and equipment </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (27,769 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (34,787 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Purchases of marketable securities </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (17,769 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Proceeds from marketable securities </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 32,860 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 22,868 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Other investments </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (878 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (768 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 60px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Net cash used in investing activities </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (13,556 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (14,550 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Cash flows from financing activities: </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Net proceeds from issuance of common stock </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 220,248 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Common dividends paid </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (33,297 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (41,305 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Net payments for stock awards </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (9,195 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (24,778 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Repurchase of common stock </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 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: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 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 1pt;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 60px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Net cash provided by (used in) financing activities </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (42,492 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 153,918 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 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: 60px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Net increase in cash, cash equivalents, and restricted cash </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 85,359 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 298,154 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Cash, cash equivalents, and restricted cash &#8212; beginning of period </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 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="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 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="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 397,596 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 718,651 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <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="zb8f90be5c7994839a4d5db18f9a9319b" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="17">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>STRATEGIC EDUCATION, INC.</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="17">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>UNAUDITED SEGMENT REPORTING</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="17">
                              <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: 0px;vertical-align: bottom;"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="7"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;"><br>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="7">&#160;</td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;text-align: center; list-style-position: inside;white-space: nowrap;" colspan="7">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the three months <br>
                                  ended September 30,</b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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: 0px;border-bottom: solid black 1pt;text-align: center; list-style-position: inside;white-space: nowrap;" colspan="7">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the nine months <br>
                                </b><b>ended September 30,</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues: </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Strayer University </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 129,993 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 128,411 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 392,466 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 412,145 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Capella University </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 111,754 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 110,615 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 340,899 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 348,014 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Consolidated revenues </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 241,747 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 239,026 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 733,365 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 760,159 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations: </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Strayer University </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 17,993 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 22,809 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 66,229 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 95,225 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Capella University </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 18,924 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 14,974 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 65,039 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 68,684 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of intangible assets </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (46,251 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (46,251 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,500 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (2,920 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (11,698 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (7,858 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Restructuring costs </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 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: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,024 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 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: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,024 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Consolidated income from operations </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 20,000 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 15,422 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 73,319 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 105,776 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <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, income before income taxes, 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 Income Before Income Taxes, 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 Income Before Income Taxes,
                        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 the Company's acquisition of the Australia and New Zealand operations of Laureate, (3) severance costs associated
                        with the Company&#8217;s restructuring, (4) income recognized from the Company&#8217;s investments in partnership interests and other investments, and (5) discrete tax adjustments utilizing an adjusted effective tax rate of 28.0% and 28.5% for
                        the three months ended September 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) and (3) 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="z35b7b03e74ed4cb6be54ffcf2316893b" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="28">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>STRATEGIC EDUCATION, INC.</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="28">
                              <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>
                            </td>
                          </tr>
                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="28">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>ADJUSTED INCOME FROM OPERATIONS, ADJUSTED INCOME BEFORE INCOME TAXES, ADJUSTED NET INCOME, AND ADJUSTED EPS</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="28">
                              <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: 0px;vertical-align: bottom;"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;"><br>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="2"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;"><br>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="8"><br>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="12">&#160;</td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;"><br>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="2">&#160;</td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="20">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended September 30, 2019</b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="20">
                              <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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" colspan="2">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>As <br>
                                  Reported </b><br>
                                <b>(GAAP)</b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" colspan="3">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Amortization <br>
                                  of <br>
                                </b><b>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: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" colspan="4">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Restructuring <br>
                                  costs<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: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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;">(4)</sup></b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" colspan="3">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Tax <br>
                                </b><b>adjustments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" colspan="2">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>As Adjusted <br>
                                </b><b>(Non-GAAP)</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 241,747 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 241,747 </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Total costs and expenses </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 221,747 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,500) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="3">
                              <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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 204,830 </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 20,000 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,500 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="3">
                              <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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 36,917 </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> <i>Operating margin</i> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <i>8.3%</i> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="4">
