View Filing Data

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2019	Mar. 03, 2020	Jun. 28, 2019
Cover [Abstract]
Entity Registrant Name	LINCOLN EDUCATIONAL SERVICES CORP
Entity Central Index Key	0001286613
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Public Float			$ 54,618,592
Entity Common Stock, Shares Outstanding		26,364,521
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Address, State or Province	NJ

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 23,644	$ 17,571
Restricted cash	0	16,775
Accounts receivable, less allowance of $18,107 and $15,590 at December 31, 2019 and 2018, respectively	20,652	18,675
Inventories	1,608	1,451
Prepaid income taxes and income taxes receivable	383	178
Prepaid expenses and other current assets	4,190	2,461
Total current assets	50,477	57,111
PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $172,408 and $171,109 at December 31, 2019 and 2018, respectively	49,345	49,292
OTHER ASSETS:
Noncurrent restricted cash	15,000	11,600
Noncurrent receivables, less allowance of $2,260 and $1,403 at December 31, 2019 and 2018, respectively	15,337	12,175
Deferred income taxes, net	0	424
Operating lease right-of-use assets	49,065	0
Goodwill	14,536	14,536
Other assets, net	1,003	900
Total other assets	94,941	39,635
TOTAL ASSETS	194,763	146,038
CURRENT LIABILITIES:
Current portion of credit agreement	2,000	15,000
Unearned tuition	23,411	22,545
Accounts payable	14,584	14,107
Accrued expenses	7,869	10,605
Current portion of operating lease liabilities	9,142	0
Other short-term liabilities	199	2,324
Total current liabilities	57,205	64,581
NONCURRENT LIABILITIES:
Long-term credit agreement	32,028	33,769
Pension plan liabilities	4,015	4,271
Deferred income taxes, net	153	0
Long-term portion of operating lease liabilities	46,018	0
Accrued rent	0	3,410
Other long-term liabilities	214	141
Total liabilities	139,633	106,172
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, no par value - authorized 100,000,000 shares at December 31, 2019 and 2018, issued and outstanding 31,142,251 shares at December 31, 2019 and 30,552,333 shares at December 31, 2018	141,377	141,377
Additional paid-in capital	30,145	29,484
Treasury stock at cost - 5,910,541 shares at December 31, 2019 and 2018	(82,860)	(82,860)
Accumulated deficit	(42,058)	(44,073)
Accumulated other comprehensive loss	(3,456)	(4,062)
Total stockholders' equity	43,148	39,866
TOTAL LIABILITIES, SERIES A CONVERTIBLE PREFERRED STOCK AND EQUITY	194,763	146,038
Series A Convertible Preferred Stock [Member]
SERIES A CONVERTIBLE PREFERRED STOCK
Preferred stock, no par value - 10,000,000 shares authorized, Series A convertible preferred shares, 12,700 shares issued and outstanding at December 31, 2019 and no shares issued and outstanding at December 31, 2018	11,982	0
STOCKHOLDERS' EQUITY:
Total stockholders' equity	$ 11,982	$ 0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
CURRENT ASSETS:
Accounts receivable, allowance	$ 18,107	$ 15,590
PROPERTY, EQUIPMENT AND FACILITIES - accumulated depreciation and amortization	172,408	171,109
OTHER ASSETS:
Noncurrent receivables, allowance	$ 2,260	$ 1,403
STOCKHOLDERS' EQUITY:
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	31,142,251	30,552,333
Common stock, shares outstanding (in shares)	31,142,251	30,552,333
Treasury stock, shares (in shares)	5,910,541	5,910,541
Series A Convertible Preferred Stock [Member]
SERIES A CONVERTIBLE PREFERRED STOCK
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	12,700	0
Preferred stock, shares outstanding (in shares)	12,700	0
STOCKHOLDERS' EQUITY:
Common stock, shares outstanding (in shares)	12,700	0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
REVENUE	$ 273,342	$ 263,200	$ 261,853
COSTS AND EXPENSES:
Educational services and facilities	123,495	125,373	129,413
Selling, general and administrative	145,176	141,244	138,779
(Gain) loss on sale of assets	(567)	537	(1,623)
Total costs and expenses	268,104	267,154	266,569
OPERATING INCOME (LOSS)	5,238	(3,954)	(4,716)
OTHER:
Interest income	8	31	56
Interest expense	(2,963)	(2,422)	(7,098)
INCOME (LOSS) BEFORE INCOME TAXES	2,283	(6,345)	(11,758)
PROVISION (BENEFIT) FOR INCOME TAXES	268	200	(274)
NET INCOME (LOSS)	$ 2,015	$ (6,545)	$ (11,484)
Basic
Earnings (loss) per share (in dollars per share)	$ 0.08	$ (0.27)	$ (0.48)
Diluted
Earnings (loss) per share (in dollars per share)	$ 0.08	$ (0.27)	$ (0.48)
Weighted average number of common shares outstanding:
Basic (in shares)	24,554,033	24,423,479	23,906,395
Diluted (in shares)	24,554,033	24,423,479	23,906,395

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) [Abstract]
Net income (loss)	$ 2,015	$ (6,545)	$ (11,484)
Other comprehensive income (loss)
Derivative qualifying as cash flow hedge	(174)	0	0
Employee pension plan adjustments	780	448	1,591
Comprehensive income (loss)	$ 2,621	$ (6,097)	$ (9,893)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total	Series A Convertible Preferred Stock [Member]
BALANCE at Dec. 31, 2016	$ 141,377	$ 28,554	$ (82,860)	$ (26,044)	$ (6,101)	$ 54,926	$ 0
BALANCE (in shares) at Dec. 31, 2016	30,685,017						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 0	0	0	(11,484)	0	(11,484)	$ 0
Employee pension plan adjustments	0	0	0	0	1,591	1,591	0
Derivative qualifying as cash flow hedge						0
Stock-based compensation expense
Restricted stock	$ 0	1,220	0	0	0	1,220	$ 0
Restricted stock (in shares)	128,810						0
Net share settlement for equity-based compensation	$ 0	(440)	0	0	0	(440)	$ 0
Net share settlement for equity-based compensation (in shares)	(189,420)						0
BALANCE at Dec. 31, 2017	$ 141,377	29,334	(82,860)	(37,528)	(4,510)	45,813	$ 0
BALANCE (in shares) at Dec. 31, 2017	30,624,407						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 0	0	0	(6,545)	0	(6,545)	$ 0
Employee pension plan adjustments	0	0	0	0	448	448	0
Derivative qualifying as cash flow hedge						0
Stock-based compensation expense
Restricted stock	$ 0	522	0	0	0	522	$ 0
Restricted stock (in shares)	135,568						0
Net share settlement for equity-based compensation	$ 0	(372)	0	0	0	(372)	$ 0
Net share settlement for equity-based compensation (in shares)	(207,642)						0
BALANCE at Dec. 31, 2018	$ 141,377	29,484	(82,860)	(44,073)	(4,062)	$ 39,866	$ 0
BALANCE (in shares) at Dec. 31, 2018	30,552,333					30,552,333	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 0	0	0	2,015	0	$ 2,015	$ 0
Employee pension plan adjustments	0	0	0	0	780	780	0
Derivative qualifying as cash flow hedge	0	0	0	0	(174)	(174)	0
Issuance of series A convertible preferred stock, net of issuance costs	$ 0	0	0	0	0	0	$ 11,982
Issuance of series A convertible preferred stock, net of issuance costs (in shares)	0						12,700
Stock-based compensation expense
Restricted stock	$ 0	679	0	0	0	679	$ 0
Restricted stock (in shares)	595,436
Net share settlement for equity-based compensation	$ 0	(18)	0	0	0	(18)	0
Net share settlement for equity-based compensation (in shares)	(5,518)
BALANCE at Dec. 31, 2019	$ 141,377	$ 30,145	$ (82,860)	$ (42,058)	$ (3,456)	$ 43,148	$ 11,982
BALANCE (in shares) at Dec. 31, 2019	31,142,251					31,142,251	12,700

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 2,015	$ (6,545)	$ (11,484)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	8,116	8,421	8,702
Amortization of deferred finance costs	190	369	583
Write-off of deferred finance charges	512	0	2,161
Deferred income taxes	153	0	(424)
(Gain) loss on disposition of assets	(567)	537	(1,623)
Fixed asset donation	(1,084)	0	(19)
Provision for doubtful accounts	20,847	17,705	13,720
Stock-based compensation expense	679	522	1,220
Deferred rent	0	(958)	(1,312)
(Increase) decrease in assets:
Accounts receivable	(25,986)	(23,836)	(15,733)
Inventories	(157)	206	30
Prepaid income taxes and income taxes receivable	219	29	55
Prepaid expenses and current assets	(502)	(109)	532
Other assets	(1,368)	(191)	(1,163)
Increase (decrease) in liabilities:
Accounts payable	444	3,753	(3,193)
Accrued expenses	(1,687)	(1,136)	(3,613)
Unearned tuition	866	(2,102)	(131)
Other liabilities	(1,702)	1,641	371
Total adjustments	(1,027)	4,851	163
Net cash provided by (used in) operating activities	988	(1,694)	(11,321)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(5,385)	(4,697)	(4,755)
Proceeds from insurance settlement	575	0	0
Proceeds from sale of property and equipment	0	2,348	15,462
Net cash (used in) provided by investing activities	(4,810)	(2,349)	10,707
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings	40,045	31,000	75,900
Payments on borrowings	(54,514)	(35,099)	(66,766)
Payment of deferred finance fees	(975)	(94)	(1,241)
Net share settlement for equity-based compensation	(18)	(372)	(440)
Proceeds from sale of convertible preferred stock	12,700	0	0
Payment of convertible preferred stock issuance costs	(718)	0	0
Net cash (used in) provided by financing activities	(3,480)	(4,565)	7,453
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(7,302)	(8,608)	6,839
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of year	45,946	54,554	47,715
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of year	38,644	45,946	54,554
Cash paid during the year for:
Interest	2,155	2,030	2,790
Income taxes	118	191	139
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Liabilities accrued for or noncash purchases of fixed assets	$ 2,852	$ 265	$ 1,447

