Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Activity Related to Restricted Stock Granted under Incentive Plan

A summary of the activity related to restricted stock granted under the University’s Incentive Plan is as follows:

	Total Shares			Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2010		4		$	25.16
Granted		6		$	13.88
Vested		(4	)	$	25.16
Forfeited, canceled or expired		—
Outstanding as of December 31, 2011		6		$	13.88
Granted		563		$	17.04
Vested		(6	)	$	13.88
Forfeited, canceled or expired		(10	)	$	17.03
Outstanding as of December 31, 2012		553		$	17.04
Granted		594		$	24.44
Vested		(119	)	$	17.13
Forfeited, canceled or expired		(45	)	$	20.57
Outstanding as of December 31, 2013		983		$	21.34

Summary of Activity Related to Stock Options Granted under Company's Incentive Plan

A summary of the activity related to stock options granted under the University’s Incentive Plan is as follows:

	Summary of Stock Options Outstanding
	Total Shares			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value ($)(1)
Outstanding as of December 31, 2010		4,026		$	14.24
Granted		1,250		$	15.34
Exercised		(140	)	$	12.00
Forfeited, canceled or expired		(172	)	$	17.29
Outstanding as of December 31, 2011		4,964		$	14.47
Granted		—		$	—
Exercised		(611	)	$	13.16
Forfeited, canceled or expired		(124	)	$	17.63
Outstanding as of December 31, 2012		4,229		$	14.57
Granted		25		$	24.97
Exercised		(1,160	)	$	14.03
Forfeited, canceled or expired		(71	)	$	17.22
Outstanding as of December 31, 2013		3,023		$	14.80		5.84	$	87,073
Exercisable as of December 31, 2013		2,049		$	13.61		5.33	$	61,442
Available for issuance as of December 31, 2013		2,308

(1) Aggregate intrinsic value represents the value of the University’s closing stock price on December 31, 2013 ($43.60) in excess of the exercise price multiplied by the number of options outstanding or exercisable.

Amounts Related to Options Exercised

The following table summarizes information related to stock options exercised for years ended December 31, 2013, 2012 and 2011:

	2013		2012		2011
Amounts related to options exercised:
Intrinsic value realized by optionee	$	20,364	$	4,683	$	403
Actual tax benefit realized by the University for tax deductions	$	8,145	$	1,873	$	161

Fair Value of Options as of Grant Dates Using Weighted Average Assumptions

The University uses the Black-Scholes-Merton option pricing model to estimate the fair value of the University’s options as of the grant dates using the following weighted average assumptions:

Year Ended December 31,	2013			2011
Weighted average fair value	$	8.20		$	6.98
Expected volatility		39.86	%		41.85	%
Expected life (years)		4.25			6.50
Risk-free interest rate		0.65	%		2.58	%
Dividend yield		0	%		0	%

Share-Based Compensation Expense

The table below outlines share-based compensation expense for the fiscal years ended December 31, 2013, 2012 and 2011 related to restricted stock and stock options granted:

	2013			2012			2011
Instructional costs and services	$	5,246		$	3,809		$	2,935
Admissions advisory and related		134			224			157
Marketing and promotional		229			169			140
General and administrative		4,327			3,609			3,220
Share-based compensation expense included in operating expenses		9,936			7,811			6,452
Tax effect of share-based compensation		(3,974	)		(3,124	)		(2,581	)
Share-based compensation expense, net of tax	$	5,962		$	4,687		$	3,871