XML 27 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Operating activities    
Net income $ 33,037 $ 29,148
Adjustments to reconcile net income to net cash provided by operating activities    
Increase in allowance for bad debt 391 6,917
Depreciation and amortization 9,895 8,131
Stock-based compensation 3,004 2,870
Stock issued for director compensation 77 87
Loss on disposal 60  
Investment loss 107  
Deferred income taxes 1,475 (2,157)
Changes in operating assets and liabilities:    
Accounts receivable 3,033 (17,278)
Prepaid expenses and other assets (6) 1,398
Income tax receivable 3,062 (1,764)
Accounts payable (5,072) 2,694
Accrued liabilities 2,151 1,716
Deferred revenue and student deposits 2,985 2,734
Net cash provided by operating activities 54,199 34,496
Investing activities    
Capital expenditures (15,093) (28,510)
Equity investment (4,000) (6,750)
Note Receivable   (6,000)
Capitalized program development costs and other assets (195) (372)
Net cash used in investing activities (19,288) (41,632)
Financing activities    
Cash paid for repurchase of common/restricted stock (8,233) (13,128)
Cash received from issuance of common stock 1,718 934
Excess tax benefit from stock-based compensation 483 1,885
Net cash used in financing activities (6,032) (10,309)
Net increase (decrease) in cash and cash equivalents 28,879 (17,445)
Cash and cash equivalents at beginning of period 114,901 119,006
Cash and cash equivalents at end of period 143,780 101,561
Supplemental disclosure of cash flow information    
Income taxes paid $ 14,985 $ 10,401