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business Activities— Lincoln Educational Services Corporation and its subsidiaries (collectively, the “Company”, “we”, “our” and “us”, as applicable) provide diversified career-oriented post-secondary education to recent high school graduates and working adults. The Company, which currently operates 22 schools in 14 states, offers programs in automotive technology, skilled trades (which include HVAC, welding and computerized numerical control and electronic systems technology, among other programs), healthcare services (which include nursing, dental assistant and medical administrative assistant, among other programs), hospitality services (which include culinary, therapeutic massage, cosmetology and aesthetics) and information technology. The schools operate under Lincoln Technical Institute, Lincoln College of Technology, Lincoln Culinary Institute, and Euphoria Institute of Beauty Arts and Sciences and associated brand names. Most of the campuses serve major metropolitan markets and each typically offers courses in multiple areas of study. Five of the campuses are destination schools, which attract students from across the United States and, in some cases, from abroad. The Company’s other campuses primarily attract students from their local communities and surrounding areas. All of the campuses are nationally or regionally accredited and are eligible to participate in federal financial aid programs by the U.S. Department of Education (the “DOE”) and applicable state education agencies and accrediting commissions which allow students to apply for and access federal student loans as well as other forms of financial aid.

The Company’s business is organized into three reportable business segments: (a) Transportation and Skilled Trades, (b) Healthcare and Other Professions (“HOPS”), and (c) Transitional, which refers to our campus operations which have been closed prior to 2019.

Liquidity—For several years, the Company and the proprietary school sector have faced deteriorating earnings. Government regulations have negatively impacted earnings by making it more difficult for potential students to obtain loans, which, when coupled with the overall economic environment, have discouraged potential students from enrolling in post-secondary schools. In light of these factors, the Company has incurred significant operating losses as a result of lower student population. However, over the last two years earnings have been improving and the Company had net income for the year ended December 31, 2019. As of December 31, 2019, the Company had a net cash balance of $4.6 million calculated as cash, cash equivalents and both short and long-term restricted cash less both short and long-term portion of the Company’s credit facility. The increase in cash position was primarily attributable to net proceeds of approximately $12.0 million obtained through the sale in November, 2019 of 12,700 shares of Series A Convertible Preferred Stock, no par value, the termination of our prior credit facility and the execution of a new senior secured credit facility with Sterling National Bank increasing available borrowings to $60 million from $47 million, and net income generated for the year ended December 31, 2019 of approximately $2.0 million. At December 31, 2019, the Company’s sources of cash primarily included cash and cash equivalents of $38.6 million (of which $15.0 million is restricted). In addition, the Company has availability to borrow additional funds under its credit facility for an additional $25.0 million. The Company is also continuing to take actions to improve cash flow by aligning its cost structure to its student population. The Company believes that the likely sources of cash should be sufficient to fund operations for the next twelve months and thereafter for the foreseeable future.

Principles of Consolidation—The accompanying consolidated financial statements include the accounts of Lincoln Educational Services Corporation and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.

Cash and Cash Equivalents—Cash and cash equivalents include all cash balances and highly liquid short-term investments, which contain original maturities within three months of purchase. Pursuant to the DOE’s cash management requirements, the Company retains funds from financial aid programs under Title IV of the Higher Education Act in segregated cash management accounts. The segregated accounts do not require a restriction on use of the cash and, as such, these amounts are classified as cash and cash equivalents on the consolidated balance sheet.

Restricted Cash—Restricted cash consists of deposits maintained at financial institutions under a cash collateral agreement pursuant to the Company’s credit facility and cash collateral for letters of credit as to 2018 under the Company’s prior credit facility. The amounts of $15.0 million and $11.6 million as of December 31, 2019 and 2018, respectively, of restricted cash are included in long-term assets in the consolidated balance sheets as the restrictions are greater than one year. Refer to Note 9 for more information on the Company’s credit facility.

Accounts Receivable—The Company reports accounts receivable at net realizable value, which is equal to the gross receivable less an estimated allowance for uncollectible accounts. Noncurrent accounts receivable represent amounts due from graduates in excess of 12 months from the balance sheet date.

Allowance for Uncollectible Accounts—Based upon experience and judgment, an allowance is established for uncollectible accounts with respect to tuition receivables. In establishing the allowance for uncollectible accounts, the Company considers, among other things, current and expected economic conditions, a student’s status (in-school or out-of-school), whether or not a student is currently making payments, and overall collection history. Changes in trends in any of these areas may impact the allowance for uncollectible accounts. The receivables balances of withdrawn students with delinquent obligations are reserved for based on our collection history.

Inventories—Inventories consist mainly of textbooks, computers, tools and supplies. Inventories are valued at the lower of cost or market on a first-in, first-out basis.

Property, Equipment and Facilities—Depreciation and Amortization—Property, equipment and facilities are stated at cost. Major renewals and improvements are capitalized, while repairs and maintenance are expensed when incurred. Upon the retirement, sale or other disposition of assets, costs and related accumulated depreciation are eliminated from the accounts and any gain or loss is reflected in operating income (loss). For financial statement purposes, depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets, and amortization of leasehold improvements is computed over the lesser of the term of the lease or its estimated useful life.

Advertising Costs—Costs related to advertising are expensed as incurred and approximated $29.8 million, $29.4 million and $27.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. These amounts are included in selling, general and administrative expenses in the consolidated statements of operations.

Goodwill and Other Intangible Assets— The Company tests its goodwill for impairment annually, or whenever events or changes in circumstances indicate an impairment may have occurred, by comparing its reporting unit’s carrying value to its implied fair value. Impairment may result from, among other things, deterioration in the performance of the acquired business, adverse market conditions, adverse changes in applicable laws or regulations, reductions in market value of the Company, and changes that restrict the activities of the acquired business, and a variety of other circumstances. If the Company determines that an impairment has occurred, it is required to record a write-down of the carrying value and charge the impairment as an operating expense in the period the determination is made. In evaluating the recoverability of the carrying value of goodwill and other indefinite-lived intangible assets, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the acquired assets. Changes in strategy or market conditions could significantly impact these judgments in the future and require an adjustment to the recorded balances. The goodwill is allocated among nine reporting units within the Transportation and Skilled Trades Segment.

When we test goodwill balances for impairment, we determine the fair value of each of our reporting units using an equal weighting of the discounted cash flow model and the market approach. The determination of fair value using the discounted cash flow model requires significant estimates and assumptions related to forecasts of future revenues, which is driven by student start growth, EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) margins, the long-term growth rate used in the calculation of the terminal value, and the discount rate to apply against each reporting unit’s financial metrics. The determination of fair value using the market approach requires significant estimates and assumptions related to the selection of EBITDA multiples and the control premiums. Changes in these assumptions could have a significant impact on either the fair value, the amount of any goodwill impairment charge, or both.

Although we believe our projected future operating results and cash flows and related estimates regarding fair values are based on reasonable assumptions, historically projected operating results and cash flows have not always been achieved. The failure of one of our reporting units to achieve projected operating results and cash flows in the near term or long term may reduce the estimated fair value of the reporting unit below its carrying value and result in the recognition of a goodwill impairment charge. Significant management judgment is necessary to evaluate the impact of operating and macroeconomic changes and to estimate future cash flows. Assumptions used in our impairment evaluations, such as forecasted growth rates and our cost of capital, are based on the best available market information and are consistent with our internal forecasts and operating plans. In addition to cash flow estimates, our valuations are sensitive to the rate used to discount cash flows and future growth assumptions.

At December 31, 2019, 2018 and 2017, we conducted our annual test for goodwill impairment and determined we did not have an impairment.

Impairment of Long-Lived Assets—The Company reviews the carrying value of its long-lived assets and identifiable intangibles for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates long-lived assets for impairment by examining estimated future cash flows using Level 3 inputs. These cash flows are evaluated by using weighted probability techniques as well as comparisons of past performance against projections. Assets may also be evaluated by identifying independent market values. If the Company determines that an asset’s carrying value is impaired, it will record a write-down of the carrying value of the asset and charge the impairment as an operating expense in the period in which the determination is made.

The Company concluded that for the years ended December 31, 2019, 2018 and 2017, there were no long-lived asset impairments.

Concentration of Credit Risk—Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company places its cash and cash equivalents with high credit quality financial institutions. The Company’s cash balances with financial institutions typically exceed the Federal Deposit Insurance Corporation (“FDIC”) limit of $0.25 million. The Company’s cash balances on deposit at December 31, 2019, exceeded the balance insured by the FDIC by approximately $38.0 million. The Company has not experienced any losses to date on its invested cash.

The Company extends credit for tuition and fees to many of its students. The credit risk with respect to these accounts receivable is mitigated through the students’ participation in federally funded financial aid programs unless students withdraw prior to the receipt of federal funds for those students. In addition, the remaining tuition receivables are primarily comprised of smaller individual amounts due from students.

