$LOPE
Grand Canyon Education, Inc.

2013 Q4 Form 10-K Financial Statement

#000119312514060686 Filed on February 20, 2014

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2013 Q2
Revenue $162.4M $152.4M $141.5M
YoY Change 14.96% 14.1% 18.62%
Cost Of Revenue $68.00M $64.70M $61.70M
YoY Change 15.65% 12.72% 15.54%
Gross Profit $94.50M $87.70M $79.70M
YoY Change 14.55% 15.09% 20.94%
Gross Profit Margin 58.17% 57.55% 56.34%
Selling, General & Admin $12.40M $10.33M $10.36M
YoY Change -4.7% 5.88% 20.2%
% of Gross Profit 13.12% 11.78% 13.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.800M $6.500M $6.100M
YoY Change 11.48% 16.07% 17.31%
% of Gross Profit 7.2% 7.41% 7.65%
Operating Expenses $12.40M $10.33M $10.36M
YoY Change -4.7% 5.88% 20.2%
Operating Profit $40.88M $37.29M $31.49M
YoY Change 22.95% 19.49% 23.98%
Interest Expense $609.0K $528.0K $439.0K
YoY Change -404.5% 242.86% 462.82%
% of Operating Profit 1.49% 1.42% 1.39%
Other Income/Expense, Net
YoY Change
Pretax Income $40.37M $38.26M $31.11M
YoY Change 22.32% 23.16% 22.75%
Income Tax $14.22M $15.71M $12.05M
% Of Pretax Income 35.21% 41.07% 38.72%
Net Earnings $26.16M $22.55M $19.06M
YoY Change 25.1% 22.06% 22.22%
Net Earnings / Revenue 16.1% 14.79% 13.48%
Basic Earnings Per Share $0.58 $0.50 $0.43
Diluted Earnings Per Share $0.56 $0.49 $0.42
COMMON SHARES
Basic Shares Outstanding 45.03M shares 44.96M shares 44.68M shares
Diluted Shares Outstanding 46.71M shares 46.42M shares 45.93M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $164.2M $170.3M $139.2M
YoY Change 56.23% 144.68% 174.02%
Cash & Equivalents $55.82M $106.8M $90.80M
Short-Term Investments $108.4M $63.50M $48.40M
Other Short-Term Assets $19.12M $17.91M $14.54M
YoY Change 50.91% 34.66% -79.26%
Inventory
Prepaid Expenses
Receivables $7.217M $7.986M $8.645M
Other Receivables $3.600M $0.00 $2.600M
Total Short-Term Assets $263.7M $252.5M $223.6M
YoY Change 23.13% 63.57% 73.06%
LONG-TERM ASSETS
Property, Plant & Equipment $339.6M $328.4M $304.3M
YoY Change 26.17% 28.03% 30.44%
Goodwill $2.941M $2.941M $2.941M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.219M $5.441M $5.831M
YoY Change 67.17% 58.44% -39.89%
Total Long-Term Assets $352.4M $341.6M $318.1M
YoY Change 25.52% 27.11% 29.35%
TOTAL ASSETS
Total Short-Term Assets $263.7M $252.5M $223.6M
Total Long-Term Assets $352.4M $341.6M $318.1M
Total Assets $616.1M $594.1M $541.7M
YoY Change 24.48% 40.41% 44.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.23M $22.93M $16.33M
YoY Change 70.95% -8.98% -17.55%
Accrued Expenses $14.55M $16.54M $20.60M
YoY Change -16.68% 5.78% -30.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.700M $6.700M $6.700M
YoY Change 0.0% 272.22% 252.63%
Total Short-Term Liabilities $165.6M $174.4M $146.5M
YoY Change 8.44% 0.3% 0.47%
LONG-TERM LIABILITIES
Long-Term Debt $87.00M $88.70M $90.30M
YoY Change -7.15% 229.74% 228.36%
Other Long-Term Liabilities $6.811M $6.293M $6.569M
YoY Change -8.02% -17.08%
Total Long-Term Liabilities $6.811M $6.293M $6.569M
YoY Change -8.02% -17.08% -76.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $165.6M $174.4M $146.5M
