|
|
|
|
|
|
|
|
|
Buildings | 39 years |
Furniture and office equipment | 3 - 7 years |
Software | 3 - 5 years |
Vehicles | 5 years |
December 31, 2015 | |||||||||||
Before-Tax Amount | Tax Effect | Net-of-Tax Amount | |||||||||
Unrealized gains on investments | $ | 125 | $ | (49 | ) | $ | 76 | ||||
December 31, 2014 | |||||||||||
Before-Tax Amount | Tax Effect | Net-of-Tax Amount | |||||||||
Unrealized losses on investments | $ | (359 | ) | $ | 136 | $ | (223 | ) | |||
December 31, 2013 | |||||||||||
Before-Tax Amount | Tax Effect | Net-of-Tax Amount | |||||||||
Unrealized losses on investments | $ | (280 | ) | $ | 106 | (174 | ) |
|
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Asset impairment | $ | 43,328 | $ | 4,566 | $ | 748 | |||||
Student transfer agreement costs | 3,264 | — | — | ||||||||
Severance costs | 4,717 | 3,560 | 5,914 | ||||||||
Lease exit and other costs | 17,047 | 6,470 | 328 | ||||||||
Capitalized software costs | — | 2,232 | — | ||||||||
Total restructuring and impairment charges | $ | 68,356 | $ | 16,828 | $ | 6,990 |
Asset Impairment | Student Transfer Agreement Costs | Severance Costs | Lease Exit and Other Costs | Capitalized Software Costs | Total | ||||||||||||||||||
Balance at December 31, 2012 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Restructuring and impairment charges | 748 | — | 5,914 | 328 | — | 6,990 | |||||||||||||||||
Payments | — | — | (5,914 | ) | — | — | (5,914 | ) | |||||||||||||||
Non-cash transaction | (748 | ) | — | — | — | — | (748 | ) | |||||||||||||||
Balance at December 31, 2013 | — | — | — | 328 | — | 328 | |||||||||||||||||
Restructuring and impairment charges | 4,566 | — | 3,560 | 6,470 | 2,232 | 16,828 | |||||||||||||||||
Payments | — | — | (2,700 | ) | (218 | ) | — | (2,918 | ) | ||||||||||||||
Non-cash transaction | (4,566 | ) | — | — | — | (2,232 | ) | (6,798 | ) | ||||||||||||||
Balance at December 31, 2014 | — | — | 860 | 6,580 | — | 7,440 | |||||||||||||||||
Restructuring and impairment charges | 43,328 | 3,264 | 4,717 | 17,047 | — | 68,356 | |||||||||||||||||
Payments | — | (40 | ) | (3,833 | ) | (9,706 | ) | — | (13,579 | ) | |||||||||||||
Non-cash transaction | (43,328 | ) | — | — | — | — | (43,328 | ) | |||||||||||||||
Balance at December 31, 2015 | $ | — | $ | 3,224 | $ | 1,744 | $ | 13,921 | $ | — | $ | 18,889 |
|
December 31, 2015 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Mutual funds | $ | 1,314 | $ | — | $ | — | $ | 1,314 | |||||||
Corporate notes and bonds | — | 40,843 | — | 40,843 | |||||||||||
Certificates of deposit | — | 25,000 | — | 25,000 | |||||||||||
Total | $ | 1,314 | $ | 65,843 | $ | — | $ | 67,157 |
December 31, 2014 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Mutual funds | $ | 1,071 | $ | — | $ | — | $ | 1,071 | |||||||
Corporate notes and bonds | — | 62,550 | — | 62,550 | |||||||||||
U.S. government and agency securities | — | 34,987 | — | 34,987 | |||||||||||
Certificates of deposit | — | 25,000 | — | 25,000 | |||||||||||
Total | $ | 1,071 | $ | 122,537 | $ | — | $ | 123,608 |
December 31, 2015 | |||||||||||||||||
Gross unrealized | |||||||||||||||||
Maturities | Amortized Cost | Gain | Loss | Fair Value | |||||||||||||
Short-term | |||||||||||||||||
Corporate notes and bonds | 1 year or less | 18,113 | — | (40 | ) | 18,073 | |||||||||||
Long-term | |||||||||||||||||
Corporate notes and bonds | 3 years or less | 22,887 | — | (117 | ) | 22,770 | |||||||||||
Certificates of deposit | 3 years or less | 25,000 | — | — | 25,000 | ||||||||||||
Total | $ | 66,000 | $ | — | $ | (157 | ) | $ | 65,843 |
December 31, 2014 | |||||||||||||||||
Gross unrealized | |||||||||||||||||
Maturities | Amortized Cost | Gain | Loss | Fair Value | |||||||||||||
Short-term | |||||||||||||||||
Corporate notes and bonds | 1 year or less | $ | 10,947 | $ | 33 | $ | — | $ | 10,980 | ||||||||
Long-term | |||||||||||||||||
Corporate notes and bonds | 3 years or less | 51,874 | — | (304 | ) | 51,570 | |||||||||||
U.S. government and agency securities | 3 years or less | 35,000 | — | (13 | ) | 34,987 | |||||||||||
Certificate of deposit | 3 years or less | 25,000 | — | — | 25,000 | ||||||||||||
Total | $ | 122,821 | $ | 33 | $ | (317 | ) | $ | 122,537 |
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Accounts receivable | $ | 34,205 | $ | 48,841 | |||
Less allowance for doubtful accounts | 10,114 | 27,567 | |||||
Accounts receivable, net | $ | 24,091 | $ | 21,274 |
Beginning Balance | Charged to Expense | Deductions(1) | Ending Balance | ||||||||||||
Allowance for doubtful accounts receivable: | |||||||||||||||
For the year ended December 31, 2015 | $ | 27,567 | $ | 29,782 | $ | (47,235 | ) | $ | 10,114 | ||||||
For the year ended December 31, 2014 | 26,901 | 27,853 | (27,187 | ) | 27,567 | ||||||||||
For the year ended December 31, 2013 | 31,466 | 46,851 | (51,416 | ) | 26,901 |
