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Document and Entity Information
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9 Months Ended | |
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Sep. 30, 2011
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Nov. 01, 2011
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| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | Grand Canyon Education, Inc. | |
| Entity Central Index Key | 0001434588 | |
| Document Type | 10-Q | |
| Document Period End Date | Sep. 30, 2011 | |
| Amendment Flag | false | |
| Document Fiscal Year Focus | 2011 | |
| Document Fiscal Period Focus | Q3 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Well-known Seasoned Issuer | No | |
| Entity Voluntary Filers | No | |
| Entity Current Reporting Status | Yes | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 44,331,047 |
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Details
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Consolidated Income Statements (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2011
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Sep. 30, 2010
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| Income Statements [Abstract] | ||||
| Net revenue | $ 108,909 | $ 98,946 | $ 313,736 | $ 285,594 |
| Costs and expenses: | ||||
| Instructional costs and services | 48,933 | 45,717 | 144,162 | 133,409 |
| Selling and promotional, including $151 and $2,702 for the three months ended September 30, 2011 and 2010, respectively, and $612 and $7,694 for the nine months ended September 30, 2011 and 2010, respectively, to related parties | 31,248 | 28,103 | 88,789 | 83,955 |
| General and administrative | 7,145 | 6,608 | 21,015 | 18,888 |
| Lease termination fee | 922 | 922 | ||
| Exit costs | 27 | 232 | ||
| Total costs and expenses | 88,248 | 80,455 | 254,888 | 236,484 |
| Operating income | 20,661 | 18,491 | 58,848 | 49,110 |
| Interest expense | (170) | (176) | (306) | (682) |
| Interest income | 20 | 33 | 78 | 131 |
| Income before income taxes | 20,511 | 18,348 | 58,620 | 48,559 |
| Income tax expense | 7,643 | 7,606 | 23,398 | 19,603 |
| Net income | $ 12,868 | $ 10,742 | $ 35,222 | $ 28,956 |
| Net income per common share: | ||||
| Basic | $ 0.29 | $ 0.23 | $ 0.79 | $ 0.63 |
| Diluted | $ 0.29 | $ 0.23 | $ 0.78 | $ 0.62 |
| Shares used in computing net income per common share: | ||||
| Basic | 44,302 | 45,746 | 44,845 | 45,715 |
| Diluted | 44,787 | 46,351 | 45,293 | 46,413 |
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- Definition
Costs directly attributable to educational services, including salaries and benefits for full-time faculty, administrators and academic advisors, and costs associated with adjunct faculty. Also includes costs for educational supplies such as books, costs associated with academic records and graduation, costs associated with collections from our students such as bad debt expense, and other university services such as evaluating transcripts. No definition available.
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- Definition
Lease termination fee. No definition available.
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- Definition
The charge against earnings in the period, comprised of costs incurred associated with an exit or disposal activity other than for a discontinued operations as defined under generally accepted accounting principles. Costs of such activities include those for one-time termination benefits, termination of an operating lease or other contract, consolidating or closing facilities, and relocating employees, and costs associated with an ongoing benefit arrangement, but excludes costs associated with the retirement of a long-lived asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total amount of expenses directly related to the marketing or selling of products or services. No definition available.
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Income Statements (Unaudited) (Parenthetical) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2011
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Sep. 30, 2010
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| Costs and expenses: | ||||
| Selling and promotional expenses to related parties | $ 151 | $ 2,702 | $ 612 | $ 7,694 |
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- Definition
Expenses recognized during the period resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2011
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Sep. 30, 2010
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Sep. 30, 2011
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Sep. 30, 2010
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| Statement of Comprehensive Income [Abstract] | ||||
| Net income | $ 12,868 | $ 10,742 | $ 35,222 | $ 28,956 |
| Other comprehensive income (loss), net of tax : | ||||
| Unrealized losses on hedging derivatives | (54) | (66) | (53) | (420) |
| Unrealized losses on available for sale securities | (4) | |||
| Realized gains on available for sale securities | (19) | |||
| Comprehensive income | $ 12,814 | $ 10,676 | $ 35,169 | $ 28,513 |
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Reclassification adjustment for unrealized gains or losses realized upon the sale of securities, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain (loss), net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain (loss) at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains (losses) realized upon the sale of securities, after tax; and (3) the unrealized gains (losses) realized upon the write-down of securities, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Prepaid royalties noncurrent. No definition available.
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal, through the balance sheet date and due to be paid within one year (or one operating cycle, if longer) of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term (excluding that portion of the payments representing executory costs such as insurance, maintenance, and taxes to be paid by the lessor, together with any profit thereon) net of payments or other amounts applied to the principal, through the balance sheet date and due to be paid more than one year (or one operating cycle, if longer) after the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current portion of money or property received from customers which is either to be returned upon satisfactory contract completion or applied to customer receivables in accordance with the terms of the contract or the understandings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward is presented as a reduction of the related deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, is classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount due within one year of the balance sheet date (or one operating cycle, if longer) from tax authorities as of the balance sheet date representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount of reserve for known or estimated probable loss from litigation, which may include attorneys' fees and other litigation costs, which is expected to be paid within one year of the date of the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying value as of the balance sheet date of notes payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying values as of the balance sheet date of the portions of long-term notes payable due within one year or the operating cycle if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Cash and equivalents whose use in whole or in part is restricted for the long-term, generally by contractual agreements or regulatory requirements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of known and estimated obligations associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, which are expected to be paid in the next twelve months or in the normal operating cycle if longer. Costs of such activities include those for one-time termination benefits, termination of an operating lease or other contract, consolidating or closing facilities, relocating employees, and costs associated with an ongoing benefit arrangement, but excludes costs associated with the retirement of a long-lived asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
Sep. 30, 2011
|
Dec. 31, 2010
|
|---|---|---|
| Current assets | ||
| Allowance for doubtful accounts | $ 14,418 | $ 30,112 |
| Stockholders' equity | ||
| Preferred stock, par value | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized | 10,000 | 10,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 100,000 | 100,000 |
| Common stock, shares issued | 45,938 | 45,811 |
| Common stock, shares outstanding | 44,331 | 45,761 |
| Treasury Stock, Shares | 1,607 | 50 |
| X | ||||||||||
|
- Definition
A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Consolidated Statement of Stockholders' Equity (Unaudited) (USD $)
In Thousands |
Total
|
Common Stock
|
Treasury Stock
|
Additional Paid-in Capital
|
Accumulated Other Comprehensive Loss
|
Accumulated Earnings
|
|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2010 | $ 127,501 | $ 458 | $ (782) | $ 77,449 | $ (445) | $ 50,821 |
| Balance, shares at Dec. 31, 2010 | 45,811 | 50 | ||||
| Net income | 35,222 | 35,222 | ||||
| Unrealized loss on hedging derivative, net of taxes of $41 | (53) | (53) | ||||
| Common stock purchased for treasury | (22,371) | (22,371) | ||||
| Common stock purchased for treasury, Shares | 1,557 | |||||
| Exercise of stock options | 1,477 | 1 | 1,476 | |||
| Exercise of stock options, Shares | 123 | 123 | ||||
| Excess tax benefits from share-based compensation | 99 | 99 | ||||
| Share-based compensation | 4,797 | 4,797 | ||||
| Share-based compensation, shares | 4 | |||||
| Balance at Sep. 30, 2011 | $ 146,672 | $ 459 | $ (23,153) | $ 83,821 | $ (498) | $ 86,043 |
| Balance, shares at Sep. 30, 2011 | 45,938 | 1,607 |
| X | ||||||||||
|
- Definition
Tax benefit associated with any equity-based compensation plan other than an employee stock ownership plan (ESOP). The tax benefit results from the deduction by the entity on its tax return for an award of stock that exceeds the cumulative compensation cost for common stock or preferred stock recognized for financial reporting. Includes any resulting tax benefit that exceeds the previously recognized deferred tax asset (excess tax benefits). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value stock issued during the period as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended |
|---|---|
|
Sep. 30, 2011
|
|
| Tax effect on unrealized loss on hedging derivative | $ 41 |
|
Accumulated Other Comprehensive Loss
|
|
| Tax effect on unrealized loss on hedging derivative | $ 41 |
| X | ||||||||||
|
- Definition
Tax effect on the change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Increase decrease in deferred rent. No definition available.
|
| X | ||||||||||
|
- Definition
Lease termination fee. No definition available.
|
| X | ||||||||||
|
- Definition
Non-capitalizable system conversion costs No definition available.
|
| X | ||||||||||
|
- Definition
Shortfall tax expense from share-based compensation. No definition available.
