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As Reported | As Revised | As Reported | As Revised | As Reported | As Revised | As Reported | As Revised | ||||||||||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||||||||||||||||||
Consolidated balance sheet data: | |||||||||||||||||||||||||||||||
Accounts receivable, net | $ | 92,853 | $ | 91,129 | $ | 99,617 | $ | 91,139 | $ | 111,010 | $ | 99,919 | $ | 75,177 | $ | 67,927 | |||||||||||||||
Deferred income taxes | N/A | N/A | N/A | N/A | N/A | N/A | $ | 8,228 | $ | 10,936 | |||||||||||||||||||||
Total current assets | $ | 442,893 | $ | 441,169 | $ | 468,242 | $ | 459,764 | $ | 463,606 | $ | 452,515 | $ | 496,147 | $ | 491,605 | |||||||||||||||
Total assets | $ | 684,171 | $ | 682,447 | $ | 731,597 | $ | 723,119 | $ | 747,190 | $ | 736,099 | $ | 755,329 | $ | 750,787 | |||||||||||||||
Accrued liabilities | $ | 67,409 | $ | 66,755 | $ | 57,858 | $ | 54,650 | $ | 56,609 | $ | 52,313 | N/A | N/A | |||||||||||||||||
Total current liabilities | $ | 261,229 | $ | 260,575 | $ | 251,220 | $ | 248,012 | $ | 236,121 | $ | 231,925 | N/A | N/A | |||||||||||||||||
Total liabilities | $ | 289,950 | $ | 289,296 | $ | 282,541 | $ | 279,333 | $ | 269,761 | $ | 265,565 | N/A | N/A | |||||||||||||||||
Retained earnings | $ | 384,218 | $ | 383,148 | $ | 431,676 | $ | 426,406 | $ | 463,121 | $ | 456,226 | $ | 479,140 | $ | 474,598 | |||||||||||||||
Total stockholders’ equity | $ | 394,221 | $ | 393,151 | $ | 449,056 | $ | 443,786 | $ | 477,429 | $ | 470,534 | $ | 496,112 | $ | 491,570 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 684,171 | $ | 682,447 | $ | 731,597 | $ | 723,119 | $ | 747,190 | $ | 736,099 | $ | 755,329 | $ | 750,787 | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||||||||||||||||||
Consolidated statement of income data: | |||||||||||||||||||||||||||||||
Instructional costs and services (1) | $ | 82,500 | $ | 84,224 | $ | 78,525 | $ | 85,279 | $ | 88,373 | $ | 90,986 | $ | 105,875 | $ | 102,034 | |||||||||||||||
Total costs and expenses | $ | 198,084 | $ | 199,808 | $ | 180,766 | $ | 187,520 | $ | 202,354 | $ | 204,967 | $ | 184,253 | $ | 180,412 | |||||||||||||||
Operating income | $ | 52,353 | $ | 50,629 | $ | 75,536 | $ | 68,782 | $ | 49,722 | $ | 47,109 | $ | 25,103 | $ | 28,944 | |||||||||||||||
Income before income taxes | $ | 53,036 | $ | 51,312 | $ | 76,390 | $ | 69,636 | $ | 50,677 | $ | 48,064 | $ | 25,980 | $ | 29,822 | |||||||||||||||
Income tax expense | $ | 19,995 | $ | 19,341 | $ | 28,932 | $ | 26,378 | $ | 19,232 | $ | 18,244 | $ | 9,962 | $ | 11,450 | |||||||||||||||
Net income | $ | 33,041 | $ | 31,971 | $ | 47,458 | $ | 43,258 | $ | 31,445 | $ | 29,820 | $ | 16,019 | $ | 18,372 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.61 | $ | 0.90 | $ | 0.82 | $ | 0.59 | $ | 0.56 | $ | 0.30 | $ | 0.34 | |||||||||||||||
Diluted | $ | 0.59 | $ | 0.57 | $ | 0.84 | $ | 0.77 | $ | 0.56 | $ | 0.53 | $ | 0.29 | $ | 0.33 | |||||||||||||||
Year to Date Period Ended | |||||||||||||||||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||||||||||||||||||
Consolidated statement of income data: | |||||||||||||||||||||||||||||||
Instructional costs and services (1) | $ | 82,500 | $ | 84,224 | $ | 161,025 | $ | 169,503 | $ | 249,398 | $ | 260,489 | $ | 355,273 | $ | 362,523 | |||||||||||||||