(1) | Deductions represent accounts written off, net of recoveries. |
As of December 31, | |||||||
Short-term: | 2015 | 2014 | |||||
Student loans receivable (non-tuition related) | $ | 310 | $ | 509 | |||
Student loans receivable (tuition related) | 555 | 626 | |||||
Current student loans receivable | 865 | 1,135 | |||||
Less allowance for doubtful accounts | 90 | 132 | |||||
Student loans receivable, net | $ | 775 | $ | 1,003 | |||
As of December 31, | |||||||
Long-term: | 2015 | 2014 | |||||
Student loans receivable (non-tuition related) | $ | 3,314 | $ | 4,805 | |||
Student loans receivable (tuition related) | 4,943 | 6,068 | |||||
Non-current student loans receivable | 8,257 | 10,873 | |||||
Less allowance for doubtful accounts | 863 | 1,363 | |||||
Student loans receivable, net | $ | 7,394 | $ | 9,510 |
Beginning Balance | Charged to Expense | Deductions(1) | Ending Balance | ||||||||||||
Allowance for doubtful student loans receivable: | |||||||||||||||
For the year ended December 31, 2015 | $ | 1,495 | $ | 81 | $ | (623 | ) | $ | 953 | ||||||
For the year ended December 31, 2014 | 2,144 | 331 | (980 | ) | 1,495 | ||||||||||
For the year ended December 31, 2013 | 1,895 | 268 | (19 | ) | 2,144 |
(1) | Deductions represent accounts written off, net of recoveries. |
Less than 120 days | $ | 10,865 | |
From 120 - 269 days | 351 | ||
Greater than 270 days | 740 | ||
Total gross student loans receivable | 11,956 | ||
Less: Amounts reserved or impaired | (1,398 | ) | |
Less: Discount on student loans receivable | (2,389 | ) | |
Total student loans receivable, net | $ | 8,169 |
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Accounts receivable | $ | 34,205 | $ | 48,841 | |||
Less allowance for doubtful accounts | 10,114 | 27,567 | |||||
Accounts receivable, net | $ | 24,091 | $ | 21,274 |
Beginning Balance | Charged to Expense | Deductions(1) | Ending Balance | ||||||||||||
Allowance for doubtful accounts receivable: | |||||||||||||||
For the year ended December 31, 2015 | $ | 27,567 | $ | 29,782 | $ | (47,235 | ) | $ | 10,114 | ||||||
For the year ended December 31, 2014 | 26,901 | 27,853 | (27,187 | ) | 27,567 | ||||||||||
For the year ended December 31, 2013 | 31,466 | 46,851 | (51,416 | ) | 26,901 |
(1) | Deductions represent accounts written off, net of recoveries. |
As of December 31, | |||||||
Short-term: | 2015 | 2014 | |||||
Student loans receivable (non-tuition related) | $ | 310 | $ | 509 | |||
Student loans receivable (tuition related) | 555 | 626 | |||||
Current student loans receivable | 865 | 1,135 | |||||
Less allowance for doubtful accounts | 90 | 132 | |||||
Student loans receivable, net | $ | 775 | $ | 1,003 | |||
As of December 31, | |||||||
Long-term: | 2015 | 2014 | |||||
Student loans receivable (non-tuition related) | $ | 3,314 | $ | 4,805 | |||
Student loans receivable (tuition related) | 4,943 | 6,068 | |||||
Non-current student loans receivable | 8,257 | 10,873 | |||||
Less allowance for doubtful accounts | 863 | 1,363 | |||||
Student loans receivable, net | $ | 7,394 | $ | 9,510 |
Beginning Balance | Charged to Expense | Deductions(1) | Ending Balance | ||||||||||||
Allowance for doubtful student loans receivable: | |||||||||||||||
For the year ended December 31, 2015 | $ | 1,495 | $ | 81 | $ | (623 | ) | $ | 953 | ||||||
For the year ended December 31, 2014 | 2,144 | 331 | (980 | ) | 1,495 | ||||||||||
For the year ended December 31, 2013 | 1,895 | 268 | (19 | ) | 2,144 |
(1) | Deductions represent accounts written off, net of recoveries. |
Less than 120 days | $ | 10,865 | |
From 120 - 269 days | 351 | ||
Greater than 270 days | 740 | ||
Total gross student loans receivable | 11,956 | ||
Less: Amounts reserved or impaired | (1,398 | ) | |
Less: Discount on student loans receivable | (2,389 | ) | |
Total student loans receivable, net | $ | 8,169 |
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Prepaid expenses | $ | 7,005 | $ | 8,500 | |||
Prepaid licenses | 5,221 | 5,598 | |||||
Prepaid income taxes | — | 2,945 | |||||
Income tax receivable | 20,169 | — | |||||
Prepaid insurance | 1,619 | 1,508 | |||||
Insurance recoverable | 16,659 | 1,440 | |||||
Interest receivable | 299 | 424 | |||||
Other current assets | 1,220 | 2,403 | |||||
Total prepaid expenses and other current assets | $ | 52,192 | $ | 22,818 |
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Land | $ | — | $ | 7,091 | |||
Buildings | — | 29,540 | |||||
Furniture and office equipment | 63,354 | 81,030 | |||||
Software | 12,605 | 12,454 | |||||
Leasehold improvements | 11,136 | 21,096 | |||||
Vehicles | 22 | 147 | |||||
Total property and equipment | 87,117 | 151,358 | |||||
Less accumulated depreciation and amortization | (65,375 | ) | (73,139 | ) | |||
Total property and equipment, net | $ | 21,742 | $ | 78,219 |
|
December 31, 2015 | |||||||||||
Definite-lived intangible assets: | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||
