Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

17. Quarterly Results of Operations (Unaudited)

The following table summarizes the unaudited quarterly results of operations for 2013 and 2012 and should be read in conjunction with other information included in the accompanying consolidated financial statements.

	2013
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Net revenue	$	142,030		$	141,463		$	152,399		$	162,443
Costs and expenses:
Instructional costs and services		59,997			61,747			64,704			67,971
Admissions advisory and related		22,993			23,346			24,578			26,160
Advertising		15,929			14,520			15,498			15,038
Marketing and promotional		1,435			1,383			1,299			1,527
General and administrative		8,051			8,978			9,035			10,870
Total costs and expenses		108,405			109,974			115,114			121,566
Operating income		33,625			31,489			37,285			40,877
Interest expense		(668	)		(439	)		(528	)		(609	)
Interest income and other		2,195			62			1,502			104
Income before income taxes		35,152			31,112			38,259			40,372
Income tax expense		14,207			12,048			15,714			14,215
Net income	$	20,945		$	19,064		$	22,545		$	26,157
Earnings per share:
Basic income per share(1)	$	0.47		$	0.43		$	0.50		$	0.58
Diluted income per share(1)	$	0.46		$	0.42		$	0.49		$	0.56
Basic weighted average shares outstanding		44,242			44,681			44,963			45,026
Diluted weighted average shares outstanding		45,449			45,929			46,424			46,712

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

	2012
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Net revenue	$	117,131		$	119,260		$	133,568		$	141,298
Costs and expenses:
Instructional costs and services		50,824			53,406			57,354			58,819
Admissions advisory and related		19,991			20,369			22,342			23,215
Advertising		13,639			11,467			12,909			13,008
Marketing and promotional		929			919			1,199			1,313
General and administrative		7,544			7,701			8,561			11,696
Total costs and expenses		92,927			93,862			102,365			108,051
Operating income		24,204			25,398			31,203			33,247
Interest expense		(207	)		(78	)		(154	)		(260	)
Interest and other income		10			26			16			19
Income before income taxes		24,007			25,346			31,065			33,006
Income tax expense		9,538			9,748			12,594			12,097
Net income	$	14,469		$	15,598		$	18,471		$	20,909
Earnings per share:
Basic income per share(1)	$	0.33		$	0.35		$	0.42		$	0.47
Diluted income per share(1)	$	0.32		$	0.35		$	0.41		$	0.46
Basic weighted average shares outstanding		44,371			44,447			44,365			44,167
Diluted weighted average shares outstanding		45,151			45,169			45,339			45,364

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