CAPELLA EDUCATION CO, 10-Q filed on 7/28/2015
Quarterly Report
Document And Entity Information
6 Months Ended
Jun. 30, 2015
Jul. 23, 2015
Document And Entity Information [Abstract]
 
 
Document Type
10-Q 
 
Amendment Flag
false 
 
Document Period End Date
Jun. 30, 2015 
 
Document Fiscal Year Focus
2015 
 
Document Fiscal Period Focus
Q2 
 
Trading Symbol
cpla 
 
Entity Registrant Name
CAPELLA EDUCATION CO 
 
Entity Central Index Key
0001104349 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
12,067,097 
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Current Assets:
 
 
Cash and cash equivalents
$ 102,654 
$ 94,003 
Marketable securities, current
27,661 
29,619 
Accounts receivable, net of allowance of $5,886 at June 30, 2015 and $6,558 at December 31, 2014
16,224 
17,902 
Prepaid expenses and other current assets
13,289 
9,007 
Deferred income taxes
2,822 
2,809 
Total current assets
162,650 
153,340 
Marketable securities, non-current
46,009 
43,430 
Property and equipment, net
38,300 
37,246 
Goodwill
16,865 
16,961 
Intangibles, net
1,658 
1,927 
Other assets
1,508 
1,453 
Total assets
266,990 
254,357 
Current liabilities:
 
 
Accounts payable
5,276 
6,832 
Accrued liabilities
35,123 
23,410 
Dividends payable
4,667 
4,622 
Income taxes payable
709 
Deferred revenue
12,163 
11,718 
Total current liabilities
57,229 
47,291 
Deferred rent
2,083 
2,440 
Other liabilities
2,909 
3,698 
Deferred income taxes
5,473 
5,894 
Total liabilities
67,694 
59,323 
Shareholders' equity:
 
 
Common stock, $0.01 par value: Authorized shares - 100,000, issued and outstanding shares - 12,117 at June 30, 2015 and 12,243 at December 31, 2014
121 
122 
Additional paid-in capital
114,687 
112,417 
Accumulated other comprehensive loss
(269)1
(335)1
Retained earnings
84,757 
82,830 
Total shareholders' equity
199,296 
195,034 
Total liabilities and shareholders' equity
$ 266,990 
$ 254,357 
Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Current Assets:
 
 
Accounts receivable, allowance
$ 5,886 
$ 6,558 
Shareholders' Equity:
 
 
Common stock, par value
$ 0.01 
$ 0.01 
Common stock, authorized shares
100,000 
100,000 
Common stock, issued shares
12,117 
12,243 
Common stock, outstanding shares
12,117 
12,243 
Consolidated Statements Of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Income Statement [Abstract]
 
 
 
 
Revenues
$ 108,007 
$ 104,832 
$ 217,081 
$ 210,428 
Costs and expenses:
 
 
 
 
Instructional costs and services
47,369 
45,530 
94,430 
92,830 
Marketing and promotional
25,798 
23,113 
53,298 
48,874 
Admissions advisory
7,353 
7,146 
14,557 
14,073 
General and administrative
10,372 
10,889 
20,901 
21,354 
Lease amendment charges
2,690 
2,690 
Total costs and expenses
90,892 
89,368 
183,186 
179,821 
Operating income
17,115 
15,464 
33,895 
30,607 
Other income (expense), net
54 
(171)
(92)
(513)
Income before income taxes
17,169 
15,293 
33,803 
30,094 
Income tax expense
6,838 
6,249 
13,435 
12,233 
Net Income
$ 10,331 
$ 9,044 
$ 20,368 
$ 17,861 
Net income per common share:
 
 
 
 
Basic net income per common share
$ 0.85 
$ 0.74 
$ 1.67 
$ 1.45 
Diluted net income per common share
$ 0.83 
$ 0.72 
$ 1.64 
$ 1.42 
Weighted average number of common shares outstanding:
 
 
 
 
Weighted average shares outstanding - Basic
12,187 
12,293 
12,207 
12,317 
Weighted average shares outstanding - Diluted
12,400 
12,518 
12,442 
12,564 
Cash dividends declared per common share
$ 0.37 
$ 0.35 
$ 0.74 
$ 0.70 
Consolidated Statements Of Comprehensive Income (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Net Income
$ 10,331 
$ 9,044 
$ 20,368 
$ 17,861 
Other comprehensive income (loss):
 
 
 
 
Foreign currency translation gain (loss)
(42)
(228)
71 
(504)
Unrealized gains (losses) on available for sale securities, net of tax
(39)
44 
(5)
17 
Comprehensive income
$ 10,250 
$ 8,860 
$ 20,434 
$ 17,374 
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Operating activities
 
 
Net Income
$ 20,368 
$ 17,861 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Provision for bad debts
6,311 
6,900 
Depreciation and amortization
11,233 
12,056 
Amortization of investment discount/premium, net
1,134 
817 
Impairment of property and equipment
277 
Loss on disposal of property and equipment
27 
70 
Share-based compensation
3,894 
2,758 
Excess tax benefits from share-based compensation
(400)
(392)
Deferred income taxes
(460)
(574)
Payment Of Contingent Consideration Included In Operating Activities
(906)
Changes in operating assets and liabilities:
 
 
Accounts receivable
(4,674)
(4,550)
Prepaid expenses and other current assets
(2,918)
(235)
Accounts payable and accrued liabilities
8,290 
(60)
Income taxes payable
(2,116)
605 
Deferred rent
(357)
(505)
Deferred revenue
585 
(273)
Net cash provided by operating activities
40,917 
33,849 
Investing activities
 
 
Capital expenditures
(12,343)
(10,814)
Investment in partnership interest
(57)
(1,063)
Purchases of marketable securities
(18,246)
(42,093)
Maturities of marketable securities
16,485 
6,975 
Net cash used in investing activities
(14,161)
(46,995)
Financing activities
 
 
Excess tax benefits from share-based compensation
400 
392 
Net proceeds from exercise of stock options
1,087 
1,638 
Payment of dividends
(9,065)
(8,659)
Repurchases of common stock
(10,493)
(9,926)
Payment Of Contingent Consideration Included In Financing Activities
(5,945)
Net cash used in financing activities
(18,071)
(22,500)
Effect of foreign exchange rates on cash
(34)
Net increase (decrease) in cash and cash equivalents
8,651 
(35,642)
Cash and cash equivalents at beginning of period
94,003 
124,097 
Cash and cash equivalents at end of period
102,654 
88,455 
Supplemental disclosures of cash flow information
 
