X0304 4 2012-03-05 0 0001434588 Grand Canyon Education, Inc. LOPE 0001447566 Richardson Christopher C. 3300 W. CAMELBACK ROAD PHOENIX AZ 85017 1 1 0 0 General Counsel Common Stock 2012-03-05 4 S 0 20000 16.96 D 502070 I C&H Capital LLC Common Stock 2012-03-06 4 S 0 20000 16.70 D 482070 I C&H Capital LLC These sales were effected pursuant to a 10b5-1 plan adopted by the reporting person dated December 14, 2010 and modified by the reporting person on December 15, 2011. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.72 to $17.07, inclusive. The reporting person undertakes to provide to Grand Canyon Education, Inc., any security holder of Grand Canyon Education, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set for in footnotes (2) and (3) to this Form 4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.60 to $16.80, inclusive. /s/ Lyn Bickle, Attorney-in-Fact 2012-03-07