|
| X | ||||||||||
|
- Definition
Tax benefit of Spirit warrant intangible No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The component of interest expense comprised of the periodic charge against earnings over the life of the financing arrangement to which such costs relate. Alternate captions include Noncash Interest Expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future cash outflow to pay for purchases of fixed assets that have occurred. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase during the period in capital lease obligations due to entering into new capital leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from equity-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified equity-based compensation) recognized on the entity's tax return exceeds compensation cost from equity-based compensation recognized in financial statements. This element reduces net cash provided by operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net proceeds or assets obtained in excess of (less than) the net carrying amount of assets recorded, or assets distributed and liabilities assumed less than (in excess of) estimated litigation liability extinguished, in settlement of a litigation matter. Represents (for other than an insurance entity in its normal claims settlement process), the amount of income (expense) recognized in the period to settle pending or threatened litigation and insurance claims. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Change in recurring obligations of a business that arise from the acquisition of merchandise, materials, supplies and services used in the production and sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the period in the amount of customer money held in customer accounts, including security deposits, collateral for a current or future transactions, initial payment of the cost of acquisition or for the right to enter into a contract or agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate amount of obligations to be paid to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the period in the carrying amount (including both current and noncurrent portions of the accrual) of the liability pertaining to the exit from or disposal of business activities or restructuring pursuant to a duly authorized plan, excluding costs or losses pertaining to an entity newly acquired in a business combination and to asset retirement obligations. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) the entity's financing activities specifically EXCLUDING the cash flows derived by the entity from its discontinued operations, if any. This element is only to be used when the entity reports its cash flows attributable to discontinued operations separately from the cash flow provided by or used in financing activities. Such reporting would necessitate the entity to use the Net Cash provided by or used in Discontinued Operations, Total element provided in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the sale or maturity (principal being due) of securities not classified as either held-to-maturity securities or trading securities which are classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow during the period from the repayment of aggregate short-term and long-term debt and payment of capital lease obligations. No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Nature of Business
|
9 Months Ended |
|---|---|
|
Sep. 30, 2011
|
|
| Nature of Business [Abstract] | |
| Nature of Business |
1. Nature of Business
Grand Canyon Education, Inc. ( together with its subsidiaries, the “University”) is a
regionally accredited provider of postsecondary education services focused on offering graduate and
undergraduate degree programs in its core disciplines of education, business, healthcare, and
liberal arts. The University offers courses online, at its approximately 110 acre traditional
ground campus in Phoenix, Arizona and onsite at the facilities of employers. The University’s
wholly-owned subsidiaries are currently dormant subsidiaries. The University is accredited by The
Higher Learning Commission of the North Central Association of Colleges and Schools.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Restatement of Consolidated Financial Statements
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9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Restatement of Consolidated Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restatement of Consolidated Financial Statements |
2. Restatement of Consolidated Financial Statements
On November 3, 2011, the University determined that there was an error in the methodology it
used to estimate its allowance for doubtful accounts and that its financial statements for the
three and nine months ended September 30, 2010 needed to be restated.
In recent periods, the University experienced a significant change in the composition of its
receivable balances since its transition to the borrower-based financial aid model in the second
quarter of 2010 in which the receivables due from former students had grown as a percentage of the
total amount outstanding. However, the University’s historical process for estimating the
allowance for doubtful accounts did not consider the disaggregation of receivable balances by
student based on enrollment status. As a result, the growth in the inactive student receivables was
not evident when making the allowance estimate in prior periods. As the University’s collection
experience indicates that receivables from former students carry a higher risk, this disaggregated
information should have been considered in determining the probability of loss within the
University’s receivables. If such information had been evaluated, management would have increased
the allowance for doubtful accounts to reflect the increased risk profile of the receivables in
prior periods. Accordingly, the Audit Committee of the Board of Directors together with
management, determined that, because management should have taken the additional steps
necessary to develop the disaggregated information for use in the analysis of reserve requirements
and resulting allowance for doubtful accounts, the financial statements for the fiscal year ended
December 31, 2010 and for the quarters ended June 30, 2010,
September 30, 2010, March 31, 2011 and June 30, 2011 should be restated to correct the allowance
for doubtful accounts.
The
following table summarizes the unaudited quarterly results of
operations as originally reported and as restated for the three
and nine months ended September 30, 2010.
The
following is a summary of the changes on the University’s
statement of cash flows.
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Restatement of consolidated financial statements. No definition available.
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Summary of Significant Accounting Policies
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Sep. 30, 2011
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| Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies |
3. Summary of Significant Accounting Policies
Principles of Consolidation
The consolidated financial statements include the accounts of Grand Canyon Education, Inc. and
its wholly-owned subsidiaries. Intercompany transactions have been eliminated in consolidation.
Unaudited Interim Financial Information
The accompanying unaudited interim consolidated financial statements of the University have
been prepared in accordance with U.S. generally accepted accounting principles, consistent in all
material respects with those applied in its financial statements included in its Annual Report on
Form 10-K/A for the fiscal year ended December 31, 2010. Accordingly, they do not include all of the
information and footnotes required by U.S. generally accepted accounting principles for complete
financial statements. Such interim financial information is unaudited but reflects all adjustments
that in the opinion of management are necessary for the fair presentation of the interim periods
presented. Interim results are not necessarily indicative of results for a full year. This
Quarterly Report on Form 10-Q should be read in conjunction with the University’s audited financial
statements and footnotes included in its Annual Report on Form 10-K/A for the fiscal year ended
December 31, 2010 from which the December 31, 2010 balance sheet information was derived.
Restricted Cash and Cash Equivalents
A significant portion of the University’s revenue is received from students who participate in
government financial aid and assistance programs. Restricted cash and cash equivalents primarily
represents amounts received from the federal and state governments under various student aid grant
and loan programs, such as Title IV. The University receives these funds subsequent to the
completion of the authorization and disbursement process and holds them for the benefit of the
student. The U.S. Department of Education (“Departmnent of Education”) requires Title IV funds
collected in advance of student billings to be segregated in a separate cash or cash equivalent
account until the course begins. The University records all of these amounts as a current asset in
restricted cash and cash equivalents until the cash is no longer restricted, at which time such
amounts are reclassified as cash and cash equivalents. The majority of these funds remain as
restricted cash and cash equivalents for an average of 60 to 90 days from the date of receipt. In
addition, the University had previously classified the $5,200 that it had agreed to pay in
connection with the qui tam matter that it settled in 2010 as restricted cash; this amount was paid
during the second quarter of 2011 in final payment of all amounts due under the settlement
agreement. In the third quarter of 2011, as a result of the opening of the Grand Canyon University
Arena, a multi-purpose facility that the University uses for athletic competitions, concerts and
other events (the “University Arena”), the University began receiving cash related to advanced
ticket sales for future events. Any cash received relating to advance ticket sales for future
events is also classified as restricted until the event occurs.
In the fourth quarter of 2010, the counterparty to the University’s interest rate swap made a
collateral call and the University posted $760 of pledged collateral as noncurrent restricted cash.
The pledged collateral was reduced to $555 as of September 30, 2011.
Derivatives and Hedging
Derivative financial instruments are recorded on the balance sheet as assets or liabilities
and re-measured at fair value at each reporting date. For derivatives designated as cash flow
hedges, the effective portion of the gain or loss on the derivative is reported as a component of
other comprehensive income and reclassified into earnings in the same period or periods during
which the hedged transaction affects earnings. Gains and losses on the derivative representing
either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are
recognized in current earnings.
Derivative financial instruments enable the University to manage its exposure to interest rate
risk. The University does not engage in any derivative instrument trading activity. Credit risk
associated with the University’s derivatives is limited to the risk that a derivative counterparty
will not perform in accordance with the terms of the contract. Exposure to counterparty credit
risk is considered low because these agreements have been entered into with institutions with
strong credit ratings, and they are expected to perform fully under the terms of the agreements.
On June 30, 2009, the University entered into an interest rate corridor instrument and an
interest rate swap to manage its 30 Day LIBOR interest exposure related to its variable rate debt,
which commenced in April 2009 and matures in March 2016. The fair value of the interest rate
corridor instrument as of September 30, 2011 and December 31, 2010 was $1 and $27, respectively,
which is included in other assets. The fair value of the interest rate swap is a liability of $698
and $686 as of September 30, 2011 and December 31, 2010, respectively, which is included in other
noncurrent liabilities. The fair values of each derivative instrument were determined using a
hypothetical derivative transaction and Level 2 of the hierarchy of valuation inputs. These
derivative instruments were designated as cash flow hedges of variable rate debt obligations. The
adjustment of $53 and $420 in the first nine months of 2011 and 2010, respectively, for the
effective portion of the loss on the derivatives is included as a component of other comprehensive
income, net of taxes.
The interest rate corridor instrument hedges variable interest rate risk starting July 1, 2009
through April 30, 2014 with a notional amount of $10,841 as of September 30, 2011. The corridor
instrument permits the University to hedge its interest rate risk at several thresholds; the
University will pay variable interest rates based on the 30 Day LIBOR rates monthly until that
index reaches 4%. If 30 Day LIBOR is equal to 4% through 6%, the University will pay 4%. If 30
Day LIBOR exceeds 6%, the University will pay actual 30 Day LIBOR less 2%. This reduces the
University’s exposure to potential increases in interest rates.
The interest rate swap commenced on May 1, 2010 and continues each month thereafter until
April 30, 2014 and has a notional amount of $10,841 as of September 30, 2011. The University will
receive 30 Day LIBOR and pay 3.245% fixed interest on the amortizing notional amount. Therefore,
the University has hedged its exposure to future variable rate cash flows through April 30, 2014.
The interest rate swap is not subject to a master netting arrangement and collateral has been
called by the counterparty and reflected in a restricted cash account as of September 30, 2011 and
December 31, 2010 in the amount of $555 and $760, respectively.
As of September 30, 2011 no derivative ineffectiveness was identified. Any ineffectiveness in
the University’s derivative instruments designated as hedges would be reported in interest expense
in the income statement. For the nine months ended September 30, 2011 $13 of credit risk was
recorded in interest expense on the derivatives. At September 30, 2011, the University is not
expected to reclassify gains or losses on derivative instruments from accumulated other
comprehensive (loss) income into earnings during the next 12 months.
Fair Value of Financial Instruments
As of September 30, 2011, the carrying value of cash and cash equivalents, accounts
receivable, account payable and accrued expenses approximate their fair value based on the
liquidity or the short-term maturities of these instruments. The carrying value of debt
approximates fair value as it is based on variable rate index. The carrying value of capital lease
obligations approximate fair value based upon market interest rates available to the University for
debt of similar risk and maturities. Derivative financial instruments are carried at fair value,
determined using Level 2 of the hierarchy of valuation inputs, with the use of inputs other than
quoted prices that are observable for the asset or liability.