With respect to student receivables, the Company had no significant concentrations of credit risk as of December 31, 2019 and 2018.

Use of Estimates in the Preparation of Financial Statements—The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“GAAP’) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. On an ongoing basis, the Company evaluates the estimates and assumptions, including those used to determine the incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, lease term to calculate lease cost, revenue recognition, bad debts, impairments, fixed assets, income taxes, benefit plans and certain accruals. Actual results could differ from those estimates.

Income Taxes—The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, “Income Taxes” (“ASC 740”). This statement requires an asset and a liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered.

In accordance with ASC 740, the Company assesses our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. In accordance with ASC 740, our assessment considers whether there has been sufficient income in recent years and whether sufficient income is expected in future years in order to utilize the deferred tax asset. In evaluating the realizability of deferred income tax assets, the Company considered, among other things, historical levels of income, expected future income, the expected timing of the reversals of existing temporary reporting differences, and the expected impact of tax planning strategies that may be implemented to prevent the potential loss of future income tax benefits. Significant judgment is required in determining the future tax consequences of events that have been recognized in our consolidated financial statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on the Company’s consolidated financial position or results of operations. Changes in, among other things, income tax legislation, statutory income tax rates, or future income levels could materially impact the Company’s valuation of income tax assets and liabilities and could cause our income tax provision to vary significantly among financial reporting periods. See information regarding the impact of the Tax Cuts and Jobs Act in Note 12.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2019 and 2018, we did not record any interest and penalties expense associated with uncertain tax positions.

Derivative Instruments—The Company records the fair value of derivative instruments as either assets or liabilities on the balance sheet. The accounting for gains and losses resulting from changes in fair value is dependent on the use of the derivative and whether it is designated and qualifies for hedge accounting.

All qualifying hedging activities are documented at the inception of the hedge and must meet the definition of highly effective in offsetting changes to future cash. The Company utilizes the change in variable cash flows method to evaluate hedge effectiveness quarterly. We record the fair value of the qualifying hedges in other long-term liabilities (for derivative liabilities) and other assets (for derivative assets). All unrealized gains and losses on derivatives that are designated and qualify for hedge accounting are reported in other comprehensive income (loss) and recognized when the underlying hedged transaction affects earnings. Changes in the fair value of these derivatives are recognized in other comprehensive income (loss). The Company classifies the cash flows from a cash flow hedge within the same category as the cash flows from the items being hedged.

The Company adopted Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, on January 1, 2019, which changes the recognition and presentation requirements of hedge accounting, including eliminating the requirement to separately measure and report hedge ineffectiveness and presenting all items that affect earnings in the same income statement line item as the hedged item. The ASU also provides new alternatives for applying hedge accounting to additional hedging strategies, measuring the hedged item in fair value hedges of interest rate risk, reducing the cost and complexity of applying hedge accounting by easing the requirements for effectiveness testing, hedge documentation and application of the critical terms match method and reducing the risk of a material error correction if a company applies the shortcut method inappropriately. The adoption of ASU 2017-12 had no impact on the Company’s consolidated financial statements.

Start-up Costs—Costs related to the start of new campuses are expensed as incurred.

New Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes”, which simplifies the accounting for income taxes by removing certain exceptions to the general principles of ASC 740, Income Taxes. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This ASU is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. Depending on the amendment, adoption may be applied on a retrospective, modified retrospective or prospective basis. The Company is currently assessing the effect that this ASU will have on its consolidated financial statements and related disclosures.

In July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections,” to reflect the recently adopted amendments to the SEC final rules that were done to modernize and simplify certain reporting requirements for public companies, investment advisers and investment companies. This ASU is effective upon issuance and did not have a significant impact on the Company’s consolidated financial statements and related disclosures.

In August 2018, the FASB issued ASU 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans”. This ASU adds, modifies and clarifies several disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This guidance is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company is currently assessing the effect that this ASU will have on its consolidated financial statements and related disclosures.

In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU No. 2018-13”), which eliminates, adds and modifies certain fair value measurement disclosure requirements of Accounting Standards Codification 820, Fair Value Measurement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted ASU No. 2018-13 on January 1, 2020. The Company will apply these changes to its related disclosures.

In July 2018, FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases (“ASU No. 2018-10”) to further clarify, correct and consolidate various areas previously discussed in ASU 2016-02. FASB also issued ASU No. 2018-11, Leases: Targeted Improvements (“ASU 2018-11”) to provide entities another option for transition and lessors with a practical expedient. The transition option allows entities to not apply ASU No. 2016-02 in comparative periods in the financial statements in the year of adoption. The practical expedient offers lessors an option to not separate non-lease components from the associated lease components when certain criteria are met.

The amendments to ASU No. 2016-02, ASU No. 2018-10 and ASU No. 2018-11 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and allow for modified retrospective adoption with early adoption permitted. The Company adopted the amendments on January 1, 2019 using the modified retrospective approach and elected the transition relief package of practical expedients by applying previous accounting conclusions under ASC 840 to all leases that existed prior to the transition date. As a result, the Company did not reassess (1) whether existing or expired contracts contain leases, 2) lease classification for any existing or expired leases and 3) whether lease origination costs qualified as initial direct costs. The Company did not elect the practical expedient to use hindsight in determining a lease term and impairment of the ROU assets at the adoption date. Additionally, the Company did not separate lease components from non-lease components for the specified asset classes.

Upon adoption of the new leasing standards, the Company recognized a lease liability of $42.3 million and a right-to-use asset of $37.9 million on our consolidated balance sheet. There was no impact to retained earnings.

In June 2018, FASB issued ASU No. 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting” (“ASU No. 2018-07”), which intended to reduce cost and complexity and to improve financial reporting for share-based payments issued to nonemployees. This ASU expands the scope of Topic 718, “Compensation - Stock Compensation” (“Topic 718”), to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost. The Company adopted ASU No. 2018-07 on January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements and related disclosures.

In February 2018, the FASB issued ASU 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220)”. The updated guidance allows entities to reclassify stranded income tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings in their consolidated financial statements. Under the Tax Act, deferred taxes were adjusted to reflect the reduction of the historical corporate income tax rate to the newly enacted corporate income tax rate, which left the tax effects on items within accumulated other comprehensive income stranded at an inappropriate tax rate. The updated guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. The Company adopted this ASU on January 1, 2019 and it did not have a material impact on the Company’s consolidated financial statements and related disclosures.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and subsequently issued additional guidance that modified ASU 2016-13. ASU 2016-13 and the subsequent modifications are identified as Accounting Standards Codification (“ASC”) 326. The standard requires an entity to change its accounting approach in determining impairment of certain financial instruments, including trade receivables, from an “incurred loss” to a “current expected credit loss” model. Further, the FASB issued ASU No. 2019-04, ASU No. 2019-05 and ASU 2019-11 to provide additional guidance on the credit losses standard. In November 2019, FASB issued ASU No. 2019-10, “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842)”. This ASU defers the effective date of ASU 2016-13 for public companies that are considered smaller reporting companies as defined by the SEC to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. We are currently assessing the effect that this ASC will have on our consolidated financial statements and related disclosures.

FINANCIAL AID AND REGULATORY COMPLIANCE

12 Months Ended

Dec. 31, 2019

FINANCIAL AID AND REGULATORY COMPLIANCE [Abstract]

FINANCIAL AID AND REGULATORY COMPLIANCE

2.	FINANCIAL AID AND REGULATORY COMPLIANCE

Financial Aid

The Company’s schools and students participate in a variety of government-sponsored financial aid programs that assist students in paying the cost of their education. The largest source of such support is the federal programs of student financial assistance under Title IV of the Higher Education Act of 1965, as amended, commonly referred to as the Title IV Programs, which are administered by the U.S. Department of Education (the “DOE”). During the years ended December 31, 2019, 2018 and 2017, approximately 78%, 78% and 78%, respectively, of net revenues on a cash basis were indirectly derived from funds distributed under Title IV Programs.

For the years ended December 31, 2019, 2018 and 2017, the Company calculated that no individual DOE reporting entity received more than 90% of its revenue, determined on a cash basis under DOE regulations, from the Title IV Program funds. The Company’s calculations may be subject to review by the DOE. Under DOE regulations, a proprietary institution that derives more than 90% of its total revenue from the Title IV Programs for two consecutive fiscal years becomes immediately ineligible to participate in the Title IV Programs and may not reapply for eligibility until the end of two fiscal years. An institution with revenues exceeding 90% for a single fiscal year, will be placed on provisional certification and may be subject to other enforcement measures. If one of the Company’s institutions violated the 90/10 Rule and became ineligible to participate in Title IV Programs but continued to disburse Title IV Program funds, the DOE would require the institution to repay all Title IV Program funds received by the institution after the effective date of the loss of eligibility.

Regulatory Compliance

To participate in Title IV Programs, a school must be authorized to offer its programs of instruction by relevant state education agencies, be accredited by an accrediting commission recognized by the DOE and be certified as an eligible institution by the DOE. For this reason, the schools are subject to extensive regulatory requirements imposed by all of these entities. After the schools receive the required certifications by the appropriate entities, the schools must demonstrate their compliance with the DOE regulations of the Title IV Programs on an ongoing basis. Included in these regulations is the requirement that the institution must satisfy specific standards of financial responsibility. The DOE evaluates institutions for compliance with these standards each year, based upon the institution’s annual audited financial statements, as well as following a change in ownership resulting in a change of control of the institution. The DOE calculates the institution’s composite score for financial responsibility based on its (i) equity ratio, which measures the institution’s capital resources, ability to borrow and financial viability; (ii) primary reserve ratio, which measures the institution’s ability to support current operations from expendable resources; and (iii) net income ratio, which measures the institution’s ability to operate at a profit. This composite score can range from -1 to +3.

