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.

Student Enrollment

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%.

Student Enrollment
  Fall   Fall  

2011 2012

Campus Based Students:
New Campuses (26 in operation 3 years or less)
Classroom Students 1,400 2,021 44%
Online Students 1,778 2,429 37%
Total New Campus Based Students 3,178 4,450 40%
Mature Campuses (71 in operation more than 3 years)
Classroom Students 20,416 18,433 -10%
Online Students 25,535 23,094 -10%
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%

New Campus Openings

The Company announced today that Strayer University successfully opened one new campus for the fall academic term, which is located in San Antonio, Texas, a new market for Strayer University. Subject to regulatory approval, the Company plans to open three new campuses during the remainder of the year for a total of eight new campuses in 2012. These three planned new campuses will be located in Houston, Texas, the University’s third campus in that market, and in St. Louis and Kansas City, Missouri, both new markets for the University.

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