 
Income taxes paid
15,987 
12,539 
Noncash transactions:
 
 
Purchase of equipment included in accounts payable and accrued liabilities
585 
1,988 
Dividends declared but not paid during period
4,561 
4,354 
Repurchases of common stock included in accrued liabilities
$ 499 
$ 0 
Nature Of Business
Nature of Operations [Text Block]
Nature of Business

Capella Education Company (the Company) was incorporated on December 27, 1991, and is the parent company of its wholly owned subsidiaries, Capella University (the University), Resource Development International Limited (RDI), Sophia Learning, LLC (Sophia), and Capella Learning Solutions (CLS). The University, founded in 1993, is an online postsecondary education services company offering a variety of bachelor's, master's and doctoral degree programs primarily delivered to working adults. The University is accredited by the Higher Learning Commission and is a member of the North Central Association of Colleges and Schools. In 2011, the Company acquired RDI, which is an independent provider of United Kingdom (UK) university distance learning qualifications that markets, develops and delivers programs worldwide via its offices and partners across Asia, North America, Africa and Europe. Sophia is an innovative learning platform leveraging technology to support self-paced learning, including credits eligible for transfer to nearly 2,000 colleges and universities. CLS provides online training solutions and services to corporate partners which are delivered through the Company's online learning platform. With the Company's focus on academic quality in an online delivery format, it has one reporting segment.
Summary Of Significant Accounting Policies
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies

Consolidation
The consolidated financial statements include the accounts of the Company, the University, CLS, RDI and its subsidiaries, and Sophia, after elimination of intercompany accounts and transactions. RDI operates on a fiscal year ending October 31, which is also the date used for consolidation.

Unaudited Interim Financial Information
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments (consisting of normal recurring adjustments) considered necessary to present a fair statement of the Company's consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. Preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and footnotes. Actual results could differ from those estimates. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and footnotes included in its Annual Report on Form
10-K for the fiscal year ended December 31, 2014 (2014 Annual Report on Form 10-K).

Refer to the Company’s “Summary of Significant Accounting Policies” footnote included within the 2014 Annual Report on Form 10-K for a complete summary of the Company’s significant accounting policies.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Recent Accounting Pronouncements

In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which is included in Accounting Standards Codification (ASC) 470, Debt. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance will be effective for the Company's annual reporting period beginning January 1, 2016, and applied on a retrospective basis; early adoption is also permitted. The Company does not expect adoption of this guidance to have a material impact on its financial condition, results of operations, or disclosures. 

In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis, which is included in ASC 810, Consolidation. This update changes the guidance with respect to the analyses that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The new guidance affects the following areas: (1) limited partnerships and similar legal entities, (2) evaluating fees paid to a decision maker or a service provider as a variable interest, (3) the effect of fee arrangements on the primary beneficiary determination, (4) the effect of related parties on the primary beneficiary determination, and (5) certain investment funds. The guidance will be effective for the Company's interim and annual reporting periods beginning January 1, 2016. The standard allows the Company to transition to the new model using either a full or modified retrospective approach, and early adoption is permitted. The Company is currently evaluating the impact this standard will have on its business practices, financial condition, results of operations, and disclosures.
 
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern, which is included in ASC 205, Presentation of Financial Statements. This update provides an explicit requirement for management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. The guidance will be effective for the Company's annual reporting period beginning January 1, 2017, and applied prospectively; early adoption is also permitted. The Company does not expect adoption of this guidance to have a material impact on its financial condition, results of operations, or disclosures.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which is included in ASC 606, Revenue from Contracts with Customers. This ASU is a comprehensive new revenue recognition model that creates a single source of revenue guidance for all companies in all industries. The model is more principles-based than current guidance, and is primarily based on recognizing revenue at an amount that reflects consideration to which the entity expects to be entitled to in exchange for transferring goods or services to a customer. The standard allows the Company to transition to the new model using either a full or modified retrospective approach. Under the original ASU, the guidance was effective for the Company's interim and annual reporting periods beginning January 1, 2017, and early adoption was not permitted. In July 2015, the FASB voted to defer the effective date of the new revenue standard for public entities by one year. As a result, the guidance will be effective for the Company's interim and annual reporting periods beginning January 1, 2018, and early adoption is permitted as of the original effective date contained within the original standard. The Company is still evaluating the impact this standard will have on its business practices, financial condition, results of operations, and disclosures.

The Company has reviewed and considered all other recent accounting pronouncements and believes there are none that could potentially have a material impact on its business practices, financial condition, results of operations, or disclosures.
Net Income Per Common Share
Earnings Per Share [Text Block]
Net Income per Common Share

Basic net income per common share is based on the weighted average number of shares of common stock outstanding during the period. Dilutive shares are computed using the Treasury Stock method and include the incremental effect of shares that would be issued upon the assumed exercise of stock options, settlement of restricted stock, and satisfaction of service conditions for market stock units.
The following table presents a reconciliation of the numerator and denominator in the basic and diluted net income per common share calculation, in thousands, except per share data: 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Numerator:
 
 
 
 
 
 
 
Net income
$
10,331

 
$
9,044

 
$
20,368

 
$
17,861

Denominator:
 
 
 
 
 
 
 
Denominator for basic net income per common share— weighted average shares outstanding
12,187

 
12,293

 
12,207

 
12,317

Effect of dilutive stock options, restricted stock, and market stock units
213

 
225

 
235

 
247

Denominator for diluted net income per common share— weighted average shares outstanding
12,400

 
12,518

 
12,442

 
12,564

Basic net income per common share
$
0.85

 
$
0.74

 
$
1.67

 
$
1.45

Diluted net income per common share
$
0.83

 
$
0.72

 
$
1.64

 
$
1.42



Options to purchase common shares were outstanding, but not included in the computation of diluted net income per common share, because their effect would be anti-dilutive. The following table summarizes these securities, in thousands:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Anti-dilutive securities excluded from diluted earnings per share calculation
311

 
239

 
272

 
204

Marketable Securities
Marketable Securities
Marketable Securities

The following is a summary of available-for-sale securities, in thousands: 
 
As of June 30, 2015
 
Amortized Cost
 
Gross Unrealized
Gains
 
Gross Unrealized (Losses)
 
Estimated Fair Value
Tax-exempt municipal securities
$
66,341

 
$
16

 
$
(60
)
 