Total Long-Term Liabilities $6.811M $6.293M $6.569M
Total Liabilities $271.3M $279.8M $253.1M
YoY Change 3.98% 35.9% 43.41%
SHAREHOLDERS EQUITY
Retained Earnings $259.5M $233.4M $210.8M
YoY Change 51.93% 55.68%
Common Stock $489.0K $488.0K $487.0K
YoY Change 3.82% 4.05%
Preferred Stock
YoY Change
Treasury Stock (at cost) $48.43M $48.15M $47.63M
YoY Change 23.75% 67.06%
Treasury Stock Shares 2.845M shares 2.810M shares 2.786M shares
Shareholders Equity $344.8M $314.3M $288.6M
YoY Change
Total Liabilities & Shareholders Equity $616.1M $594.1M $541.7M
YoY Change 24.48% 40.41% 44.41%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2013 Q2
OPERATING ACTIVITIES
Net Income $26.16M $22.55M $19.06M
YoY Change 25.1% 22.06% 22.22%
Depreciation, Depletion And Amortization $6.800M $6.500M $6.100M
YoY Change 11.48% 16.07% 17.31%
Cash From Operating Activities $16.60M $57.80M $12.30M
YoY Change -14.87% 28.16% -57.29%
INVESTING ACTIVITIES
Capital Expenditures -$23.10M -$25.50M -$28.80M
YoY Change -24.26% 6.69% -14.29%
Acquisitions
YoY Change
Other Investing Activities -$44.80M -$15.10M -$24.50M
YoY Change 66.54% -12350.0%
Cash From Investing Activities -$68.00M -$40.40M -$53.30M
YoY Change 18.88% 68.33% 59.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.0K -1.200M 4.000M
YoY Change -99.59% -47.83% -433.33%
NET CHANGE
Cash From Operating Activities 16.60M 57.80M 12.30M
Cash From Investing Activities -68.00M -40.40M -53.30M
Cash From Financing Activities 300.0K -1.200M 4.000M
Net Change In Cash -51.10M 16.20M -37.00M
YoY Change -243.54% -13.83% 537.93%
FREE CASH FLOW
Cash From Operating Activities $16.60M $57.80M $12.30M
Capital Expenditures -$23.10M -$25.50M -$28.80M
Free Cash Flow $39.70M $83.30M $41.10M
YoY Change -20.6% 20.72% -34.13%

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CY2011 lope Agreement Period Of Acquired Source Code Rights For Software Developed Prepaid Maintenance And Service Fee
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CY2011 lope Increase Decrease In Deferred Rent
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CY2011 lope Purchase Of Equipment Through Notes Payable And Capital Lease Obligations
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CY2011 lope Admissions Advisory And Related Expenses
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CY2011 lope Ninety By Ten Revenue Test
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CY2011 lope Purchases Of Property And Equipment Included In Accounts Payable And Deferred Rent
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CY2011 lope Deferred Income Tax Expense Benefit Net Of Noncash Transactions
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CY2011 lope Shortfall Tax Expense From Share Based Compensation
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CY2011 lope Tax Benefit Of Spirit Warrant Intangible
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CY2013 dei Entity Registrant Name
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GRAND CANYON EDUCATION, INC.
