Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

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, 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

The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2018:



	Number of Shares		Weighted Average Grant Price and Fair Value
Non vested, December 31, 2017	461,262		$	20.91
Shares granted	302,781		27.00
Vested shares	(222,069	)	21.33
Shares forfeited	(51,632	)	22.94
Non vested, December 31, 2018	490,342		$	24.23

The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2019:



	Number of Shares		Weighted Average Grant Price and Fair Value
Non vested, December 31, 2018	490,342		$	24.23
Shares granted	333,635		29.48
Vested shares	(255,918	)	22.98
Shares forfeited	(21,119	)	26.86
Non vested, December 31, 2019	546,940		$	27.81

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, 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	$	—

A summary of the status of the Company’s Stock Incentive Plans as of December 31, 2018 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, 2017	109,616		$	37.52
Options granted	—		—
Awards exercised	—		—
Options forfeited	(109,616	)	37.52
Outstanding, December 31, 2018	—		$	—		$	—
Exercisable, December 31, 2018	—		$	—		$	—

A summary of the status of the Company’s Stock Incentive Plans as of December 31, 2019 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, 2018	—	$	—
Options granted	43,134	23.77		10
Awards exercised	—	—
Options forfeited	—	—
Outstanding, December 31, 2019	43,134	$	23.77	9.73	$	156
Exercisable, December 31, 2019	—	$	—		$	—

Summary of fair value at the date of grant

The following table sets forth the assumptions used in calculating the fair value at the date of grant of each option award granted:



	Year Ended December 31,
	2017			2018			2019
Expected volatility	—		%	—		%	47.37		%
Expected dividends	—		%	—		%	—		%
Expected term, in years	0			0			10
Risk-free interest rate	—		%	—		%	1.74		%
Weighted-average fair value of options granted during the year	$	—		$	—		$	13.91

Summary of information regarding stock option exercises

The following table summarizes information regarding stock option exercises:



	Year Ended December 31,
	2017		2018		2019
	(In thousands)
Proceeds from stock options exercised	$	98	$	—	$	—
Intrinsic value of stock options exercised	$	194	$	—	$	—
Tax benefit from exercises	$	60	$	—	$	—

Summary of stock-based compensation

For the years ended December 31, 2017, 2018 and 2019, the Company recognized stock-based compensation expense as follows:



	Year Ended December 31,
	2017		2018		2019
	(In thousands)
Instructional costs and services	$	1,310	$	1,610	$	1,570
Selling and promotional	789		512		766
General and administrative	4,147		5,058		3,624
Total stock-based compensation expense	$	6,246	$	7,180	$	5,960

Summary of repurchases during the period

During the year ended December 31, 2019, the Company repurchased 1,416,304 shares of the Company’s common stock, par value $0.01 per share. The chart and footnotes below provide the 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⁾	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs ⁽²⁾⁽³⁾
January 1, 2019	—	$	—	—	—	$	148,008
January 1, 2019 – January 31, 2019	—	—		—	283,876	148,008
February 1, 2019 – February 28, 2019	—	—		—	283,876	148,008
March 1, 2019 – March 31, 2019	—	—		—	283,876	148,008
April 1, 2019 – April 30, 2019	—	—		—	284,252	148,008
May 1, 2019 – May 31, 2019	129,973	29.38		129,973	299,060	31,181,393
June 1, 2019 – June 30, 2019	197,488	29.03		197,488	299,060	25,448,317
July 1, 2019 – July 31, 2019	218,699	30.79		218,699	299,436	18,714,574
August 1, 2019 – August 31, 2019	220,000	28.16		220,000	299,436	12,519,374
September 1, 2019 – September 30, 2019	199,921	24.12		199,921	352,104	7,697,280
October 1, 2019 – October 31, 2019	229,849	22.34		229,849	352,480	2,562,453
November 1, 2019 – November 30, 2019	110,374	23.21		110,374	352,480	673
December 1, 2019 – December 31, 2019	110,000	27.23		110,000	352,480	22,004,700
Total	1,416,304	$	26.83	1,416,304	352,480	$	22,004,700

(1)

On December 9, 2011, our Board of Directors approved a stock repurchase program for our common stock, under which we could annually purchase up to the cumulative number of shares issued or deemed issued in that year under our 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 our available cash.

(2)

On May 2, 2019, the Company’s Board of Directors authorized the repurchase of up to $35.0 million of the Company’s common stock, and on December 5, 2019, the Board approved an additional authorization of up to $25.0 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 in 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 the Company deem appropriate. The Company may purchase shares at management’s discretion in the open market, in privately negotiated transactions, in transactions structured through investment banking institutions, or a combination of the foregoing. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of shares under this authorization. The amount and timing of repurchases are subject to a variety of factors, including liquidity, cash flow, stock price and general business and market conditions. The Company has no obligation to repurchase shares and may modify, suspend or discontinue the repurchase program at any time. The authorization under this program is in addition to the Company’s repurchase program under which we may annually purchase up to the cumulative number of shares issued or deemed issued in that year under our equity incentive and stock purchase plan.


(3)	During the year-ended December 31, 2019, the Company was deemed to have repurchased 83,214 shares of common stock forfeited by employees to satisfy minimum tax-withholding requirements in connection with the vesting of restricted stock grants. These repurchases were not part of the stock repurchase programs authorized by our Board of Directors as described in footnotes 1 and 2 of this table.