The composite score must be at least 1.5 for the institution to be deemed financially responsible without the need for further oversight. If an institution’s composite score is below 1.5, but is at least 1.0, it is in a category denominated by the DOE as “the zone.” Under the DOE regulations, institutions that are in the zone typically may be permitted by the DOE to continue to participate in the Title IV Programs by choosing one of two alternatives: (1) the “Zone Alternative” under which an institution is required to make disbursements to students under the Heightened Cash Monitoring 1 (“HCM1”) payment method and to notify the DOE within 10 days after the occurrence of certain oversight and financial events or (2) submit a letter of credit to the DOE equal to 50 percent of the Title IV Program funds received by the institution during its most recent fiscal year. The DOE permits an institution to participate under the “Zone Alternative” for a period of up to three consecutive fiscal years. Under the HCM1 payment method, the institution is required to make Title IV Program disbursements to eligible students and parents before it requests or receives funds for the amount of those disbursements from the DOE. As long as the student accounts are credited before the funding requests are initiated, an institution is permitted to draw down funds through the DOE’s electronic system for grants management and payments for the amount of disbursements made to eligible students. Unlike the Heightened Cash Monitoring 2 (“HCM2”) used under circumstances where an institution’s composite score is below 1.0 and reimbursement payment methods, the HCM1 payment method typically does not require schools to submit documentation to the DOE and wait for DOE approval before drawing down Title IV Program funds. Effective July 1, 2016, a school under HCM1, HCM2 or reimbursement payment methods must also pay any credit balances due to a student before drawing down funds for the amount of those disbursements from the DOE, even if the student or parent provides written authorization for the school to hold the credit balance.

If an institution’s composite score is below 1.0, the institution is considered by the DOE to lack financial responsibility. If the DOE determines that an institution does not satisfy the DOE’s financial responsibility standards, depending on its composite score and other factors, that institution may establish its eligibility to participate in the Title IV Programs on an alternative basis by, among other things:

●

Posting a letter of credit in an amount equal to at least 50% of the total Title IV Program funds received by the institution during the institution’s most recently completed fiscal year; or

●

Posting a letter of credit in an amount equal to at least 10% of the Title IV Program funds received by the institution during its most recently completed fiscal year accepting provisional certification; complying with additional DOE monitoring requirements and agreeing to receive Title IV Program funds under an arrangement other than the DOE’s standard advance funding arrangement

The DOE has evaluated the financial responsibility of our institutions on a consolidated basis. We have submitted to the DOE our audited financial statements for the 2018 and 2017 fiscal years reflecting a composite score of 1.1 and 1.1, respectively, based upon our calculations. The DOE determined in a January 13, 2020, letter that our institutions are “in the zone” based on our composite scores for the 2018 and 2017 fiscal years and that we are required to operate under the Zone Alternative requirements, including the requirement to make disbursements under the HCM1 payment method and to notify the DOE within 10 days of the occurrence of certain oversight and financial events. We also are required to submit to the DOE bi-weekly cash balance submissions outlining our available cash on hand, monthly actual and projected cash flow statements, and monthly student rosters.

For the 2019 fiscal year, we calculated our composite score to be 1.6. This score is subject to determination by the DOE based on its review of our consolidated audited financial statements for the 2019 fiscal year, but we believe it is likely that the DOE will determine that our institutions comply with the composite score requirement and no longer require us to operate under the Zone Alternative requirements after it makes its determination, although we cannot be certain how long it will take for the DOE to make its determination and it is possible that it may elect to retain following its determination some of the conditions and reporting requirements previously imposed on us.

An institution participating in Title IV Programs must calculate the amount of unearned Title IV Program funds that have been disbursed to students who withdraw from their educational programs before completing them, and must return those unearned funds to the DOE or the applicable lending institution in a timely manner, which is generally within 45 days from the date the institution determines that the student has withdrawn.

If an institution is cited in an audit or program review for returning Title IV Program funds late for 5% or more of the students in the audit or program review sample or if the regulatory auditor identifies a material weakness in the institution’s report on internal controls relating to the return of unearned Title IV Program funds, the institution may be required to post a letter of credit in favor of the DOE in an amount equal to 25% of the total amount of Title IV Program funds that should have been timely returned for students who withdrew in the institution’s previous fiscal year.

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2019

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

3.	EARNINGS PER SHARE

The Company presents basic and diluted earnings (loss) per share using the two-class method which requires all outstanding Series A Preferred Stock and unvested restricted stock that contain rights to non-forfeitable dividends and therefore participate in undistributed earnings with common shareholders be included in computing earnings per share. Under the two-class method, net income is reduced by the amount of dividends declared in the period for each class of common stock and participating security. The remaining undistributed earnings are then allocated to common stock and participating securities, based on their respective rights to receive dividends. Series A Preferred Stock and unvested restricted stock contain non-forfeitable rights to dividends on an if-converted basis and on the same basis as common shares, respectively, and are considered participating securities. Basic earnings (loss) per share has been computed by dividing net income (loss) allocated to common shareholders by the weighted-average number of common shares outstanding.

The Series A Preferred Stock and unvested restricted stock are not included in the computation of basic earnings (loss) per share in periods in which we have a net loss, as the Series A Preferred Stock and unvested restricted stock are not contractually obligated to share in our net losses. The two-class method was not applicable for the years ended December 31, 2018 and 2017 and was calculated using the treasury stock method. Dilutive potential common shares include outstanding stock options, unvested restricted stock and Series A Preferred Stock. The Company uses the more dilutive method of calculating the diluted earnings per share by applying the more dilutive of either (a) the treasury stock method, if-converted method, or (b) the two-class method in its diluted EPS calculation. Potentially dilutive shares are determined by applying the treasury stock method to the assumed exercise of outstanding stock options and the assumed vesting of restricted stock. Potentially dilutive shares issuable upon conversion of the Series A Preferred Stock are calculated using the if-converted method.

For the year ended December 31, 2019, diluted earnings per share was calculated using the two-class method because these amounts are more dilutive than applying the treasury stock method and if-converted methods which yielded antidilutive shares of 692,942 and 88,848 for Series A Preferred Stock and restricted shares, respectively, for the year ended December 31, 2019.

For the years ended December 31, 2018, and 2017, options to acquire 50,422, and 570,306 shares, respectively, were excluded from the below table because the Company reported a net loss for the year and, therefore, their impact on reported loss per share would have been antidilutive. For the years ended December 31, 2019, 2018 and 2017, options to acquire 116,000, 139,000, and 167,667 shares, respectively, were excluded from the below table because they have an exercise price that is greater than the average market price of the Company’s common stock and, therefore, their impact on reported loss per share would have been antidilutive.

The following is a reconciliation of the numerator and denominator of the diluted net income (loss) per share computations for the periods presented below:

	Year Ended December 31,
(in thousands, except share data)	2019			2018			2017
Numerator:
Net income (loss)	$	2,015		$	(6,545	)	$	(11,484	)
Less: preferred stock dividend		-			-			-
Less: allocation to preferred stockholders		(54	)		-			-
Less: allocation to restricted stockholders		(38	)		-			-
Net income (loss) allocated to common stockholders	$	1,923		$	(6,545	)	$	(11,484	)

Basic earnings (loss) per share:
Denominator:
Weighted average common shares outstanding		24,554,033			24,423,479			23,906,395
Basic earnings (loss) per share	$	0.08		$	(0.27	)	$	(0.48	)

Diluted earnings (loss) per share:
Denominator:
Weighted average number of:
Common shares outstanding		24,554,033			24,423,479			23,906,395
Dilutive potential common shares outstanding:
Series A Preferred Stocck		-			-			-
Unvested restricted stock		-			-			-
Stock options		-			-			-
Dilutive shares outstanding		24,554,033			24,423,479			23,906,395
Diluted earnings (loss) per share	$	0.08		$	(0.27	)	$	(0.48	)

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2019

REVENUE RECOGNITION [Abstract]

REVENUE RECOGNITION

4.	REVENUE RECOGNITION

Prior to adoption of ASU 2014-09

Revenues are derived primarily from programs taught at our schools. Tuition revenues, textbook sales and one-time fees, such as nonrefundable application fees and course material fees, are recognized on a straight-line basis over the length of the applicable program as the student proceeds through the program, which is the period of time from a student’s start date through his or her graduation date (including internships or externships, if any, occurring prior to graduation), and we complete the performance of teaching the student entitling us to the revenue. Other revenues, such as tool sales and contract training revenues, are recognized as goods are delivered or training completed. On an individual student basis, tuition earned in excess of cash received is recorded as accounts receivable, and cash received in excess of tuition earned is recorded as unearned tuition.