Capitalized curriculum costs | $ | 20,323 | $ | (13,954 | ) | $ | 6,369 | ||||
Purchased intangible assets | 15,850 | (3,521 | ) | 12,329 | |||||||
Total definite-lived intangible assets | $ | 36,173 | $ | (17,475 | ) | $ | 18,698 | ||||
Goodwill and indefinite-lived intangibles | 2,567 | ||||||||||
Total goodwill and intangibles, net | $ | 21,265 | |||||||||
December 31, 2014 | |||||||||||
Definite-lived intangible assets: | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||
Capitalized curriculum costs | $ | 18,174 | $ | (9,526 | ) | $ | 8,648 | ||||
Purchased intangible assets | 15,850 | (2,290 | ) | 13,560 | |||||||
Total definite-lived intangible assets | $ | 34,024 | $ | (11,816 | ) | $ | 22,208 | ||||
Goodwill and indefinite-lived intangibles | 2,567 | ||||||||||
Total goodwill and intangibles, net | $ | 24,775 |
Year Ended December 31, | ||||
2016 | $ | 4,671 | ||
2017 | 3,183 | |||
2018 | 2,104 | |||
2019 | 1,342 | |||
2020 | 1,232 | |||
Thereafter | 6,166 | |||
Total future amortization expense | $ | 18,698 |
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Accrued salaries and wages | $ | 10,476 | $ | 8,250 | |||
Accrued bonus | 4,295 | 2,720 | |||||
Accrued vacation | 9,628 | 9,771 | |||||
Accrued litigation and fees | 720 | 542 | |||||
Accrued expenses | 17,227 | 18,223 | |||||
Rent liability | 13,406 | 8,528 | |||||
Accrued insurance liability | 18,666 | 2,920 | |||||
Accrued income taxes payable | 16 | 449 | |||||
Total accrued liabilities | $ | 74,434 | $ | 51,403 |
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Deferred revenue | $ | 23,311 | $ | 26,445 | |||
Student deposits | 65,445 | 81,603 | |||||
Total deferred revenue and student deposits | $ | 88,756 | $ | 108,048 |
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Uncertain tax positions | $ | 7,870 | $ | 7,586 | |||
Legal settlements | 178 | 1,000 | |||||
Other long-term liabilities | 6,998 | 1,066 | |||||
Total other long term liabilities | $ | 15,046 | $ | 9,652 |
|
|
Year Ended December 31, | ||||
2016 | $ | 36,655 | ||
2017 | 36,127 | |||
2018 | 31,445 | |||
2019 | 20,876 | |||
2020 | 9,546 | |||
Thereafter | 7,148 | |||
Total minimum payments | $ | 141,797 |
|
Options Outstanding | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||
December 31, 2012 | 6,412 | $ | 14.17 | 7.21 | $ | 9,010 | ||||||
Granted | 483 | 10.23 | ||||||||||
Exercised | (1,060 | ) | 9.87 | |||||||||
Forfeitures and expired | (345 | ) | 20.65 | |||||||||
December 31, 2013 | 5,490 | 14.25 | 6.52 | $ | 28,769 | |||||||
Granted | 403 | 14.35 | ||||||||||
Exercised | (388 | ) | 8.01 | |||||||||
Forfeitures and expired | (337 | ) | 21.43 | |||||||||
December 31, 2014 | 5,168 | 14.26 | 5.73 | $ | 7,732 | |||||||
Granted | 454 | 9.44 | ||||||||||
Exercised | (206 | ) | 1.38 | |||||||||
Forfeitures and expired | (764 | ) | 18.15 | |||||||||
December 31, 2015 | 4,653 | $ | 13.72 | 4.84 | $ | 2,556 | ||||||
Vested and expected to vest at December 31, 2015 | 4,597 | $ | 13.75 | 4.79 | $ | 2,556 | ||||||
Exercisable at December 31, 2015 | 3,904 | $ | 14.07 | 4.15 | $ | 2,556 |
2015 | 2014 | 2013 | |||||||||
Weighted average exercise price per share | $ | 9.44 | $ | 14.35 | $ | 10.23 | |||||
Risk-free interest rate | 1.6 | % | 2.0 | % | 1.0 | % | |||||
Expected dividend yield | — | — | — | ||||||||
Expected volatility | 50.7 | % | 55.1 | % | 58.9 | % | |||||
Expected life (in years) | 5.75 | 5.75 | 5.85 | ||||||||
Forfeiture rate | 7.0 | % | 6.0 | % | 5.0 | % | |||||
Weighted average grant date fair value per share | $ | 4.52 | $ | 7.43 | $ | 5.48 |
2015 | |||
Grant price per share | $ | 9.46 | |
Risk-free interest rate | 0.7 | % | |
Expected dividend yield | — | ||
Historical volatility | 50.0 | % | |
Expected life (in years) | 4.0 | ||
Forfeiture rate | 7.0 | % | |
Weighted average grant date fair value per share | $ | 4.04 |
Restricted Stock Units and Performance Stock Units | ||||||||||||||||||||
Time Based RSU | Performance-Based PSU | Market-Based PSU | ||||||||||||||||||
Number of Shares | Weighted Average Purchase Price | Number of Shares | Weighted Average Purchase Price | Number of Shares | Weighted Average Purchase Price | |||||||||||||||
Balance at December 31, 2012 | 362,199 | $ | 9.72 | — | $ | — | — | $ | — | |||||||||||
Awarded | 1,016,035 | 10.50 | — | — | — | — | ||||||||||||||
Vested | (181,104 | ) | 9.72 | — | — | — | — | |||||||||||||
Canceled | (98,613 | ) | 10.39 | — | — | — | — | |||||||||||||
Balance at December 31, 2013 | 1,098,517 | 10.38 | — | — | — | — | ||||||||||||||
Awarded | 786,250 | 14.33 | — | — | 975,295 | 5.39 | ||||||||||||||
Vested | (393,106 | ) | 10.15 | — | — | — | — | |||||||||||||
Canceled | (212,572 | ) | 11.89 | — | — | — | — | |||||||||||||
Balance at December 31, 2014 | 1,279,089 | 12.63 | — | — | 975,295 | 5.39 | ||||||||||||||
Awarded | 983,473 | 9.33 | 455,765 | 9.86 | 229,017 | 4.04 | ||||||||||||||
