Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

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, 2021 and 2022 (in thousands):


	As of June 30,
	2021		2022
Cash and cash equivalents	$	261,585	$	262,941
Restricted cash included in other current assets	11,829		12,916
Restricted cash included in other assets	500		500
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	273,914	$	276,357

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, 2021 and June 30, 2022 (in thousands):


	December 31, 2021		June 30, 2022
Tuition receivable	$	100,060	$	119,444
Allowance for credit losses	(48,783)		(43,507)
Tuition receivable, net	$	51,277	$	75,937

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, 2021 and 2022 (in thousands).


	For the three months ended June 30,				For the six months ended June 30,
	2021		2022		2021		2022
Allowance for credit losses, beginning of period	$	49,179	$	44,892	$	49,773	$	48,783
Additions charged to expense	9,737		8,787		20,559		16,004
Write-offs, net of recoveries	(9,325)		(10,172)		(20,741)		(21,280)
Allowance for credit losses, end of period	$	49,591	$	43,507	$	49,591	$	43,507

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, 2021 and 2022 (in thousands):


	For the three months ended June 30,		For the six months ended June 30,
	2021	2022	2021	2022
Weighted average shares outstanding used to compute basic earnings per share	23,975	23,796	23,974	23,872
Incremental shares issuable upon the assumed exercise of stock options	5	3	6	2
Unvested restricted stock and restricted stock units	146	264	159	215
Shares used to compute diluted earnings per share	24,126	24,063	24,139	24,089

Anti-dilutive shares excluded from the diluted earnings per share calculation	385	15	252	218