Rendering

Component: (Network and Table)
Network
2311301 - Disclosure - Stockholders' Equity (Tables)
(http://www.americanpubliceducation.com/role/StockholdersEquityTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0001201792 (http://www.sec.gov/CIK)
Equity [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Equity [Abstract]
 
Summary of restricted stock and restricted stock units activity
The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2014:
 
 
Number
of Shares
 
Weighted
Average Grant
Price and Fair Value
Non vested, December 31, 2013
 
190,761

 
$
38.61

Shares granted
 
272,550

 
36.73

Vested shares
 
(87,445
)
 
38.69

Shares forfeited
 
(15,097
)
 
41.64

Non vested, December 31, 2014
 
360,769

 
$
37.03

The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2015:
 
 
Number
of Shares
 
Weighted
Average Grant
Price and Fair Value
Non vested, December 31, 2014
 
360,769

 
$
37.03

Shares granted
 
127,469

 
35.15

Vested shares
 
(164,144
)
 
37.85

Shares forfeited
 
(30,675
)
 
36.76

Non vested, December 31, 2015
 
293,419

 
$
35.86

The table below sets forth the restricted stock and restricted stock unit activity for the year ended December 31, 2016:
 
 
Number
of Shares
 
Weighted
Average Grant
Price and Fair Value
Non vested, December 31, 2015
 
293,419

 
$
35.86

Shares granted
 
336,434

 
16.34

Vested shares
 
(152,714
)
 
35.83

Shares forfeited
 
(39,168
)
 
25.46

Non vested, December 31, 2016
 
437,971

 
$
21.54

  
Summary of status of stock incentive plans and changes during periods
A summary of the status of the Company’s Stock Incentive Plans as of December 31, 2014 and the changes during the periods then ended is as follows:
 
 
Number
of Options
 
Weighted
Average Exercise
Price
 
Weighted
Average
Contractual
Life (years)
 
Aggregate
Intrinsic
Value
 
 
 
 
  
 
 
 
(in thousands)
Outstanding, December 31, 2013
 
501,202

 
$
28.82

 
 
 
 
Options granted
 
—

 
$
—

 
 
 
 
Awards exercised
 
(46,198
)
 
$
13.66

 
 
 
 
Options forfeited
 
(20,603
)
 
$
37.04

 
 
 
 
Outstanding, December 31, 2014
 
434,401

 
$
30.04

 
2.14
 
$
3,080

Exercisable, December 31, 2014
 
434,401

 
$
30.04

 
2.14
 
$
3,080

A summary of the status of the Company’s Stock Incentive Plans as of December 31, 2015 and the changes during the periods then ended is as follows:
 
 
Number
of Options
 
Weighted
Average Exercise
Price
 
Weighted
Average
Contractual
Life (years)
 
Aggregate
Intrinsic
Value
 
 
 
 
  
 
 
 
(in thousands)
Outstanding, December 31, 2014
 
434,401

 
$
30.04

 
 
 
 
Options granted
 
—

 
$
—

 
 
 
 
Awards exercised
 
(55,382
)
 
$
3.29

 
 
 
 
Options forfeited
 
(49,147
)
 
$
35.97

 
 
 
 
Outstanding, December 31, 2015
 
329,872

 
$
33.65

 
1.30
 
$
359

Exercisable, December 31, 2015
 
329,872

 
$
33.65

 
1.30
 
$
359

A summary of the status of the Company’s Stock Incentive Plans as of December 31, 2016 and the changes during the periods then ended is as follows:
 
 
Number
of Options
 
Weighted
Average Exercise
Price
 
Weighted
Average
Contractual
Life (years)
 
Aggregate
Intrinsic
Value
 
 
 
 
  
 
 
 
(in thousands)
Outstanding, December 31, 2015
 
329,872

 
$
33.65

 
 
 
 
Options granted
 
—

 
$
—

 
 
 
 
Awards exercised
 
(16,878
)
 
$
7.00

 
 
 
 
Options forfeited
 
(53,025
)
 
$
37.09

 
 
 
 