Vested | (353,126 | ) | 12.34 | — | — | — | — | |||||||||||||
Canceled | (519,425 | ) | 11.51 | (96,621 | ) | 9.86 | (238,084 | ) | 5.21 | |||||||||||
Balance at December 31, 2015 | 1,390,011 | $ | 10.78 | 359,144 | $ | 9.86 | 966,228 | $ | 5.11 |
|
|
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Current: | |||||||||||
Federal | $ | (10,370 | ) | $ | 12,686 | $ | 29,456 | ||||
State | (309 | ) | 1,937 | 3,168 | |||||||
(10,679 | ) | 14,623 | 32,624 | ||||||||
Deferred: | |||||||||||
Federal | 33,482 | (6,216 | ) | (5,952 | ) | ||||||
State | 7,462 | (880 | ) | (1,010 | ) | ||||||
40,944 | (7,096 | ) | (6,962 | ) | |||||||
Total | $ | 30,265 | $ | 7,527 | $ | 25,662 |
As of December 31, | |||||||
2015 | 2014 | ||||||
Deferred tax assets: | |||||||
Net operating loss | $ | 737 | $ | 211 | |||
Fixed assets | (1,328 | ) | 194 | ||||
Bad debt | 2,412 | 2,338 | |||||
Vacation accrual | 3,305 | 2,956 | |||||
Stock-based compensation | 15,766 | 16,291 | |||||
Deferred rent | 12,585 | 11,580 | |||||
State tax | 2,154 | 2,257 | |||||
Bonus accrual | 1,609 | 1,023 | |||||
Unearned interest | 898 | 1,118 | |||||
Accrued expenses | 3,939 | 2,121 | |||||
Revenue reserves | 64 | 9,820 | |||||
Other | 278 | 107 | |||||
Total deferred tax assets | 42,419 | 50,016 | |||||
Valuation allowance | (42,419 | ) | — | ||||
Net deferred tax assets | — | 50,016 | |||||
Deferred tax liabilities: | |||||||
Fixed assets and intangibles | — | (8,540 | ) | ||||
Indefinite-lived intangibles | (744 | ) | — | ||||
Total deferred tax liabilities | (744 | ) | (8,540 | ) | |||
Total net deferred tax assets (liabilities) | $ | (744 | ) | $ | 41,476 |
As of December 31, | |||||||
2015 | 2014 | ||||||
Current deferred tax assets | $ | — | $ | 21,301 | |||
Current deferred tax liabilities | — | — | |||||
Noncurrent deferred tax assets | — | 20,175 | |||||
Noncurrent deferred tax liabilities | (744 | ) | — | ||||
Total | $ | (744 | ) | $ | 41,476 |
Year Ended December 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Computed expected federal tax expense | $ | (14,066 | ) | 35.0 | % | $ | 6,018 | 35.0 | % | $ | 25,041 | 35.0 | % | ||||
State taxes, net of federal benefit | (655 | ) | 1.6 | 426 | 2.5 | 1,466 | 2.0 | ||||||||||
Permanent differences | 1,033 | (2.6 | ) | 1,125 | 6.5 | 1,295 | 1.8 | ||||||||||
Uncertain tax positions | 480 | (1.2 | ) | 424 | 2.5 | (1,762 | ) | (2.5 | ) | ||||||||
Credits | (206 | ) | 0.5 | (470 | ) | (2.7 | ) | (378 | ) | (0.4 | ) | ||||||
Stock compensation | 1,246 | (3.1 | ) | — | — | — | — | ||||||||||
Valuation allowance | 42,419 | (105.5 | ) | — | — | — | — | ||||||||||
Other | 14 | — | 4 | — | — | — | |||||||||||
Income tax expense | $ | 30,265 | (75.3 | )% | $ | 7,527 | 43.8 | % | $ | 25,662 | 35.9 | % |
Unrecognized tax benefits at December 31, 2013 | $ | 7,387 | |
Gross increases-tax positions in prior period | 13,869 | ||
Gross decreases-tax positions in prior period | (23 | ) | |
Gross increases-current period tax positions | 53 | ||
Settlements | (409 | ) | |
Lapse of statute of limitations | — | ||
Unrecognized tax benefits at December 31, 2014 | 20,877 | ||
Gross increases-tax positions in prior period | 169 | ||
Gross decreases-tax positions in prior period | (2 | ) | |
Gross increases-current period tax positions | — | ||
Settlements | (455 | ) | |
Lapse of statute of limitations | — | ||
Unrecognized tax benefits at December 31, 2015 | $ | 20,589 |
|
|
|
|
|
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
2015 | |||||||||||||||
Revenue | $ | 142,518 | $ | 147,057 | $ | 140,762 | $ | 131,392 | |||||||
Operating income (loss) | (1,200 | ) | (512 | ) | (34,479 | ) | (6,104 | ) | |||||||
Net income (loss) | (371 | ) | (650 | ) | (62,746 | ) | (6,687 | ) | |||||||
Earnings (loss) per common share: | |||||||||||||||
Basic | $ | (0.01 | ) | $ | (0.01 | ) | $ | (1.37 | ) | $ | (0.15 | ) | |||
Diluted | (0.01 | ) | (0.01 | ) | (1.37 | ) | (0.15 | ) |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
2014 | |||||||||||||||
Revenue | $ | 157,270 | $ | 171,522 | $ | 162,654 | $ | 147,259 | |||||||
Operating income (loss) | (7,858 | ) | 22,414 | 10,581 | (10,826 | ) | |||||||||
Net income (loss) | (4,330 | ) | 12,955 | 6,291 | (5,248 | ) | |||||||||
Earnings (loss) per common share: | |||||||||||||||
Basic | $ | (0.10 | ) | $ | 0.29 | $ | 0.14 | $ | (0.12 | ) | |||||
Diluted | (0.10 | ) | 0.28 | 0.14 | (0.12 | ) |
|
Buildings | 39 years |
Furniture and office equipment | 3 - 7 years |
Software | 3 - 5 years |
Vehicles | 5 years |
December 31, 2015 | |||||||||||
Before-Tax Amount | Tax Effect | Net-of-Tax Amount | |||||||||
Unrealized gains on investments | $ | 125 | $ | (49 | ) | $ | 76 | ||||
December 31, 2014 | |||||||||||
Before-Tax Amount | Tax Effect | Net-of-Tax Amount | |||||||||
Unrealized losses on investments | $ | (359 | ) | $ | 136 | $ | (223 | ) | |||
