Nature of Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Deferred revenue and student deposits at December 31, 2014 and 2015 consisted of the following (in thousands):



	As of December 31,
	2014		2015

Deferred revenue	$	13,367	$	17,239
Student deposits	10,438		12,488
Total deferred revenue and student deposits	$	23,805	$	29,727

The following amounts of stock-based compensation have been included in the operating expense line-items indicated (in thousands):



	Year Ended December 31,
	2013		2014		2015

Instructional costs and services	$	876	$	1,274	$	1,598
Selling and promotional	444		568		684
General and administrative	2,704		3,527		3,630
Total stock-based compensation expense	$	4,024	$	5,369	$	5,912

After a course begins, if a student does not drop the course within the first seven days, APUS uses the following refund policy:

8-Week Course- Tuition Refund Schedule

Withdrawal Date Tuition Refund Percentage

Before or During Week 1 100%

During Week 2 75%

During Weeks 3 and 4 50%

During Weeks 5 through 8 No Refund

16-Week Course- Tuition Refund Schedule

Withdrawal Date Tuition Refund Percentage

Before or During Week 1 100%

During Week 2 100%

During Weeks 3 and 4 75%

During Weeks 5 through 8 50%

During Weeks 9 through 16 No Refund

HCON uses the following refund policy:

Withdrawal Date Tuition Refund Percentage

Before first full calendar week of the quarter 100% plus registration fee

During first full calendar week of the quarter 75%, plus registration fee

During second full calendar week of the quarter 50%, plus registration fee

During third full calendar week of the quarter 25%, plus registration fee

During fourth full week of the quarter No Refund