Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2019 and 2020 (in thousands):

	As of June 30,
	2019		2020
Cash and cash equivalents	$	375,515	$	470,319
Restricted cash included in other current assets	2		800
Restricted cash included in other assets	500		500
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	376,017	$	471,619

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 June 30, 2020 (in thousands):

	December 31, 2019			June 30, 2020
Tuition receivable	$	82,454		$	83,960
Allowance for credit losses	(30,931		)	(42,956		)
Tuition receivable, net	$	51,523		$	41,004

Schedule of allowance for credit losses

The following table illustrates changes in the Company’s allowance for credit losses for the three and six months ended June 30, 2019 and 2020 (in thousands). The provision for credit losses for the three and six months ended June 30, 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 June 30,						For the six months ended June 30,
	2019			2020			2019			2020
Allowance for credit losses, beginning of period	$	29,387		$	38,094		$	28,457		$	30,931
Impact of adopting ASC 326	—			—			—			4,571
Additions charged to expense	11,462			11,976			23,782			23,147
Adjustment to value of acquired receivables	2,207			—			2,207			—
Write-offs, net of recoveries	(12,323		)	(7,114		)	(23,713		)	(15,693		)
Allowance for credit losses, end of period	$	30,733		$	42,956		$	30,733		$	42,956

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 and six months ended June 30, 2019 and 2020 (in thousands):

	For the three months ended June 30,		For the six months ended June 30,
	2019	2020	2019	2020
Weighted average shares outstanding used to compute basic earnings per share	21,777	21,764	21,638	21,787
Incremental shares issuable upon the assumed exercise of stock options	58	16	75	19
Unvested restricted stock and restricted stock units	274	232	366	235
Shares used to compute diluted earnings per share	22,109	22,012	22,079	22,041
Anti-dilutive shares of restricted stock excluded from the diluted earnings per share calculation	—	—	29	2