Outstanding, December 31, 2016
 
259,969

 
$
34.68

 
0.53
 
$
246

Exercisable, December 31, 2016
 
259,969

 
$
34.68

 
0.53
 
$
246

  
Summary of stock-based compensation
 
 
Year Ended December 31,
 
 
2014
 
2015
 
2016
 
 
(In thousands)
Instructional costs and services
 
$
1,274

 
$
1,598

 
$
1,497

Selling and promotional
 
568

 
684

 
672

General and administrative
 
3,527

 
3,630

 
3,042

Total stock-based compensation expense
 
$
5,369

 
$
5,912

 
$
5,211

  
Summary of information regarding stock option exercises
The following table summarizes information regarding stock option exercises:
 
 
Year Ended December 31,
 
 
2014
 
2015
 
2016
 
 
(In thousands)
Proceeds from stock options exercised
 
$
631

 
$
182

 
$
118

Intrinsic value of stock options exercised
 
$
1,033

 
$
1,057

 
$
290

Tax benefit from exercises
 
$
193

 
$
54

 
$
94

  
Summary of repurchases during the period
During the year ended December 31, 2014, the Company repurchased shares of the Company’s common stock, par value $0.01 per share. The chart below provides detail as to the Company’s repurchases during the period.
 
 
Total Number of Shares Purchased
 
Average Price Paid per Share
 
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
 
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
 
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2) (3)
January 1, 2014
 
—

 
$
—

 
—

 
—

 
$
9,417,721

January 20, 2014
 
—

 
$
—

 
—

 
147,284

 
9,417,721

January 1, 2014 - January 30, 2014
 
—

 
$
—

 
—

 
147,284

 
9,417,721

February 1, 2014 - February 28, 2014
 
—

 
$
—

 
—

 
147,284

 
9,417,721

March 1, 2014 - March 31, 2014
 
40,000

 
$
35.26

 
40,000

 
107,284

 
9,417,721

April 1, 2014 - April 30, 2014
 
185,000

 
$
34.60

 
185,000

 
14,784

 
6,217,221

May 1, 2014 - May 31, 2014
 
139,568

 
$
35.11

 
139,568

 
—

 
1,836,055

June 1, 2014 - June 30, 2014
 
51,760

 
$
34.95

 
51,760

 
—

 
27,043

June 13, 2014
 
—

 
$
—

 
—

 
—

 
15,027,043

July 1, 2014 - September 31, 2014
 
—

 
$
—

 
—

 
—

 
15,027,043

October 1, 2014 - October 31, 2014
 
—

 
$
—

 
—

 
114,634

 
15,027,043

November 1, 2014 - November 30, 2014
 
30,000

 
$
35.48

 
30,000

 
84,634

 
15,027,043

December 1, 2014 - December 31, 2014
 
84,634

 
$
34.09

 
84,634

 
—

 
15,027,043

Total
 
530,962

 
$
34.78

 
530,962

 
—

 
$
15,027,043


During the year ended December 31, 2015, the Company repurchased shares of the Company’s common stock, par value $0.01 per share. The chart below provides detail as to the Company’s repurchases during the period.
 