$
66,297

Corporate debt securities
7,372

 
4

 
(3
)
 
7,373

Total
$
73,713

 
$
20

 
$
(63
)
 
$
73,670

 
 
 
 
 
 
 
 
 
As of December 31, 2014
 
Amortized Cost
 
Gross Unrealized
Gains
 
Gross Unrealized (Losses)
 
Estimated Fair Value
Tax-exempt municipal securities
$
65,708

 
$
31

 
$
(71
)
 
$
65,668

Corporate debt securities
7,379

 
4

 
(2
)
 
7,381

Total
$
73,087

 
$
35

 
$
(73
)
 
$
73,049



The unrealized gains and losses on the Company’s investments in municipal and corporate debt securities as of June 30, 2015 and December 31, 2014 were caused by changes in market values primarily due to interest rate changes. All of the Company's securities which were in an unrealized loss position as of June 30, 2015 had been in an unrealized loss position for less than twelve months. The Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell these securities prior to the recovery of their amortized cost basis, which may be maturity. No other-than-temporary impairment charges were recorded during the three and six months ended June 30, 2015 and 2014.
The following table summarizes the remaining contractual maturities of the Company’s marketable securities, in thousands: 
 
As of June 30, 2015
 
As of December 31, 2014
Due within one year
$
27,661

 
$
29,619

Due after one year through five years
46,009

 
43,430

Total
$
73,670

 
$
73,049



The following table summarizes the proceeds from the maturities of available-for-sale securities, in thousands: 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Maturities of marketable securities
$
9,505

 
$
4,175

 
$
16,485

 
$
6,975

Total
$
9,505

 
$
4,175

 
$
16,485

 
$
6,975



The Company did not record any gross realized gains or gross realized losses in net income during the three and six months ended June 30, 2015 and 2014. Additionally, there were no proceeds from sales of marketable securities prior to maturity during the three and six months ended June 30, 2015 and 2014.
Fair Value Measurements
Fair Value Disclosures [Text Block]
Fair Value Measurements

The following tables summarize certain information for assets and liabilities measured at fair value on a recurring basis, in thousands: 
 
 
Fair Value Measurements as of June 30, 2015 Using
Description
 
Fair Value
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents:
 
 
 
 
 
 
 
 
Cash
 
$
52,745

 
$
52,745

 
$

 
$

Money market funds
 
49,909

 
49,909

 

 

Marketable securities:
 
 
 
 
 
 
 
 
Tax-exempt municipal securities
 
66,297

 

 
66,297

 

Corporate debt securities
 
7,373

 

 
7,373

 

Total assets at fair value on a recurring basis
 
$
176,324

 
$
102,654

 
$
73,670

 
$


 
 
Fair Value Measurements as of December 31, 2014 Using
Description
 
Fair Value
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents:
 
 
 
 
 
 
 
 
Cash
 
$
64,004

 
$
64,004

 
$

 
$

Money market funds
 
29,999

 
29,999

 

 

Marketable securities:
 
 
 
 
 
 
 
 
Tax-exempt municipal securities
 
65,668

 

 
65,668

 

Corporate debt securities
 
7,381

 

 
7,381

 

Total assets at fair value on a recurring basis
 
$
167,052

 
$
94,003

 
$
73,049

 
$



The Company measures cash and cash equivalents at fair value primarily using real-time quotes for transactions in active exchange markets involving identical assets. The Company’s marketable securities are classified within Level 2 and are valued using readily available pricing sources for comparable instruments utilizing market observable inputs. The Company does not hold securities in inactive markets. The Company did not have any transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy during the three and six months ended June 30, 2015 and 2014.

The Company did not have any liabilities requiring fair value measurement as of June 30, 2015.

Level 3 Measurements

RDI Contingent Consideration

In connection with the acquisition of RDI, the Company was required to make an additional payment to the former shareholders of RDI when RDI was awarded Taught Degree Awarding Powers (TDAP) by the British government.

On April 14, 2014, RDI received notice from the British government that it had successfully been awarded TDAP. TDAP enables RDI to independently validate its own degrees under the auspices of the Quality Assurance Agency, a government body that reviews the standards and quality of all UK universities. Pursuant to the terms of the acquisition agreement in 2011, the Company made an additional payment of £4.0 million (approximately $6.9 million) to the former shareholders of RDI on May 12, 2014.

Prior to payment, the contingent consideration was classified as a liability under ASC 805, Business Combinations (ASC 805), which required the Company to re-measure the liability at fair value at each reporting date until it was extinguished. The Company classified the RDI contingent consideration liability within Level 3 of the fair value measurement hierarchy as its fair value was determined using inputs not readily observable in the market.

The following table presents a reconciliation of the fair value of the RDI contingent consideration, in thousands:

Three Months Ended June 30,

Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Balance, beginning of period
$


$
6,629


$


$
6,304

Increase in RDI contingent consideration liability


222




547

Payment of RDI contingent consideration liability

 
(6,851
)
 

 
(6,851
)
Balance, end of period
$


$


$


$



The change in the fair value of the RDI contingent consideration liability was recorded in other expense, net in the consolidated statements of income during the three and six months ended June 30, 2014.
Accrued Liabilities
Accrued Liabilities
Accrued Liabilities

Accrued liabilities consist of the following, in thousands: 
 
As of June 30, 2015
 
As of December 31, 2014
Accrued compensation and benefits
$
11,072

 
$
7,482

Accrued instructional
5,644

 
4,361

Accrued vacation
2,045

 
1,234

Accrued invoices
13,318

 
8,238

Other(1)
3,044

 
2,095

Total
$
35,123

 
$
23,410


(1) "Other" consists primarily of the current portion of deferred rent, customer deposits, and other miscellaneous accruals.
Commitments And Contingencies
Commitments And Contingencies Disclosure [Text Block]
Commitments and Contingencies

Operating Leases
The Company leases its office facilities and certain office equipment under various noncancelable operating leases. Effective August 29, 2011, the Company entered into an amendment of its lease with Minneapolis 225 Holdings, LLC pursuant to which the Company renewed and extended its existing lease for premises at 225 South Sixth Street in Minneapolis, Minnesota through October 31, 2018. Renewal terms under this lease allow the Company to extend the lease for up to two additional five-year terms.

On April 3, 2014, the Company accepted notice to activate an amendment to this lease. Pursuant to the amendment, in June 2014, the Company returned 54,940 square feet of its previously leased space of 426,165 square feet. Employees located in this area were relocated to other areas within the Company's remaining space. The Company recorded a charge of approximately $2.6 million during the three and six months ended June 30, 2014 in connection with this amendment, which is included within the lease amendment charge line item of the consolidated statements of income.

