Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Activity Related to Restricted Stock Granted under 2008 Equity Incentive Plan

A summary of the activity related to restricted stock granted under the University’s 2008 Equity Incentive Plan (“Incentive Plan”) since December 31, 2016 is as follows:

	Total Shares			Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2016		993		$	38.32
Granted		187		$	70.22
Vested		(360	)	$	32.36
Forfeited, canceled or expired		(13	)	$	40.18
Outstanding as of March 31, 2017		807		$	48.34

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

A summary of the activity since December 31, 2016 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, 2016		1,272		$	15.26
Granted		—		$	—
Exercised		(243	)	$	12.83
Forfeited, canceled or expired		—		$	—
Outstanding as of March 31, 2017		1,029		$	15.84		2.95	$	57,369
Exercisable as of March 31, 2017		1,029		$	15.84		2.95	$	57,369

(1) Aggregate intrinsic value represents the value of the University’s closing stock price on March 31, 2017 ($71.61) in excess of the exercise price multiplied by the number of shares underlying options outstanding or exercisable, as applicable.

Share-Based Compensation Expense

The table below outlines share-based compensation expense for the three months ended March 31, 2017 and 2016 related to restricted stock and stock options granted:

	2017			2016
Instructional costs and services	$	1,863		$	1,750
Admissions advisory and related expenses		22			49
Marketing and promotional		32			30
General and administrative		1,014			1,069
Share-based compensation expense included in operating expenses		2,931			2,898
Tax effect of share-based compensation		(1,172	)		(1,159	)
Share-based compensation expense, net of tax	$	1,759		$	1,739