December 31, 2013 | |||||||||||
Before-Tax Amount | Tax Effect | Net-of-Tax Amount | |||||||||
Unrealized losses on investments | $ | (280 | ) | $ | 106 | (174 | ) |
|
Buildings | 39 years |
Furniture and office equipment | 3 - 7 years |
Software | 3 - 5 years |
Vehicles | 5 years |
As of December 31, | |||||||
2015 | 2014 | ||||||
Land | $ | — | $ | 7,091 | |||
Buildings | — | 29,540 | |||||
Furniture and office equipment | 63,354 | 81,030 | |||||
Software | 12,605 | 12,454 | |||||
Leasehold improvements | 11,136 | 21,096 | |||||
Vehicles | 22 | 147 | |||||
Total property and equipment | 87,117 | 151,358 | |||||
Less accumulated depreciation and amortization | (65,375 | ) | (73,139 | ) | |||
Total property and equipment, net | $ | 21,742 | $ | 78,219 |
December 31, 2015 | |||||||||||
Before-Tax Amount | Tax Effect | Net-of-Tax Amount | |||||||||
Unrealized gains on investments | $ | 125 | $ | (49 | ) | $ | 76 | ||||
December 31, 2014 | |||||||||||
Before-Tax Amount | Tax Effect | Net-of-Tax Amount | |||||||||
Unrealized losses on investments | $ | (359 | ) | $ | 136 | $ | (223 | ) | |||
December 31, 2013 | |||||||||||
Before-Tax Amount | Tax Effect | Net-of-Tax Amount | |||||||||
Unrealized losses on investments | $ | (280 | ) | $ | 106 | (174 | ) |
|
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Asset impairment | $ | 43,328 | $ | 4,566 | $ | 748 | |||||
Student transfer agreement costs | 3,264 | — | — | ||||||||
Severance costs | 4,717 | 3,560 | 5,914 | ||||||||
Lease exit and other costs | 17,047 | 6,470 | 328 | ||||||||
Capitalized software costs | — | 2,232 | — | ||||||||
Total restructuring and impairment charges | $ | 68,356 | $ | 16,828 | $ | 6,990 |
Asset Impairment | Student Transfer Agreement Costs | Severance Costs | Lease Exit and Other Costs | Capitalized Software Costs | Total | ||||||||||||||||||
Balance at December 31, 2012 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Restructuring and impairment charges | 748 | — | 5,914 | 328 | — | 6,990 | |||||||||||||||||
Payments | — | — | (5,914 | ) | — | — | (5,914 | ) | |||||||||||||||
Non-cash transaction | (748 | ) | — | — | — | — | (748 | ) | |||||||||||||||
Balance at December 31, 2013 | — | — | — | 328 | — | 328 | |||||||||||||||||
Restructuring and impairment charges | 4,566 | — | 3,560 | 6,470 | 2,232 | 16,828 | |||||||||||||||||
Payments | — | — | (2,700 | ) | (218 | ) | — | (2,918 | ) | ||||||||||||||
Non-cash transaction | (4,566 | ) | — | — | — | (2,232 | ) | (6,798 | ) | ||||||||||||||
Balance at December 31, 2014 | — | — | 860 | 6,580 | — | 7,440 | |||||||||||||||||
Restructuring and impairment charges | 43,328 | 3,264 | 4,717 | 17,047 | — | 68,356 | |||||||||||||||||
Payments | — | (40 | ) | (3,833 | ) | (9,706 | ) | — | (13,579 | ) | |||||||||||||
Non-cash transaction | (43,328 | ) | — | — | — | — | (43,328 | ) | |||||||||||||||
Balance at December 31, 2015 | $ | — | $ | 3,224 | $ | 1,744 | $ | 13,921 | $ | — | $ | 18,889 |
|
December 31, 2015 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Mutual funds | $ | 1,314 | $ | — | $ | — | $ | 1,314 | |||||||
Corporate notes and bonds | — | 40,843 | — | 40,843 | |||||||||||
Certificates of deposit | — | 25,000 | — | 25,000 | |||||||||||
Total | $ | 1,314 | $ | 65,843 | $ | — | $ | 67,157 |
December 31, 2014 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Mutual funds | $ | 1,071 | $ | — | $ | — | $ | 1,071 | |||||||
Corporate notes and bonds | — | 62,550 | — | 62,550 | |||||||||||
U.S. government and agency securities | — | 34,987 | — | 34,987 | |||||||||||
Certificates of deposit | — | 25,000 | — | 25,000 | |||||||||||
Total | $ | 1,071 | $ | 122,537 | $ | — | $ | 123,608 |
December 31, 2015 | |||||||||||||||||
Gross unrealized | |||||||||||||||||
Maturities | Amortized Cost | Gain | Loss | Fair Value | |||||||||||||
Short-term | |||||||||||||||||
Corporate notes and bonds | 1 year or less | 18,113 | — | (40 | ) | 18,073 | |||||||||||
Long-term | |||||||||||||||||
Corporate notes and bonds | 3 years or less | 22,887 | — | (117 | ) | 22,770 | |||||||||||
Certificates of deposit | 3 years or less | 25,000 | — | — | 25,000 | ||||||||||||
Total | $ | 66,000 | $ | — | $ | (157 | ) | $ | 65,843 |
December 31, 2014 | |||||||||||||||||
Gross unrealized | |||||||||||||||||
Maturities | Amortized Cost | Gain | Loss | Fair Value | |||||||||||||
Short-term | |||||||||||||||||
Corporate notes and bonds | 1 year or less | $ | 10,947 | $ | 33 | $ | — | $ | 10,980 | ||||||||
Long-term | |||||||||||||||||
Corporate notes and bonds | 3 years or less | 51,874 | — | (304 | ) | 51,570 | |||||||||||
U.S. government and agency securities | 3 years or less | 35,000 | — | (13 | ) | 34,987 | |||||||||||
Certificate of deposit | 3 years or less | 25,000 | — | — | 25,000 | ||||||||||||
Total | $ | 122,821 | $ | 33 | $ | (317 | ) | $ | 122,537 |
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Accounts receivable | $ | 34,205 | $ | 48,841 | |||