The Company also consolidated certain of its other leased office space resulting in an additional charge of $0.1 million during the six months ended June 30, 2014. This amount is included within the lease amendment charge line item of the consolidated statements of income.

The following presents the Company's future minimum lease commitments as of June 30, 2015, in thousands:
 
2015
$
3,114

2016
6,172

2017
5,945

2018
4,876

2019

2020 and thereafter

Total
$
20,107



The Company recognizes rent expense on a straight-line basis over the term of the lease, although the lease may include escalation clauses providing for lower payments at the beginning of the lease term and higher payments at the end of the lease term. Cash or lease incentives received from lessors are recognized on a straight-line basis as a reduction of rent expense from the date the Company takes possession of the property through the end of the lease term. The Company records the unamortized portion of the incentive as a component of deferred rent, in accrued liabilities or long-term liabilities, as appropriate. 

Revolving Credit Facility
On September 30, 2011, the Company entered into an unsecured revolving credit agreement (the Credit Agreement) with Bank of America, N.A., and certain other lenders. The Credit Agreement provides $100.0 million of borrowing capacity (the credit facility), with an increase option of an additional $50.0 million. The Credit Agreement expires on September 30, 2016.

Borrowings under the Credit Agreement bear interest at a rate equal to the London Interbank Offered Rate (LIBOR) plus an applicable rate of 1.75% to 2.25% based on the Company’s consolidated leverage ratio or, at the Company’s option, an alternative base rate (defined as the higher of (a) the federal funds rate plus 0.5%; (b) Bank of America’s prime rate; or (c) the one-month LIBOR plus 1.0%) plus an applicable rate of 0.75% to 1.25% based on the Company’s consolidated leverage ratio. The Credit Agreement requires payment of a commitment fee, based on the Company’s consolidated leverage ratio, charged on the unused credit facility. The Company recorded commitment fee expenses of $0.1 million and $0.2 million in other income (expense), net, for the three months ended June 30, 2015 and 2014, and the six months ended June 30, 2015 and 2014, respectively. Outstanding letters of credit are also charged a fee, based on the Company’s consolidated leverage ratio. The Company capitalized approximately $0.5 million of debt issuance costs related to the credit facility, which are being amortized on a straight-line basis over a period of five years. The remaining unamortized portion of debt issuance costs are not significant. Interest expense for the amortization of debt issuance costs is recorded in other expense, net.

The Credit Agreement contains certain covenants that, among other things, require maintenance of certain financial ratios, as defined in the agreement. Failure to comply with the covenants contained in the Credit Agreement will constitute an event of default and could result in termination of the agreement and require payment of all outstanding borrowings. As of June 30, 2015, there were no borrowings under the credit facility, and the Company was in compliance with all debt covenants.

Litigation
In the ordinary conduct of business, the Company is subject to various lawsuits and claims covering a wide range of matters including, but not limited to, claims involving learners or graduates and routine employment matters. While the outcome of these matters is uncertain, the Company does not believe there are any significant matters as of June 30, 2015 that are probable or estimable, for which the outcome could have a material adverse impact on its consolidated financial position or results of operations.
Share Repurchase Program and Dividends
Share Repurchase Program and Dividends
Share Repurchase Program and Dividends

Share Repurchase Program
The Company announced its current share repurchase program in July 2008. The Board of Directors authorizes repurchases of outstanding shares of common stock from time to time depending on market conditions and other considerations. A summary of the Company’s comprehensive share repurchase activity from the program's commencement through June 30, 2015, all of which was part of its publicly announced program, is presented below, in thousands: 
Board authorizations:
 
July 2008
$
60,000

August 2010
60,662

February 2011
65,000

December 2011
50,000

August 2013
50,000

Total amount authorized
285,662

Total value of shares repurchased
264,617

Residual authorization
$
21,045



The following table summarizes shares repurchased, in thousands:
 
Six Months Ended June 30,
 
2015
 
2014
Shares repurchased
184

 
166

Total consideration, excluding commissions
$
10,987

 
$
9,919



As of June 30, 2015, the Company had purchased an aggregate of 5.8 million shares under the program’s outstanding authorizations at an average price per share of $45.40 totaling $264.6 million, excluding commissions.

Dividends
During the six months ended June 30, 2015, the Company declared the following cash dividends, in thousands except per share amounts:
Declaration Date
 
Record Date
 
Payment Date
 
Dividend per Share
 
Total Dividend Amount
February 19, 2015
 
March 12, 2015
 
April 15, 2015
 
$
0.37

 
$
4,580

May 5, 2015
 
June 3, 2015
 
July 15, 2015
 
$
0.37

 
$
4,561



During the three months ended June 30, 2015, the dividend of $0.37 per outstanding share of common stock declared on May 5, 2015 was recorded as a reduction to retained earnings. Of the total dividend amount declared in the current quarter, $4.5 million is attributable to shares of common stock outstanding as of the record date and restricted stock units (RSUs) expected to vest in the next twelve months. This amount, along with the portion of dividends declared in prior quarters related to unvested RSUs, is included within dividends payable in the Company's consolidated balance sheet as of June 30, 2015. The remaining balance is attributable to dividends declared on restricted stock units expected to vest subsequent to the next twelve months and is classified as other liabilities in the Company's consolidated balance sheet as of June 30, 2015. Dividends declared on RSUs are forfeitable prior to vesting. All future dividends are subject to declaration by the Company's Board of Directors and may be adjusted due to future business needs or other factors deemed relevant by the Board of Directors.
Share-Based Compensation
Share-based Compensation
Share-Based Compensation

The table below reflects the Company’s share-based compensation expense recognized in the consolidated statements of income, in thousands:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Instructional costs and services
$
199

 
$
60

 
$
427

 
$
308

Marketing and promotional
132

 
(46
)
 
269

 
47

Admissions advisory
11

 
16

 
18

 
30

General and administrative
1,815

 
1,281

 
3,180

 
2,373

Share-based compensation expense included in operating income
2,157

 
1,311

 
3,894

 
2,758

Tax benefit from share-based compensation expense
809

 
325

 
1,452

 
839

Share-based compensation expense, net of tax
$
1,348

 
$
986

 
$
2,442

 
$
1,919

Acquisitions and Other Investments
Acquisitions and Other Investments
Acquisitions and Other Investments