Total costs and expenses | $ | 198,084 | $ | 199,808 | $ | 378,850 | $ | 387,328 | $ | 581,204 | $ | 592,295 | $ | 765,457 | $ | 772,707 | |||||||||||||||
Operating income | $ | 52,353 | $ | 50,629 | $ | 127,889 | $ | 119,411 | $ | 177,611 | $ | 166,520 | $ | 202,714 | $ | 195,464 | |||||||||||||||
Income before income taxes | $ | 53,036 | $ | 51,312 | $ | 129,426 | $ | 120,948 | $ | 180,103 | $ | 169,012 | $ | 206,084 | $ | 198,834 | |||||||||||||||
Income tax expense | $ | 19,995 | $ | 19,341 | $ | 48,927 | $ | 45,719 | $ | 68,159 | $ | 63,963 | $ | 78,121 | $ | 75,413 | |||||||||||||||
Net income | $ | 33,041 | $ | 31,971 | $ | 80,499 | $ | 75,229 | $ | 111,944 | $ | 105,049 | $ | 127,963 | $ | 123,421 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.61 | $ | 1.54 | $ | 1.44 | $ | 2.13 | $ | 2.00 | $ | 2.42 | $ | 2.33 | |||||||||||||||
Diluted | $ | 0.59 | $ | 0.57 | $ | 1.43 | $ | 1.34 | $ | 2.00 | $ | 1.87 | $ | 2.29 | $ | 2.21 | |||||||||||||||
Consolidated statement of cash flow data: | |||||||||||||||||||||||||||||||
Net income | $ | 33,041 | $ | 31,971 | $ | 80,499 | $ | 75,229 | $ | 111,944 | $ | 105,049 | $ | 127,963 | $ | 123,421 | |||||||||||||||
Provision for bad debts | $ | 14,945 | $ | 16,669 | $ | 24,923 | $ | 33,401 | $ | 41,327 | $ | 52,418 | $ | 66,446 | $ | 73,696 | |||||||||||||||
Deferred income taxes | N/A | N/A | N/A | N/A | N/A | N/A | $ | (7,264 | ) | $ | (9,972 | ) | |||||||||||||||||||
Accounts payable and accrued liabilities | $ | 27,505 | $ | 26,851 | $ | 21,700 | $ | 18,492 | $ | 23,559 | $ | 19,363 | N/A | N/A |
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March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||
Instructional costs and services (as reported) | $ | 68,475 | $ | 65,395 | $ | 75,699 | $ | 105,875 | |||||||
Impact of reclassification | 14,025 | 13,130 | 12,674 | — | |||||||||||
Instructional costs and services (as reclassified) | 82,500 | 78,525 | 88,373 | 105,875 | |||||||||||
Impact of bad debt revision | 1,724 | 6,754 | 2,613 | (3,841 | ) | ||||||||||
Instructional costs and services (as reclassified and revised) | 84,224 | 85,279 | 90,986 | 102,034 | |||||||||||
Admissions advisory and marketing (as reported) | 80,063 | 78,608 | 90,291 | 65,239 | |||||||||||
Impact of reclassification | 9,979 | 8,586 | 6,443 | — | |||||||||||
Admissions advisory and marketing (as reclassified) | 90,042 | 87,194 | 96,734 | 65,239 | |||||||||||
General and administrative (as reported) | 49,546 | 36,763 | 36,364 | 13,139 | |||||||||||
Impact of reclassification | (24,004 | ) | (21,716 | ) | (19,117 | ) | — | ||||||||
General and administrative (as reclassified) | 25,542 | 15,047 | 17,247 | 13,139 | |||||||||||
Total costs and expenses (as reclassified and revised) | $ | 199,808 | $ | 187,520 | $ | 204,967 | $ | 180,412 |
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As of June 30, 2013 | As of December 31, 2012 | ||||||
Accounts receivable | $ | 113,945 | $ | 114,635 | |||
Less allowance for doubtful accounts | (53,443 | ) | (46,708 | ) | |||
Accounts receivable, net | $ | 60,502 | $ | 67,927 | |||
Student loans receivable (non-tuition related) | $ | 8,671 | $ | 9,279 | |||
Student loans receivable (tuition related) | 5,748 | 8,171 | |||||