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2013
CY2013 dei Document Type
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10-K
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2013-12-31
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0001434588
CY2013 dei Entity Well Known Seasoned Issuer
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Yes
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CY2013 dei Document Fiscal Period Focus
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CY2013 dei Entity Voluntary Filers
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</p> </div>
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PeriodOfBaseInterestRate
P30D
CY2012 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
14148000
CY2012 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
21744000
CY2013 lope Discount Rate To Determine Present Value Of Cash Flow
DiscountRateToDeterminePresentValueOfCashFlow
0.35 pure
CY2013 lope Maximum Percentage Of Variable Interest Rates Based On Base Interest Rate
MaximumPercentageOfVariableInterestRatesBasedOnBaseInterestRate
0.015 pure
CY2013 lope Note Receivable Interest Rate
NoteReceivableInterestRate
0.11 pure
CY2013 lope Percent Of Financial Aid Earn By Student
PercentOfFinancialAidEarnByStudent
1.00 pure
CY2013 lope Common Stock Acquired Shares
CommonStockAcquiredShares
2750000 shares
CY2013 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
97077000
CY2013 lope Ninety By Ten Revenue Test
NinetyByTenRevenueTest
0.785 pure
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1599000 shares
CY2012 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
7811000
CY2012 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
214000
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1920000
CY2012 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
CY2013 lope Amortization Of Other Current Assets Under Reclassification
AmortizationOfOtherCurrentAssetsUnderReclassification
Next twelve month cycle
CY2013 lope Percentage Deducted From Base Interest Rate For Actual Payment
PercentageDeductedFromBaseInterestRateForActualPayment
0.015 pure
CY2013 lope Purchases Of Property And Equipment Included In Accounts Payable And Deferred Rent
PurchasesOfPropertyAndEquipmentIncludedInAccountsPayableAndDeferredRent
1494000
CY2013 lope Advertising Related Party Transactions
AdvertisingRelatedPartyTransactions
0
CY2013 lope Deferred Income Tax Expense Benefit Net Of Noncash Transactions
DeferredIncomeTaxExpenseBenefitNetOfNoncashTransactions
5107000
CY2013 lope Interest Expense On Derivatives Related To Credit Risk
InterestExpenseOnDerivativesRelatedToCreditRisk
22000
CY2013 lope Shortfall Tax Expense From Share Based Compensation
ShortfallTaxExpenseFromShareBasedCompensation
209000
CY2013 lope Tax Benefit Of Spirit Warrant Intangible
TaxBenefitOfSpiritWarrantIntangible
267000
CY2013 lope Period For Write Off Inactive Student Accounts
PeriodForWriteOffInactiveStudentAccounts
P150D
CY2013 lope Instructional Costs And Services
InstructionalCostsAndServices
254419000
CY2013 lope Capital Lease Interest Rate Stated Percentage Rate Range Maximum
CapitalLeaseInterestRateStatedPercentageRateRangeMaximum
0.022 pure
CY2012 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
69584000
CY2012 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
8049000
CY2012 us-gaap Income Taxes Paid
IncomeTaxesPaid
32810000
CY2012 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
428000
CY2013 lope Percentage Of Amount Paid By University
PercentageOfAmountPaidByUniversity
0.015 pure
CY2013 lope Fair Value Of Shares Issued Of License Agreement
FairValueOfSharesIssuedOfLicenseAgreement
3394000
CY2013 lope Depreciation And Amortization Including Assets Under Capital Lease
DepreciationAndAmortizationIncludingAssetsUnderCapitalLease
24546000
CY2013 lope Purchase Of Land Related To Offsite Development
PurchaseOfLandRelatedToOffsiteDevelopment
14542000
CY2012 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
-0.016 pure
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.53
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45251000 shares
CY2012 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
919000 shares
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350 pure
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.57
CY2012 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2017-12-31
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.388 pure
CY2012 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.002 pure
CY2012 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.007 pure
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
144196000
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44332000 shares
CY2012 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.059 pure
CY2012 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
1427000
CY2012 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
137000
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
114052000
CY2012 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
27000000
CY2012 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-1106000
CY2012 us-gaap Interest Paid
InterestPaid
606000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
113424000
CY2012 us-gaap Net Income Loss
NetIncomeLoss
69447000
CY2012 us-gaap Defined Benefit Plan Contributions By Plan Participants
DefinedBenefitPlanContributionsByPlanParticipants
1080000
CY2012 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3124000
CY2012 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
15242000
CY2012 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
71000
CY2012 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
564000
CY2012 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
1873000
CY2012 us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
-151000
CY2012 us-gaap Sales Revenue Net
SalesRevenueNet
511257000
CY2012 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
97653000
CY2012 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-330000
CY2012 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
2313000
CY2012 us-gaap Interest Costs Incurred
InterestCostsIncurred
1064000
CY2012 us-gaap Costs And Expenses
CostsAndExpenses
397205000
CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
5000
CY2012 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
35502000
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
71272000