At June 30, 2015, the Company held a $1.5 million investment in a limited partnership, with a commitment to invest up to an additional $3.5 million through February 2024. During the six months ended June 30, 2015, the Company made investments totaling $57 thousand in the partnership. The partnership invests in innovative companies in the health care field. The Company's investment comprises less than 3.0% of the total partnership interest; accordingly, the Company designated the investment as a cost method investment and classified it within other assets in the consolidated balance sheets as of June 30, 2015 and December 31, 2014.
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Loss

The following table summarizes the components of accumulated other comprehensive loss, in thousands:
 
Foreign Currency Translation Loss
 
Unrealized Loss on Marketable Securities
 
Accumulated Other Comprehensive Loss(1)
Beginning balance, December 31, 2014
$
(311
)
 
$
(24
)
 
$
(335
)
Other comprehensive income (loss)
71

 
(5
)
 
66

Ending balance, June 30, 2015
$
(240
)
 
$
(29
)
 
$
(269
)

(1)
Accumulated other comprehensive loss is presented net of tax of $14 thousand and $14 thousand as of June 30, 2015 and December 31, 2014, respectively.
There were no reclassifications out of accumulated other comprehensive loss to net income for the three and six months ended June 30, 2015 and 2014.
Regulatory Supervision And Oversight
Regulatory Supervision And Oversight
Regulatory Supervision and Oversight

Political and budgetary concerns can significantly affect the Title IV Programs. Congress reauthorizes the Higher Education Act (HEA) and other laws governing Title IV Programs approximately every five to eight years. The last reauthorization of the HEA was completed in August 2008. Additionally, Congress reviews and determines appropriations for Title IV programs on an annual basis through the budget and appropriations processes. As of June 30, 2015, Title IV programs in which the University's learners participate are operative and sufficiently funded.
Summary Of Significant Accounting Policies (Policy)
Consolidation
The consolidated financial statements include the accounts of the Company, the University, CLS, RDI and its subsidiaries, and Sophia, after elimination of intercompany accounts and transactions. RDI operates on a fiscal year ending October 31, which is also the date used for consolidation.
Unaudited Interim Financial Information
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments (consisting of normal recurring adjustments) considered necessary to present a fair statement of the Company's consolidated results of operations, financial position and cash flows. Operating results for any interim period are not necessarily indicative of the results that may be expected for the full year. Preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and footnotes. Actual results could differ from those estimates. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and footnotes included in its Annual Report on Form
10-K for the fiscal year ended December 31, 2014 (2014 Annual Report on Form 10-K).

Net Income Per Common Share (Tables)
The following table presents a reconciliation of the numerator and denominator in the basic and diluted net income per common share calculation, in thousands, except per share data: 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Numerator:
 
 
 
 
 
 
 
Net income
$
10,331

 
$
9,044

 
$
20,368

 
$
17,861

Denominator:
 
 
 
 
 
 
 
Denominator for basic net income per common share— weighted average shares outstanding
12,187

 
12,293

 
12,207

 
12,317

Effect of dilutive stock options, restricted stock, and market stock units
213

 
225

 
235

 
247

Denominator for diluted net income per common share— weighted average shares outstanding
12,400

 
12,518

 
12,442

 
12,564

Basic net income per common share
$
0.85

 
$
0.74

 
$
1.67

 
$
1.45

Diluted net income per common share
$
0.83

 
$
0.72

 
$
1.64

 
$
1.42

Options to purchase common shares were outstanding, but not included in the computation of diluted net income per common share, because their effect would be anti-dilutive. The following table summarizes these securities, in thousands:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Anti-dilutive securities excluded from diluted earnings per share calculation
311

 
239

 
272

 
204

Marketable Securities (Tables)
The following is a summary of available-for-sale securities, in thousands: 
 
As of June 30, 2015
 
Amortized Cost
 
Gross Unrealized
Gains
 
Gross Unrealized (Losses)
 
Estimated Fair Value
Tax-exempt municipal securities
$
66,341

 
$
16

 
$
(60
)
 
$
66,297

Corporate debt securities
7,372

 
4

 
(3
)
 
7,373

Total
$
73,713

 
$
20

 
$
(63
)
 
$
73,670

 
 
 
 
 
 
 
 
 
As of December 31, 2014
 
Amortized Cost
 
Gross Unrealized
Gains
 
Gross Unrealized (Losses)
 
Estimated Fair Value
Tax-exempt municipal securities
$
65,708

 
$
31

 
$
(71
)
 
$
65,668

Corporate debt securities
7,379

 
4

 
(2
)
 
7,381

Total
$
73,087

 
$
35

 
$
(73
)
 
$
73,049

The following table summarizes the remaining contractual maturities of the Company’s marketable securities, in thousands: 
 
As of June 30, 2015
 
As of December 31, 2014
Due within one year
$
27,661

 
$
29,619

Due after one year through five years
46,009

 
43,430

Total
$
73,670

 
$
73,049

The following table summarizes the proceeds from the maturities of available-for-sale securities, in thousands: 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Maturities of marketable securities
$
9,505

 
$
4,175

 
$
16,485

 
$
6,975

Total
$
9,505

 
$
4,175

 
$
16,485

 
$
6,975

Fair Value Measurements (Tables)
The following tables summarize certain information for assets and liabilities measured at fair value on a recurring basis, in thousands: 
 
 
Fair Value Measurements as of June 30, 2015 Using
Description
 
Fair Value
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents:
 
 
 
 
 
 
 
 
Cash
 
$
52,745

 
$
52,745

 
$

 
$

Money market funds
 
49,909

 
49,909

 

 

Marketable securities:
 
 
 
 
 
 
 
 
Tax-exempt municipal securities
 
66,297

 

 
66,297

 

Corporate debt securities
 
7,373

 

 
7,373

 

Total assets at fair value on a recurring basis
 
$
176,324

 
$
102,654

 
$
73,670

 
$


 
 
Fair Value Measurements as of December 31, 2014 Using
Description
 
Fair Value
 
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents:
 
 
 
 
 
 
 
 
Cash
 
$
64,004

 
$
64,004

 
$

 
$

Money market funds
 
29,999

 
29,999

 

 

Marketable securities:
 
 
 
 
 
 
 
 
Tax-exempt municipal securities
 
65,668

 

 
65,668

 

Corporate debt securities
 
7,381

 

 
7,381

 

