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Pay vs Performance Disclosure - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

In accordance with SEC rules, this section provides information with respect to compensation actually paid (“CAP”) to our NEOs and Company performance. This information does not necessarily align with how the Company, or the MDC Committee views the link between the Company’s performance and its NEO’s pay. CAP is an SEC-defined term and neither CAP nor the amount reported in the Summary Compensation Table (“SCT”) necessarily reflect the amounts earned, received, or realized by the NEOs. Unvested awards remain subject to vesting conditions and fluctuations in value based on changes in the price of our common stock, and the ultimate value realized by our NEOs from unvested equity awards will not be determined until the awards vest. In addition, a significant portion of CAP relates to changes in fair value of unvested awards over the course of each year. For a more detailed discussion of how we view our executive compensation structure, including alignment with our performance, see the Compensation Discussion and Analysis (“CD&A”) and the 2023 CEO Target Compensation versus Realizable Pay sections.

	Year			Summary Compensation Table Total for CEO⁽¹⁾			Compensation Actually Paid to CEO^(3,4)			Average Summary Compensation Table Total for Other NEOs⁽²⁾			Average Compensation Actually Paid to Other NEOs^(3,4)			Value of Initial Fixed $100 Investment Based On⁽⁵⁾:						Net Income (in millions)⁽⁶⁾			Revenue (in millions)⁽⁷⁾
	Year			Summary Compensation Table Total for CEO⁽¹⁾			Compensation Actually Paid to CEO^(3,4)			Average Summary Compensation Table Total for Other NEOs⁽²⁾			Average Compensation Actually Paid to Other NEOs^(3,4)			Total Shareholder Return			Peer Group Total Shareholder Return			Net Income (in millions)⁽⁶⁾			Revenue (in millions)⁽⁷⁾
	2023			$4,176,075			$2,982,563			$1,056,661			$778,190			$35			$119			($53.3)			$600.5
	2022			$3,359,173			$827,908			$864,041			$359,072			$45			$88			($115.0)			$606.3
	2021			$2,994,052			$1,963,734			$953,983			$673,074			$81			$71			$17.8			$418.8
	2020			$2,996,393			$4,376,919			$1,566,715			$1,614,207			$111			$84			$18.8			$321.8

(1)	Ms. Selden was the CEO for each of the covered years.

(2)

The other NEOs for each covered year were: In 2023, Mr. Sunderland, Mr. Beckett, Mr. Fernandes, Mr. MacGibbon, and Mr. Tognola; in 2022, Mr. Sunderland, Mr. Beckett, Mr. Wilkins, Mr. Tognola, Mr. Dyberg, and Mr. Slagle; in 2021, Mr. Sunderland, Mr. Beckett, Dr. Dyke, Mr. Dyberg, and Dr. Smith; and in 2020, Mr. Sunderland, Mr. Beckett, Dr. Dyke, Mr. Dyberg, and Dr. Boston. Dr. Boston served as APEI CEO until September 30, 2019, at which time he was appointed President of APUS. Therefore, equity awards Dr. Boston received as CEO prior to September 30, 2019 are included in the 2020 Other NEOs covered year.

(3)	The following tables disclose the amounts deducted from and added to SCT total compensation for the applicable year pursuant to Item 402(v) of Regulation S-K to determine CAP:

Adjustments made to NEO SCT to calculate CAP

	Year			Reported SCT total			minus reported value of equity awards			plus equity award adjustments			equals CAP
	CEO
	2023			$4,176,075			$2,908,441			$1,714,929			$2,982,563
	Other NEOs
	2023			$1,056,661			$423,804			$145,334			$778,190

(4)	Adjustments made to NEO equity awards

	Year			Year-end FMV awards granted during the year			Year over year FMV change of outstanding and unvested awards as of year end			Year over year FMV change of awards granted in prior years that vested during the year			Deduction of FMV for prior awards granted prior to year that were forfeited during year			Total equity award adjustments
	CEO
	2023			$1,896,213			$6,442			($187,725)			$0			$1,714,929
	Other NEOs
	2023			$235,674			($27,008)			($35,666)			($27,666)			$145,334