CY2012 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-518000
CY2012 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
99210000
CY2012 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
6891000
CY2012 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
4687000
CY2012 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
104000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4683000
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
7811000
CY2012 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
18012000
CY2012 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
15242000
CY2012 us-gaap Depreciation And Amortization
DepreciationAndAmortization
21923000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
83922000
CY2012 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
CY2012 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
7462000
CY2012 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
15719000
CY2012 us-gaap Interest Expense
InterestExpense
699000
CY2012 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
20593000
CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-448000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-131546000
CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromCurrentPeriodTaxPositions
CY2012 us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
143000
CY2012 us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
296000
CY2012 us-gaap Interest Costs Incurred Capitalized
InterestCostsIncurredCapitalized
365000
CY2012 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
7938000
CY2012 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
8049000
CY2012 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
32000
CY2012 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
244000
CY2012 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
4360000
CY2012 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1427000
CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
1054000
CY2012 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
43829000
CY2012 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7811000
CY2012 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
7635000
CY2012 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
87000
CY2012 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
CY2012 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
36367000
CY2012 us-gaap Advertising Expense
AdvertisingExpense
51023000
CY2012 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-630000
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
43977000
CY2012 lope Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
503000
CY2012 lope Capitalized Interest Rate On Borrowing To Finance Improvement
CapitalizedInterestRateOnBorrowingToFinanceImprovement
0.022 pure
CY2012 lope Reduction In Revenue Due To Scholarships Offered To Students
ReductionInRevenueDueToScholarshipsOfferedToStudents
94283000
CY2012 lope Notes Receivable Fixed Interest Rate
NotesReceivableFixedInterestRate
0.11 pure
CY2012 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
85917000
CY2012 lope Ninety By Ten Revenue Test
NinetyByTenRevenueTest
0.803 pure
CY2012 lope Purchases Of Property And Equipment Included In Accounts Payable And Deferred Rent
PurchasesOfPropertyAndEquipmentIncludedInAccountsPayableAndDeferredRent
3291000
CY2012 lope Advertising Related Party Transactions
AdvertisingRelatedPartyTransactions
15000
CY2012 lope Deferred Income Tax Expense Benefit Net Of Noncash Transactions
DeferredIncomeTaxExpenseBenefitNetOfNoncashTransactions
-416000
CY2012 lope Shortfall Tax Expense From Share Based Compensation
ShortfallTaxExpenseFromShareBasedCompensation
283000
CY2012 lope Fixed Rate Of Interest On Loans
FixedRateOfInterestOnLoans
0.06 pure
CY2012 lope Tax Benefit Of Spirit Warrant Intangible
TaxBenefitOfSpiritWarrantIntangible
267000
CY2012 lope Instructional Costs And Services
InstructionalCostsAndServices
220403000
CY2012 lope Notes Receivable Interest Rate
NotesReceivableInterestRate
0.05 pure
CY2012 lope Lease Termination Fee
LeaseTerminationFee
CY2012 lope Depreciation And Amortization Including Assets Under Capital Lease
DepreciationAndAmortizationIncludingAssetsUnderCapitalLease
21264000
CY2012 lope Purchase Of Land Related To Offsite Development
PurchaseOfLandRelatedToOffsiteDevelopment
7223000
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.46
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45449000 shares
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.47
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44242000 shares
CY2013Q1 us-gaap Revenues
Revenues
142030000
CY2013Q1 us-gaap Interest Income Other
InterestIncomeOther
2187000
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
33625000
CY2013Q1 us-gaap Interest And Other Income
InterestAndOtherIncome
2195000
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
35152000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
20945000
CY2013Q1 us-gaap Costs And Expenses
CostsAndExpenses
108405000
CY2013Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8051000
CY2013Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1435000
CY2013Q1 us-gaap Advertising Expense
AdvertisingExpense
15929000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14207000
CY2013Q1 lope Interest Expense Net
InterestExpenseNet
668000
CY2013Q1 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
22993000
CY2013Q1 lope Instructional Costs And Services
InstructionalCostsAndServices
59997000
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.32
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45151000 shares
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44371000 shares
CY2012Q1 us-gaap Revenues
Revenues
117131000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
24204000
CY2012Q1 us-gaap Interest And Other Income
InterestAndOtherIncome
10000
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
24007000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
14469000
CY2012Q1 us-gaap Costs And Expenses
CostsAndExpenses
92927000
CY2012Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7544000
CY2012Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
929000
CY2012Q1 us-gaap Advertising Expense
AdvertisingExpense
13639000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9538000
CY2012Q1 lope Interest Expense Net
InterestExpenseNet
207000
CY2012Q1 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
19991000
CY2012Q1 lope Instructional Costs And Services
