Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

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, 2020 and 2021 (in thousands):

	As of June 30,
	2020		2021
Cash and cash equivalents	$	470,319	$	261,585
Restricted cash included in other current assets	800		11,829
Restricted cash included in other assets	500		500
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	471,619	$	273,914

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, 2020 and June 30, 2021 (in thousands):

	December 31, 2020		June 30, 2021
Tuition receivable	$	99,942	$	128,200
Allowance for credit losses	(49,773)		(49,591)
Tuition receivable, net	$	50,169	$	78,609

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, 2020 and 2021 (in thousands).

	For the three months ended June 30,				For the six months ended June 30,
	2020		2021		2020		2021
Allowance for credit losses, beginning of period	$	38,094	$	49,179	$	30,931	$	49,773
Impact of adopting ASC 326	—		—		4,571		—
Additions charged to expense	11,976		9,737		23,147		20,559
Write-offs, net of recoveries	(7,114)		(9,325)		(15,693)		(20,741)
Allowance for credit losses, end of period	$	42,956	$	49,591	$	42,956	$	49,591

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, 2020 and 2021 (in thousands):

	For the three months ended June 30,		For the six months ended June 30,
	2020	2021	2020	2021
Weighted average shares outstanding used to compute basic earnings per share	21,764	23,975	21,787	23,974
Incremental shares issuable upon the assumed exercise of stock options	16	5	19	6
Unvested restricted stock and restricted stock units	232	146	235	159
Shares used to compute diluted earnings per share	22,012	24,126	22,041	24,139
Anti-dilutive shares excluded from the diluted earnings per share calculation	—	385	2	252