
	Three Months Ended						Three Months Ended
	June 30, 2010						June 30, 2011
	As Reported			As Restated			As Reported			As Restated
Net revenue	$	97,522		$	97,322		$	103,118		$	103,118
Costs and expenses:
Instructional costs and services		41,742			51,032			45,709			46,354
Selling and promotional		28,976			28,976			27,709			27,709
General and administrative		6,176			6,176			7,038			7,038
Exit costs		116			116			—			—

Total costs and expenses		77,010			86,300			80,456			81,101

Operating income		20,512			11,022			22,662			22,017
Net interest expense		(125	)		(125	)		(3	)		(3	)

Income before income taxes		20,387			10,897			22,659			22,014
Income tax expense		7,991			4,163			9,401			9,141

Net income	$	12,396		$	6,734		$	13,258		$	12,873

Earnings per share:
Basic income per share(1)	$	0.27		$	0.15		$	0.30		$	0.29

Diluted income per share(1)	$	0.27		$	0.14		$	0.29		$	0.29

Basic weighted average shares outstanding		45,724			45,724			44,658			44,658

Diluted weighted average shares outstanding		46,557			46,557			45,018			45,018


(1)		The sum of quarterly income per share may not equal annual income per share due to rounding.


	Six Months Ended						Six Months Ended
	June 30, 2010						June 30, 2011
	As Reported			As Restated			As Reported			As Restated
Net revenue	$	186,848		$	186,648		$	204,827		$	204,827
Costs and expenses:
Instructional costs and services		78,402			87,692			91,539			95,229
Selling and promotional		55,852			55,852			57,541			57,541
General and administrative		12,280			12,280			13,870			13,870
Exit costs		205			205			—			—

Total costs and expenses		146,739			156,029			162,950			166,640

Operating income		40,109			30,619			41,877			38,187
Net interest expense		(408	)		(408	)		(78	)		(78	)

Income before income taxes		39,701			30,211			41,799			38,109
Income tax expense		15,825			11,997			17,243			15,755

Net income	$	23,876		$	18,214		$	24,556		$	22,354

Earnings per share:
Basic income per share(1)	$	0.52		$	0.40		$	0.54		$	0.50

Diluted income per share(1)	$	0.51		$	0.39		$	0.54		$	0.49

Basic weighted average shares outstanding		45,699			45,699			45,122			45,122

Diluted weighted average shares outstanding		46,441			46,441			45,551			45,551


(1)		The sum of quarterly income per share may not equal annual income per share due to rounding.

The following is a summary of the changes on the University’s balance sheet.


	As of June 30, 2010				As of June 30, 2011
	As Reported		As Restated		As Reported		As Restated
Accounts receivable, net of allowance for doubtful accounts	$	42,636	$	33,146	$	32,120	$	13,078
Allowance for doubtful accounts		11,182		20,472		18,103		36,945
Deferred income taxes — current		11,355		15,183		6,230		13,911
Total current assets		132,933		127,271		109,807		98,446
Total assets		237,813		232,151		289,943		278,582
Accumulated earnings		39,491		33,829		84,536		73,175
Total stockholders’ equity		113,307		107,645		142,659		131,298
Total liabilities and stockholders’ equity		237,813		232,151		289,943		278,582

The following is a summary of the changes on the University’s statement of cash flows.


	Six Months Ended						Six Months Ended
	June 30, 2010						June 30, 2011
	As Reported			As Restated			As Reported			As Restated
Net income	$	23,876			18,214		$	24,556		$	22,354
Provision for bad debts		10,273			19,563			14,586			18,277
Deferred income taxes		(5,974	)		(9,802	)		2,881			1,392
Changes in accounts receivable		(43,120	)		(42,920	)		(13,372	)		(13,372	)
Net cash provided by operating activities		30,127			30,127			36,026			36,026