Less allowance for doubtful accounts | 10,114 | 27,567 | |||||
Accounts receivable, net | $ | 24,091 | $ | 21,274 |
As of December 31, | |||||||
Short-term: | 2015 | 2014 | |||||
Student loans receivable (non-tuition related) | $ | 310 | $ | 509 | |||
Student loans receivable (tuition related) | 555 | 626 | |||||
Current student loans receivable | 865 | 1,135 | |||||
Less allowance for doubtful accounts | 90 | 132 | |||||
Student loans receivable, net | $ | 775 | $ | 1,003 | |||
As of December 31, | |||||||
Long-term: | 2015 | 2014 | |||||
Student loans receivable (non-tuition related) | $ | 3,314 | $ | 4,805 | |||
Student loans receivable (tuition related) | 4,943 | 6,068 | |||||
Non-current student loans receivable | 8,257 | 10,873 | |||||
Less allowance for doubtful accounts | 863 | 1,363 | |||||
Student loans receivable, net | $ | 7,394 | $ | 9,510 |
Beginning Balance | Charged to Expense | Deductions(1) | Ending Balance | ||||||||||||
Allowance for doubtful accounts receivable: | |||||||||||||||
For the year ended December 31, 2015 | $ | 27,567 | $ | 29,782 | $ | (47,235 | ) | $ | 10,114 | ||||||
For the year ended December 31, 2014 | 26,901 | 27,853 | (27,187 | ) | 27,567 | ||||||||||
For the year ended December 31, 2013 | 31,466 | 46,851 | (51,416 | ) | 26,901 |
(1) | Deductions represent accounts written off, net of recoveries. |
Beginning Balance | Charged to Expense | Deductions(1) | Ending Balance | ||||||||||||
Allowance for doubtful student loans receivable: | |||||||||||||||
For the year ended December 31, 2015 | $ | 1,495 | $ | 81 | $ | (623 | ) | $ | 953 | ||||||
For the year ended December 31, 2014 | 2,144 | 331 | (980 | ) | 1,495 | ||||||||||
For the year ended December 31, 2013 | 1,895 | 268 | (19 | ) | 2,144 |
(1) | Deductions represent accounts written off, net of recoveries. |
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Accounts receivable | $ | 34,205 | $ | 48,841 | |||
Less allowance for doubtful accounts | 10,114 | 27,567 | |||||
Accounts receivable, net | $ | 24,091 | $ | 21,274 |
As of December 31, | |||||||
Short-term: | 2015 | 2014 | |||||
Student loans receivable (non-tuition related) | $ | 310 | $ | 509 | |||
Student loans receivable (tuition related) | 555 | 626 | |||||
Current student loans receivable | 865 | 1,135 | |||||
Less allowance for doubtful accounts | 90 | 132 | |||||
Student loans receivable, net | $ | 775 | $ | 1,003 | |||
As of December 31, | |||||||
Long-term: | 2015 | 2014 | |||||
Student loans receivable (non-tuition related) | $ | 3,314 | $ | 4,805 | |||
Student loans receivable (tuition related) | 4,943 | 6,068 | |||||
Non-current student loans receivable | 8,257 | 10,873 | |||||
Less allowance for doubtful accounts | 863 | 1,363 | |||||
Student loans receivable, net | $ | 7,394 | $ | 9,510 |
Beginning Balance | Charged to Expense | Deductions(1) | Ending Balance | ||||||||||||
Allowance for doubtful accounts receivable: | |||||||||||||||
For the year ended December 31, 2015 | $ | 27,567 | $ | 29,782 | $ | (47,235 | ) | $ | 10,114 | ||||||
For the year ended December 31, 2014 | 26,901 | 27,853 | (27,187 | ) | 27,567 | ||||||||||
For the year ended December 31, 2013 | 31,466 | 46,851 | (51,416 | ) | 26,901 |
(1) | Deductions represent accounts written off, net of recoveries. |
Beginning Balance | Charged to Expense | Deductions(1) | Ending Balance | ||||||||||||
Allowance for doubtful student loans receivable: | |||||||||||||||
For the year ended December 31, 2015 | $ | 1,495 | $ | 81 | $ | (623 | ) | $ | 953 | ||||||
For the year ended December 31, 2014 | 2,144 | 331 | (980 | ) | 1,495 | ||||||||||
For the year ended December 31, 2013 | 1,895 | 268 | (19 | ) | 2,144 |
(1) | Deductions represent accounts written off, net of recoveries. |
Less than 120 days | $ | 10,865 | |
From 120 - 269 days | 351 | ||
Greater than 270 days | 740 | ||
Total gross student loans receivable | 11,956 | ||
Less: Amounts reserved or impaired | (1,398 | ) | |
Less: Discount on student loans receivable | (2,389 | ) | |
Total student loans receivable, net | $ | 8,169 |
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Prepaid expenses | $ | 7,005 | $ | 8,500 | |||
Prepaid licenses | 5,221 | 5,598 | |||||
Prepaid income taxes | — | 2,945 | |||||
Income tax receivable | 20,169 | — | |||||
Prepaid insurance | 1,619 | 1,508 | |||||
Insurance recoverable | 16,659 | 1,440 | |||||
Interest receivable | 299 | 424 | |||||
Other current assets | 1,220 | 2,403 | |||||
Total prepaid expenses and other current assets | $ | 52,192 | $ | 22,818 |
|
Buildings | 39 years |
Furniture and office equipment | 3 - 7 years |
Software | 3 - 5 years |
Vehicles | 5 years |
As of December 31, | |||||||
2015 | 2014 | ||||||
Land | $ | — | $ | 7,091 | |||
Buildings | — | 29,540 | |||||
Furniture and office equipment | 63,354 | 81,030 | |||||