We evaluate whether collectability of revenue is reasonably assured prior to the student commencing a program by attending class and reassess collectability of tuition and fees when a student withdraws from a course. We calculate the amount to be returned under Title IV Programs and its stated refund policy to determine eligible charges and, if there is a balance due from the student after this calculation, we expect payment from the student. We have a process to pursue uncollected accounts whereby, based upon the student’s financial means and ability to pay, a payment plan is established with the student to ensure that collectability is reasonable. We continuously monitor our historical collections to identify potential trends that may impact our determination that collectability of receivables for withdrawn students is realizable. If a student withdraws from a program prior to a specified date, any paid but unearned tuition is refunded. Refunds are calculated and paid in accordance with federal, state and accrediting agency standards. Generally, the amount to be refunded to a student is calculated based upon the period of time the student has attended classes and the amount of tuition and fees paid by the student as of his or her withdrawal date. These refunds typically reduce deferred tuition revenue and cash on our consolidated balance sheets as we generally do not recognize tuition revenue in our consolidated statements of income (loss) until the related refund provisions have lapsed. Based on the application of our refund policies, we may be entitled to incremental revenue on the day the student withdraws from one of our schools. We record revenue for students who withdraw from one of our schools when payment is received because collectability on an individual student basis is not reasonably assured.

After adoption of ASU 2014-09

On January 1, 2018, we adopted the new standard on revenue recognition, ASU 2014-09, using the modified retrospective approach of ASU 2016-10. The adoption of the guidance in ASU 2014-09 as amended by ASU 2016-10 did not have a material impact on the measurement or recognition of revenue in any prior or current reporting periods and there was no adjustment to retained earnings. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to students in an amount that reflects the consideration to which the company expects to be entitled in exchange for such goods or services. Substantially all of our revenues are considered to be revenues from contracts with students. The related accounts receivable balances are recorded in our balance sheets as student accounts receivable. We do not have significant revenue recognized from performance obligations that were satisfied in prior periods, and we do not have any transaction price allocated to unsatisfied performance obligations other than in our unearned tuition. We record revenue for students who withdraw from our schools only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Unearned tuition represents contract liabilities primarily related to our tuition revenue. We have elected not to provide disclosure about transaction prices allocated to unsatisfied performance obligations if contract durations are less than one-year, or if we have the right to consideration from a student in an amount that corresponds directly with the value provided to the student for performance obligations completed to date. We have assessed the costs incurred to obtain a contract with a student and determined them to be immaterial.

Unearned tuition in the amount of $23.4 million and $22.5 million is recorded in the current liabilities section of the accompanying condensed consolidated balance sheets as of December 31, 2019 and 2018, respectively. The change in this contract liability balance during the year ended December 31, 2019 is the result of payments received in advance of satisfying performance obligations, offset by revenue recognized during that period. Revenue recognized for the year ended December 31, 2019 that was included in the contract liability balance at the beginning of the year was $21.7 million.

The following table depicts the timing of revenue recognition:

	Year ended December 31, 2019
	Transportation and Skilled Trades Segment		Healthcare and Other Professions Segment		Transitional Segment		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	11,881	$	4,521	$	-	$	16,402
Services transferred over time		181,841		75,099		-		256,940
Total revenues	$	193,722	$	79,620	$	-	$	273,342

	Year ended December 31, 2018
	Transportation and Skilled Trades Segment		Healthcare and Other Professions Segment		Transitional Segment		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	10,351	$	3,834	$	72	$	14,257
Services transferred over time		174,912		68,301		5,730		248,943
Total revenues	$	185,263	$	72,135	$	5,802	$	263,200

	Year ended December 31, 2017
	Transportation and Skilled Trades Segment		Healthcare and Other Professions Segment		Transitional Segment		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	8,987	$	2,860	$	28	$	11,875
Services transferred over time		172,341		60,781		16,856		249,978
Total revenues	$	181,328	$	63,641	$	16,884	$	261,853

LEASES

12 Months Ended

Dec. 31, 2019

LEASES [Abstract]

LEASES

In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU No. 2016-02”). This guidance amends the existing accounting considerations and treatments for leases through the creation of Topic 842, Leases, to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from such leases.

The Company determines if an arrangement is a lease at inception. The Company considers any contract where there is an identified asset and that it has the right to control the use of such asset in determining whether the contract contains a lease. An operating lease ROU asset represents the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are to be recognized at commencement date based on the present value of lease payments over the lease term. As all of the Company’s operating leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available on the adoption date in determining the present value of lease payments. We estimate the incremental borrowing rate based on a yield curve analysis, utilizing the interest rate derived from the fair value analysis of our credit facility and adjusting it for factors that appropriately reflect the profile of secured borrowing over the expected term of the lease. The operating lease ROU assets include any lease payments made prior to the rent commencement date and exclude lease incentives. Our leases have remaining lease terms of one year to 11 years. Lease terms may include options to extend the lease term used in determining the lease obligation when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments are recognized on a straight-line basis over the lease term for operating leases.

The following table present the cumulative effect of the changes made to the condensed consolidated balance sheets as of January 1, 2019, as a result of the adoption of ASC Topic 842:

	December 31, 2018		ASC 842			January 1, 2019

Operating lease right-of-use asset	$	-	$	37,993		$	37,993
Current portion of operating lease liability	$	-	$	8,999		$	8,999
Other short-term liabilities	$	968	$	(968	)	$	-
Long-term portion of operating lease liability	$	-	$	33,372		$	33,372
Accrued rent	$	3,410	$	(3,410	)	$	-

Our operating lease cost for the year ended December 31, 2019 was $14.5 million. Our variable lease cost for the year ended December 31, 2019 was $2.9 million. The net change in ROU asset amortization, operating lease liability amortization, and impact from re-measurements of $0.9 million is included in other assets in the condensed consolidated cash flows for the year ended December 31, 2019.

Supplemental cash flow information and non-cash activity related to our operating leases are as follows:

	December 31, 2019
Operating cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	12,926
Non-cash activity:
Lease liabilities arising from obtaining right-of-use assets*	$	63,911

* Includes effect of adoption of ASU 2016-02 and related amendments and a new lease entered into on January 1, 2019 of $5.6 million.

Weighted-average remaining lease term and discount rate for our operating leases is as follows:

	Year Ended December 31, 2019

Weighted-average remaining lease term	6.22 years
Weighted-average discount rate		12.86	%

Maturities of lease liabilities by fiscal year for our operating leases as of December 31, 2019 are as follows:

Year ending December 31,
2020		15,412
2021		13,600
2022		11,607
2023		9,988
2024		8,749
Thereafter		20,008
Total lease payments		79,364
Less: imputed interest		(24,204	)
Present value of lease liabilities	$	55,160

As of December 31, 2018, minimum lease payments under non-cancelable operating leases by period were expected to be as follows:

2019	$	16,939
2020		14,183
2021		10,708
2022		8,180
2023		5,811
Thereafter		17,610
	$	73,431

GOODWILL

12 Months Ended

Dec. 31, 2019

GOODWILL [Abstract]

GOODWILL

Changes in the carrying amount of goodwill during the years ended December 31, 2019 and 2018 are as follows:

	Gross Goodwill Balance		Accumulated Impairment Losses		Net Goodwill Balance
Balance as of January 1, 2018	$	117,176	$	102,640	$	14,536
Adjustments		-		-		-
Balance as of December 31, 2018		117,176		102,640		14,536
Adjustments		-		-		-
Balance as of December 31, 2019	$	117,176	$	102,640	$	14,536

As of December 31, 2019 and 2018, the goodwill balance of $14.5 million is related to the Transportation and Skilled Trades segment.

PROPERTY, EQUIPMENT AND FACILITIES

12 Months Ended

Dec. 31, 2019

PROPERTY, EQUIPMENT AND FACILITIES [Abstract]

PROPERTY, EQUIPMENT AND FACILITIES

7.	PROPERTY, EQUIPMENT AND FACILITIES

Property, equipment and facilities consist of the following:

	Useful life (years)		At December 31,
			2019			2018
Land		-	$	6,969		$	6,969
Buildings and improvements		1-25		131,739			128,431
Equipment, furniture and fixtures		1-7		81,900			83,766
Vehicles		3		825			916
Construction in progress		-		320			319
				221,753			220,401
Less accumulated depreciation and amortization				(172,408	)		(171,109	)
			$	49,345		$	49,292

Depreciation and amortization expense of property, equipment and facilities was $8.1 million, $8.4 million and $8.7 million for the years ended December 31, 2019, 2018 and 2017, respectively.

ACCRUED EXPENSES

12 Months Ended

Dec. 31, 2019

ACCRUED EXPENSES [Abstract]

ACCRUED EXPENSES

8.	ACCRUED EXPENSES

Accrued expenses consists of the following:

	At December 31,
	2019		2018
Accrued compensation and benefits	$	3,785	$	4,337
Accrued rent and real estate taxes		1,763		3,057
Other accrued expenses		2,321		3,211
	$	7,869	$	10,605

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2019

LONG-TERM DEBT [Abstract]

LONG-TERM DEBT

9.	LONG-TERM DEBT

Long-term debt consist of the following:

	At December 31,
	2019			2018
Credit agreement	$	34,833		$	49,301
Deferred financing fees		(805	)		(532	)
		34,028			48,769
Less current maturities		(2,000	)		(15,000	)
	$	32,028		$	33,769

$60 Million Credit Facility with Sterling National Bank

On November 14, 2019, the Company entered into a new senior secured credit agreement (the “2019 Credit Agreement”) with its lender, Sterling National Bank (the “Lender”), pursuant to which the Company obtained a new credit facility in the aggregate principal amount of up to $60 million (the “2019 Credit Facility”). The 2019 Credit Facility replaces the Company’s existing facility with the Lender and, among other things, increases aggregate borrowing from $47 million to $60 million.