•

Fair market value (“FMV”) used to determine the equity award adjustments is consistent with the calculations used to account for share-based payments in the Company’s financial statements in accordance with GAAP, although the assumptions are materially different from those disclosed with respect to valuation at the time of grant including:

•	Restricted Stock Unit Awards (RSUs): The FMV of RSU awards was calculated using the closing price of our common stock as of the last day of the applicable year or on the date of vesting, as applicable.

•

Performance Share Unit Awards (PSUs): The number of “earned” units was calculated by multiplying the target units by the applicable performance achievement percentage for a given year. The FMV of PSU awards was calculated using the closing price of our common stock as of the last day of the applicable year or on the date of vesting, as applicable, multiplied by the number of “earned” units.

•

Stock Option Awards: Option awards use a model consistent with the fair value methodology used to account for share-based payments in the Company’s financial statements in accordance with GAAP. The FMV value of the options was estimated using the Black-Scholes option pricing model that reflect for each award and valuation date, adjustments for expected volatility, risk-free interest rate, dividend yield, and expected term. Declining stock price served as the primary driver of change in the fair value of option awards, none of which were in the money as of any valuation date applicable to the equity adjustment used to determine CAP.

(5)	Reflects total shareholder return (“TSR”) for the Company and the Company’s customized peer group of companies as reported in the Company’s Annual Reports on Form 10-K for 2023. Historical stock performance is not necessarily indicative of future stock performance.

(6)	Represents the amount of net income reflected in our audited financial statements for each applicable fiscal year.

(7)

SEC rules require us to designate a “company-selected measure” that in our assessment represents the most important financial performance measure (other than TSR, stock price, or net income) used by the Company to link the CAP of our NEOs, for the most recently completed fiscal year, to our performance. We selected revenue as the most important financial performance measurement due to the alignment with the Company’s long-term strategic goals, including its direct linkage to enrollments. Revenue is defined as the Company’s GAAP revenue as reported.

Company Selected Measure Name

Revenue

Named Executive Officers, Footnote

(1)	Ms. Selden was the CEO for each of the covered years.

(2)

The other NEOs for each covered year were: In 2023, Mr. Sunderland, Mr. Beckett, Mr. Fernandes, Mr. MacGibbon, and Mr. Tognola; in 2022, Mr. Sunderland, Mr. Beckett, Mr. Wilkins, Mr. Tognola, Mr. Dyberg, and Mr. Slagle; in 2021, Mr. Sunderland, Mr. Beckett, Dr. Dyke, Mr. Dyberg, and Dr. Smith; and in 2020, Mr. Sunderland, Mr. Beckett, Dr. Dyke, Mr. Dyberg, and Dr. Boston. Dr. Boston served as APEI CEO until September 30, 2019, at which time he was appointed President of APUS. Therefore, equity awards Dr. Boston received as CEO prior to September 30, 2019 are included in the 2020 Other NEOs covered year.

Peer Group Issuers, Footnote

(5)	Reflects total shareholder return (“TSR”) for the Company and the Company’s customized peer group of companies as reported in the Company’s Annual Reports on Form 10-K for 2023. Historical stock performance is not necessarily indicative of future stock performance.

