During the nine months ended September 30, 2012, the Company paid regular, quarterly dividends of $35.6 million ($1.00 per share for each quarterly dividend). The Company had $80 million of share repurchase authorization remaining at September 30, 2012. No shares were repurchased in the third quarter of 2012.
For the third quarter 2012, bad debt expense as a percentage of revenues was 4.2% compared to 3.8% for the same period in 2011. Days sales outstanding was 18 days at the end of the third quarter of 2012, compared to 14 days at the end of the third quarter of 2011.
Enrollment at Strayer University for the 2012 fall term decreased 5% to 51,727 students compared to 54,233 students for the same term in 2011. Across the Strayer University campus and online system, new student enrollments increased 4%, while continuing student enrollments decreased 7%. Global online students increased 13%. Students taking 100% of their classes online (including campus based students) decreased 4%.
|Campus Based Students:|
|New Campuses (26 in operation 3 years or less)|
|Total New Campus Based Students||3,178||4,450||40%|
|Mature Campuses (71 in operation more than 3 years)|
|Total Mature Campus Based Students||45,951||41,527||-10%|
|Total Campus Based Students||49,129||45,977||-6%|
|Global Online Students||5,104||5,750||13%|
|Total University Enrollment||54,233||51,727||-5%|
|Total Students Taking 100% of Courses Online||32,417||31,273||-4%|