Student loans receivable | 14,419 | 17,450 | |||||
Less allowance for doubtful accounts | (1,697 | ) | (2,307 | ) | |||
Student loans receivable, net | $ | 12,722 | $ | 15,143 |
Beginning Balance | Charged to Expense | Deductions(1) | Ending Balance | ||||||||||||
Allowance for doubtful accounts receivable: | |||||||||||||||
For the six months ended June 30, 2013 | $ | (46,708 | ) | $ | 37,336 | $ | 30,601 | $ | (53,443 | ) | |||||
For the six months ended June 30, 2012 | (35,627 | ) | 33,518 | 28,396 | (40,749 | ) | |||||||||
Allowance for student loans receivable (tuition related): | |||||||||||||||
For the six months ended June 30, 2013 | $ | (2,307 | ) | $ | (471 | ) | $ | 139 | $ | (1,697 | ) | ||||
For the six months ended June 30, 2012 | (2,338 | ) | (117 | ) | — | (2,221 | ) |
(1) | Deductions represent accounts written off, net of recoveries. |
As of June 30, 2013 | As of December 31, 2012 | ||||||
Prepaid expenses | $ | 9,322 | $ | 9,367 | |||
Prepaid licenses | 4,193 | 5,864 | |||||
Prepaid income taxes | 3,252 | — | |||||
Prepaid insurance | 1,802 | 1,134 | |||||
Interest receivable | 1,112 | 2,221 | |||||
Other current assets | 613 | 1,224 | |||||
Total prepaid expenses and other current assets | $ | 20,294 | $ | 19,810 |
As of June 30, 2013 | As of December 31, 2012 | ||||||
Land | $ | 7,091 | $ | 7,091 | |||
Buildings and building improvements | 26,653 | 25,430 | |||||
Furniture, office equipment and software | 91,550 | 85,709 | |||||
Leasehold improvements | 24,376 | 23,756 | |||||
Vehicles | 147 | 147 | |||||
Total property and equipment | 149,817 | 142,133 | |||||
Less accumulated depreciation and amortization | (55,098 | ) | (46,167 | ) | |||
Total property and equipment, net | $ | 94,719 | $ | 95,966 |
As of June 30, 2013 | As of December 31, 2012 | ||||||
Goodwill and indefinite-lived intangibles | $ | 3,424 | $ | 3,424 | |||
Definite-lived intangible assets | $ | 12,330 | $ | 9,978 | |||
Less accumulated amortization | (4,068 | ) | (2,663 | ) | |||
Definite-lived intangible assets, net | 8,262 | 7,315 | |||||
Total goodwill and intangibles, net | $ | 11,686 | $ | 10,739 |
As of June 30, 2013 | As of December 31, 2012 | ||||||
Accrued salaries and wages | $ | 17,197 | $ | 11,585 | |||
Accrued bonus | 3,295 | 1,603 | |||||
Accrued vacation | 9,722 | 8,993 | |||||
Accrued expenses | 14,875 | 15,924 | |||||
Accrued income taxes payable | — | 6,535 | |||||
Total accrued liabilities | $ | 45,089 | $ | 44,640 |
As of June 30, 2013 | As of December 31, 2012 | ||||||
Deferred revenue | $ | 36,478 | $ | 44,967 | |||
Student deposits | 99,387 | 130,090 | |||||
Total deferred revenue and student deposits | $ | 135,865 | $ | 175,057 |
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As of June 30, 2013 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Demand notes | $ | — | $ | 583 | $ | — | $ | 583 | |||||||
Corporate notes and bonds | — | 73,021 | — | 73,021 | |||||||||||
Total | $ | — | $ | 73,604 | $ | — | $ | 73,604 |
As of December 31, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Demand notes | $ | — | $ | 415 | $ | — | $ | 415 | |||||||
Corporate notes and bonds | — | 148,801 | — | 148,801 | |||||||||||
Total | $ | — | $ | 149,216 | $ | — | $ | 149,216 |