Revenue Recognition
Net revenues consist primarily of tuition and fees derived from courses taught by the
University online, at its 110 acre traditional campus in Phoenix, Arizona, and onsite at the
facilities of employers, as well as from related educational resources that the University provides
to its students, such as access to online materials. Tuition revenue and most fees from related
educational resources are recognized pro-rata over the applicable period of instruction, net of
scholarships provided by the University. Ticket revenues are recognized as events occur in the
University Arena. For the nine months ended September 30, 2011 and 2010, the University’s revenue
was reduced by approximately $51,963 and $39,525, respectively, as a result of scholarships that
the University offered to
students. The University maintains an institutional tuition refund policy, which provides for all
or a portion of tuition to be refunded if a student withdraws during stated refund periods.
Certain states in which students reside impose separate, mandatory refund policies, which override
the University’s policy to the extent in conflict. If a student withdraws at a time when only a
portion, or none, of the tuition is refundable, then in accordance with its revenue recognition
policy, the University continues to recognize the tuition that was
not refunded on a pro-rata basis over the applicable period of instruction. Since the University
recognizes revenue pro-rata over the applicable period of instruction and because, under its
institutional refund policy, the amount subject to refund is never greater than the amount of the
revenue that has been deferred, under the University’s accounting policies revenue is not
recognized with respect to amounts that could potentially be refunded.
Allowance
for Doubtful Accounts
All students are required to select both a primary and secondary payment option
with respect to amounts due to the University for tuition, fees and other expenses.
The most common payment option for the University's students is financial aid.
In instances where a student selects financial aid as the primary payment option,
he or she often selects personal cash as the secondary option. If a student that
has selected financial aid as his or her primary payment option withdraws prior
to the end of a course but after the date that the University's institutional
refund period has expired, the student will have incurred the obligation to
pay the full cost of the course. If the withdrawal occurs before the date at
which the student has earned 100% of his or her financial aid, the University
will have a return to Title IV requirement and the student will owe the University
all amounts incurred that are in excess of the amount of financial aid that
the student earned and that the University is entitled to retain. In this case, the
University must collect the receivable using the student's second payment option.
In instances in which the student chose to receive living expense funds as part of
his or her financial aid disbursement, the University is required to return the
unearned portion of these funds as well and then collect these amounts from the student.
The University records an allowance for doubtful accounts for estimated losses
resulting from the inability, failure or refusal of its students to make required
payments, which includes the recovery of financial aid funds advanced to a student
for amounts in excess of the student's cost of tuition and related fees. The
University determines the adequacy of its allowance for doubtful accounts based
on an analysis of its historical bad debt experience, current economic trends,
and the aging of the accounts receivable and student status. The University
applies reserves to its receivables based upon an estimate of the risk presented
by the age of the receivables and student status. Historically, the University
has written off accounts receivable balances at the earlier of the time the balances
were deemed uncollectible, or one year after the revenue is generated. In the third
quarter of 2011, the University accelerated the write off of inactive student accounts
to 150 days, while maintaining its historical write off policy for active student
accounts. The University continues to reflect accounts receivable with an offsetting
allowance as long as management believes there is a reasonable possibility of collection.
Bad debt expense is recorded as an instructional costs and services expense in the income
statement.
Instructional Costs and Services
Instructional costs and services expenses consist primarily of costs related to the
administration and delivery of the University’s educational programs. This expense category
includes salaries, benefits and share-based compensation for full-time and adjunct faculty and
administrative personnel, information technology costs, bad debt expense, the royalty payable to a
former owner, curriculum and new program development costs (which are expensed as incurred) and
costs associated with other support groups that provide services directly to the students. This
category also includes an allocation of depreciation, amortization, rent, and occupancy costs
attributable to the provision of educational services, primarily at the University’s Phoenix,
Arizona campus.
Selling and Promotional
Selling and promotional expenses include salaries, benefits and share-based compensation of
personnel engaged in the marketing, recruitment, and retention of students, as well as advertising
costs associated with purchasing leads, hosting events and seminars, and producing marketing
materials. This category also includes an allocation of depreciation, amortization, rent, and
occupancy costs attributable to selling and promotional activities at the University’s facilities
in Arizona. Selling and promotional costs are expensed as incurred.
Through December 2010, the University was a party to a revenue sharing arrangement (the
Collaboration Agreement) with Mind Streams, L.L.C. (Mind Streams), a related party, pursuant to
which it paid a percentage of the net revenue that it actually received from applicants recruited
by Mind Streams that matriculated at the University. Mind Streams bore all costs associated with
the recruitment of these applicants.
As a result of new rules adopted by the Department of Education in October 2010 and scheduled
to go effective July 1, 2011, the University determined late in 2010 that revenue sharing
arrangements like the Collaboration Agreement, and the manner in which it paid amounts under the
Collaboration Agreement, would most likely no longer be permitted. Accordingly, the University and
Mind Streams entered into an agreement, dated December 30, 2010, pursuant to which the University
agreed to pay Mind Streams an amount equal to (a) $8,500, plus (b) Mind Streams’ applicable share
of any net revenue actually received by the University on or before February 28, 2011 with respect
to any students recruited by Mind Streams that commenced University courses prior to November 1,
2010. In return, Mind Streams agreed to (i) accept such amounts in full and complete satisfaction
of all amounts owed by the University to Mind Streams under the Collaboration Agreement, and (ii)
transfer to the University a proprietary database of potential student leads. A payment of $8,500
was made in January 2011 in conjunction with this agreement, which was expensed in 2010.
Additionally in 2010, Gail Richardson, the father of Brent D. Richardson, the University’s
Executive Chairman, and Christopher C. Richardson, the University’s General Counsel and a director,
formed a new entity, Lifetime Learning, for the purpose of generating and selling leads to our
University and other entities in the education sector.
Leading up to the effective date of the new rules referred to above, the Department of
Education made certain clarifications, which the University determined would permit collaboration
agreements although on significantly different terms than the prior Mind Streams agreement.
Accordingly, commencing in the third quarter of 2011, the University entered into a new
Collaboration Agreement with Mind Streams that is in accordance with the requirements specified by
the Department of Education and under which the University will pay a percentage of the net revenue that it receives from applicants
recruited by Mind Streams that matriculate at the University. For the nine months ended September
30, 2011 and 2010, the University expensed approximately $612 and $7,694, respectively, pursuant to
the agreement with Lifetime Learning and the new agreement with Mind Streams, exclusive of the
settlement agreement relating to the original Mind Streams agreement discussed above. As of
September 30, 2011 and December 31, 2010, $206 and $9,367, respectively, were due to these related
parties.
General and Administrative
General and administrative expenses include salaries, benefits and share-based compensation of
employees engaged in corporate management, finance, human resources, compliance, and other
corporate functions. General and administrative expenses also include an allocation of
depreciation, amortization, rent, and occupancy costs attributable to the departments providing
general and administrative functions.
Commitments and Contingencies
The University accrues for contingent obligations when it is probable that a liability has
been incurred and the amount is reasonably estimable. When the University becomes aware of a claim
or potential claim, the likelihood of any loss exposure is assessed. If it is probable that a loss
will result and the amount of the loss is estimable, the University records a liability for the
estimated loss. If the loss is not probable or the amount of the potential loss is not estimable,
the University will disclose the claim if the likelihood of a potential loss is reasonably possible
and the amount of the potential loss could be material. Estimates that are particularly sensitive
to future changes include tax, legal, and other regulatory matters, which are subject to change as
events evolve, and as additional information becomes available during the administrative and
litigation process. The University expenses legal fees as incurred.
Exit Costs
In November 2009, the University finalized a plan to centralize its student services
operations in Arizona and, as a result, closed its student services facility in Utah. The exit
costs incurred in connection with this decision have been expensed and are presented separately on
the income statement. The costs incurred included severance payments; relocation expenses; future
lease payments, net of estimated sublease rentals; and the write off of leasehold improvements
associated with this leased space. The following is a summary of the University’s exit activities:
Lease Termination Fee
In July 2011, the University notified a current landlord of its intent to vacate leased space
by the fourth quarter of 2011. As a result, the University was required to pay a termination fee
to its landlord of $1,093, resulting in expense in the third quarter of 2011 of $922, which was net
of remaining deferred rent on the leased space. This termination fee was paid on our behalf by our
new landlord. This payment was recorded as an expense in the third quarter of 2011 with the offset
being to a deferred rent liability. The deferred rent liability will be amortized into income over
the new lease term. In the fourth quarter of 2011, when the University has exited the prior leased
space, any remaining leasehold improvements, net of accumulated depreciation, will be expensed.
Use of Estimates
The preparation of consolidated 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.
Segment Information
The University operates as a single educational delivery operation using a core infrastructure
that serves the curriculum and educational delivery needs of both its ground and online students
regardless of geography. The University’s Chief Executive Officer manages the University’s
operations as a whole and no expense or operating income information is generated or evaluated on
any component level.
Reclassifications
Certain reclassifications have been made to the prior period balances to conform to the
current period.
Recent Accounting Pronouncements
In September 2011, the Financial Accounting Standards Board (“FASB”) issued guidance that
simplifies how an entity tests goodwill for impairment. The amendments permit an entity to first
assess qualitative factors to determine whether it is necessary to perform the two-step
quantitative goodwill impairment test. Accordingly, an entity will no longer be required to
calculate the fair value of a reporting unit in the step one test unless the entity determines,
based on a qualitative assessment, that it is more likely than not that its fair value is less than
its carrying amount. This guidance is effective for annual and interim goodwill impairment tests
performed for fiscal years beginning after December 15, 2011, with early adoption permitted. The
University believes this will have no material impact on our financial condition, results of
operations or disclosures.