                              <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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <i>15.3%</i> </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Income before income taxes </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 23,243 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,500 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="3">
                              <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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (706) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 39,454 </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 16,692 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,500 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (706) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,496) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 28,407 </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="4">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Earnings per share:</b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="4">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.75 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="4">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1.28 </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Weighted average shares outstanding:</b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="4">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 22,129 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="4">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;white-space: nowrap;" colspan="3">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 22,129 </p>
                            </td>
                          </tr>

                      </table>
                      <table cellspacing="0" id="ze41ae22a3e524f81ac066fcaf76f887b" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

                          <tr>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;" colspan="2"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;" colspan="20">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>For the three months ended September 30, 2020</b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;" colspan="2">&#160;</td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;" colspan="2"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;border-bottom: solid black 1pt;" colspan="20">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>Non-GAAP Adjustments</b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;"><br>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;" colspan="2">&#160;</td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="text-align: center; list-style-position: inside;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;white-space: nowrap;" colspan="2">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>As <br>
                                  Reported <br>
                                  (GAAP)</b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;white-space: nowrap;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;white-space: nowrap;" colspan="3">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Amortization <br>
                                  of <br>
                                </b><b>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: 0px;white-space: nowrap;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;white-space: nowrap;" 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: 0px;white-space: nowrap;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;white-space: nowrap;" colspan="4">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Restructuring <br>
                                  costs<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: 0px;white-space: nowrap;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;white-space: nowrap;" 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;">(4)</sup></b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;white-space: nowrap;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;white-space: nowrap;" colspan="3">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Tax <br>
                                </b><b>adjustments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;white-space: nowrap;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;white-space: nowrap;" colspan="2">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>As Adjusted <br>
                                </b><b>(Non-GAAP)</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues </p>
                            </td>
                            <td colspan="1" rowspan="1" style="text-align: center; list-style-position: inside;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 239,026 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 239,026 </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Total costs and expenses </p>
                            </td>
                            <td colspan="1" rowspan="1" style="text-align: center; list-style-position: inside;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 223,604 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (2,920) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="3">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,024) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 201,243 </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations </p>
                            </td>
                            <td colspan="1" rowspan="1" style="text-align: center; list-style-position: inside;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 15,422 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,920 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="3">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,024 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 37,783 </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> <i>Operating margin</i> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="text-align: center; list-style-position: inside;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <i>6.5%</i> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="4">
                              <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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <i>15.8%</i> </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Income before income taxes </p>
                            </td>
                            <td colspan="1" rowspan="1" style="text-align: center; list-style-position: inside;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 16,334 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,920 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="3">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,024 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (391) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 38,304 </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
                            </td>
                            <td colspan="1" rowspan="1" style="text-align: center; list-style-position: inside;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 10,960 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,920 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,024 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (391) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (5,543) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 27,387 </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="text-align: center; list-style-position: inside;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="4">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Earnings per share:</b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="text-align: center; list-style-position: inside;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="4">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                            </td>
                            <td colspan="1" rowspan="1" style="text-align: center; list-style-position: inside;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.47 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="4">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1.18 </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Weighted average shares outstanding:</b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="text-align: center; list-style-position: inside;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="4">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Diluted </p>
                            </td>
                            <td colspan="1" rowspan="1" style="text-align: center; list-style-position: inside;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 23,214 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="4">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 23,214 </p>
                            </td>
                          </tr>

                      </table>
                      <table cellspacing="0" id="zd397257f6060488486f1e07c02f852ff" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;">

                          <tr>
                            <td colspan="1" rowspan="1" style="padding-right: 0px;padding-left: 0px;vertical-align: top;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Reflects amortization and depreciation expense of intangible assets and software assets acquired through the Company&#8217;s merger with Capella Education Company. </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="padding-right: 0px;padding-left: 0px;vertical-align: top;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Reflects integration expenses associated with the Company's merger with Capella Education Company, and transaction expenses associated with the Company's acquisition of the
                                Australia and New Zealand operations of Laureate. </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="padding-right: 0px;padding-left: 0px;vertical-align: top;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Reflects severance costs associated with the Company&#8217;s restructuring. </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="padding-right: 0px;padding-left: 0px;vertical-align: top;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Reflects income recognized from the Company's investments in partnership interests and other investments. </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="padding-right: 0px;padding-left: 0px;vertical-align: top;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Reflects tax impacts of the adjustments described above and discrete tax adjustments related to stock-based compensation and other adjustments, utilizing adjusted effective tax
                                rates of 28.0% and 28.5% for the three months ended September 30, 2019 and 2020, respectively. </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="z4c3be01d8461489e99ac84f221e56e89" style="margin-left: 0px; margin-right: auto;margin-bottom: 10px; font-size: 10pt;">

                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="17"><b>STRATEGIC EDUCATION, INC.</b></td>
                          </tr>
                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="17">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>UNAUDITED NON-GAAP SEGMENT REPORTING</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="17">
                              <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: 0px;vertical-align: bottom;"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="7"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;"><br>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="7"><br>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;text-align: center; list-style-position: inside;white-space: nowrap;" colspan="7">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended <br>
                                  September 30,</b> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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: 0px;border-bottom: solid black 1pt;text-align: center; list-style-position: inside;white-space: nowrap;" colspan="7">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the nine months ended <br>