PEO Total Compensation Amount

$ 4,176,075

$ 3,359,173

$ 2,994,052

$ 2,996,393

PEO Actually Paid Compensation Amount

$ 2,982,563

827,908

1,963,734

4,376,919

Adjustment To PEO Compensation, Footnote

(3)	The following tables disclose the amounts deducted from and added to SCT total compensation for the applicable year pursuant to Item 402(v) of Regulation S-K to determine CAP:

Adjustments made to NEO SCT to calculate CAP

	Year			Reported SCT total			minus reported value of equity awards			plus equity award adjustments			equals CAP
	CEO
	2023			$4,176,075			$2,908,441			$1,714,929			$2,982,563
	Other NEOs
	2023			$1,056,661			$423,804			$145,334			$778,190

(4)	Adjustments made to NEO equity awards

	Year			Year-end FMV awards granted during the year			Year over year FMV change of outstanding and unvested awards as of year end			Year over year FMV change of awards granted in prior years that vested during the year			Deduction of FMV for prior awards granted prior to year that were forfeited during year			Total equity award adjustments
	CEO
	2023			$1,896,213			$6,442			($187,725)			$0			$1,714,929
	Other NEOs
	2023			$235,674			($27,008)			($35,666)			($27,666)			$145,334

•

Fair market value (“FMV”) used to determine the equity award adjustments is consistent with the calculations used to account for share-based payments in the Company’s financial statements in accordance with GAAP, although the assumptions are materially different from those disclosed with respect to valuation at the time of grant including:

•	Restricted Stock Unit Awards (RSUs): The FMV of RSU awards was calculated using the closing price of our common stock as of the last day of the applicable year or on the date of vesting, as applicable.

•

Performance Share Unit Awards (PSUs): The number of “earned” units was calculated by multiplying the target units by the applicable performance achievement percentage for a given year. The FMV of PSU awards was calculated using the closing price of our common stock as of the last day of the applicable year or on the date of vesting, as applicable, multiplied by the number of “earned” units.

•

Stock Option Awards: Option awards use a model consistent with the fair value methodology used to account for share-based payments in the Company’s financial statements in accordance with GAAP. The FMV value of the options was estimated using the Black-Scholes option pricing model that reflect for each award and valuation date, adjustments for expected volatility, risk-free interest rate, dividend yield, and expected term. Declining stock price served as the primary driver of change in the fair value of option awards, none of which were in the money as of any valuation date applicable to the equity adjustment used to determine CAP.

Non-PEO NEO Average Total Compensation Amount

$ 1,056,661

864,041

953,983

1,566,715

Non-PEO NEO Average Compensation Actually Paid Amount

$ 778,190

359,072

673,074

1,614,207

Adjustment to Non-PEO NEO Compensation Footnote

(3)	The following tables disclose the amounts deducted from and added to SCT total compensation for the applicable year pursuant to Item 402(v) of Regulation S-K to determine CAP:

Adjustments made to NEO SCT to calculate CAP

	Year			Reported SCT total			minus reported value of equity awards			plus equity award adjustments			equals CAP
	CEO
	2023			$4,176,075			$2,908,441			$1,714,929			$2,982,563
	Other NEOs
	2023			$1,056,661			$423,804			$145,334			$778,190

(4)	Adjustments made to NEO equity awards

	Year			Year-end FMV awards granted during the year			Year over year FMV change of outstanding and unvested awards as of year end			Year over year FMV change of awards granted in prior years that vested during the year			Deduction of FMV for prior awards granted prior to year that were forfeited during year			Total equity award adjustments
	CEO
	2023			$1,896,213			$6,442			($187,725)			$0			$1,714,929
	Other NEOs
	2023			$235,674			($27,008)			($35,666)			($27,666)			$145,334

•

Fair market value (“FMV”) used to determine the equity award adjustments is consistent with the calculations used to account for share-based payments in the Company’s financial statements in accordance with GAAP, although the assumptions are materially different from those disclosed with respect to valuation at the time of grant including:

•	Restricted Stock Unit Awards (RSUs): The FMV of RSU awards was calculated using the closing price of our common stock as of the last day of the applicable year or on the date of vesting, as applicable.

•

Performance Share Unit Awards (PSUs): The number of “earned” units was calculated by multiplying the target units by the applicable performance achievement percentage for a given year. The FMV of PSU awards was calculated using the closing price of our common stock as of the last day of the applicable year or on the date of vesting, as applicable, multiplied by the number of “earned” units.