The University has determined that all other recently issued accounting standards will not
have a material impact on its financial statements, or do not apply to its operations.
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The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Net Income Per Common Share
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Sep. 30, 2011
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| Net Income Per Common Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Per Common Share |
4. Net Income Per Common Share
Basic net income per common share is calculated by dividing net income available to common
stockholders by the weighted average number of common shares outstanding for the period. Diluted
earnings per common share reflects the assumed conversion of all potentially dilutive securities,
consisting of stock options, for which the estimated fair value exceeds the exercise price, less
shares which could have been purchased with the related proceeds, unless anti-dilutive. For
employee equity awards, repurchased shares are also included for any unearned compensation adjusted
for tax.
The table below reflects the calculation of the weighted average number of common shares
outstanding, on an as if converted basis, used in computing basic and diluted earnings per common
share.
Diluted weighted average shares outstanding exclude the incremental effect of shares that
would be issued upon the assumed exercise of stock options. For the nine months ended September 30,
2011 and 2010, approximately 2,878 and 803, respectively, of the University’s stock options
outstanding were excluded from the calculation of diluted earnings per share as their inclusion
would have been anti-dilutive. These options could be dilutive in the future.
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The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Valuation and Qualifying Accounts
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| Valuation and Qualifying Accounts |
5. Valuation and Qualifying Accounts
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The entire disclosure for any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Property and Equipment
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Sep. 30, 2011
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| Property and Equipment |
6. Property and Equipment
Property and equipment consist of the following:
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The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies
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| Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies |
7. Commitments and Contingencies
Leases
The University leases certain land, buildings and equipment under non-cancelable operating
leases expiring at various dates through 2023. Future minimum lease payments under operating leases
due each year are as follows at September 30, 2011:
Total rent expense and related taxes and operating expenses under operating leases for the
nine months ended September 30, 2011 and 2010 were $5,338 and $3,871, respectively.
Legal Matters
From time to time, the University is a party to various lawsuits, claims, and other legal
proceedings that arise in the ordinary course of business, some of which are covered by insurance.
When the University is aware of a claim or potential claim, it assesses the likelihood of any loss
or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably
estimated, the University records a liability for the loss. If the loss is not probable or the
amount of the loss cannot be reasonably estimated, the University discloses the nature of the
specific claim if the likelihood of a potential loss is reasonably possible and the amount involved
could be material. With respect to the majority of pending litigation matters, the University’s
ultimate legal and financial responsibility, if any, cannot be estimated with certainty and, in
most cases, any potential losses related to those matters are not considered probable.
In connection with the settlement of the qui tam lawsuit that had been filed against the
University in August 2007 in the United States District Court for the District of Arizona (the
“Court”), which settlement was approved by the Court in August 2010, the University paid $5,200 in
accordance with the settlement agreement in the second quarter of 2011. This amount had been
accrued for payment since September 2009.
Upon resolution of any pending legal matters, the University may incur charges in excess of
presently established reserves. Management does not believe that any such charges would,
individually or in the aggregate, have a material adverse effect on the University’s financial
condition, results of operations or cash flows.
Tax Reserves, Non-Income Tax Related
From time to time the University has exposure to various non-income tax related matters that
arise in the ordinary course of business. At September 30, 2011 and December 31, 2010, the
University had reserved approximately $83 and $92, respectively, for tax matters where its ultimate
exposure is considered probable and the potential loss can be reasonably estimated.
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The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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9 Months Ended |
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Sep. 30, 2011
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| Income Taxes [Abstract] | |
| Income Taxes |
8. Income Taxes
The University’s uncertain tax positions are related to tax years that remain subject to
examination by tax authorities. As of September 30, 2011, the earliest tax year still subject to
examination for federal and state purposes is 2008 and 2005, respectively.
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- Definition
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Share-Based Compensation
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Sep. 30, 2011
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| Share-Based Compensation |
9. Share-Based Compensation
On September 27, 2008 the University’s shareholders approved the adoption of the 2008 Equity
Incentive Plan (“Incentive Plan”) and the 2008 Employee Stock Purchase (“ESPP”). A total of 4,200
shares of the University’s common stock was originally authorized for issuance under the Incentive
Plan. On January 1 of each subsequent year in accordance with the terms of the Incentive Plan, the
number of shares authorized for issuance under the Incentive Plan automatically increases by 2.5%
of the number of shares of common stock issued and outstanding on the previous December 31, raising
the total number of shares of common stock currently authorized for issuance under the Incentive
Plan to 7,622 shares. Although the ESPP has not yet been implemented, a total of 1,050 shares of
the University’s common stock has been authorized for sale under the ESPP.
A summary of the activity related to stock options granted under the University’s Incentive
Plan since December 31, 2010 is as follows:
Share-based Compensation Expense
The table below outlines share-based compensation expense for the nine months ended September
30, 2011 and 2010 related to restricted stock and stock options granted:
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- Definition
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Regulatory
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Sep. 30, 2011
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| Regulatory [Abstract] | |||||||||||||
| Regulatory |
10. Regulatory
The University is subject to extensive regulation by federal and state governmental agencies
and accrediting bodies. In particular, the Higher Education Act of 1965, as amended (the “Higher
Education Act”), and the regulations promulgated thereunder by the Department of Education, subject
the University to significant regulatory scrutiny on the basis of numerous standards that schools
must satisfy in order to participate in the various federal student financial assistance programs
under Title IV of the Higher Education Act.
To participate in the Title IV programs, an institution must be authorized to offer its
programs of instruction by the relevant agency of the state in which it is located, accredited by
an accrediting agency recognized by the Department of Education and certified as eligible by the
Department of Education. The Department of Education will certify an institution to participate in
the Title IV programs only after the institution has demonstrated compliance with the Higher
Education Act and the Department of Education’s extensive regulations regarding institutional
eligibility. An institution must also demonstrate its compliance to the Department of Education on
an ongoing basis. The University submitted its application for recertification in March 2008 in
anticipation of the expiration of its provisional certification on June 30, 2008. The Department of
Education did not make a decision on the University’s recertification application by June 30, 2008,
and therefore the University’s participation in the Title IV programs had been automatically
extended thereafter on a month-to-month basis pending the Department of Education’s decision.
While this decision remained pending, on January 12, 2011, the University disclosed the termination
of certain voting agreements that had the effect of triggering a change in control under Department
of Education regulations because it caused the University’s largest stockholder group to own and
control less than 25% of the University’s outstanding voting stock. On April 8, 2011, following
the completion of the Department of Education’s review of the information that the University
provided in connection with the termination of the voting agreements, the Department of Education
notified the University that it had approved its application for a change of ownership and issued
to the University a new, provisional program participation agreement to participate in the Title IV
programs. While this certification is provisional, it did remove the University from month-to-month
status, provides for the University’s continued participation in Title IV programs through December
31, 2013, and did not impose any conditions (such as any letter of credit requirement) or other restrictions on the University during the provisional period other than the
standard restrictions applicable to a provisional certification. In accordance with the terms of
the provisional certification, the University may apply for recertification on a full basis by
submitting a complete application by no later than September 30, 2013.
Because the University operates in a highly regulated industry, it, like other industry
participants, may be subject from time to time to investigations, claims of non-compliance, or
lawsuits by governmental agencies or third parties, which allege statutory violations, regulatory
infractions, or common law causes of action. While there can be no assurance that regulatory
agencies or third parties will not undertake investigations or make claims against the University,
or that such claims, if made, will not have a material adverse effect on the University’s business,
results of operations or financial condition, management believes the University is in compliance
with applicable regulations in all material respects.
In connection with its administration of the Title IV federal student financial aid programs,
the Department of Education periodically conducts program reviews at selected schools that receive
Title IV funds. In July 2010, the Department of Education initiated a program review of Grand
Canyon University covering the 2008-2009 and 2009-2010 award years. As part of this program review,
a Department of Education program review team conducted a site visit on the University’s campus in
July 2010 and reviewed, and in some cases requested further information regarding, the University’s
records, practices and policies relating to, among other things, financial aid, enrollment,
enrollment counselor compensation, program eligibility and other Title IV compliance matters. Upon
the conclusion of the site visit, the University was informed by the program review team that it
would (i) conduct further review of the University’s documents and records offsite, (ii) upon completion of such review, schedule a
formal exit interview to be followed by a preliminary program review report in which any
preliminary findings of non-compliance would be presented, and (iii) conclude the review by
issuance of a final program review determination letter.
Following the conclusion of the site visit in July 2010, but before it had yet received
notification of the timing of its exit interview or the Department of Education’s preliminary
program review report or final program review determination letter, the University became aware
that the program review team had two preliminary findings of concern, the incentive compensation
issue and the gainful employment issue (each as described below). However, from August 2010 until
August 2011, the University received no further communications from the Department of Education
regarding these two concerns or the program review generally.
While the University never received a formal exit interview, which the University had
understood to be the typical step prior to the Department of Education’s issuance of a preliminary
program review report, on August 24, 2011, the University received from the Department of Education
a written preliminary program review report that included five findings, two of which involve
individual student-specific errors concerning the monitoring of satisfactory academic progress for
two students and the certification of one student’s Federal Family Educational Loan as an
unsubsidized Stafford loan rather than a subsidized Stafford loan. The other three findings
address the incentive compensation issue, the gainful employment issue and one additional issue not
previously raised with the University, as follows:
The University cannot presently predict whether or if further information requests will be
made, how the foregoing issues will be resolved, when the final program review determination letter
will be issued, or when the program review will be closed. At this time, the Department of
Education has not specified the amount of any potential penalties, and the University has not
accrued any amounts in connection with the program review.