Software | 12,605 | 12,454 | |||||
Leasehold improvements | 11,136 | 21,096 | |||||
Vehicles | 22 | 147 | |||||
Total property and equipment | 87,117 | 151,358 | |||||
Less accumulated depreciation and amortization | (65,375 | ) | (73,139 | ) | |||
Total property and equipment, net | $ | 21,742 | $ | 78,219 |
|
December 31, 2015 | |||||||||||
Definite-lived intangible assets: | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||
Capitalized curriculum costs | $ | 20,323 | $ | (13,954 | ) | $ | 6,369 | ||||
Purchased intangible assets | 15,850 | (3,521 | ) | 12,329 | |||||||
Total definite-lived intangible assets | $ | 36,173 | $ | (17,475 | ) | $ | 18,698 | ||||
Goodwill and indefinite-lived intangibles | 2,567 | ||||||||||
Total goodwill and intangibles, net | $ | 21,265 | |||||||||
December 31, 2014 | |||||||||||
Definite-lived intangible assets: | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||
Capitalized curriculum costs | $ | 18,174 | $ | (9,526 | ) | $ | 8,648 | ||||
Purchased intangible assets | 15,850 | (2,290 | ) | 13,560 | |||||||
Total definite-lived intangible assets | $ | 34,024 | $ | (11,816 | ) | $ | 22,208 | ||||
Goodwill and indefinite-lived intangibles | 2,567 | ||||||||||
Total goodwill and intangibles, net | $ | 24,775 |
Year Ended December 31, | ||||
2016 | $ | 4,671 | ||
2017 | 3,183 | |||
2018 | 2,104 | |||
2019 | 1,342 | |||
2020 | 1,232 | |||
Thereafter | 6,166 | |||
Total future amortization expense | $ | 18,698 |
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Accrued salaries and wages | $ | 10,476 | $ | 8,250 | |||
Accrued bonus | 4,295 | 2,720 | |||||
Accrued vacation | 9,628 | 9,771 | |||||
Accrued litigation and fees | 720 | 542 | |||||
Accrued expenses | 17,227 | 18,223 | |||||
Rent liability | 13,406 | 8,528 | |||||
Accrued insurance liability | 18,666 | 2,920 | |||||
Accrued income taxes payable | 16 | 449 | |||||
Total accrued liabilities | $ | 74,434 | $ | 51,403 |
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Deferred revenue | $ | 23,311 | $ | 26,445 | |||
Student deposits | 65,445 | 81,603 | |||||
Total deferred revenue and student deposits | $ | 88,756 | $ | 108,048 |
|
As of December 31, | |||||||
2015 | 2014 | ||||||
Uncertain tax positions | $ | 7,870 | $ | 7,586 | |||
Legal settlements | 178 | 1,000 | |||||
Other long-term liabilities | 6,998 | 1,066 | |||||
Total other long term liabilities | $ | 15,046 | $ | 9,652 |
|
Year Ended December 31, | ||||
2016 | $ | 36,655 | ||
2017 | 36,127 | |||
2018 | 31,445 | |||
2019 | 20,876 | |||
2020 | 9,546 | |||
Thereafter | 7,148 | |||
Total minimum payments | $ | 141,797 |
|
Options Outstanding | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||
December 31, 2012 | 6,412 | $ | 14.17 | 7.21 | $ | 9,010 | ||||||
Granted | 483 | 10.23 | ||||||||||
Exercised | (1,060 | ) | 9.87 | |||||||||
Forfeitures and expired | (345 | ) | 20.65 | |||||||||
December 31, 2013 | 5,490 | 14.25 | 6.52 | $ | 28,769 | |||||||
Granted | 403 | 14.35 | ||||||||||
Exercised | (388 | ) | 8.01 | |||||||||
Forfeitures and expired | (337 | ) | 21.43 | |||||||||
December 31, 2014 | 5,168 | 14.26 | 5.73 | $ | 7,732 | |||||||
Granted | 454 | 9.44 | ||||||||||
Exercised | (206 | ) | 1.38 | |||||||||
Forfeitures and expired | (764 | ) | 18.15 | |||||||||
December 31, 2015 | 4,653 | $ | 13.72 | 4.84 | $ | 2,556 | ||||||
Vested and expected to vest at December 31, 2015 | 4,597 | $ | 13.75 | 4.79 | $ | 2,556 | ||||||
Exercisable at December 31, 2015 | 3,904 | $ | 14.07 | 4.15 | $ | 2,556 |
2015 | 2014 | 2013 | |||||||||
Weighted average exercise price per share | $ | 9.44 | $ | 14.35 | $ | 10.23 | |||||
Risk-free interest rate | 1.6 | % | 2.0 | % | 1.0 | % | |||||
Expected dividend yield | — | — | — | ||||||||
Expected volatility | 50.7 | % | 55.1 | % | 58.9 | % | |||||
Expected life (in years) | 5.75 | 5.75 | 5.85 | ||||||||
Forfeiture rate | 7.0 | % | 6.0 | % | 5.0 | % | |||||
Weighted average grant date fair value per share | $ | 4.52 | $ | 7.43 | $ | 5.48 |
2015 | |||
Grant price per share | $ | 9.46 | |
Risk-free interest rate | 0.7 | % | |
Expected dividend yield | — | ||
Historical volatility | 50.0 | % | |
Expected life (in years) | 4.0 | ||
Forfeiture rate | 7.0 | % | |
Weighted average grant date fair value per share | $ | 4.04 |
Restricted Stock Units and Performance Stock Units | ||||||||||||||||||||
Time Based RSU | Performance-Based PSU | Market-Based PSU | ||||||||||||||||||
Number of Shares | Weighted Average Purchase Price | Number of Shares | Weighted Average Purchase Price | Number of Shares | Weighted Average Purchase Price | |||||||||||||||
Balance at December 31, 2012 | 362,199 | $ | 9.72 | — | $ | — | — | $ | — | |||||||||||
Awarded | 1,016,035 | 10.50 | — | — | — | — | ||||||||||||||
Vested | (181,104 | ) | 9.72 | — | — | — | — | |||||||||||||
Canceled | (98,613 | ) | 10.39 | — | — | — | — | |||||||||||||