 
Total Number of Shares Purchased
 
Average Price Paid per Share
 
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
 
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
 
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2) (3)
January 1, 2015
 
—

 
$
—

 
—

 
—

 
$
15,027,043

January 1, 2015 - January 31, 2015
 
—

 
$
—

 
—

 
116,910

 
15,027,043

February 1, 2015 - February 28, 2015
 
—

 
$
—

 
—

 
116,910

 
15,027,043

March 1, 2015 - March 31, 2015
 
100,000

 
$
31.69

 
100,000

 
66,910

 
13,442,543

April 1, 2015 - April 30, 2015
 
203,820

 
$
30.84

 
203,820

 
—

 
9,220,841

May 1, 2015 - May 31, 2015
 
200,000

 
$
25.59

 
200,000

 
—

 
4,102,131

June 1, 2015 - June 30, 2015
 
160,000

 
$
24.93

 
160,000

 
—

 
114,029

June 30, 2015
 
—

 
$
—

 
—

 
—

 
15,114,029

July 1, 2015 - July 31, 2015
 
—

 
$
—

 
—

 
—

 
15,114,029

August 1, 2015 - August 31, 2015
 
—

 
$
—

 
—

 
—

 
15,114,029

September 1, 2015 - September 30, 2015
 
129,849

 
$
23.15

 
129,849

 
—

 
12,107,835

October 1, 2015 - October 31, 2015
 
211,040

 
$
23.19

 
211,040

 
—

 
7,214,395

November 1, 2015 - November 30, 2015
 
199,391

 
$
22.11

 
199,391

 
—

 
2,806,575

December 1, 2015 - December 31, 2015
 
118,746

 
$
22.39

 
118,746

 
—

 
148,008

Total
 
1,322,846

 
$
25.34

 
1,322,846

 
—

 
$
148,008


During the year ended December 31, 2016, the Company did not repurchase shares of the Company’ s common stock, par value $0.01 per share. The chart below provides detail as to the maximum number of shares that may yet be purchased under the existing plans.
 
 
Total Number of Shares Purchased
 
Average Price Paid per Share
 
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
 
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
 
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2) (3)
January 1, 2016
 
—

 
$
—

 
—

 
—

 
$
148,008

January 1, 2016 – January 31, 2016
 
—

 
—

 
—

 
315,231

 
148,008

February 1, 2016 – February 29, 2016
 
—

 
—

 
—

 
315,231

 
148,008

March 1, 2016 – March 31, 2016
 
—

 
—

 
—

 
315,231

 
148,008

April 1, 2016 – April 30, 2016
 
—

 
—

 
—

 
316,935

 
148,008

May 1, 2016 – May 31, 2016
 
—

 
—

 
—

 
316,935

 
148,008

June 1, 2016 – June 30, 2016
 
—

 
—

 
—

 
330,816

 
148,008

July 1, 2016 – July 31, 2016
 
—

 
—

 
—

 
336,125

 
148,008

August 1, 2016 – August 31, 2016
 
—

 
—

 
—

 
336,125

 
148,008

September 1, 2016 – September 30, 2016
 
—

 
—

 
—

 
336,125

 
148,008

October 1, 2016 – October 31, 2016
 
—

 
—

 
—

 
336,434

 
148,008

November 1, 2016 – November 30, 2016
 
—

 
—

 
—

 
336,434

 
148,008

December 1, 2016 – December 31, 2016
 
—

 
—

 
—

 
336,434

 
148,008

Total
 
—

 
—

 
—

 
336,434

 
$
148,008

1.
On December 9, 2011, the Company’s Board of Directors approved a stock repurchase program for our common stock, under which the Company may annually purchase up to the cumulative number of shares issued or deemed issued in that year under the Company’s equity incentive and stock purchase plans. Repurchases may be made from time to time in the open market at prevailing market prices or in privately negotiated transactions based on business and market conditions. The stock repurchase program may be suspended or discontinued at any time, and is funded using the Company’s available cash.

2.
On May 14, 2012, the Company’s Board of Directors authorized a program to repurchase up to $20 million of shares of the Company’s common stock. On each of March 14, 2013, June 13, 2014, and June 12, 2015 the Company’s Board of Directors increased the authorization by an additional $15 million of shares, for a cumulative increase of $45 million of shares and a total authorization of $65 million of shares. Subject to market conditions, applicable legal requirements and other factors, the repurchases may be made from time to time in the open market or privately negotiated transactions. The authorization does not obligate the Company to acquire any shares, and purchases may be commenced or suspended at any time based on market conditions and other factors as the Company deems appropriate.

3.
The Company was deemed to have repurchased 56,272 and 49,512 shares of common stock forfeited by employees to satisfy minimum tax-withholding requirements in connection with the vesting of restricted stock grants during the 12 months ended December 31, 2015 and 2016, respectively. During the 12 months ended December 31, 2014, the Company was deemed to have repurchased 30,973 shares of common stock forfeited by employees to satisfy minimum tax-withholding requirements in connection with the vesting of restricted stock grants and to cover the exercise and minimum tax-withholding requirements of expiring stock options. These repurchases were not part of the stock repurchase program authorized by the Company’s Board of Directors