Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2017

Summary of restricted stock and restricted stock units activity

The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2015:



	Number of Shares		Weighted Average Grant Price and Fair Value
Non vested, December 31, 2014	360,769		$	37.03
Shares granted	127,469		35.15
Vested shares	(164,144	)	37.85
Shares forfeited	(30,675	)	36.76
Non vested, December 31, 2015	293,419		$	35.86

The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2016:



	Number of Shares		Weighted Average Grant Price and Fair Value
Non vested, December 31, 2015	293,419		$	35.86
Shares granted	336,434		16.34
Vested shares	(152,714	)	35.83
Shares forfeited	(39,168	)	25.46
Non vested, December 31, 2016	437,971		$	21.54

The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2017:



	Number of Shares		Weighted Average Grant Price and Fair Value
Non vested, December 31, 2016	437,971		$	21.54
Shares granted	279,729		23.35
Vested shares	(212,984	)	25.98
Shares forfeited	(43,454	)	21.04
Non vested, December 31, 2017	461,262		$	20.91

Summary of status of stock incentive plans and changes during periods

A summary of the status of the Company’s Stock Incentive Plans as of December 31, 2015 and the changes during the periods then ended is as follows:



	Number of Options		Weighted Average Exercise Price		Weighted Average Contractual Life (years)	Aggregate Intrinsic Value
						(in thousands)
Outstanding, December 31, 2014	434,401		$	30.04
Options granted	—			—
Awards exercised	(55,382	)		3.29
Options forfeited	(49,147	)		35.97
Outstanding, December 31, 2015	329,872		$	33.65	1.30	$	359
Exercisable, December 31, 2015	329,872		$	33.65	1.30	$	359

A summary of the status of the Company’s Stock Incentive Plans as of December 31, 2016 and the changes during the periods then ended is as follows:



	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
Options granted	—		—
Awards exercised	(16,878	)	7.00
Options forfeited	(53,024	)	37.09
Outstanding, December 31, 2016	259,969		$	34.68	0.53	$	246
Exercisable, December 31, 2016	259,969		$	34.68	0.53	$	246

A summary of the status of the Company’s Stock Incentive Plans as of December 31, 2017 and the changes during the periods then ended is as follows:



	Number of Options		Weighted Average Exercise Price		Weighted Average Contractual Life (years)	Aggregate Intrinsic Value
						(in thousands)
Outstanding, December 31, 2016	259,969		$	34.68
Options granted	—		—
Awards exercised	(14,002	)	6.99
Options forfeited	(136,351	)	35.24
Outstanding, December 31, 2017	109,616		$	37.52	0.01	$	—
Exercisable, December 31, 2017	109,616		$	37.52	0.01	$	—

Summary of information regarding stock option exercises

The following table summarizes information regarding stock option exercises:



	Year Ended December 31,
	2015		2016		2017
	(In thousands)
Proceeds from stock options exercised	$	182	$	118	$	98
Intrinsic value of stock options exercised	$	1,057	$	290	$	194
Tax benefit from exercises	$	54	$	94	$	60

Summary of stock-based compensation

For the years ended December 31, 2015, 2016 and 2017, the Company recognized stock-based compensation expense as follows:



	Year Ended December 31,
	2015		2016		2017
	(In thousands)
Instructional costs and services	$	1,598	$	1,497	$	1,310
Selling and promotional	684		672		789
General and administrative	3,630		3,042		4,147
Total stock-based compensation expense	$	5,912	$	5,211	$	6,246

Summary of repurchases during the period

During the year ended December 31, 2015, the Company repurchased 1,322,846 shares of the Company’s common stock, par value $0.01 per share. The chart and footnotes below provide detail as to the Company’s repurchases during the period.



	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs ⁽¹⁾	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs ^{(2) (3)}
January 1, 2015	—	$	—	—	155,695	$	15,027,043
January 1, 2015 - January 31, 2015	—	$	—	—	263,523	15,027,043
February 1, 2015 - February 28, 2015	—	$	—	—	263,523	15,027,043
March 1, 2015 - March 31, 2015	100,000	$	31.69	100,000	213,523	13,442,543
April 1, 2015 - April 30, 2015	203,820	$	30.84	203,820	147,289	9,220,841
May 1, 2015 - May 31, 2015	200,000	$	25.59	200,000	147,289	4,102,131
June 1, 2015 - June 30, 2015	160,000	$	24.93	160,000	164,093	15,114,029
July 1, 2015 - July 31, 2015	—	$	—	—	164,093	15,114,029
August 1, 2015 - August 31, 2015	—	$	—	—	164,093	15,114,029
September 1, 2015 - September 30, 2015	129,849	$	23.15	129,849	164,093	12,107,835
October 1, 2015 - October 31, 2015	211,040	$	23.19	211,040	164,562	7,214,395
November 1, 2015 - November 30, 2015	199,391	$	22.11	199,391	164,562	2,806,575
December 1, 2015 - December 31, 2015	118,746	$	22.39	118,746	164,562	148,008
Total	1,322,846	$	25.34	1,322,846	164,562	$	148,008

During the year ended December 31, 2016, the Company did not repurchase shares of the Company’s common stock, par value $0.01 per share, other than shares deemed to have been repurchased to satisfy employee minimum tax withholding requirements in connection with the vesting of restricted stock grants. The chart and footnotes below provide detail as to the Company’s repurchases during the period.