The University’s policies and procedures are planned and implemented to comply with the
applicable standards and regulations under Title IV and the University is committed to resolving
any issues of non-compliance identified in the final program review determination letter and
ensuring that the University operates in compliance with all Department of Education requirements.
If the Department of Education were to make significant findings of non-compliance in the final
program review determination letter, then, after exhausting any administrative appeals available to
the University, the University could be required to pay a fine, return Title IV monies previously
received, or be subjected to other administrative sanctions. While the University cannot currently
predict the final outcome of the Department of Education review, any such final adverse finding
could damage the University’s reputation in the industry and have a material adverse effect on the
University’s business, results of operations, cash flows and financial position.
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- Definition
Regulatory No definition available.
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Treasury Stock
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9 Months Ended |
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Sep. 30, 2011
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|
| Treasury Stock [Abstract] | |
| Treasury Stock |
11. Treasury Stock
On July 28, 2011, our Board of Directors authorized the University to repurchase up to an
additional $25,000 ($50,000 total) of common stock, from time to time, depending on market
conditions and other considerations. The original authorization of $25,000 occurred on August 16,
2010 and the expiration date on the repurchase authorization is September 30, 2012. Repurchases
occur at the University’s discretion. Repurchases may be made in the open market or in privately
negotiated transactions, pursuant to the applicable Securities and Exchange Commission rules. The
amount and timing of future share repurchases, if any, will be made as market and business
conditions warrant. Since the approval of the share repurchase plan, the University has purchased
1,607 shares of common stock shares at an aggregate cost of $23,153 which includes 1,557 shares of
common stock at an aggregate cost of $22,371 during the nine months ended September 30, 2011, which
are recorded at cost in the accompanying consolidated balance sheets and consolidated statement of
stockholders’ equity. At September 30, 2011, there remained $26,847 available under its current
share repurchase authorization.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The entire disclosure for an entity's treasury stock, including the average cost per share, carrying basis for each class of treasury stock, description of share repurchase program authorized by an entity's board of directors, the number of shares repurchased, the cost of the shares repurchased, the remaining maximum dollar value of shares available for repurchase under the program, the treatment of the purchase price in excess of the current market value, number of shares held for each class of treasury stock, and other information necessary to a fair presentation. No definition available.
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Loan Amendment
|
9 Months Ended |
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Sep. 30, 2011
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|
| Loan Amendment [Abstract] | |
| Loan Amendment |
12. Loan Amendment
On April 8, 2011, the University entered into an amended and restated loan agreement with Bank
of America, N.A. (the “Amended Agreement”). Under the Amended Agreement, the bank (a) extended the
maturity date of the University’s existing loan from April 30, 2014 to March 31, 2016 and decreased
the interest rate on the outstanding balance from the BBA Libor Rate plus 225 basis points to the
BBA Libor Rate plus 200 basis points (all other terms of the existing loan remain the same), and
(b) provided to the University a revolving line of credit in the amount of $50,000 through March
31, 2016 to be utilized for working capital, capital expenditures, share repurchases and other
general corporate purposes. The Amended Agreement contains standard covenants that are
substantially consistent with those included in the prior agreement, including covenants that,
among other things, restrict the University’s ability to incur additional debt or make certain
investments, require the University to maintain compliance with certain applicable regulatory
standards, and require the University to maintain a certain financial condition. Indebtedness under
the Amended Agreement is secured by all of the University’s assets. No amounts are borrowed on the
line of credit as of September 30, 2011.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Loan amendment. No definition available.
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|
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
|---|---|
|
Sep. 30, 2011
|
|
| Summary of Significant Accounting Policies [Abstract] | |
| Principles of Consolidation |
Principles of Consolidation
The consolidated financial statements include the accounts of Grand Canyon Education, Inc. and
its wholly-owned subsidiaries. Intercompany transactions have been eliminated in consolidation.
|
| Unaudited Interim Financial Information |
Unaudited Interim Financial Information
The accompanying unaudited interim consolidated financial statements of the University have
been prepared in accordance with U.S. generally accepted accounting principles, consistent in all
material respects with those applied in its financial statements included in its Annual Report on
Form 10-K/A for the fiscal year ended December 31, 2010. Accordingly, they do not include all of the
information and footnotes required by U.S. generally accepted accounting principles for complete
financial statements. Such interim financial information is unaudited but reflects all adjustments
that in the opinion of management are necessary for the fair presentation of the interim periods
presented. Interim results are not necessarily indicative of results for a full year. This
Quarterly Report on Form 10-Q should be read in conjunction with the University’s audited financial
statements and footnotes included in its Annual Report on Form 10-K/A for the fiscal year ended
December 31, 2010 from which the December 31, 2010 balance sheet information was derived.
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| Restricted Cash and Cash Equivalents |
Restricted Cash and Cash Equivalents
A significant portion of the University’s revenue is received from students who participate in
government financial aid and assistance programs. Restricted cash and cash equivalents primarily
represents amounts received from the federal and state governments under various student aid grant
and loan programs, such as Title IV. The University receives these funds subsequent to the
completion of the authorization and disbursement process and holds them for the benefit of the
student. The U.S. Department of Education (“Departmnent of Education”) requires Title IV funds
collected in advance of student billings to be segregated in a separate cash or cash equivalent
account until the course begins. The University records all of these amounts as a current asset in
restricted cash and cash equivalents until the cash is no longer restricted, at which time such
amounts are reclassified as cash and cash equivalents. The majority of these funds remain as
restricted cash and cash equivalents for an average of 60 to 90 days from the date of receipt. In
addition, the University had previously classified the $5,200 that it had agreed to pay in
connection with the qui tam matter that it settled in 2010 as restricted cash; this amount was paid
during the second quarter of 2011 in final payment of all amounts due under the settlement
agreement. In the third quarter of 2011, as a result of the opening of the Grand Canyon University
Arena, a multi-purpose facility that the University uses for athletic competitions, concerts and
other events (the “University Arena”), the University began receiving cash related to advanced
ticket sales for future events. Any cash received relating to advance ticket sales for future
events is also classified as restricted until the event occurs.
In the fourth quarter of 2010, the counterparty to the University’s interest rate swap made a
collateral call and the University posted $760 of pledged collateral as noncurrent restricted cash.
The pledged collateral was reduced to $555 as of September 30, 2011.
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| Derivatives and Hedging |
Derivatives and Hedging
Derivative financial instruments are recorded on the balance sheet as assets or liabilities
and re-measured at fair value at each reporting date. For derivatives designated as cash flow
hedges, the effective portion of the gain or loss on the derivative is reported as a component of
other comprehensive income and reclassified into earnings in the same period or periods during
which the hedged transaction affects earnings. Gains and losses on the derivative representing
either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are
recognized in current earnings.
Derivative financial instruments enable the University to manage its exposure to interest rate
risk. The University does not engage in any derivative instrument trading activity. Credit risk
associated with the University’s derivatives is limited to the risk that a derivative counterparty
will not perform in accordance with the terms of the contract. Exposure to counterparty credit
risk is considered low because these agreements have been entered into with institutions with
strong credit ratings, and they are expected to perform fully under the terms of the agreements.
On June 30, 2009, the University entered into an interest rate corridor instrument and an
interest rate swap to manage its 30 Day LIBOR interest exposure related to its variable rate debt,
which commenced in April 2009 and matures in March 2016. The fair value of the interest rate
corridor instrument as of September 30, 2011 and December 31, 2010 was $1 and $27, respectively,
which is included in other assets. The fair value of the interest rate swap is a liability of $698
and $686 as of September 30, 2011 and December 31, 2010, respectively, which is included in other
noncurrent liabilities. The fair values of each derivative instrument were determined using a
hypothetical derivative transaction and Level 2 of the hierarchy of valuation inputs. These
derivative instruments were designated as cash flow hedges of variable rate debt obligations. The
adjustment of $53 and $420 in the first nine months of 2011 and 2010, respectively, for the
effective portion of the loss on the derivatives is included as a component of other comprehensive
income, net of taxes.
The interest rate corridor instrument hedges variable interest rate risk starting July 1, 2009
through April 30, 2014 with a notional amount of $10,841 as of September 30, 2011. The corridor
instrument permits the University to hedge its interest rate risk at several thresholds; the
University will pay variable interest rates based on the 30 Day LIBOR rates monthly until that
index reaches 4%. If 30 Day LIBOR is equal to 4% through 6%, the University will pay 4%. If 30
Day LIBOR exceeds 6%, the University will pay actual 30 Day LIBOR less 2%. This reduces the
University’s exposure to potential increases in interest rates.
The interest rate swap commenced on May 1, 2010 and continues each month thereafter until
April 30, 2014 and has a notional amount of $10,841 as of September 30, 2011. The University will
receive 30 Day LIBOR and pay 3.245% fixed interest on the amortizing notional amount. Therefore,
the University has hedged its exposure to future variable rate cash flows through April 30, 2014.
The interest rate swap is not subject to a master netting arrangement and collateral has been
called by the counterparty and reflected in a restricted cash account as of September 30, 2011 and
December 31, 2010 in the amount of $555 and $760, respectively.