                                  September 30,</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Revenues: </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Strayer University </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: left;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 129,993 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: left;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 128,411 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: left;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 392,466 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;text-align: left;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 412,145 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Capella University </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 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: 0px;border-bottom: solid black 1pt;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 111,754 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;border-bottom: solid black 1pt;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 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: 0px;border-bottom: solid black 1pt;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 110,615 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;border-bottom: solid black 1pt;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 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: 0px;border-bottom: solid black 1pt;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 340,899 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;border-bottom: solid black 1pt;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 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: 0px;border-bottom: solid black 1pt;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 348,014 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;border-bottom: solid black 1pt;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Consolidated revenues </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;text-align: left;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 241,747 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 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="padding-left: 0px;vertical-align: bottom;">
                              <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: 0px;padding-right: 0px;text-align: left;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 239,026 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 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="padding-left: 0px;vertical-align: bottom;">
                              <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: 0px;padding-right: 0px;text-align: left;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 733,365 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 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="padding-left: 0px;vertical-align: bottom;">
                              <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: 0px;padding-right: 0px;text-align: left;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 760,159 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Income from operations: </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Strayer University </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;text-align: left;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 17,993 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;text-align: left;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 22,809 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;text-align: left;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 66,229 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;text-align: left;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 95,225 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Capella University </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 18,924 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 14,974 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 65,039 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 68,684 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of intangible assets </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;padding-right: 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (46,251) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (46,251) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,500) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (2,920) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (11,698) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (7,858) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Restructuring costs </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 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: 0px;border-bottom: solid black 1pt;padding-right: 0px;">
                              <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: bottom;padding-left: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 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: 0px;border-bottom: solid black 1pt;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,024) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;border-bottom: solid black 1pt;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 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: 0px;border-bottom: solid black 1pt;padding-right: 0px;">
                              <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: bottom;padding-left: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 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: 0px;border-bottom: solid black 1pt;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,024) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;border-bottom: solid black 1pt;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Consolidated income from operations </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 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;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 20,000 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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 1pt;padding-left: 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;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 15,422 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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 1pt;padding-left: 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;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 73,319 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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 1pt;padding-left: 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;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 105,776 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Amortization of intangible assets </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 15,417 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 15,417 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 46,251 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 46,251 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Merger and integration costs </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 1,500 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 2,920 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 11,698 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 7,858 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Restructuring costs </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;">
                              <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: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> &#8212; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;border-bottom: solid black 1pt;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;">
                              <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: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 4,024 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;border-bottom: solid black 1pt;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;">
                              <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: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> &#8212; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;border-bottom: solid black 1pt;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;">
                              <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: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 4,024 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;border-bottom: solid black 1pt;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Total adjustments to consolidated income from operations </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 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;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 16,917 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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 1pt;padding-left: 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;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 22,361 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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 1pt;padding-left: 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;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 57,949 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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 1pt;padding-left: 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;border-bottom: solid black 1pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 58,133 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Strayer University </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 17,993 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 22,809 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 66,229 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 95,225 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Capella University </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;">
                              <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: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 18,924 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;border-bottom: solid black 1pt;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;">
                              <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: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 14,974 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;border-bottom: solid black 1pt;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;">
                              <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: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 65,039 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;border-bottom: solid black 1pt;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;">
                              <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: 0px;border-bottom: solid black 1pt;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 68,684 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;border-bottom: solid black 1pt;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Total adjusted income from operations </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;text-align: left;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 36,917 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;text-align: left;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 37,783 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;text-align: left;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 131,268 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;text-align: left;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: right; list-style-position: inside;"> 163,909 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <p> &#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="z9eb17660f8134ac78d6817a2e495796d" style="margin-left: 0px; margin-right: auto;margin-bottom: 10px; font-size: 10pt;">

