Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Schedule of impact of adoption on balance sheet

The impact of adoption of ASC 326 on the Company's balance sheet was as follows (in thousands):

	As of January 1, 2020
	As Reported Under ASC 326		Pre-ASC 326 Adoption		Impact of ASC 326 Adoption
Tuition receivable, net	$	46,952	$	51,523	$	(4,571	)
Deferred income tax liabilities	$	46,681	$	47,942	$	(1,261	)
Retained earnings	$	149,509	$	152,819	$	(3,310	)

Schedule of cash, cash equivalents, and restricted cash

The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows as of March 31, 2019 and 2020 (in thousands):

	As of March 31,
	2019		2020
Cash and cash equivalents	$	352,387	$	442,845
Restricted cash included in other current assets	5		850
Restricted cash included in other assets	500		500
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	352,892	$	444,195

Schedule of tuition receivable and allowance for credit losses

The Company’s tuition receivable and allowance for credit losses were as follows as of December 31, 2019 and March 31, 2020 (in thousands):

	December 31, 2019			March 31, 2020
Tuition receivable	$	82,454		$	79,429
Allowance for credit losses	(30,931		)	(38,094		)
Tuition receivable, net	$	51,523		$	41,335

Schedule of allowance for credit losses

The following table illustrates changes in the Company’s allowance for credit losses for the three months ended March 31, 2019 and 2020 (in thousands). The provision for credit losses for the three months ended March 31, 2020 includes additional reserves to account for projected deterioration in collections performance in 2020 due to the COVID-19 pandemic.

	For the three months ended March 31,
	2019			2020
Allowance for credit losses, beginning of period	$	28,457		$	30,931
Impact of adopting ASC 326	—			4,571
Additions charged to expense	12,320			11,171
Write-offs, net of recoveries	(11,390		)	(8,579		)
Allowance for credit losses, end of period	$	29,387		$	38,094

Schedule of reconciliation of shares used to calculate basic and diluted earnings per share

Set forth below is a reconciliation of shares used to calculate basic and diluted earnings per share for the three months ended March 31, 2019 and 2020 (in thousands):

	For the three months ended March 31,
	2019	2020
Weighted average shares outstanding used to compute basic earnings per share	21,499	21,810
Incremental shares issuable upon the assumed exercise of stock options	92	21
Unvested restricted stock and restricted stock units	459	240
Shares used to compute diluted earnings per share	22,050	22,071