11.	CAMPUS CLOSINGS

On July 31, 2012, the Company's Board of Directors approved a plan to cease operations at seven of our campuses. The adjustments made to the Company's business model to better align with the DOE's increased emphasis on student outcomes and the Company's efforts to comply with the 90/10 rule and cohort default rates greatly impacted the population at these campuses. In addition, the current economic environment and regulatory changes under the Consolidated Appropriations Act, 2012, which eliminated the ability to enroll "ability to benefit" ("ATB") students, have made these campuses no longer viable. Accordingly, the Company has decided to cease operations at these campuses and has stopped enrolling new students. Once all operations have ceased at these campuses, the results of operations will be reflected as discontinued operations in the financial statements.

The results of operations at these seven campuses for the nine months ended September 30, 2012 and each of the three year periods ended December 31, 2011 were as follows (in thousands):

	Nine Months Ended September 30,			Year Ended December 31,
	2012			2011			2010			2009
Revenue	$	9,134		$	20,803		$	34,733		$	25,790
Operating expenses		(26,304	)		(26,063	)		(27,075	)		(17,497	)
	$	(17,170	)	$	(5,260	)	$	7,658		$	8,293

Amounts include impairments of goodwill and long-lived assets for these campuses of $9.4 million, $2.1 million and $1.4 million for the nine months ended September 30, 2012, and the years ended December 31, 2011 and 2010, respectively.