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As Reported | As Revised | As Reported | As Revised | As Reported | As Revised | As Reported | As Revised | ||||||||||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||||||||||||||||||
Consolidated balance sheet data: | |||||||||||||||||||||||||||||||
Accounts receivable, net | $ | 92,853 | $ | 91,129 | $ | 99,617 | $ | 91,139 | $ | 111,010 | $ | 99,919 | $ | 75,177 | $ | 67,927 | |||||||||||||||
Deferred income taxes | N/A | N/A | N/A | N/A | N/A | N/A | $ | 8,228 | $ | 10,936 | |||||||||||||||||||||
Total current assets | $ | 442,893 | $ | 441,169 | $ | 468,242 | $ | 459,764 | $ | 463,606 | $ | 452,515 | $ | 496,147 | $ | 491,605 | |||||||||||||||
Total assets | $ | 684,171 | $ | 682,447 | $ | 731,597 | $ | 723,119 | $ | 747,190 | $ | 736,099 | $ | 755,329 | $ | 750,787 | |||||||||||||||
Accrued liabilities | $ | 67,409 | $ | 66,755 | $ | 57,858 | $ | 54,650 | $ | 56,609 | $ | 52,313 | N/A | N/A | |||||||||||||||||
Total current liabilities | $ | 261,229 | $ | 260,575 | $ | 251,220 | $ | 248,012 | $ | 236,121 | $ | 231,925 | N/A | N/A | |||||||||||||||||
Total liabilities | $ | 289,950 | $ | 289,296 | $ | 282,541 | $ | 279,333 | $ | 269,761 | $ | 265,565 | N/A | N/A | |||||||||||||||||
Retained earnings | $ | 384,218 | $ | 383,148 | $ | 431,676 | $ | 426,406 | $ | 463,121 | $ | 456,226 | $ | 479,140 | $ | 474,598 | |||||||||||||||
Total stockholders’ equity | $ | 394,221 | $ | 393,151 | $ | 449,056 | $ | 443,786 | $ | 477,429 | $ | 470,534 | $ | 496,112 | $ | 491,570 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 684,171 | $ | 682,447 | $ | 731,597 | $ | 723,119 | $ | 747,190 | $ | 736,099 | $ | 755,329 | $ | 750,787 | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||||||||||||||||||
Consolidated statement of income data: | |||||||||||||||||||||||||||||||
Instructional costs and services (1) | $ | 82,500 | $ | 84,224 | $ | 78,525 | $ | 85,279 | $ | 88,373 | $ | 90,986 | $ | 105,875 | $ | 102,034 | |||||||||||||||
Total costs and expenses | $ | 198,084 | $ | 199,808 | $ | 180,766 | $ | 187,520 | $ | 202,354 | $ | 204,967 | $ | 184,253 | $ | 180,412 | |||||||||||||||
Operating income | $ | 52,353 | $ | 50,629 | $ | 75,536 | $ | 68,782 | $ | 49,722 | $ | 47,109 | $ | 25,103 | $ | 28,944 | |||||||||||||||
Income before income taxes | $ | 53,036 | $ | 51,312 | $ | 76,390 | $ | 69,636 | $ | 50,677 | $ | 48,064 | $ | 25,980 | $ | 29,822 | |||||||||||||||
Income tax expense | $ | 19,995 | $ | 19,341 | $ | 28,932 | $ | 26,378 | $ | 19,232 | $ | 18,244 | $ | 9,962 | $ | 11,450 | |||||||||||||||
Net income | $ | 33,041 | $ | 31,971 | $ | 47,458 | $ | 43,258 | $ | 31,445 | $ | 29,820 | $ | 16,019 | $ | 18,372 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.61 | $ | 0.90 | $ | 0.82 | $ | 0.59 | $ | 0.56 | $ | 0.30 | $ | 0.34 | |||||||||||||||
Diluted | $ | 0.59 | $ | 0.57 | $ | 0.84 | $ | 0.77 | $ | 0.56 | $ | 0.53 | $ | 0.29 | $ | 0.33 | |||||||||||||||
Year to Date Period Ended | |||||||||||||||||||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||||||||||||||||||
Consolidated statement of income data: | |||||||||||||||||||||||||||||||
Instructional costs and services (1) | $ | 82,500 | $ | 84,224 | $ | 161,025 | $ | 169,503 | $ | 249,398 | $ | 260,489 | $ | 355,273 | $ | 362,523 | |||||||||||||||