As of September 30, 2011 no derivative ineffectiveness was identified. Any ineffectiveness in
the University’s derivative instruments designated as hedges would be reported in interest expense
in the income statement. For the nine months ended September 30, 2011 $13 of credit risk was
recorded in interest expense on the derivatives. At September 30, 2011, the University is not
expected to reclassify gains or losses on derivative instruments from accumulated other
comprehensive (loss) income into earnings during the next 12 months.
|
| Fair Value of Financial Instruments |
Fair Value of Financial Instruments
As of September 30, 2011, the carrying value of cash and cash equivalents, accounts
receivable, account payable and accrued expenses approximate their fair value based on the
liquidity or the short-term maturities of these instruments. The carrying value of debt
approximates fair value as it is based on variable rate index. The carrying value of capital lease
obligations approximate fair value based upon market interest rates available to the University for
debt of similar risk and maturities. Derivative financial instruments are carried at fair value,
determined using Level 2 of the hierarchy of valuation inputs, with the use of inputs other than
quoted prices that are observable for the asset or liability.
|
| Revenue Recognition |
Revenue Recognition
Net revenues consist primarily of tuition and fees derived from courses taught by the
University online, at its 110 acre traditional campus in Phoenix, Arizona, and onsite at the
facilities of employers, as well as from related educational resources that the University provides
to its students, such as access to online materials. Tuition revenue and most fees from related
educational resources are recognized pro-rata over the applicable period of instruction, net of
scholarships provided by the University. Ticket revenues are recognized as events occur in the
University Arena. For the nine months ended September 30, 2011 and 2010, the University’s revenue
was reduced by approximately $51,963 and $39,525, respectively, as a result of scholarships that
the University offered to
students. The University maintains an institutional tuition refund policy, which provides for all
or a portion of tuition to be refunded if a student withdraws during stated refund periods.
Certain states in which students reside impose separate, mandatory refund policies, which override
the University’s policy to the extent in conflict. If a student withdraws at a time when only a
portion, or none, of the tuition is refundable, then in accordance with its revenue recognition
policy, the University continues to recognize the tuition that was
not refunded on a pro-rata basis over the applicable period of instruction. Since the University
recognizes revenue pro-rata over the applicable period of instruction and because, under its
institutional refund policy, the amount subject to refund is never greater than the amount of the
revenue that has been deferred, under the University’s accounting policies revenue is not
recognized with respect to amounts that could potentially be refunded.
|
| Allowance for Doubtful Accounts |
Allowance
for Doubtful Accounts
All students are required to select both a primary and secondary payment option
with respect to amounts due to the University for tuition, fees and other expenses.
The most common payment option for the University's students is financial aid.
In instances where a student selects financial aid as the primary payment option,
he or she often selects personal cash as the secondary option. If a student that
has selected financial aid as his or her primary payment option withdraws prior
to the end of a course but after the date that the University's institutional
refund period has expired, the student will have incurred the obligation to
pay the full cost of the course. If the withdrawal occurs before the date at
which the student has earned 100% of his or her financial aid, the University
will have a return to Title IV requirement and the student will owe the University
all amounts incurred that are in excess of the amount of financial aid that
the student earned and that the University is entitled to retain. In this case, the
University must collect the receivable using the student's second payment option.
In instances in which the student chose to receive living expense funds as part of
his or her financial aid disbursement, the University is required to return the
unearned portion of these funds as well and then collect these amounts from the student.
The University records an allowance for doubtful accounts for estimated losses
resulting from the inability, failure or refusal of its students to make required
payments, which includes the recovery of financial aid funds advanced to a student
for amounts in excess of the student's cost of tuition and related fees. The
University determines the adequacy of its allowance for doubtful accounts based
on an analysis of its historical bad debt experience, current economic trends,
and the aging of the accounts receivable and student status. The University
applies reserves to its receivables based upon an estimate of the risk presented
by the age of the receivables and student status. Historically, the University
has written off accounts receivable balances at the earlier of the time the balances
were deemed uncollectible, or one year after the revenue is generated. In the third
quarter of 2011, the University accelerated the write off of inactive student accounts
to 150 days, while maintaining its historical write off policy for active student
accounts. The University continues to reflect accounts receivable with an offsetting
allowance as long as management believes there is a reasonable possibility of collection.
Bad debt expense is recorded as an instructional costs and services expense in the income
statement.
|
| Instructional Costs and Services |
Instructional Costs and Services
Instructional costs and services expenses consist primarily of costs related to the
administration and delivery of the University’s educational programs. This expense category
includes salaries, benefits and share-based compensation for full-time and adjunct faculty and
administrative personnel, information technology costs, bad debt expense, the royalty payable to a
former owner, curriculum and new program development costs (which are expensed as incurred) and
costs associated with other support groups that provide services directly to the students. This
category also includes an allocation of depreciation, amortization, rent, and occupancy costs
attributable to the provision of educational services, primarily at the University’s Phoenix,
Arizona campus.
|
| Selling and Promotional |
Selling and Promotional
Selling and promotional expenses include salaries, benefits and share-based compensation of
personnel engaged in the marketing, recruitment, and retention of students, as well as advertising
costs associated with purchasing leads, hosting events and seminars, and producing marketing
materials. This category also includes an allocation of depreciation, amortization, rent, and
occupancy costs attributable to selling and promotional activities at the University’s facilities
in Arizona. Selling and promotional costs are expensed as incurred.
Through December 2010, the University was a party to a revenue sharing arrangement (the
Collaboration Agreement) with Mind Streams, L.L.C. (Mind Streams), a related party, pursuant to
which it paid a percentage of the net revenue that it actually received from applicants recruited
by Mind Streams that matriculated at the University. Mind Streams bore all costs associated with
the recruitment of these applicants.
As a result of new rules adopted by the Department of Education in October 2010 and scheduled
to go effective July 1, 2011, the University determined late in 2010 that revenue sharing
arrangements like the Collaboration Agreement, and the manner in which it paid amounts under the
Collaboration Agreement, would most likely no longer be permitted. Accordingly, the University and
Mind Streams entered into an agreement, dated December 30, 2010, pursuant to which the University
agreed to pay Mind Streams an amount equal to (a) $8,500, plus (b) Mind Streams’ applicable share
of any net revenue actually received by the University on or before February 28, 2011 with respect
to any students recruited by Mind Streams that commenced University courses prior to November 1,
2010. In return, Mind Streams agreed to (i) accept such amounts in full and complete satisfaction
of all amounts owed by the University to Mind Streams under the Collaboration Agreement, and (ii)
transfer to the University a proprietary database of potential student leads. A payment of $8,500
was made in January 2011 in conjunction with this agreement, which was expensed in 2010.
Additionally in 2010, Gail Richardson, the father of Brent D. Richardson, the University’s
Executive Chairman, and Christopher C. Richardson, the University’s General Counsel and a director,
formed a new entity, Lifetime Learning, for the purpose of generating and selling leads to our
University and other entities in the education sector.
Leading up to the effective date of the new rules referred to above, the Department of
Education made certain clarifications, which the University determined would permit collaboration
agreements although on significantly different terms than the prior Mind Streams agreement.
Accordingly, commencing in the third quarter of 2011, the University entered into a new
Collaboration Agreement with Mind Streams that is in accordance with the requirements specified by
the Department of Education and under which the University will pay a percentage of the net revenue that it receives from applicants
recruited by Mind Streams that matriculate at the University. For the nine months ended September
30, 2011 and 2010, the University expensed approximately $612 and $7,694, respectively, pursuant to
the agreement with Lifetime Learning and the new agreement with Mind Streams, exclusive of the
settlement agreement relating to the original Mind Streams agreement discussed above. As of
September 30, 2011 and December 31, 2010, $206 and $9,367, respectively, were due to these related
parties.
|
| General and Administrative |
General and Administrative
General and administrative expenses include salaries, benefits and share-based compensation of
employees engaged in corporate management, finance, human resources, compliance, and other
corporate functions. General and administrative expenses also include an allocation of
depreciation, amortization, rent, and occupancy costs attributable to the departments providing
general and administrative functions.
|
| Commitments and Contingencies |
Commitments and Contingencies
The University accrues for contingent obligations when it is probable that a liability has
been incurred and the amount is reasonably estimable. When the University becomes aware of a claim
or potential claim, the likelihood of any loss exposure is assessed. If it is probable that a loss
will result and the amount of the loss is estimable, the University records a liability for the
estimated loss. If the loss is not probable or the amount of the potential loss is not estimable,
the University will disclose the claim if the likelihood of a potential loss is reasonably possible
and the amount of the potential loss could be material. Estimates that are particularly sensitive
to future changes include tax, legal, and other regulatory matters, which are subject to change as
events evolve, and as additional information becomes available during the administrative and
litigation process. The University expenses legal fees as incurred.
|
| Exit Costs |
Exit Costs
In November 2009, the University finalized a plan to centralize its student services
operations in Arizona and, as a result, closed its student services facility in Utah. The exit
costs incurred in connection with this decision have been expensed and are presented separately on
the income statement. The costs incurred included severance payments; relocation expenses; future
lease payments, net of estimated sublease rentals; and the write off of leasehold improvements
associated with this leased space. The following is a summary of the University’s exit activities:
|
| Lease Termination Fee |
Lease Termination Fee
In July 2011, the University notified a current landlord of its intent to vacate leased space
by the fourth quarter of 2011. As a result, the University was required to pay a termination fee
to its landlord of $1,093, resulting in expense in the third quarter of 2011 of $922, which was net
of remaining deferred rent on the leased space. This termination fee was paid on our behalf by our
new landlord. This payment was recorded as an expense in the third quarter of 2011 with the offset
being to a deferred rent liability. The deferred rent liability will be amortized into income over
the new lease term. In the fourth quarter of 2011, when the University has exited the prior leased
space, any remaining leasehold improvements, net of accumulated depreciation, will be expensed.
|
| Use of Estimates |
Use of Estimates
The preparation of consolidated 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.
|
| Segment Information |
Segment Information
The University operates as a single educational delivery operation using a core infrastructure
that serves the curriculum and educational delivery needs of both its ground and online students
regardless of geography. The University’s Chief Executive Officer manages the University’s
operations as a whole and no expense or operating income information is generated or evaluated on
any component level.
|
| Reclassifications |
Reclassifications
Certain reclassifications have been made to the prior period balances to conform to the
current period.
|
| Recent Accounting Pronouncements |
Recent Accounting Pronouncements
In September 2011, the Financial Accounting Standards Board (“FASB”) issued guidance that
simplifies how an entity tests goodwill for impairment. The amendments permit an entity to first
assess qualitative factors to determine whether it is necessary to perform the two-step
quantitative goodwill impairment test. Accordingly, an entity will no longer be required to
calculate the fair value of a reporting unit in the step one test unless the entity determines,
based on a qualitative assessment, that it is more likely than not that its fair value is less than
its carrying amount. This guidance is effective for annual and interim goodwill impairment tests
performed for fiscal years beginning after December 15, 2011, with early adoption permitted. The
University believes this will have no material impact on our financial condition, results of
operations or disclosures.