Balance at December 31, 2013 | 1,098,517 | 10.38 | — | — | — | — | ||||||||||||||
Awarded | 786,250 | 14.33 | — | — | 975,295 | 5.39 | ||||||||||||||
Vested | (393,106 | ) | 10.15 | — | — | — | — | |||||||||||||
Canceled | (212,572 | ) | 11.89 | — | — | — | — | |||||||||||||
Balance at December 31, 2014 | 1,279,089 | 12.63 | — | — | 975,295 | 5.39 | ||||||||||||||
Awarded | 983,473 | 9.33 | 455,765 | 9.86 | 229,017 | 4.04 | ||||||||||||||
Vested | (353,126 | ) | 12.34 | — | — | — | — | |||||||||||||
Canceled | (519,425 | ) | 11.51 | (96,621 | ) | 9.86 | (238,084 | ) | 5.21 | |||||||||||
Balance at December 31, 2015 | 1,390,011 | $ | 10.78 | 359,144 | $ | 9.86 | 966,228 | $ | 5.11 |
|
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Current: | |||||||||||
Federal | $ | (10,370 | ) | $ | 12,686 | $ | 29,456 | ||||
State | (309 | ) | 1,937 | 3,168 | |||||||
(10,679 | ) | 14,623 | 32,624 | ||||||||
Deferred: | |||||||||||
Federal | 33,482 | (6,216 | ) | (5,952 | ) | ||||||
State | 7,462 | (880 | ) | (1,010 | ) | ||||||
40,944 | (7,096 | ) | (6,962 | ) | |||||||
Total | $ | 30,265 | $ | 7,527 | $ | 25,662 |
As of December 31, | |||||||
2015 | 2014 | ||||||
Deferred tax assets: | |||||||
Net operating loss | $ | 737 | $ | 211 | |||
Fixed assets | (1,328 | ) | 194 | ||||
Bad debt | 2,412 | 2,338 | |||||
Vacation accrual | 3,305 | 2,956 | |||||
Stock-based compensation | 15,766 | 16,291 | |||||
Deferred rent | 12,585 | 11,580 | |||||
State tax | 2,154 | 2,257 | |||||
Bonus accrual | 1,609 | 1,023 | |||||
Unearned interest | 898 | 1,118 | |||||
Accrued expenses | 3,939 | 2,121 | |||||
Revenue reserves | 64 | 9,820 | |||||
Other | 278 | 107 | |||||
Total deferred tax assets | 42,419 | 50,016 | |||||
Valuation allowance | (42,419 | ) | — | ||||
Net deferred tax assets | — | 50,016 | |||||
Deferred tax liabilities: | |||||||
Fixed assets and intangibles | — | (8,540 | ) | ||||
Indefinite-lived intangibles | (744 | ) | — | ||||
Total deferred tax liabilities | (744 | ) | (8,540 | ) | |||
Total net deferred tax assets (liabilities) | $ | (744 | ) | $ | 41,476 |
As of December 31, | |||||||
2015 | 2014 | ||||||
Current deferred tax assets | $ | — | $ | 21,301 | |||
Current deferred tax liabilities | — | — | |||||
Noncurrent deferred tax assets | — | 20,175 | |||||
Noncurrent deferred tax liabilities | (744 | ) | — | ||||
Total | $ | (744 | ) | $ | 41,476 |
Year Ended December 31, | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Computed expected federal tax expense | $ | (14,066 | ) | 35.0 | % | $ | 6,018 | 35.0 | % | $ | 25,041 | 35.0 | % | ||||
State taxes, net of federal benefit | (655 | ) | 1.6 | 426 | 2.5 | 1,466 | 2.0 | ||||||||||
Permanent differences | 1,033 | (2.6 | ) | 1,125 | 6.5 | 1,295 | 1.8 | ||||||||||
Uncertain tax positions | 480 | (1.2 | ) | 424 | 2.5 | (1,762 | ) | (2.5 | ) | ||||||||
Credits | (206 | ) | 0.5 | (470 | ) | (2.7 | ) | (378 | ) | (0.4 | ) | ||||||
Stock compensation | 1,246 | (3.1 | ) | — | — | — | — | ||||||||||
Valuation allowance | 42,419 | (105.5 | ) | — | — | — | — | ||||||||||
Other | 14 | — | 4 | — | — | — | |||||||||||
Income tax expense | $ | 30,265 | (75.3 | )% | $ | 7,527 | 43.8 | % | $ | 25,662 | 35.9 | % |
Unrecognized tax benefits at December 31, 2013 | $ | 7,387 | |
Gross increases-tax positions in prior period | 13,869 | ||
Gross decreases-tax positions in prior period | (23 | ) | |
Gross increases-current period tax positions | 53 | ||
Settlements | (409 | ) | |
Lapse of statute of limitations | — | ||
Unrecognized tax benefits at December 31, 2014 | 20,877 | ||
Gross increases-tax positions in prior period | 169 | ||
Gross decreases-tax positions in prior period | (2 | ) | |
Gross increases-current period tax positions | — | ||
Settlements | (455 | ) | |
Lapse of statute of limitations | — | ||
Unrecognized tax benefits at December 31, 2015 | $ | 20,589 |
|
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
2015 | |||||||||||||||
Revenue | $ | 142,518 | $ | 147,057 | $ | 140,762 | $ | 131,392 | |||||||
Operating income (loss) | (1,200 | ) | (512 | ) | (34,479 | ) | (6,104 | ) | |||||||
Net income (loss) | (371 | ) | (650 | ) | (62,746 | ) | (6,687 | ) | |||||||
Earnings (loss) per common share: | |||||||||||||||
Basic | $ | (0.01 | ) | $ | (0.01 | ) | $ | (1.37 | ) | $ | (0.15 | ) | |||
Diluted | (0.01 | ) | (0.01 | ) | (1.37 | ) | (0.15 | ) |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
2014 | |||||||||||||||
Revenue | $ | 157,270 | $ | 171,522 | $ | 162,654 | $ | 147,259 | |||||||
Operating income (loss) | (7,858 | ) | 22,414 | 10,581 | (10,826 | ) | |||||||||
Net income (loss) | (4,330 | ) | 12,955 | 6,291 | (5,248 | ) | |||||||||
Earnings (loss) per common share: | |||||||||||||||
Basic | $ | (0.10 | ) | $ | 0.29 | $ | 0.14 | $ | (0.12 | ) | |||||
Diluted | (0.10 | ) | 0.28 | 0.14 | (0.12 | ) |
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