Total costs and expenses | $ | 198,084 | $ | 199,808 | $ | 378,850 | $ | 387,328 | $ | 581,204 | $ | 592,295 | $ | 765,457 | $ | 772,707 | |||||||||||||||
Operating income | $ | 52,353 | $ | 50,629 | $ | 127,889 | $ | 119,411 | $ | 177,611 | $ | 166,520 | $ | 202,714 | $ | 195,464 | |||||||||||||||
Income before income taxes | $ | 53,036 | $ | 51,312 | $ | 129,426 | $ | 120,948 | $ | 180,103 | $ | 169,012 | $ | 206,084 | $ | 198,834 | |||||||||||||||
Income tax expense | $ | 19,995 | $ | 19,341 | $ | 48,927 | $ | 45,719 | $ | 68,159 | $ | 63,963 | $ | 78,121 | $ | 75,413 | |||||||||||||||
Net income | $ | 33,041 | $ | 31,971 | $ | 80,499 | $ | 75,229 | $ | 111,944 | $ | 105,049 | $ | 127,963 | $ | 123,421 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.61 | $ | 1.54 | $ | 1.44 | $ | 2.13 | $ | 2.00 | $ | 2.42 | $ | 2.33 | |||||||||||||||
Diluted | $ | 0.59 | $ | 0.57 | $ | 1.43 | $ | 1.34 | $ | 2.00 | $ | 1.87 | $ | 2.29 | $ | 2.21 | |||||||||||||||
Consolidated statement of cash flow data: | |||||||||||||||||||||||||||||||
Net income | $ | 33,041 | $ | 31,971 | $ | 80,499 | $ | 75,229 | $ | 111,944 | $ | 105,049 | $ | 127,963 | $ | 123,421 | |||||||||||||||
Provision for bad debts | $ | 14,945 | $ | 16,669 | $ | 24,923 | $ | 33,401 | $ | 41,327 | $ | 52,418 | $ | 66,446 | $ | 73,696 | |||||||||||||||
Deferred income taxes | N/A | N/A | N/A | N/A | N/A | N/A | $ | (7,264 | ) | $ | (9,972 | ) | |||||||||||||||||||
Accounts payable and accrued liabilities | $ | 27,505 | $ | 26,851 | $ | 21,700 | $ | 18,492 | $ | 23,559 | $ | 19,363 | N/A | N/A |
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March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||
Instructional costs and services (as reported) | $ | 68,475 | $ | 65,395 | $ | 75,699 | $ | 105,875 | |||||||
Impact of reclassification | 14,025 | 13,130 | 12,674 | — | |||||||||||
Instructional costs and services (as reclassified) | 82,500 | 78,525 | 88,373 | 105,875 | |||||||||||
Impact of bad debt revision | 1,724 | 6,754 | 2,613 | (3,841 | ) | ||||||||||
Instructional costs and services (as reclassified and revised) | 84,224 | 85,279 | 90,986 | 102,034 | |||||||||||
Admissions advisory and marketing (as reported) | 80,063 | 78,608 | 90,291 | 65,239 | |||||||||||
Impact of reclassification | 9,979 | 8,586 | 6,443 | — | |||||||||||
Admissions advisory and marketing (as reclassified) | 90,042 | 87,194 | 96,734 | 65,239 | |||||||||||
General and administrative (as reported) | 49,546 | 36,763 | 36,364 | 13,139 | |||||||||||
Impact of reclassification | (24,004 | ) | (21,716 | ) | (19,117 | ) | — | ||||||||
General and administrative (as reclassified) | 25,542 | 15,047 | 17,247 | 13,139 | |||||||||||
Total costs and expenses (as reclassified and revised) | $ | 199,808 | $ | 187,520 | $ | 204,967 | $ | 180,412 |
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As of June 30, 2013 | As of December 31, 2012 | ||||||
Accounts receivable | $ | 113,945 | $ | 114,635 | |||
Less allowance for doubtful accounts | (53,443 | ) | (46,708 | ) | |||
Accounts receivable, net | $ | 60,502 | $ | 67,927 | |||
Student loans receivable (non-tuition related) | $ | 8,671 | $ | 9,279 | |||
Student loans receivable (tuition related) | 5,748 | 8,171 | |||||
