BUSINESS ACQUISITIONS

12 Months Ended

Dec. 31, 2011

BUSINESS ACQUISITIONS [Abstract]

BUSINESS ACQUISITIONS

4. BUSINESS ACQUISITIONS

On January 20, 2009, the Company completed the acquisition of six of the seven schools comprising BAR for approximately $24.9 million in cash, net of cash acquired.  BAR consisted of seven schools and offers associate's degree and diploma programs in the fields of automotive, skilled trades, health sciences and culinary arts.  On April 20, 2009, the Company acquired the seventh BAR school, Clemens College (“Clemens”), for $2.7 million, in cash, net of cash acquired.  In connection with these acquisitions, the Company incurred approximately $1.4 million of transaction expenses for the year ended December 31, 2009.

The consolidated financial statements include the results of operations from the respective acquisition dates. The purchase price allocations for BAR were finalized in 2010.

The following table summarizes the reported fair value of assets acquired and liabilities assumed related to acquisitions:

	BAR January 20, 2009 and Clemens  April 20, 2009
Restricted cash	$	362
Current assets, excluding cash acquired (1)		8,063
Property, equipment and facilities		36,739
Goodwill		20,462
Identified intangibles:
Student contracts		2,162
Trade name		509
Accreditation		1,040
Curriculum		410
Non-compete		1,980
Other long-term assets		731
Current liabilities assumed		(16,688	)
Long-term liabilities assumed		(28,218	)
Cost of acquisition, net of cash acquired	$	27,552

(1) Current assets, excluding cash acquired for BAR includes reported amounts due from the seller in accordance with the stock purchase agreement.