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| X | ||||||||||
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- Definition
Lease termination fee. No definition available.
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| X | ||||||||||
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- Definition
Recent Accounting Pronouncements. No definition available.
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| X | ||||||||||
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- Definition
Reclassifications. No definition available.
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| X | ||||||||||
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- Definition
Selling and Promotional No definition available.
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| X | ||||||||||
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- Definition
Unaudited Interim Financial Information. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Entity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Disclosure of accounting policy for commitments and contingencies, which may include policies for recognizing and measuring loss and gain contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Disclosure of accounting policy for recognition of costs in the period which correspond to the sales and revenue categories presented in the statement of operations. The accounting policy may include the amount and nature of costs incurred, provisions associated with inventories, purchase discounts, freight and other costs included in cost of sales incurred and recorded in the period. This disclosure also includes the nature of costs of sales incurred and recorded in the statement of operations for the period relating to transactions with related parties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Disclosure of accounting policy for recognizing and reporting costs associated with exiting, disposing of, and restructuring certain operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Disclosure of accounting policy for its derivative instruments and hedging activities. Disclosure may include: (1) Each method used to account for derivative financial instruments and derivative commodity instruments ("derivatives"); (2) the types of derivatives accounted for under each method; (3) the criteria required to be met for each accounting method used, including a discussion of the criteria required to be met for hedge or deferral accounting and accrual or settlement accounting (for example, whether and how risk reduction, correlation, designation, and effectiveness tests are applied); (4) the accounting method used if the criteria specified for hedge accounting are not met; (5) the method used to account for termination of derivatives designated as hedges or derivatives used to affect directly or indirectly the terms, fair values, or cash flows of a designated item; (6) the method used to account for derivatives when the designated item matures, is sold, is extinguished, or is terminated. In addition, the method used to account for derivatives designated to an anticipated transaction, when the anticipated transaction is no longer likely to occur; and (7) where and when derivatives, and their related gains or losses are reported in the statement of financial position, cash flows, and results of operations and (8) an accounting policy decision to offset fair value amounts with counterparties. An entity may also describe its embedded derivatives, and the method(s) used to determine the fair values of derivatives and any significant assumptions used in such valuations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Disclosure of accounting policy for determining the fair value of financial instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Disclosure of accounting policy for segment reporting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Disclosure of accounting policy for inclusion of significant items in the selling, general and administrative (or similar) expense report caption. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Disclosure of accounting policy for trade and other accounts receivables. This disclosure may include the basis at which such receivables are carried in the entity's statements of financial position (for example, net realizable value), how the entity determines the level of its allowance for doubtful accounts, when impairments, charge-offs or recoveries are recognized, and the entity's income recognition policies for such receivables, including its treatment of related fees and costs, its treatment of premiums, discounts or unearned income, when accrual of interest is discontinued, how the entity records payments received on nonaccrual receivables and its policy for resuming accrual of interest on such receivables. If the enterprise holds a large number of similar loans, disclosure may include the accounting policy for the anticipation of prepayments and significant assumptions underlying prepayment estimates for amortization of premiums, discounts, and nonrefundable fees and costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Restatement of Consolidated Financial Statements (Tables)
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Sep. 30, 2011
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| Restatement of Consolidated Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Results of operations |
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| Results of cash flows |
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| X | ||||||||||
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- Definition
Results of cash flows. No definition available.
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| X | ||||||||||
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- Definition
Results of operations. No definition available.
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|
Summary of Significant Accounting Policies (Tables)
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Sep. 30, 2011
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| Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of exit activities |
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of restructuring and related costs by type of restructuring including the description of the restructuring costs, such as the expected cost; the costs incurred during the period; the cumulative costs incurred as of the balance sheet date; the income statement caption within which the restructuring charges recognized for the period are included; and changes to an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Net Income Per Common Share (Tables)
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9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011
|
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| Net Income Per Common Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of weighted average number of common shares outstanding |
|
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Valuation and Qualifying Accounts (Tables)
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011
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| Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Valuation and Qualifying Accounts |
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| X | ||||||||||
|
- Definition
Valuation and Qualifying Accounts. No definition available.
|
| X | ||||||||||
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- Details
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|
Property and Equipment (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011
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| Property and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and equipment |
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| X | ||||||||||
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- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Commitments and Contingencies (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Sep. 30, 2011
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| Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Future minimum lease payments under operating leases |
|
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| X | ||||||||||
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- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Share-Based Compensation (Tables)
|
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011
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| Share-based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of the activity related to stock options granted under the Company's Incentive Plan |
|
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| Share-based Compensation Expense |
|
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Nature of Business (Details)
|
Sep. 30, 2011
ac
|
|---|---|
| Nature of Business (Textual) [Abstract] | |
| Area of the Company's campus in Phoenix, Arizona | 110 |
| X | ||||||||||
|
- Definition
Area of the Company's campus. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Costs directly attributable to educational services, including salaries and benefits for full-time faculty, administrators and academic advisors, and costs associated with adjunct faculty. Also includes costs for educational supplies such as books, costs associated with academic records and graduation, costs associated with collections from our students such as bad debt expense, and other university services such as evaluating transcripts. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The charge against earnings in the period, comprised of costs incurred associated with an exit or disposal activity other than for a discontinued operations as defined under generally accepted accounting principles. Costs of such activities include those for one-time termination benefits, termination of an operating lease or other contract, consolidating or closing facilities, and relocating employees, and costs associated with an ongoing benefit arrangement, but excludes costs associated with the retirement of a long-lived asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate total amount of expenses directly related to the marketing or selling of products or services. No definition available.
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Restatement of Consolidated Financial Statements (Details Textual )
|
9 Months Ended |
|---|---|
|
Sep. 30, 2011
|
|
| Restatement of Consolidated Financial Statements (Textual) [Abstract] | |
| Percentage of earned financial aid by students | 100.00% |
| X | ||||||||||
|
- Definition
Percentage of earned financial aid by students. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Summary of Significant Accounting Policies (Details) (Accrued exit costs [Member], USD $)
In Thousands, unless otherwise specified |
9 Months Ended |
|---|---|
|
Sep. 30, 2011
|
|
|
Accrued exit costs [Member]
|
|
| Summary of exit activities | |
| Accrued Exit Costs, Beginning Balance | $ 64 |
| Exit Costs | 0 |
| Payments to Date | (64) |
| Accrued Exit Costs, Ending Balance | $ 0 |
| X | ||||||||||
|
- Definition
Carrying amount (including both current and noncurrent portions of the accrual) as of the balance sheet date pertaining to a specified type of cost associated with exit from or disposal of business activities or restructuring pursuant to a duly authorized plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reserve increase representing the amount charged against earnings in the period for a specified incurred and estimated type of cost associated with exit from or disposal of business activities or restructuring pursuant to a duly authorized plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of cash paid in the period to fully or partially settle a specified, previously accrued type of restructuring cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount agreed to pay to settle the qui tam matter as restricted cash. No definition available.
|
| X | ||||||||||
|
- Definition
Area of the Company's campus. No definition available.
|
| X | ||||||||||
|
- Definition
Arrangement expense. No definition available.
|
| X | ||||||||||
|
- Definition
Average days from the date of receipt in which funds remain as restricted cash and cash equivalents. No definition available.
|
| X | ||||||||||
|
- Definition
Collaboration Agreement Cost No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Derivative Variable Interest Rates. No definition available.
|
| X | ||||||||||
|
- Definition
Interest Expense On Derivatives Related to Credit Risk No definition available.
|
| X | ||||||||||
|
- Definition
Lease termination fee. No definition available.
|
| X | ||||||||||
|
- Definition
Lease Termination Fee Payable. No definition available.
|
| X | ||||||||||
|
- Definition
Maximum variable interest rate on thirty day Libor. No definition available.
|
| X | ||||||||||
|
- Definition
Maximum variable interest rate on thirty day Libor equal to four percentage through six percentage. No definition available.
|
| X | ||||||||||
|
- Definition
Percent of financial aid earn by student. No definition available.
|
| X | ||||||||||
|
- Definition
Period for write off inactive student accounts. No definition available.
|
| X | ||||||||||
|
- Definition
Pledged collateral as noncurrent restricted cash. No definition available.
|
| X | ||||||||||
|
- Definition
Reduced pledge collateral. No definition available.
|
| X | ||||||||||
|
- Definition
Reduction in revenue due to scholarships offered to students. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Maximum variable interest rate on thirty day Libor exceeds six percentage. No definition available.
|
| X | ||||||||||
|
- Definition
Fair value of derivative asset, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of derivative liability, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fixed interest rate related to the interest rate derivative. No definition available.
|
| X | ||||||||||
|
- Definition
The date the entity entered into the derivative. No definition available.
