Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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 September 30, 2019 and 2020 (in thousands):

	As of September 30,
	2019		2020
Cash and cash equivalents	$	397,094	$	717,804
Restricted cash included in other current assets	2		347
Restricted cash included in other assets	500		500
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	397,596	$	718,651

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 September 30, 2020 (in thousands):

	December 31, 2019		September 30, 2020
Tuition receivable	$	82,454	$	90,815
Allowance for credit losses	(30,931)		(44,857)
Tuition receivable, net	$	51,523	$	45,958

Schedule of allowance for credit losses

The following table illustrates changes in the Company’s allowance for credit losses for the three and nine months ended September 30, 2019 and 2020 (in thousands). The provision for credit losses for the three and nine months ended September 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 September 30,				For the nine months ended September 30,
	2019		2020		2019		2020
Allowance for credit losses, beginning of period	$	30,733	$	42,956	$	28,457	$	30,931
Impact of adopting ASC 326	—		—		—		4,571
Additions charged to expense	12,111		11,169		35,893		34,316
Adjustment to value of acquired receivables	—		—		2,207		—
Write-offs, net of recoveries	(11,314)		(9,268)		(35,027)		(24,961)
Allowance for credit losses, end of period	$	31,530	$	44,857	$	31,530	$	44,857

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 nine months ended September 30, 2019 and 2020 (in thousands):

	For the three months ended September 30,		For the nine months ended September 30,
	2019	2020	2019	2020
Weighted average shares outstanding used to compute basic earnings per share	21,806	23,004	21,694	22,193
Incremental shares issuable upon the assumed exercise of stock options	44	12	65	16
Unvested restricted stock and restricted stock units	279	198	337	223
Shares used to compute diluted earnings per share	22,129	23,214	22,096	22,432
Anti-dilutive shares of restricted stock excluded from the diluted earnings per share calculation	3	123	21	42