•

Stock Option Awards: Option awards use a model consistent with the fair value methodology used to account for share-based payments in the Company’s financial statements in accordance with GAAP. The FMV value of the options was estimated using the Black-Scholes option pricing model that reflect for each award and valuation date, adjustments for expected volatility, risk-free interest rate, dividend yield, and expected term. Declining stock price served as the primary driver of change in the fair value of option awards, none of which were in the money as of any valuation date applicable to the equity adjustment used to determine CAP.

Compensation Actually Paid vs. Total Shareholder Return

Relationship Between CAP and Company and Peer Group TSR

The following graph compares the CAP to our CEO and the average CAP to our Other NEOs to our cumulative TSR, and also compares our cumulative TSR and 2023 Annual Report customized peer group cumulative TSR. The cumulative TSR amounts in the graph assume an initial investment of $100 on December 31, 2019.

Compensation Actually Paid vs. Net Income

Relationship Between CAP and Company Financial Measures CAP versus Net Income

The following graph compares the CAP to our CEO and the average CAP to our Other NEOs to net income.

Compensation Actually Paid vs. Company Selected Measure

CAP versus Revenue

The following graph compares the CAP to our CEO and the average CAP to our Other NEOs to revenue.

Total Shareholder Return Vs Peer Group

Relationship Between CAP and Company and Peer Group TSR

The following graph compares the CAP to our CEO and the average CAP to our Other NEOs to our cumulative TSR, and also compares our cumulative TSR and 2023 Annual Report customized peer group cumulative TSR. The cumulative TSR amounts in the graph assume an initial investment of $100 on December 31, 2019.

Tabular List, Table

Most Important Financial Measures

The Company’s 2023 short-term annual incentive cash and long-term equity incentive compensation plans included the four metrics listed below that the MDC Committee considers to be the most important measures to link CAP to Company performance. The order of the table below does not reflect any ranking of importance. Additional details regarding the 2023 incentive plan performance metrics including performance targets, payout opportunities, and weighting of each metric by NEO are further described in our CD&A within the sections titled “Annual Incentive Cash Compensation” and “Equity Incentives”.

	2023 Most Important Measures
	Adjusted EBITDA (financial)
	Enrollment (operational)
	EPS (financial)
	Revenue (financial)

Total Shareholder Return Amount

$ 35

45

81

111

Peer Group Total Shareholder Return Amount

119

88

71

84

Net Income (Loss)

$ (53,300,000)

$ (115,000,000)

$ 17,800,000

$ 18,800,000

Company Selected Measure Amount

600,500,000

606,300,000

418,800,000

321,800,000

Ms. Selden

Ms. Selden

Ms. Selden

Ms. Selden

Pay vs Performance Disclosure

Adjusted EBITDA

Pay vs Performance Disclosure

Enrollment

Pay vs Performance Disclosure

EPS

Pay vs Performance Disclosure

Revenue

PEO | Reported Value of Equity Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (2,908,441)

PEO | Equity Award Adjustments [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,714,929

PEO | Year-End FMV Awards Granted During the Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,896,213

PEO | Year Over Year FMV Change of Outstanding and Unvested Awards as of Year End [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

6,442

PEO | Year Over Year FMV Change of Awards Granted in Prior Years that Vested During the Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(187,725)

PEO | FMV for Prior Awards Granted Prior to Year that were Forfeited During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | Reported Value of Equity Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(423,804)

Non-PEO NEO | Equity Award Adjustments [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

145,334

Non-PEO NEO | Year-End FMV Awards Granted During the Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

235,674

Non-PEO NEO | Year Over Year FMV Change of Outstanding and Unvested Awards as of Year End [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(27,008)

Non-PEO NEO | Year Over Year FMV Change of Awards Granted in Prior Years that Vested During the Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(35,666)

Non-PEO NEO | FMV for Prior Awards Granted Prior to Year that were Forfeited During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (27,666)