|
| X | ||||||||||
|
- Definition
The effective portion of losses on derivative instruments designated and qualifying as hedging instruments that was recognized in other comprehensive income during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The date the derivative matures. No definition available.
|
| X | ||||||||||
|
- Definition
The number of derivative instruments of a particular group held by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate notional amount of all derivatives designated as cash flow hedging instruments. The notional amount relates to a number of currency units, shares, bushels, pounds, or other units specified in a derivative instrument. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Net Income Per Common Share (Details)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2011
|
Sep. 30, 2010
|
Sep. 30, 2011
|
Sep. 30, 2010
|
|
| Denominator: | ||||
| Basic common shares outstanding | 44,302 | 45,746 | 44,845 | 45,715 |
| Effect of dilutive stock options and restricted stock | 485 | 605 | 448 | 698 |
| Diluted common shares outstanding | 44,787 | 46,351 | 45,293 | 46,413 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Net Income Per Common Share (Details Textual)
In Thousands, unless otherwise specified |
9 Months Ended | |
|---|---|---|
|
Sep. 30, 2011
|
Sep. 30, 2010
|
|
| Net Income Per Common Share (Textual) [Abstract] | ||
| University's stock options outstanding were excluded from the calculation of diluted earnings | 2,878 | 803 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Valuation and Qualifying Accounts (Details) (Allowance for Doubtful Accounts [Member], USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |||||
|---|---|---|---|---|---|---|
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Sep. 30, 2011
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Sep. 30, 2010
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|||||
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Allowance for Doubtful Accounts [Member]
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||||||
| Allowance for doubtful accounts receivable: | ||||||
| Balance at Beginning of Period | $ 30,112 | $ 7,553 | ||||
| Charged to Expense | 27,903 | 29,283 | ||||
| Deductions | (43,597) | [1] | (12,488) | [1] | ||
| Balance at End of Period | $ 14,418 | $ 24,348 | ||||
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||||||
| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Total of allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs, charged to costs and expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of the deductions in a given period to allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs, representing receivables written off as uncollectible and portions of the reserves utilized, respectively. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Gross amount, at the balance sheet date, of long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies (Details) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2011
|
|---|---|
| Future minimum lease payments under operating leases | |
| 2011 | $ 1,181 |
| 2012 | 6,212 |
| 2013 | 6,804 |
| 2014 | 6,343 |
| 2015 | 6,457 |
| Thereafter | 27,727 |
| Total minimum Payments | $ 54,724 |
| X | ||||||||||
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- Definition
The total of future contractually required payments on leases defined as operating. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
For leases having an initial or remaining non-cancelable letter-terms in excess of one year, required rental payments due within one year of the balance sheet date relating to leases defined as operating. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
For leases having an initial or remaining non-cancelable letter-terms in excess of one year, required rental payments due within the fifth year of the balance sheet date relating to leases defined as operating. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
For leases having an initial or remaining non-cancelable letter-terms in excess of one year, required rental payments due within the fourth year of the balance sheet date relating to leases defined as operating. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
For leases having an initial or remaining non-cancelable letter-terms in excess of one year, required rental payments due within the third year of the balance sheet date relating to leases defined as operating. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
For leases having an initial or remaining non-cancelable letter-terms in excess of one year, required rental payments due within the second year of the balance sheet date relating to leases defined as operating. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
For leases having an initial or remaining non-cancelable letter-terms in excess of one year, required rental payments due after the fifth year from the balance sheet date on leases defined as operating. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies (Details Textual) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | ||
|---|---|---|---|
|
Sep. 30, 2011
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Sep. 30, 2010
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Dec. 31, 2010
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|
| Commitments and Contingencies (Textual) [Abstract] | |||
| Total rent expense and related taxes and operating expenses under operating leases | $ 5,338 | $ 3,871 | |
| Tax reserves, non-income tax related | 83 | 92 | |
| University paid in accordance with the settlement agreement | $ 5,200 | ||
| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable for real and property taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Rental expense incurred for leased assets including furniture and equipment which has not been recognized in costs and expenses applicable to sales and revenues; for example, cost of goods sold or other operating costs and expenses. No definition available.
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| X | ||||||||||
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- Definition
The amount of cash paid for the settlement of litigation or for other legal issues during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Share based compensation arrangement by share based payment award options available for issuance number. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The total dollar difference between fair values of the underlying shares reserved for issuance and exercise prices of vested portions of options outstanding and currently exercisable under the option plan as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The weighted average period between the balance sheet date and expiration for all vested portions of options outstanding and currently exercisable (or convertible) under the plan, which may be expressed in a decimal value for number of years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The weighted average price at which option holders acquired shares when converting their stock options into shares under the plan during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
For presentations that combine terminations, the number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan or that expired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The combined weighted average exercise price associated with stock options during the period that have either lapsed or been forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The weighted average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on stock options awarded under the plan during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The total dollar difference between fair values of the underlying shares reserved for issuance and exercise prices pertaining to options outstanding under the plan as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The weighted average price as of the beginning of the year at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The weighted average period between the balance sheet date and expiration for all awards outstanding under the plan, which may be expressed in a decimal value for number of years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Share-Based Compensation (Details 1) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |
|---|---|---|
|
Sep. 30, 2011
|
Sep. 30, 2010
|
|
| Share-based Compensation Expense | ||
| Share-based Compensation Expense | $ 4,797 | $ 3,685 |
| Tax effect of share-based compensation | ||
| Tax effect of share-based compensation | (1,919) | (1,474) |
| Share-based compensation expense, net of tax | 2,878 | 2,211 |
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Instructional Costs and Services [Member]
|
||
| Share-based Compensation Expense | ||
| Share-based Compensation Expense | 2,152 | 1,479 |
|
Selling and Promotional Expense [Member]
|
||
| Share-based Compensation Expense | ||
| Share-based Compensation Expense | 232 | 166 |
|
General and Administrative Expense [Member]
|
||
| Share-based Compensation Expense | ||
| Share-based Compensation Expense | $ 2,413 | $ 2,040 |
| X | ||||||||||
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- Definition
Share based compensation expense net of tax. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The total recognized tax benefit related to compensation cost for equity-based payment arrangements recognized in income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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|
Share-Based Compensation (Details Textual) (USD $)
|
Sep. 30, 2011
|
Dec. 31, 2010
Incentive Plan [Member]
|
Sep. 27, 2008
Incentive Plan [Member]
|
Sep. 30, 2011
Employee Stock Purchase Plan [Member]
|
|---|---|---|---|---|
| Additional Share-Based Compensation (Textual) [Abstract] | ||||
| Common stock authorized | 7,622 | 4,200 | 1,050 | |
| Percentage increase in the number of shares authorized for issuance under the Incentive Plan | 2.50% | |||
| Share-Based Compensation (Textual) [Abstract] | ||||
| Value of closing stock price | $ (16.15) |
| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Percentage increase in shares authorized for issuance. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Value of closing stock price. No definition available.
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| X | ||||||||||
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- Definition
The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Regulatory (Details)
|
Jan. 12, 2011
|
|---|---|
| Regulatory (Textual) [Abstract] | |
| Effect of control under Department of Education regulations of the outstanding voting stock | less than 25% |
| X | ||||||||||
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- Definition
Effect of control under Department of Education regulations of the outstanding voting stock. No definition available.
|
| X | ||||||||||
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- Details
|
|
Treasury Stock (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
9 Months Ended | 13 Months Ended | |
|---|---|---|---|
|
Sep. 30, 2011
|
Sep. 30, 2011
|
Jul. 28, 2011
|
|
| Treasury Stock (Textual) [Abstract] | |||
| Authorized to repurchase common stock | $ 25,000 | ||
| Expiration date on the repurchase authorizations | Sep. 30, 2012 | Sep. 30, 2012 | |
| Common stock acquired, shares | 1,557 | 1,607 | |
| Aggregate cost shares of common stock | 22,371 | 23,153 | |
| Remaining authorized repurchase amount | 26,847 | ||
| Additional amount authorized by board of directors | 25,000 | ||
| Authorized to repurchase common stock including Additional repurchase | $ 50,000 |
| X | ||||||||||
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- Definition
Additional amount authorized by board of directors. No definition available.
|
| X | ||||||||||
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- Definition
Authorized to repurchase common stock including additional repurchase. No definition available.
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| X | ||||||||||
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- Definition
Common stock acquired, shares. No definition available.
|
| X | ||||||||||
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- Definition
Expiration date on the repurchase authorizations. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The amount authorized by an entity's Board of Directors under a stock repurchase plan. No definition available.
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| X | ||||||||||
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- Definition
The remaining repurchase amount authorized by an entity's Board of Directors under a stock repurchase plan. No definition available.
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| X | ||||||||||
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- Definition
Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Loan Amendment (Details) (USD $)
|
9 Months Ended |
|---|---|
|
Sep. 30, 2011
|
|
| Loan Amendment (Textual) [Abstract] | |
| Extended the maturity date of the existing loan | from April 30, 2014 to March 31, 2016 |
| Decreased the interest rate on the outstanding balance | from the BBA Libor Rate plus 225 basis points to the BBA Libor Rate plus 200 basis points |
| Amount of revolving line of credit | $ 50,000 |
| Revolving line of credit facility, expiration date | March 31, 2016 |
| Amounts borrowed on the line of credit | $ 0 |
| X | ||||||||||
|
- Definition
Decreased the interest rate on the outstanding balance. No definition available.
|
| X | ||||||||||
|
- Definition
Extended the maturity date of the existing loan. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
|
- Definition
Amount borrowed under the credit facility as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Reflects when the credit facility terminates, which may be presented in a variety of ways (year, month and year, day, month and year, quarter). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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