Total assets at fair value on a recurring basis
 
$
167,052

 
$
94,003

 
$
73,049

 
$

The following table presents a reconciliation of the fair value of the RDI contingent consideration, in thousands:

Three Months Ended June 30,

Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Balance, beginning of period
$


$
6,629


$


$
6,304

Increase in RDI contingent consideration liability


222




547

Payment of RDI contingent consideration liability

 
(6,851
)
 

 
(6,851
)
Balance, end of period
$


$


$


$

Accrued Liabilities (Tables)
Schedule Of Accrued Liabilities [Table Text Block]
Accrued liabilities consist of the following, in thousands: 
 
As of June 30, 2015
 
As of December 31, 2014
Accrued compensation and benefits
$
11,072

 
$
7,482

Accrued instructional
5,644

 
4,361

Accrued vacation
2,045

 
1,234

Accrued invoices
13,318

 
8,238

Other(1)
3,044

 
2,095

Total
$
35,123

 
$
23,410


(1) "Other" consists primarily of the current portion of deferred rent, customer deposits, and other miscellaneous accruals.
Commitments And Contingencies (Tables)
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]
The following presents the Company's future minimum lease commitments as of June 30, 2015, in thousands:
 
2015
$
3,114

2016
6,172

2017
5,945

2018
4,876

2019

2020 and thereafter

Total
$
20,107



Share Repurchase Program and Dividends (Tables)
A summary of the Company’s comprehensive share repurchase activity from the program's commencement through June 30, 2015, all of which was part of its publicly announced program, is presented below, in thousands: 
Board authorizations:
 
July 2008
$
60,000

August 2010
60,662

February 2011
65,000

December 2011
50,000

August 2013
50,000

Total amount authorized
285,662

Total value of shares repurchased
264,617

Residual authorization
$
21,045

The following table summarizes shares repurchased, in thousands:
 
Six Months Ended June 30,
 
2015
 
2014
Shares repurchased
184

 
166

Total consideration, excluding commissions
$
10,987

 
$
9,919

During the six months ended June 30, 2015, the Company declared the following cash dividends, in thousands except per share amounts:
Declaration Date
 
Record Date
 
Payment Date
 
Dividend per Share
 
Total Dividend Amount
February 19, 2015
 
March 12, 2015
 
April 15, 2015
 
$
0.37

 
$
4,580

May 5, 2015
 
June 3, 2015
 
July 15, 2015
 
$
0.37

 
$
4,561

Share-Based Compensation (Tables)
Summary of Share-Based Compensation Expense
The table below reflects the Company’s share-based compensation expense recognized in the consolidated statements of income, in thousands:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Instructional costs and services
$
199

 
$
60

 
$
427

 
$
308

Marketing and promotional
132

 
(46
)
 
269

 
47

Admissions advisory
11

 
16

 
18

 
30

General and administrative
1,815

 
1,281

 
3,180

 
2,373

Share-based compensation expense included in operating income
2,157

 
1,311

 
3,894

 
2,758

Tax benefit from share-based compensation expense
809

 
325

 
1,452

 
839

Share-based compensation expense, net of tax
$
1,348

 
$
986

 
$
2,442

 
$
1,919

Accumulated Other Comprehensive Loss (Tables)
Schedule of Accumulated Other Comprehensive Loss
The following table summarizes the components of accumulated other comprehensive loss, in thousands:
 
Foreign Currency Translation Loss
 
Unrealized Loss on Marketable Securities
 
Accumulated Other Comprehensive Loss(1)
Beginning balance, December 31, 2014
$
(311
)
 
$
(24
)
 
$
(335
)
Other comprehensive income (loss)
71

 
(5
)
 
66

Ending balance, June 30, 2015
$
(240
)
 
$
(29
)
 
$
(269
)

(1)
Accumulated other comprehensive loss is presented net of tax of $14 thousand and $14 thousand as of June 30, 2015 and December 31, 2014, respectively.
Net Income Per Common Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Earnings Per Share [Abstract]
 
 
 
 
Net income
$ 10,331 
$ 9,044 
$ 20,368 
$ 17,861 
Weighted average shares outstanding - Basic
12,187 
12,293 
12,207 
12,317 
Effect of dilutive stock options, restricted stock, and market stock units
213 
225 
235 
247 
Weighted average shares outstanding - Diluted
12,400 
12,518 
12,442 
12,564 
Basic net income per common share
$ 0.85 
$ 0.74 
$ 1.67 
$ 1.45 
Diluted net income per common share
$ 0.83 
$ 0.72 
$ 1.64 
$ 1.42 
Anti-dilutive securities excluded from diluted earnings per share calculation
311 
239 
272 
204 
Marketable Securities (Summary Of Available-For-Sale Securities) (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities, amortized cost
$ 73,713 
$ 73,087 
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax
20 
35 
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax
(63)
(73)
Marketable Securities
73,670 
73,049 
Tax-Exempt Municipal Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities, amortized cost
66,341 
65,708 
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax
16 
31 
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax
(60)
(71)
Marketable Securities
66,297 
65,668 
Corporate Debt Securities [Member]
 
 
Schedule of Available-for-sale Securities [Line Items]
 
 
Available-for-sale securities, amortized cost
7,372 
7,379 
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax
(3)
(2)
Marketable Securities
$ 7,373 
$ 7,381 
Marketable Securities (Summary Of Remaining Contractual Maturities Of Marketable Securities) (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Marketable Securities [Abstract]
 
 
Due within one year
$ 27,661 
$ 29,619 
Due after one year through five years
46,009 
43,430 
Marketable Securities
$ 73,670 
$ 73,049 
Marketable Securities (Proceeds From The Sale And Maturities Of Available-For-Sale Securities) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Marketable Securities [Abstract]
 
 
 
 
Maturities of marketable securities
$ 9,505 
$ 4,175 
$ 16,485 
$ 6,975 
Total
$ 9,505 
$ 4,175 
$ 16,485 
$ 6,975 
Marketable Securities (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Marketable Securities [Abstract]
 
 
 
 
Other-than-temporary impairment charges
$ 0 
$ 0 
$ 0 
$ 0 
Gross realized gains
Gross realized losses
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions
 
 
Proceeds from sales of marketable securities
$ 0 
$ 0 
$ 0 
$ 0 
Fair Value Measurements (Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis) (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount
$ 0 
 
 
$ 0 
 
 
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount
 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Estimate of Fair Value, Fair Value Disclosure [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Assets, Fair Value Disclosure
176,324 
 