                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="10">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>STRATEGIC EDUCATION, INC.</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="10">
                              <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>
                            </td>
                          </tr>
                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="10">
                              <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>ADJUSTED EBITDA</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td rowspan="1" style="padding-left: 0px;text-align: center; list-style-position: inside;vertical-align: bottom;" colspan="10">
                              <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: 0px;vertical-align: bottom;"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;"><br>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="7"><br>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">&#160;</td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;text-align: center; list-style-position: inside;white-space: nowrap;" colspan="8">
                              <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>For the three months ended <br>
                                  September 30,</b> </p>
                            </td>
                          </tr>
                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" 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: 0px;text-align: center; list-style-position: inside;white-space: nowrap;">
                              <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 1pt;padding-left: 0px;padding-right: 0px;text-align: center; list-style-position: inside;white-space: nowrap;" colspan="4">
                              <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: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Net income </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 16,692 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> $ </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 10,960 </p>
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                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="2">
                              <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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Provision for income taxes </p>
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                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 6,551 </p>
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                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 5,374 </p>
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                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
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                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Other income </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (3,243) </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (912) </p>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="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: 15px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> Depreciation and amortization </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 26,365 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 26,208 </p>
                            </td>
                            <td rowspan="1" style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: bottom;" colspan="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: 30px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> EBITDA </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 46,365 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 41,630 </p>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
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                          <tr>
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                              <p style="margin-bottom: 0px; margin-top: 0px;"> Stock-based compensation </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 3,020 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 3,875 </p>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
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                          <tr>
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                              <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 colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,500 </p>
                            </td>
                            <td colspan="1" rowspan="1" style="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,920 </p>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
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                          <tr>
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                              <p style="margin-bottom: 0px; margin-top: 0px;"> Restructuring costs <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;border-bottom: solid black 1pt;" 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="padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0px;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td rowspan="1" style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" colspan="2">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,024 </p>
                            </td>
                            <td rowspan="1" style="padding-left: 0px;vertical-align: bottom;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
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                              <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted EBITDA </p>
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                            <td colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
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                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 50,885 </p>
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                            <td colspan="1" rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                            </td>
                            <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 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: 0px;">
                              <p style="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: 0px;padding-right: 0px;">
                              <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 52,449 </p>
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                            <td rowspan="1" style="border-bottom: double black 2.25pt;padding-left: 0px;vertical-align: bottom;" colspan="2">
                              <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p> Reflects integration charges associated with the Company's merger with Capella Education Company, and transaction expenses associated with the Company's acquisition of the Australia and New Zealand operations of Laureate.
                                Includes $0.5 million of stock-based compensation benefit related to forfeitures of stock-based awards for the three months ended September 30, 2019. </p>
                            </td>
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                          <tr>
                            <td colspan="1" rowspan="1" style="vertical-align: top;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;">&#160;</td>
                            <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0px;">
                              <p> Reflects severance costs associated with the Company&#8217;s restructuring. </p>
                            </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>
                    </div>
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    <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>
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    <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>
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    <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>
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    <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" />
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    <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>
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    <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>
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    <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>
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    <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>
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    <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" />
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    <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" />
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    <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" />
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    <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>
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    <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>
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    <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>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>stra-20201103_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
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<link rel="stylesheet" type="text/css" href="report.css">
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</head>
<body>
<span style="display: none;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm140060359878936">
<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>Nov. 03, 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">Nov.  03,  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_WrittenCommunications', window );">Written Communications</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_SolicitingMaterial', window );">Soliciting Material</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_PreCommencementTenderOffer', window );">Pre-commencement 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_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer 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_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</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_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001013934<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_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $0.01 par value<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_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">STRA<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_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>
</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_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>
</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_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>
</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_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_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>
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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>
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<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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:employerIdItemType</td>
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>
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<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