The 2019 Credit Facility is comprised of four facilities: a $20 million senior secured term loan maturing on December 1, 2024 (the “Term Loan”), with monthly interest and principal payments based on 120-month amortization with the outstanding balance due on the maturity date; a $10 million senior secured delayed draw term loan maturing on December 1, 2024 (the “Delayed Draw Term Loan”), with monthly interest payments for the first 18 months and thereafter monthly payments of interest and principal based on 120-month amortization and all balances due on the maturity date; a $15 million senior secured committed revolving line of credit providing a sublimit of up to $10 million for standby letters of credit maturing on November 13, 2022 (the “Revolving Loan”), with monthly payments of interest only; and a $15 million senior secured non-restoring line of credit maturing on January 31, 2021 (the “Line of Credit Loan”).

The 2019 Credit Facility is secured by a first priority lien in favor of the Lender on substantially all of the personal property owned by the Company, as well as a pledge of the stock and other equity in the Company’s subsidiaries and mortgages on parcels of real property owned by the Company in Colorado, Tennessee and Texas, at which three of the Company’s schools are located, as well as a former school property owned by the Company located in Connecticut.

At the closing of the 2019 Credit Facility, the Lender advanced the Term Loan to the Company, the net proceeds of which was $19.7 million after deduction of the Lender’s origination fee in the amount of $0.3 million and other Lender fees and reimbursements to the Lender that are customary for facilities of this type. The Company used the net proceeds of the Term Loan, together with cash on hand, to repay the existing credit facility and transaction expenses.

Pursuant to the terms of the 2019 Credit Agreement, letters of credit issued under the Revolving Loan reduce dollar for dollar the availability of borrowings under the Revolving Loan. Borrowings under the Line of Credit Loan are to be secured by cash collateral.

Borrowing under the Delayed Draw Term Loan is available during the period commencing on the closing date of the 2019 Credit Facility and ending on May 31, 2021. Any amounts not borrowed during this period will not be available to the Company.

Accrued interest on each loan under the 2019 Credit Facility will be payable monthly in arrears. The Term Loan and the Delayed Draw Term Loan will bear interest at a floating interest rate based on the then one month London Interbank Offered Rate (“LIBOR”) plus 3.50%. At the closing of the 2019 Credit Facility, the Company entered into a swap transaction with the Lender for 100% of the principal balance of the Term Loan, which matures on the same date as the Term Loan. pursuant to a swap agreement between the Company and the Lender. At the end of the borrowing availability period for the Delayed Draw Term Loan, the Company is required to enter into a swap transaction with the Lender for 100% of the principal balance of the Delayed Draw Term Loan, which will mature on the same date as the Delayed Draw Term Loan, pursuant to a swap agreement between the Company and the Lender or the Lender’s affiliate. The Term Loan and Delayed Draw Term Loan are subject to a LIBOR interest rate floor of .25% if there is no swap agreement.

Revolving Loans bear interest at a floating interest rated based on the then LIBOR plus an indicative spread determined by the Company’s leverage as defined in the 2019 Credit Agreement or, if the borrowing of a Revolving Loan is to be repaid within 30 days of such borrowing, the Revolving Loan will accrue interest at the Lender’s prime rate plus .50% with a floor of 4.0%. Line of Credit Loans will bear interest at a floating interest rated based on the Lender’s prime rate of interest. Revolving Loans are subject to a LIBOR interest rate floor of .00%.

Letters of credit will be charged an annual fee equal to (i) an applicable margin determined by the leverage ratio of the Company less (ii) .25%, paid quarterly in arrears, in addition to the Lender’s customary fees for issuance, amendment and other standard fees. Letters of credit totaling $4 million that were outstanding under the existing credit facility are treated as letters of credit under the Revolving Loan.

Under the terms of the 2019 Credit Agreement, the Company may prepay the Term Loan and/or the Delayed Draw Term Loan in full or in part without penalty except for any amount required to compensate the Lender for any swap breakage or other costs incurred in connection with such prepayment. The Lender receives an unused facility fee of 0.50% per annum payable quarterly in arrears on the unused portions of the Revolving Loan and the Line of Credit Loan.

In addition to the foregoing, the 2019 Credit Agreement contains customary representations, warranties and affirmative and negative covenants (including financial covenants that (i) restrict capital expenditures, (ii) restrict leverage, (iii) require maintaining minimum tangible net worth, (iv) require maintaining a minimum fixed charge coverage ratio and (v) require the maintenance of a minimum of $5 million in quarterly average aggregate balances on deposit with the Lender, which, if not maintained, will result in the assessment of a quarterly fee of $12,500), as well as events of default customary for facilities of this type.

As of December 31, 2019, the Company had $34.8 million outstanding under the 2019 Credit Facility; offset by $0.8 million of deferred finance fees. In January 2020, the Company repaid the $15.0 million outstanding on the Line of Credit Loan which was fully cash collateralized. As of December 31, 2018, the Company had $49.3 million outstanding under the its prior credit facility, offset by $0.5 million of deferred finance fees, which were written-off. As of December 31, 2019 and December 31, 2018, letters of credit in the aggregate outstanding principal amount of $4.0 million and $1.8 million, respectively, were outstanding under the Credit Facility.

On March 31, 2017, the Company obtained a secured credit facility from the Lender pursuant to a credit agreement dated March 31, 2017 among the Company, the Company’s subsidiaries and the Lender, which was subsequently amended on each of November 29, 2017, February 23, 2018, July 11, 2018 and March 6, 2019. This credit facility was subsequently terminated on November 14, 2019 at which time the outstanding balance was $22.1 million at an incurred interest rate of 7.85%.

Scheduled maturities of long-term debt at December 31, 2019 are as follows:

Year ending December 31,
2020	$	2,000
2021		17,000
2022		2,000
2023		2,000
2024		11,833
	$	34,833

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2019

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

10.	STOCKHOLDERS’ EQUITY

Common Stock

Holders of our common stock are entitled to receive dividends when and as declared by our Board of Directors and have the right to one vote per share on all matters requiring shareholder approval. The Company has not declared or paid any cash dividends on our common stock since the Company’s Board of Directors discontinued our quarterly cash dividend program in February 2015. The Company has no current intentions to resume the payment of cash dividends in the foreseeable future.

Preferred Stock

On November 14, 2019, the Company raised gross proceeds of $12.7 million from the sale of 12,700 shares of its newly designated Series A 9.6% Convertible Preferred Stock, no par value per share (the “Series A Preferred Stock”). The Series A Preferred Stock was designated by the Company’s Board of Directors pursuant to a certificate of amendment to the Company’s amended and restated certificate of incorporation. The liquidation preference associated with the Series A Preferred Stock was $1,000 per share at December 31, 2019. The Company incurred issuance cost of $0.7 million as part of this transaction.

The description below provides a summary of certain material terms of the Series A Preferred Stock pursuant to the Securities Purchase Agreement and set forth in the Certificate of Amendment (the “Charter Amendment”) affecting the Series A Preferred Stock:

Securities Purchase Agreement.

The Series A Preferred Stock was sold by the Company pursuant to a Securities Purchase Agreements dated as of November 14, 2019 (the “SPA”) among the Company, Juniper Targeted Opportunity Fund, L.P. and Junior Targeted Opportunities, L.P. (together, “Juniper Purchasers”) Talanta Investment, Inc. (“Talanta”, together with Juniper Purchasers, the “Investors”). Among other things, the SPA includes covenants relating to the appointment of a director to the Company’s Board of Directors to be selected solely by the holders of the Series A Preferred Stock.

Dividends. Dividends on the Series A Preferred Stock (“Series A Dividends”), at the initial annual rate of 9.6% is to be paid, in advance, from the date of issuance quarterly on each December 31, March 31, June 30 and September 30 with September 30, 2020 as the first dividend payment date. The Company, at its option, may pay dividends in cash or dividends will accrue and thereby increase the number of shares issuable upon conversion of the Series A Preferred Stock. The dividend rate is subject to increase (a) 2.4% per annum on the fifth anniversary of the issuance of the Series A Preferred Stock (b) by 2% per annum but in no event above 14% per annum should the Company fail to perform certain obligations under the Charter Amendment. The Series A Preferred Stock is not currently redeemable and it is not probable it will become redeemable in the future. As a result, the Company is not required to re-measure the Series A Preferred Stock and does not accrete changes in the redemption value. As of December 31, 2019, undeclared accrued dividends are approximately $0.2 million.

Series A Preferred Stock Holders Right to Convert into common stock. Each share of Series A Preferred Stock, at any time, is convertible into a number of shares of common stock equal to (“Convertible Formula”) the quotient of (i) the sum of (A) $1,000 (subject to adjustment as provided in the Charter Amendment) plus (B) the dollar amount of any declared Series A Dividends not paid in cash divided by (ii) the Series A Conversion Price (as defined and adjusted in the Charter Amendment) as of the applicable Conversion Date (as defined in the Charter Amendment). The initial Conversion Price is $2.36. At all times, however, the number of Conversion Shares that can be issued to any Series A Preferred Stock Holder may not result in such holder and its affiliates owning more than 19.99% of the total number of shares of common stock outstanding after giving effect to the conversion (the “Hard Cap”), unless prior shareholder approval is obtained or no longer required by the rules of the principal stock exchange on which the Company’s common stock trade.

Mandatory Conversion. If, at any time following November 14, 2022 the volume weighted average price of the Company’s common stock equals or exceeds 2.25 times the Conversion Price for a period of 20 consecutive trading days and on each such trading day at least 20,000 shares of common stock was traded, the Company may, at its option and subject to the Hard Cap, require that any or all of the then outstanding shares of Series A Preferred Stock be automatically converted into shares of common stock at the then applicable convertible Formula at the Company’s discretion.

