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Other Employee Benefits
 12 Months Ended
Dec. 31, 2019
Postemployment Benefits [Abstract]  
Other Employee Benefits
Other Employee Benefits
The Company has established a tax deferred 401(k) retirement plan that provides retirement benefits to its eligible employees. Participants may elect to contribute up to 60% of their gross annual earnings not to exceed ERISA and IRS limits. The plan provides for Company discretionary profit sharing contributions at matching percentages. Employees immediately vest 100% in all salary reduction contributions and employer contributions.
The Company made discretionary contributions to the plan of $3.8 million, $3.7 million and $3.7 million for the years ended December 31, 2017, 2018 and 2019, respectively.
In November 2007, the Company adopted the American Public Education, Inc. Employee Stock Purchase Plan, or the ESPP, which was implemented effective July 1, 2008 with quarterly enrollment periods. Eligible participants may only enter the plan and establish their withholdings at the start of an enrollment period. Participating employees may withdraw from the plan and end payroll deductions at any time up to five days before the share purchase date and funds will be returned to them. Under the ESPP, participating employees may purchase shares of the Company’s common stock, subject to certain limitations, at 85% of its fair market value on the last day of the quarterly period. The total value of contributions per participant may not exceed $21,000 annually or the value of the common stock purchased per participant cannot exceed $25,000. There were initially 100,000 shares of common stock available for purchase by participating employees under the ESPP. On June 13, 2014, the Company’s stockholders approved an amendment to the ESPP to increase the number of shares of the Company’s common stock available for issuance under the plan by 100,000 shares, extend the term of the ESPP to March 7, 2024, and make other administrative changes. Shares purchased in the open market for issuance to employees pursuant to the plan for the years ended December 31, 2017, 2018 and 2019 were as follows:
Purchase Date
 
Shares
 
Common Stock
Fair Value
 
Purchase Price
 
Compensation Expense
March 31, 2017
 
4,161

 
$
22.90

 
$
19.47

 
$
14,272

June 30, 2017
 
3,535

 
$
23.65

 
$
20.10

 
$
12,549

September 30, 2017
 
4,613

 
$
21.15

 
$
17.98

 
$
14,623

December 31, 2017
 
3,065

 
$
25.80

 
$
21.93

 
$
11,862

Total/Weighted Average
 
15,374

 
$
23.13

 
$
19.66

 
$
53,306

March 31, 2018
 
1,931

 
$
42.15

 
$
35.83

 
$
12,209

June 30, 2018
 
1,661

 
$
43.15

 
$
36.68

 
$
10,751

September 30, 2018
 
2,779

 
$
32.17

 
$
27.34

 
$
13,410

December 31, 2018
 
2,475

 
$
28.46

 
$
24.19

 
$
10,566

Total/Weighted Average
 
8,846

 
$
35.37

 
$
30.07

 
$
46,936

March 31, 2019
 
2,905

 
$
30.74

 
$
26.13

 
$
13,395

June 30, 2019
 
2,465

 
$
29.35

 
$
24.94

 
$
10,873

September 30, 2019
 
4,511

 
$
22.34

 
$
18.99

 
$
15,116

December 31, 2019
 
3,339

 
$
27.39

 
$
23.28

 
$
13,723

Total/Weighted Average
 
13,220

 
$
26.77

 
$
22.75

 
$
53,107