	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs ⁽²⁾	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs ^{(2) (3)}
January 1, 2016	—	$	—	—	164,562	$	148,008
January 1, 2016 – January 31, 2016	—	—		—	480,645	148,008
February 1, 2016 – February 29, 2016	—	—		—	480,645	148,008
March 1, 2016 – March 31, 2016	—	—		—	480,645	148,008
April 1, 2016 – April 30, 2016	—	—		—	481,497	148,008
May 1, 2016 – May 31, 2016	—	—		—	481,497	148,008
June 1, 2016 – June 30, 2016	—	—		—	495,378	148,008
July 1, 2016 – July 31, 2016	—	—		—	500,687	148,008
August 1, 2016 – August 31, 2016	—	—		—	500,687	148,008
September 1, 2016 – September 30, 2016	—	—		—	500,687	148,008
October 1, 2016 – October 31, 2016	—	—		—	500,996	148,008
November 1, 2016 – November 30, 2016	—	—		—	500,996	148,008
December 1, 2016 – December 31, 2016	—	—		—	500,996	148,008
Total	—	—		—	500,996	$	148,008

During the year ended December 31, 2017, the Company did not repurchase shares of the Company’ s common stock, par value $0.01 per share, other than shares deemed to have been repurchased to satisfy employee minimum tax withholding requirements in connection with the vesting of restricted stock grants. The chart and footnotes below provide detail as to the Company’s repurchases during the period.



	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs ⁽²⁾	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs ^{(2) (3)}
January 1, 2017	—	$	—	—	500,996	$	148,008
January 1, 2017 – January 31, 2017	—	—		—	744,718	148,008
February 1, 2017 – February 28, 2017	—	—		—	744,718	148,008
March 1, 2017 – March 31, 2017	—	—		—	744,718	148,008
April 1, 2017 – April 30, 2017	—	—		—	745,782	148,008
May 1, 2017 – May 31, 2017	—	—		—	757,398	148,008
June 1, 2017 – June 30, 2017	—	—		—	779,133	148,008
July 1, 2017 – July 31, 2017	—	—		—	779,930	148,008
August 1, 2017 – August 31, 2017	—	—		—	779,930	148,008
September 1, 2017 – September 30, 2017	—	—		—	779,930	148,008
October 1, 2017 – October 31, 2017	—	—		—	780,725	148,008
November 1, 2017 – November 30, 2017	—	—		—	780,725	148,008
December 1, 2017 – December 31, 2017	—	—		—	780,725	148,008
Total	—	—		—	780,725	$	148,008

(1)

On December 9, 2011, the Company’s Board of Directors approved a stock repurchase program for its common stock, under which the Company may annually purchase up to the cumulative number of shares issued or deemed issued in that year under the Company’s equity incentive and stock purchase plans. Repurchases may be made from time to time in the open market at prevailing market prices or in privately negotiated transactions based on business and market conditions. The stock repurchase program does not obligate us to repurchase any shares, may be suspended or discontinued at any time, and is funded using the Company’s available cash.

(2)

On May 14, 2012, the Company’s Board of Directors authorized a program to repurchase up to $20 million of shares of the Company’s common stock. On each of March 14, 2013, June 13, 2014, and June 12, 2015 the Company’s Board of Directors increased the authorization by an additional $15 million of shares, for a cumulative increase of $45 million of shares and a total authorization of $65 million of shares. Subject to market conditions, applicable legal requirements and other factors, the repurchases may be made from time to time in the open market or privately negotiated transactions. The authorization does not obligate the Company to acquire any shares, and purchases may be commenced or suspended at any time based on market conditions and other factors as the Company deems appropriate.

(3)

The Company was deemed to have repurchased 49,512 and 68,065 shares of common stock forfeited by employees to satisfy minimum tax-withholding requirements in connection with the vesting of restricted stock grants during the years ended December 31, 2016 and 2017, respectively. During the year ended December 31, 2015, the Company was deemed to have repurchased 56,272 shares of common stock forfeited by employees to satisfy minimum tax withholding requirements in connect with the vesting of restricted stock grants and to cover the exercise and minimum tax-withholding requirements of expiring stock options. These repurchases were not part of the stock repurchase program authorized by the Company’s Board of Directors.