Redemption. Beginning November 14, 2024, the Company may redeem all or any of the Series A Preferred Stock for a cash price equal to the greater of (“Liquidation Preference”) (i) the sum of $1,000 (subject to adjustment as provided in the Charter Amendment) plus the dollar amount of any declared Series A Dividends not paid in cash and (ii) the value of the Conversion Shares were such Series A Preferred Stock converted (as determined in the Charter Amendment) without regard to the Hard Cap.

Change of Control. In the event of certain changes of control, some of which are not in the Company’s control, as defined in the Charter Amendment as a “Fundamental Change” or a “Liquidation” (as defined in the Charter Amendment), the Series A Preferred Stockholders shall be entitled to receive the Liquidation Preference, unless such Fundamental Change is a stock merger in which certain value and volume requirements are met, in which case the Series A Preferred Stock will be converted into common stock in connection with such stock merger. The Company has classified the Series A Preferred Stock as mezzanine equity on the Consolidated Balance Sheet based upon the terms of a change of control which could be outside the Company’s control.

Voting. Holders of shares of Series A Preferred Stock will be entitled to vote with the holders of shares of common stock and not as a separate class, at any annual or special meeting of shareholders of the Company, on an as-converted basis, in all cases subject to the Hard Cap. In addition, a majority of the voting power of the Series A Preferred Stock must approve certain significant actions of the Company, including (i) declaring a dividend or otherwise redeeming or repurchasing any shares of common stock and other junior securities, if any, subject to certain exceptions, (ii) incurring indebtedness, except for certain permitted indebtedness and (iii) creating a subsidiary other than a wholly-owned subsidiary.

Additional Provisions. The Series A Preferred Stock is perpetual and therefore does not have a maturity date. The conversion price of the Series A Preferred Stock is subject to anti-dilution protections if the Company affects a stock split, stock dividend, subdivision, reclassification or combination of its common stock and certain other economically dilutive events.

Registration Rights Agreement. The Company also is a party to a Registration Rights Agreement (“RRA”) with the investors of the Series A Preferred Stock. The RRA provides for unlimited demand registration rights, of which there can be two underwritten offerings each for at least $5 million in gross proceeds, and piggyback registration rights, with respect to the Conversion Shares.

Restricted Stock

The Company has two stock incentive plans: a Long-Term Incentive Plan (the “LTIP”) and a Non-Employee Directors Restricted Stock Plan (the “Non-Employee Directors Plan”).

Under the LTIP, certain employees received awards of restricted shares of common stock based on service and performance. The number of shares granted to each employee is based on the fair market value of a share of common stock on the date of grant.

On February 28, 2019, restricted shares were granted to certain employees of the Company, which shares ratably vest over three years. There is no restriction on the right to vote or the right to receive dividends with respect to any of such restricted shares.

On February 23, 2018, restricted shares of common stock of the Company were granted to certain employees of the Company, which shares vested immediately. There is no restriction on the right to vote or the right to receive dividends with respect to any of such restricted shares; however, the recipient can only sell or otherwise transfer the shares after the expiration of a specified period of time ranging from 120 to 240 days following the date of grant.

On May 13, 2016 and January 16, 2017, performance-based restricted shares were granted to certain employees of the Company, which vest on March 15, 2017 and March 15, 2018 based upon the attainment of a financial metric during each fiscal year ending December 31, 2016 and 2017. These shares were fully vested as of March 31, 2018 and are held without restriction.

Pursuant to the Non-Employee Directors Plan, each non-employee director of the Company receives an annual award of restricted shares of common stock on the date of the Company’s annual meeting of shareholders. The number of shares granted to each non-employee director is based on the fair market value of a share of common stock on that date. There is no restriction on the right to vote or the right to receive dividends with respect to any of the restricted shares.

In 2019, 2018 and 2017, the Company completed a net share settlement for 5,518, 207,642 and 189,420 restricted shares and stock options exercised, respectively, on behalf of certain employees that participate in the LTIP upon the vesting of the restricted shares pursuant to the terms of the LTIP or exercise of the stock options. The net share settlement was in connection with income taxes incurred on restricted shares or stock option exercises that vested and were transferred to the employee during 2019, 2018 and/or 2017, creating taxable income for the employee. At the employees’ request, the Company will pay these taxes on behalf of the employees in exchange for the employees returning an equivalent value of restricted shares or shares acquired upon the exercise of stock options to the Company. These transactions resulted in a decrease of approximately less than $0.1 million, $0.4 million and $0.4 million in 2019, 2018 and 2017, respectively, to equity as the cash payment of the taxes effectively was a repurchase of the restricted shares or shares acquired through the exercise of stock options granted in previous years.

The following is a summary of transactions pertaining to restricted stock:

	Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested restricted stock outstanding at December 31, 2017		607,994		$	1.90
Granted		135,568			1.60
Cancelled		-			-
Vested		(707,654	)		1.82
Nonvested restricted stock outstanding at December 31, 2018		35,908			2.23
Granted		598,982			3.15
Cancelled		(3,546	)		3.17
Vested		(35,908	)		2.23
Nonvested restricted stock outstanding at December 31, 2019		595,436			3.15

The restricted stock expense for each of the years ended December 31, 2019, 2018 and 2017 was $0.7 million, $0.5 million and $1.2 million, respectively. The unrecognized restricted stock expense as of December 31, 2019 and 2018 was $1.2 million and $0.1 million, respectively. As of December 31, 2019, unrecognized restricted stock expense will be expensed over the weighted-average period of approximately 12 months. As of December 31, 2019, outstanding restricted shares under the LTIP had an aggregate intrinsic value of $1.6 million.

Stock Options

During 2019, 2018 and 2017 there were no new stock option grants. The following is a summary of transactions pertaining to the option plans:

	Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding January 1, 2017		218,167		$	12.11	3.33 years	$	-
Cancelled		(50,500	)		12.09			-

Outstanding December 31, 2017		167,667			12.11	2.97 years		-
Cancelled		(28,667	)		11.98			-

Outstanding December 31, 2018		139,000			12.14	2.53 years		-
Cancelled		(23,000	)		20.15

Outstanding December 31, 2019		116,000			10.56	1.83 years		-

Vested as of December 31, 2019		116,000			10.56	1.83 years		-

Exercisable as of December 31, 2019		116,000			10.56	1.83 years		-

As of December 31, 2019, there are no unrecognized pre-tax compensation expense for unvested stock option awards.

The following table presents a summary of options outstanding at December 31, 2019:

		At December 31, 2019
		Stock Options Outstanding						Stock Options Exercisable
Range of Exercise Prices		Shares		Contractual Weighted Average life (years)		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
$	7.79		91,000		2.17	$	7.79		91,000	$	7.79
$	20.62		25,000		0.59		20.62		25,000		20.62

			116,000		1.83		10.56		116,000		10.56

PENSION PLAN

12 Months Ended

Dec. 31, 2019

PENSION PLAN [Abstract]

PENSION PLAN

11.	PENSION PLAN

The Company sponsors a noncontributory defined benefit pension plan covering substantially all of the Company’s union employees. Benefits are provided based on employees’ years of service and earnings. This plan was frozen on December 31, 1994 for non-union employees.

The following table sets forth the plan’s funded status and amounts recognized in the consolidated financial statements:

	Year Ended December 31,
	2019			2018			2017
CHANGES IN BENEFIT OBLIGATIONS:
Benefit obligation-beginning of year	$	21,105		$	23,492		$	22,916
Service cost		33			28			29
Interest cost		812			755			840
Actuarial loss (gain)		2,103			(1,951	)		721
Benefits paid		(1,221	)		(1,219	)		(1,014	)
Benefit obligation at end of year		22,832			21,105			23,492

CHANGE IN PLAN ASSETS:
Fair value of plan assets-beginning of year		16,835			19,055			17,548
Actual return on plan assets		3,203			(1,000	)		2,521
Benefits paid		(1,221	)		(1,220	)		(1,014	)
Fair value of plan assets-end of year		18,817			16,835			19,055

BENEFIT OBLIGATION IN EXCESS OF FAIR VALUE FUNDED STATUS:	$	(4,015	)	$	(4,270	)	$	(4,437	)

For the year ended December 31, 2019, the actuarial loss of $2.1 million was due to the decrease in the discount rate from 4.01% to 2.93%.

Amounts recognized in the consolidated balance sheets consist of:

	At December 31,
	2019			2018
Noncurrent liabilities	$	(4,015	)	$	(4,270	)

Amounts recognized in accumulated other comprehensive loss consist of:

	Year Ended December 31,
	2019			2018			2017
Accumulated loss	$	(5,648	)	$	(6,428	)	$	(6,876	)
Deferred income taxes		2,366			2,366			2,366
Accumulated other comprehensive loss	$	(3,282	)	$	(4,062	)	$	(4,510	)

The accumulated benefit obligation was $22.8 million and $21.1 million at December 31, 2019 and 2018, respectively.

The following table provides the components of net periodic cost for the plan:

	Year Ended December 31,
	2019			2018			2017
COMPONENTS OF NET PERIODIC BENEFIT COST
Service cost	$	33		$	28		$	29
Interest cost		812			755			840
Expected return on plan assets		(1,011	)		(1,104	)		(1,058	)
Recognized net actuarial loss		691			601			850
Net periodic benefit cost	$	525		$	280		$	661

The estimated net loss and prior service cost for the plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next year is $0.6 million.