Student loans receivable | 14,419 | 17,450 | |||||
Less allowance for doubtful accounts | (1,697 | ) | (2,307 | ) | |||
Student loans receivable, net | $ | 12,722 | $ | 15,143 |
Beginning Balance | Charged to Expense | Deductions(1) | Ending Balance | ||||||||||||
Allowance for doubtful accounts receivable: | |||||||||||||||
For the six months ended June 30, 2013 | $ | (46,708 | ) | $ | 37,336 | $ | 30,601 | $ | (53,443 | ) | |||||
For the six months ended June 30, 2012 | (35,627 | ) | 33,518 | 28,396 | (40,749 | ) | |||||||||
Allowance for student loans receivable (tuition related): | |||||||||||||||
For the six months ended June 30, 2013 | $ | (2,307 | ) | $ | (471 | ) | $ | 139 | $ | (1,697 | ) | ||||
For the six months ended June 30, 2012 | (2,338 | ) | (117 | ) | — | (2,221 | ) |
(1) | Deductions represent accounts written off, net of recoveries. |
As of June 30, 2013 | As of December 31, 2012 | ||||||
Prepaid expenses | $ | 9,322 | $ | 9,367 | |||
Prepaid licenses | 4,193 | 5,864 | |||||
Prepaid income taxes | 3,252 | — | |||||
Prepaid insurance | 1,802 | 1,134 | |||||
Interest receivable | 1,112 | 2,221 | |||||
Other current assets | 613 | 1,224 | |||||
Total prepaid expenses and other current assets | $ | 20,294 | $ | 19,810 |
As of June 30, 2013 | As of December 31, 2012 | ||||||
Land | $ | 7,091 | $ | 7,091 | |||
Buildings and building improvements | 26,653 | 25,430 | |||||
Furniture, office equipment and software | 91,550 | 85,709 | |||||
Leasehold improvements | 24,376 | 23,756 | |||||
Vehicles | 147 | 147 | |||||
Total property and equipment | 149,817 | 142,133 | |||||
Less accumulated depreciation and amortization | (55,098 | ) | (46,167 | ) | |||
Total property and equipment, net | $ | 94,719 | $ | 95,966 |
As of June 30, 2013 | As of December 31, 2012 | ||||||
Goodwill and indefinite-lived intangibles | $ | 3,424 | $ | 3,424 | |||
Definite-lived intangible assets | $ | 12,330 | $ | 9,978 | |||
Less accumulated amortization | (4,068 | ) | (2,663 | ) | |||
Definite-lived intangible assets, net | 8,262 | 7,315 | |||||
Total goodwill and intangibles, net | $ | 11,686 | $ | 10,739 |
As of June 30, 2013 | As of December 31, 2012 | ||||||
Accrued salaries and wages | $ | 17,197 | $ | 11,585 | |||
Accrued bonus | 3,295 | 1,603 | |||||
Accrued vacation | 9,722 | 8,993 | |||||
Accrued expenses | 14,875 | 15,924 | |||||
Accrued income taxes payable | — | 6,535 | |||||
Total accrued liabilities | $ | 45,089 | $ | 44,640 |
As of June 30, 2013 | As of December 31, 2012 | ||||||
Deferred revenue | $ | 36,478 | $ | 44,967 | |||
Student deposits | 99,387 | 130,090 | |||||
Total deferred revenue and student deposits | $ | 135,865 | $ | 175,057 |
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As of June 30, 2013 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Demand notes | $ | — | $ | 583 | $ | — | $ | 583 | |||||||
Corporate notes and bonds | — | 73,021 | — | 73,021 | |||||||||||
Total | $ | — | $ | 73,604 | $ | — | $ | 73,604 |
As of December 31, 2012 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Demand notes | $ | — | $ | 415 | $ | — | $ | 415 | |||||||
Corporate notes and bonds | — | 148,801 | — | 148,801 | |||||||||||
Total | $ | — | $ | 149,216 | $ | — | $ | 149,216 |
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