167,052 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Assets, Fair Value Disclosure
102,654 
 
94,003 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Assets, Fair Value Disclosure
73,670 
 
73,049 
 
 
 
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Assets, Fair Value Disclosure
 
 
 
 
RDI Contingent Consideration [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value
6,629 
6,304 
Cash [Member] |
Fair Value, Measurements, Recurring [Member] |
Estimate of Fair Value, Fair Value Disclosure [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Cash and Cash Equivalents, Fair Value Disclosure
52,745 
 
64,004 
 
 
 
Cash [Member] |
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Cash and Cash Equivalents, Fair Value Disclosure
52,745 
 
64,004 
 
 
 
Cash [Member] |
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Cash and Cash Equivalents, Fair Value Disclosure
 
 
 
 
Cash [Member] |
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Cash and Cash Equivalents, Fair Value Disclosure
 
 
 
 
Money Market Funds [Member] |
Fair Value, Measurements, Recurring [Member] |
Estimate of Fair Value, Fair Value Disclosure [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Cash and Cash Equivalents, Fair Value Disclosure
49,909 
 
29,999 
 
 
 
Money Market Funds [Member] |
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Cash and Cash Equivalents, Fair Value Disclosure
49,909 
 
29,999 
 
 
 
Money Market Funds [Member] |
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Cash and Cash Equivalents, Fair Value Disclosure
 
 
 
 
Money Market Funds [Member] |
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Cash and Cash Equivalents, Fair Value Disclosure
 
 
 
 
Tax-Exempt Municipal Securities [Member] |
Fair Value, Measurements, Recurring [Member] |
Estimate of Fair Value, Fair Value Disclosure [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Available-for-sale Securities, Fair Value Disclosure
66,297 
 
65,668 
 
 
 
Tax-Exempt Municipal Securities [Member] |
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Available-for-sale Securities, Fair Value Disclosure
 
 
 
 
Tax-Exempt Municipal Securities [Member] |
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Available-for-sale Securities, Fair Value Disclosure
66,297 
 
65,668 
 
 
 
Tax-Exempt Municipal Securities [Member] |
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Available-for-sale Securities, Fair Value Disclosure
 
 
 
 
Corporate Debt Securities [Member] |
Fair Value, Measurements, Recurring [Member] |
Estimate of Fair Value, Fair Value Disclosure [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Available-for-sale Securities, Fair Value Disclosure
7,373 
 
7,381 
 
 
 
Corporate Debt Securities [Member] |
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Available-for-sale Securities, Fair Value Disclosure
 
 
 
 
Corporate Debt Securities [Member] |
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Available-for-sale Securities, Fair Value Disclosure
7,373 
 
7,381 
 
 
 
Corporate Debt Securities [Member] |
Fair Value, Measurements, Recurring [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
Available-for-sale Securities, Fair Value Disclosure
$ 0 
 
$ 0 
 
 
 
Fair Value Measurements (Narrative) (Details) (RDI Contingent Consideration [Member])
In Millions, unless otherwise specified
3 Months Ended
Jun. 30, 2014
May 12, 2014
USD ($)
May 12, 2014
GBP (£)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
TDAP Award Date
Apr. 14, 2014 
 
 
Business Combination, Contingent Consideration, Liability
 
$ 6.9 
£ 4.0 
RDI Contingent Consideration Payment Date
May 12, 2014 
 
 
Fair Value Measurements (Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) (RDI Contingent Consideration [Member], USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
RDI Contingent Consideration [Member]
 
 
 
 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
 
 
Balance, beginning of period
$ 0 
$ 6,629 
$ 0 
$ 6,304 
Increase in RDI contingent consideration liability
222 
547 
Payment of RDI contingent consideration liability
(6,851)
(6,851)
Balance, end of period
$ 0 
$ 0 
$ 0 
$ 0 
Accrued Liabilities (Schedule of Accrued Liabilities) (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Accrued Liabilities [Abstract]
 
 
Accrued compensation and benefits
$ 11,072 
$ 7,482 
Accrued instructional
5,644 
4,361 
Accrued vacation
2,045 
1,234 
Accrued invoices
13,318 
8,238 
Other Accrued Liabilities, Current
3,044 1
2,095 1
Accrued Liabilities
$ 35,123 
$ 23,410 
Commitments And Contingencies (Tables) (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
 
2015
$ 3,114 
2016
6,172 
2017
5,945 
2018
4,876 
2019
2020 and thereafter
Total
$ 20,107 
Commitments And Contingencies (Narrative) (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Sep. 30, 2011
Jun. 30, 2015
Jun. 30, 2014
Apr. 3, 2014
sqft
Commitments and Contingencies Disclosure [Abstract]
 
 
 
 
 
 
Lease Expiration Date
 
 
Oct. 31, 2018 
 
 
 
Number Of Lease Extension Terms
 
 
 
 
 
Lease Extension Term
 
 
5 years 0 months 0 days 
 
 
 
Lease Amendment Effective Date
 
Apr. 03, 2014 
 
 
 
 
Reduction in Square Footage of Leased Property
 
 
 
 
 
54,940 
Previous Square Footage of Leased Property
 
 
 
 
 
426,165 
Lease amendment expense primary office location
 
 
 
 
$ 2,600,000 
 
Lease consolidation expense other locations
 
 
 
 
100,000 
 
Line of Credit Facility [Line Items]
 
 
 
 
 
 
Line of credit
 
 
100,000,000 
 
 
 
Option for additional borrowing
 
 
50,000,000 
 
 
 
Line of credit facility, expiration date
 
 
Sep. 30, 2016 
 
 
 
Line of credit facility, commitment fee expense
100,000 
100,000 
 
200,000 
200,000 
 
Capitalized transaction costs related to credit facility
 
 
500,000 
 
 
 
Amortization period of transaction costs, years
 
 
 
 
 
Borrowings under the line of credit
$ 0 
 
 
$ 0 
 
 
London Interbank Offered Rate (LIBOR) [Member] |
Minimum [Member]
 
 
 
 
 
 
Line of Credit Facility [Line Items]
 
 
 
 
 
 
Line of credit facility, interest rate
 
 
1.75% 
 
 
 
London Interbank Offered Rate (LIBOR) [Member] |
Maximum [Member]
 
 
 
 
 
 
Line of Credit Facility [Line Items]
 
 
 
 
 
 
Line of credit facility, interest rate
 
 
2.25% 
 
 
 
