Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of restricted stock and restricted stock unit awards

The table below summarizes the restricted stock and restricted stock unit awards activity for the nine months ended September 30, 2016 (unaudited):

	Number of Shares		Weighted-Average Grant Price and Fair Value
Non-vested, December 31, 2015	293,419		$	35.86
Shares granted	336,125		$	16.34
Vested shares	(121,298	)	$	38.18
Shares forfeited	(30,069	)	$	26.64
Non-vested, September 30, 2016	478,177		$	21.89

Summary of option activity

Option activity is summarized as follows (unaudited):

	Number of Options		Weighted Average Exercise Price		Weighted-Average Contractual Life (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding, December 31, 2015	329,872		$	33.65	1.30	359
Options granted	—		$	—
Awards exercised	(4,000	)	$	7.00
Awards forfeited	(53,025	)	$	37.09
Outstanding, September 30, 2016	272,847		$	33.37	0.78	$	345
Exercisable, September 30, 2016	272,847		$	33.37	0.78	$	345

Summary of stock-based compensation cost charged against income

Stock-based compensation expense charged against income during the three and nine month periods ended September 30, 2016 and 2015 is as follows (unaudited): 

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(In thousands)
Instructional costs and services	$	274		$	378		$	1,077		$	1,156
Selling and promotional	168			165			524			493
General and administrative	813			797			2,371			2,434
Stock-based compensation expense in operating income	1,255			1,340			3,972			4,083
Tax benefit	(504		)	(546		)	(1,566		)	(1,669		)
Stock-based compensation expense, net of tax	$	751		$	794		$	2,406		$	2,414