InstructionalCostsAndServices
50824000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45169000 shares
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44447000 shares
CY2012Q2 us-gaap Revenues
Revenues
119260000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
25398000
CY2012Q2 us-gaap Interest And Other Income
InterestAndOtherIncome
26000
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
25346000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
15598000
CY2012Q2 us-gaap Costs And Expenses
CostsAndExpenses
93862000
CY2012Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7701000
CY2012Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
919000
CY2012Q2 us-gaap Advertising Expense
AdvertisingExpense
11467000
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9748000
CY2012Q2 lope Interest Expense Net
InterestExpenseNet
78000
CY2012Q2 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
20369000
CY2012Q2 lope Instructional Costs And Services
InstructionalCostsAndServices
53406000
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.42
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45929000 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.43
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44681000 shares
CY2013Q2 us-gaap Revenues
Revenues
141463000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
31489000
CY2013Q2 us-gaap Interest And Other Income
InterestAndOtherIncome
62000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
31112000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
19064000
CY2013Q2 us-gaap Costs And Expenses
CostsAndExpenses
109974000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8978000
CY2013Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1383000
CY2013Q2 us-gaap Advertising Expense
AdvertisingExpense
14520000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12048000
CY2013Q2 lope Interest Expense Net
InterestExpenseNet
439000
CY2013Q2 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
23346000
CY2013Q2 lope Instructional Costs And Services
InstructionalCostsAndServices
61747000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45339000 shares
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44365000 shares
CY2012Q3 us-gaap Revenues
Revenues
133568000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
31203000
CY2012Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
16000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
31065000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
18471000
CY2012Q3 us-gaap Costs And Expenses
CostsAndExpenses
102365000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8561000
CY2012Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1199000
CY2012Q3 us-gaap Advertising Expense
AdvertisingExpense
12909000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12594000
CY2012Q3 lope Interest Expense Net
InterestExpenseNet
154000
CY2012Q3 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
22342000
CY2012Q3 lope Instructional Costs And Services
InstructionalCostsAndServices
57354000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.49
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46424000 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44963000 shares
CY2013Q3 us-gaap Revenues
Revenues
152399000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
37285000
CY2013Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
1502000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
38259000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
22545000
CY2013Q3 us-gaap Costs And Expenses
CostsAndExpenses
115114000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9035000
CY2013Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1299000
CY2013Q3 us-gaap Advertising Expense
AdvertisingExpense
15498000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15714000
CY2013Q3 lope Interest Expense Net
InterestExpenseNet
528000
CY2013Q3 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
24578000
CY2013Q3 lope Instructional Costs And Services
InstructionalCostsAndServices
64704000
CY2011Q4 lope Lease Termination Fee Payable
LeaseTerminationFeePayable
1093000
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.46
CY2012Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45364000 shares
CY2012Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.47
CY2012Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44167000 shares
CY2012Q4 us-gaap Revenues
Revenues
141298000
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
33247000
CY2012Q4 us-gaap Interest And Other Income
InterestAndOtherIncome
19000
CY2012Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
33006000
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
20909000
CY2012Q4 us-gaap Costs And Expenses
CostsAndExpenses
108051000
CY2012Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11696000
CY2012Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1313000
CY2012Q4 us-gaap Advertising Expense
AdvertisingExpense
13008000
CY2012Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12097000
CY2012Q4 lope Interest Expense Net
InterestExpenseNet
260000
CY2012Q4 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
23215000
CY2012Q4 lope Instructional Costs And Services
InstructionalCostsAndServices
58819000
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.56
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46712000 shares
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.58
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45026000 shares
CY2013Q4 us-gaap Revenues
Revenues
162443000
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
40877000
CY2013Q4 us-gaap Interest And Other Income
InterestAndOtherIncome
104000
CY2013Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
40372000
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
26157000
CY2013Q4 us-gaap Costs And Expenses
CostsAndExpenses
121566000
CY2013Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10870000
CY2013Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1527000
CY2013Q4 us-gaap Advertising Expense
AdvertisingExpense
15038000
CY2013Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14215000
CY2013Q4 lope Interest Expense Net
InterestExpenseNet
609000
CY2013Q4 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
26160000
CY2013Q4 lope Instructional Costs And Services
InstructionalCostsAndServices
67971000

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