Base Rate [Member] |
London Interbank Offered Rate (LIBOR) [Member]
 
 
 
 
 
 
Line of Credit Facility [Line Items]
 
 
 
 
 
 
Line of credit facility, interest rate
 
 
1.00% 
 
 
 
Base Rate [Member] |
London Interbank Offered Rate (LIBOR) [Member] |
Minimum [Member]
 
 
 
 
 
 
Line of Credit Facility [Line Items]
 
 
 
 
 
 
Line of credit facility, interest rate
 
 
0.75% 
 
 
 
Base Rate [Member] |
London Interbank Offered Rate (LIBOR) [Member] |
Maximum [Member]
 
 
 
 
 
 
Line of Credit Facility [Line Items]
 
 
 
 
 
 
Line of credit facility, interest rate
 
 
1.25% 
 
 
 
Base Rate [Member] |
Federal Funds Rate [Member]
 
 
 
 
 
 
Line of Credit Facility [Line Items]
 
 
 
 
 
 
Line of credit facility, interest rate
 
 
0.50% 
 
 
 
Share Repurchase Program and Dividends (Tables) (Details) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Share Repurchase Program Authorizations [Line Items]
 
 
Stock repurchase program, authorized amount
$ 285,662 
 
Total value of shares repurchased
264,617 
 
Residual authorization
21,045 
 
Repurchase of common stock, shares
184 
166 
Value of stock repurchased during period, excluding commissions
10,987 
9,919 
July 2008 [Member]
 
 
Share Repurchase Program Authorizations [Line Items]
 
 
Stock repurchase program, authorized amount
60,000 
 
August 2010 [Member]
 
 
Share Repurchase Program Authorizations [Line Items]
 
 
Stock repurchase program, authorized amount
60,662 
 
February 2011 [Member]
 
 
Share Repurchase Program Authorizations [Line Items]
 
 
Stock repurchase program, authorized amount
65,000 
 
December 2011 [Member]
 
 
Share Repurchase Program Authorizations [Line Items]
 
 
Stock repurchase program, authorized amount
50,000 
 
August 2013 [Member]
 
 
Share Repurchase Program Authorizations [Line Items]
 
 
Stock repurchase program, authorized amount
$ 50,000 
 
Share Repurchase Program and Dividends (Narrative) (Details) (USD $)
Share data in Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Mar. 31, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Stockholders' Equity Note [Abstract]
 
 
 
 
 
Number of aggregate shares repurchased under programs
5.8 
 
 
5.8 
 
Shares repurchased, average price per share
 
 
 
$ 45.40 
 
Aggregate consideration for shares repurchased
 
 
 
$ 264,600,000 
 
Cash dividends declared per common share
$ 0.37 
$ 0.37 
$ 0.35 
$ 0.74 
$ 0.70 
Declaration date
May 05, 2015 
Feb. 19, 2015 
 
 
 
Dividend declaration, current payable
4,500,000 
 
 
4,500,000 
 
Payment of dividends
$ 4,533,000 
 
 
$ 9,065,000 
$ 8,659,000 
Share Repurchase Program and Dividends Schedule of Cash Dividends Declared (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Mar. 31, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Stockholders' Equity Note [Abstract]
 
 
 
 
 
Declaration date
May 05, 2015 
Feb. 19, 2015 
 
 
 
Record date
Jun. 03, 2015 
Mar. 12, 2015 
 
 
 
Payment date
Jul. 15, 2015 
Apr. 15, 2015 
 
 
 
Cash dividends declared per common share
$ 0.37 
$ 0.37 
$ 0.35 
$ 0.74 
$ 0.70 
Total dividend declaration amount
$ 4,561 
$ 4,580 
 
 
 
Share-Based Compensation (Tables) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
 
 
 
 
Share-based compensation expense included in operating income
$ 2,157 
$ 1,311 
$ 3,894 
$ 2,758 
Tax benefit from share-based compensation expense
809 
325 
1,452 
839 
Share-based compensation expense, net of tax
1,348 
986 
2,442 
1,919 
Instructional costs and services [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
 
 
 
 
Share-based compensation expense included in operating income
199 
60 
427 
308 
Marketing and promotional [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
 
 
 
 
Share-based compensation expense included in operating income
132 
(46)
269 
47 
Admissions advisory [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
 
 
 
 
Share-based compensation expense included in operating income
11 
16 
18 
30 
General and administrative [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
 
 
 
 
Share-based compensation expense included in operating income
$ 1,815 
$ 1,281 
$ 3,180 
$ 2,373 
Acquisitions and Other Investments (Details) (USD $)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Investments, All Other Investments [Abstract]
 
 
Cost Method Investments
$ 1,500,000 
 
Other Commitment
3,500,000 
 
Investment in partnership interest
$ (57,000)
$ (1,063,000)
Limited Partner Ownership Interest
3.00% 
 
Accumulated Other Comprehensive Loss (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
 
 
 
Accumulated other comprehensive income (loss), beginning balance, net of tax
 
 
$ (335)1
 
 
Other comprehensive income (loss)
 
 
66 
 
 
Accumulated other comprehensive income (loss), ending balance, net of tax
(269)1
 
(269)1
 
(335)1
Tax expense (benefit) included in AOCI
 
 
(14)
 
(14)
Reclassification out of accumulated other comprehensive income (loss) to net income
 
Foreign Currency Translation Loss [Member]
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
 
 
 
Accumulated other comprehensive income (loss), beginning balance, net of tax
 
 
(311)
 
 
Other comprehensive income (loss)
 
 
71 
 
 
Accumulated other comprehensive income (loss), ending balance, net of tax
(240)
 
(240)
 
 
Unrealized Gain (Loss) on Marketable Securities [Member]
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
 
 
 
Accumulated other comprehensive income (loss), beginning balance, net of tax
 
 
(24)
 
 
Other comprehensive income (loss)
 
 
(5)
 
 
Accumulated other comprehensive income (loss), ending balance, net of tax
$ (29)
 
$ (29)
 
 
Regulatory Supervision And Oversight (Details)
6 Months Ended
Jun. 30, 2015
Maximum [Member]
 
Schedule Of Regulatory Supervision And Oversight [Line Items]
 
Reauthorization of the Higher Education Act And Other Laws Governing Title IV Programs Approximate Period
Minimum [Member]
 
Schedule Of Regulatory Supervision And Oversight [Line Items]
 
Reauthorization of the Higher Education Act And Other Laws Governing Title IV Programs Approximate Period