10.	SUBSEQUENT EVENTS

On April 5, 2012, the Company, as borrower, and certain of its wholly-owned subsidiaries, as guarantors, entered into the 2012 Credit Agreement with a syndicate of four lenders led by Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer, for an aggregate principal amount of up to $85 million. Bank of America Merrill Lynch acted as sole lead arranger and book manager in connection with the 2012 Credit Facility. The 2012 Credit Agreement replaces the Company's prior $115 million credit facility with Bank of America, N.A. and other lenders, which was due to expire on December 1, 2012. The 2009 Facility was terminated concurrently with the effective date of the 2012 Credit Agreement.

Under the 2012 Credit Agreement, the Company has the right to increase the aggregate amount available under the 2012 Credit Facility by up to $50 million upon satisfaction of certain conditions. The 2012 Credit Facility may be used to finance capital expenditures and permitted acquisitions, to pay transaction expenses, for the issuance of letters of credit and for general corporate purposes. The 2012 Credit Agreement includes a $5 million swing line sublimit and a $25 million letter of credit sublimit. Borrowings under the 2012 Credit Facility are secured by a first priority lien on substantially all of the tangible and intangible assets of the Company and its subsidiaries exclusive of real estate. The term of the 2012 Credit Facility is 36 months, maturing on April 5, 2015.

Amounts borrowed as revolving loans under the 2012 Credit Facility will bear interest, at the Company's option, at either (i) an interest rate based on LIBOR and adjusted for any reserve percentage obligations under Federal Reserve Bank regulations (the "Eurodollar Rate") for specified interest periods or (ii) the Base Rate (as defined in the 2012 Credit Agreement), in each case, plus an applicable margin rate as determined under the 2012 Credit Agreement. The "Base Rate", as defined under the 2012 Credit Agreement, is the highest of (a) the rate of interest announced from time to time by Bank of America, N.A. as its prime rate, (b) the Federal Funds rate plus 0.50% and (c) a daily rate equal to the one-month LIBOR rate plus 1.0%. Under the 2012 Credit Agreement, the margin interest rate is subject to adjustment within a range of 1.25% to 2.75% based upon changes in the Company's consolidated leverage ratio and depending on whether the Company has chosen the Eurodollar Rate or the Base Rate option. Swing line loans will bear interest at the Base Rate plus the applicable margin rate. Letters of credit will require a fee equal to the applicable margin rate multiplied by the daily amount available to be drawn under each issued letter of credit plus an agreed upon fronting fee and customary issuance, presentation, amendment and other processing fees associated with letters of credit. Letters of credit totaling $1,637,625 that were outstanding under the prior facility at April 5, 2012 are treated as letters of credit under the 2012 Credit Agreement.

The 2012 Credit Agreement contains customary representations, warranties and covenants including consolidated adjusted net worth, consolidated leverage ratio, consolidated fixed charge coverage ratio, minimum financial responsibility composite score, cohort default rate and other financial covenants, certain restrictions on capital expenditures as well as affirmative and negative covenants and events of default customary for facilities of this type. In addition, the Company is paying fees to the lenders that are customary for facilities of this type.

On April 18, 2012, the Company acquired all of the rights, title and interest in the assets of Florida Medical Training Institute, Inc. ("FMTI") for approximately $2.0 million, net of cash acquired. FMTI has five locations in Florida: Melbourne, Jacksonville, Tampa, Miami and Coral Springs. FMTI currently offers certificate programs in the fields of Emergency Medical Technician, Paramedic, EKG/Phlebotomy, Nursing Assistant, Fire Fighter and Associate of Science Degrees in Emergency Medical Services and Fire Science Technology.