The following tables present plan assets using the fair value hierarchy as of December 31, 2019 and 2018. The fair value hierarchy has three levels based on the reliability of inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using observable prices that are based on inputs not quoted in active markets but observable by market data, while Level 3 includes the fair values estimated using significant non-observable inputs. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities	$	6,259	$	-	$	-	$	6,259
Fixed income		6,313		-		-		6,313
International equities		4,165		-		-		4,165
Real estate		964		-		-		964
Cash and equivalents		1,116		-		-		1,116
Balance at December 31, 2019	$	18,817	$	-	$	-	$	18,817

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities	$	5,428	$	-	$	-	$	5,428
Fixed income		5,852		-		-		5,852
International equities		3,734		-		-		3,734
Real estate		795		-		-		795
Cash and equivalents		1,026		-		-		1,026
Balance at December 31, 2018	$	16,835	$	-	$	-	$	16,835

Fair value of total plan assets by major asset category as of December 31:

	2019			2018
Equity securities		33	%		32	%
Fixed income		34	%		35	%
International equities		22	%		22	%
Real estate		5	%		5	%
Cash and equivalents		6	%		6	%
Total		100	%		100	%

Weighted-average assumptions used to determine benefit obligations as of December 31:

	2019			2018
Discount rate		2.93	%		4.01	%
Rate of compensation increase		2.75	%		2.50	%

Weighted-average assumptions used to determine net periodic pension cost for years ended December 31:

	2019			2018			2017
Discount rate		2.93	%		4.01	%		3.36	%
Rate of compensation increase		2.75	%		2.50	%		2.50	%
Long-term rate of return		5.75	%		6.25	%		6.00	%

As this plan was frozen to non-union employees on December 31, 1994, the difference between the projected benefit obligation and accumulated benefit obligation is not significant in any year.

The Company invests plan assets based on a total return on investment approach, pursuant to which the plan assets include a diversified blend of equity and fixed income investments toward a goal of maximizing the long-term rate of return without assuming an unreasonable level of investment risk. The Company determines the level of risk based on an analysis of plan liabilities, the extent to which the value of the plan assets satisfies the plan liabilities and the plan’s financial condition. The investment policy includes target allocations ranging from 30% to 70% for equity investments, 20% to 60% for fixed income investments and 0% to 10% for cash equivalents. The equity portion of the plan assets represents growth and value stocks of small, medium and large companies. The Company measures and monitors the investment risk of the plan assets both on a quarterly basis and annually when the Company assesses plan liabilities.

The Company uses a building block approach to estimate the long-term rate of return on plan assets. This approach is based on the capital markets assumption that the greater the volatility, the greater the return over the long term. An analysis of the historical performance of equity and fixed income investments, together with current market factors such as the inflation and interest rates, are used to help make the assumptions necessary to estimate a long-term rate of return on plan assets. Once this estimate is made, the Company reviews the portfolio of plan assets and makes adjustments thereto that the Company believes are necessary to reflect a diversified blend of equity and fixed income investments that is capable of achieving the estimated long-term rate of return without assuming an unreasonable level of investment risk. The Company also compares the portfolio of plan assets to those of other pension plans to help assess the suitability and appropriateness of the plan’s investments.

The Company does not expect to make contributions to the plan in 2020. However after considering the funded status of the plan, movements in the discount rate, investment performance and related tax consequences, the Company may choose to make additional contributions to the plan in any given year.

The total amount of the Company’s contributions paid under its pension plan was zero for each of the years ended December 31, 2019 and 2018, respectively.

Information about the expected benefit payments for the plan is as follows:

Year Ending December 31,
2020	$	1,318
2021		1,325
2022		1,346
2023		1,371
2024		1,384
Years 2025-2029		6,757

The Company has a 401(k) defined contribution plan for all eligible employees. Employees may contribute up to 25% of their compensation into the plan. The Company may contribute up to an additional 30% of the employee’s contributed amount up to 6% of compensation. For the years ended December 31, 2019, 2018 and 2017, the Company’s expense for the 401(k) plan amounted to $0.1 million, $0.1 million and $0.1 million, respectively.

INCOME TAXES

12 Months Ended

Dec. 31, 2019

INCOME TAXES [Abstract]

INCOME TAXES

12.	INCOME TAXES

Components of the provision for income taxes were as follows:

	Year Ended December 31,
	2019		2018		2017
Current:
Federal	$	-	$	-	$	-
State		115		200		150
Total		115		200		150

Deferred:
Federal		120		-		(424	)
State		33		-		-
Total		153		-		(424	)

Total provision (benefit)	$	268	$	200	$	(274	)

Effective Tax rate

The reconciliation of the effective tax rate to the U.S. Statutory Federal Income tax rate was:

	Year Ended December 31,
	2019					2018					2017
Income (loss) before taxes	$	2,283				$	(6,345	)			$	(11,758	)

Expected tax (benefit)	$	479		21.0	%	$	(1,332	)	21.0	%	$	(4,115	)	35.0	%
State tax benefit (net of federal)		148		6.5			200		(3.2	)		150		(1.3	)
Valuation allowance		(428	)	(18.8	)		1,230		(19.4	)		(13,920	)	118.4
Federal tax reform - deferred rate change		-		-			49		(0.8	)		17,671		(150.3	)
Other		69		3.0			53		(0.8	)		(60	)	0.5
Total	$	268		11.7	%	$	200		(3.2	%)	$	(274	)	2.3	%

On December 22, 2017, the U.S. government enacted comprehensive tax legislation known as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act establishes new tax laws that took effect in 2018, including, but not limited to (1) reduction of the U.S. federal corporate tax rate from a maximum of 35% to 21%; (2) elimination of the corporate alternative minimum tax (AMT); (3) a new limitation on deductible interest expense; (4) the repeal of the domestic production activity deduction; (5) limitations on the deductibility of certain executive compensation; and (6) limitation on net operating losses generated after December 31, 2017, to 80% of taxable income. In addition, certain changes were made to the bonus depreciation rules that impacted fiscal year 2017.

Our provision for income taxes was $0.3 million, or 11.7% of pretax income, for the year ended December 31, 2019, compared to a benefit for income taxes of $0.2 million, or 3.2% of pretax loss, in the prior year comparable period. No federal or state income tax benefit was recognized for the current period loss due to the recognition of a full valuation allowance. Income tax expense resulted from various minimal state tax expenses.

Deferred Taxes and Valuation Allowance

The components of the non-current deferred tax (liabilities)/assets were as follows:

	At December 31,
	2019			2018
Gross noncurrent deferred tax (liabilities) assets
Allowance for bad debts	$	5,461		$	4,828
Accrued rent		-			1,833
Stock-based compensation		178			18
Lease liability		14,822			-
Right-of-use asset		(13,156	)		-
163J interest limitation		-			19
Depreciation		10,981			16,259
Goodwill		(766	)		(98	)
Other intangibles		135			211
Pension plan liabilities		1,286			1,163
Net operating loss carryforwards		18,261			17,927
AMT credit		-			424
Gross noncurrent deferred tax assets, net		37,202			42,584
Less valuation allowance		(37,355	)		(42,160	)
Noncurrent deferred tax (liabilities) assets, net	$	(153	)	$	424

Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. A significant piece of objective negative evidence was the cumulative losses incurred by the Company in recent years.

On the basis of this evaluation the Company believes it is not more likely than not that it will realize its deferred tax assets As a result, as of December 31, 2019 and 2018, the Company has recorded a valuation allowance of $37.4 million and $42.2 million, respectively, against its net deferred tax assets. With respect to AMT credit, the Company has recorded a $0.4 million receivable since it is expected that 50% will be refunded as a result of filing the Company’s 2018 federal corporate income tax return and the remaining 50% will be refunded upon the filings of the Company’s future federal corporate income tax returns.

As of December 31, 2019, the Company has net operating loss (“NOL”) carryforwards of $66.7 million. Of the $66.7 million NOL carryforwards, $58.5 million will start expiring in 2029 and ending in 2038 if unused. The net operating losses of $8.2 million generated in 2018 can be carried over indefinitely under the Tax Act. Utilization of the NOL carryforwards may be subject to a substantial limitation due to ownership change limitations that may occur in the future, as required by Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), as well as similar state and foreign provisions. These ownership changes may limit the amount of NOL and tax credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an “ownership change” as defined by Section 382 of the Code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain shareholders or public groups.

As of December 31, 2019, 2018 and 2017, the Company no longer has any liability for uncertain tax positions. The Company recognizes accrued interest and penalties related to uncertain tax positions in income tax expense.

The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various states. The Company is no longer subject to U.S. federal income tax examinations for years before 2016 and, generally, is no longer subject to state and local income tax examinations by tax authorities for years before 2016 with few exceptions.

FAIR VALUE

12 Months Ended

Dec. 31, 2019

FAIR VALUE [Abstract]

FAIR VALUE

13.	FAIR VALUE

The carrying amount and estimated fair value of the Company’s financial instrument assets and liabilities, which are not measured at fair value on the Consolidated Balance Sheets, are listed in the table below:

	December 31, 2019
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial Assets:
Cash and cash equivalents	$	23,644	$	23,644	$	-	$	-	$	23,644
Restricted cash		15,000		15,000		-		-		15,000

Prepaid expenses and other current assets		4,190		-		4,190		-		4,190

Financial Liabilities:
Accrued expenses	$	7,869	$	-	$	7,869	$	-	$	7,869
Other short term liabilities		199		-		199		-		199
Derivative qualifying as cash flow hedge		174		-		174		-		174
Credit facility		34,028		-		34,028		-		34,028

	December 31, 2018
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial Assets:
Cash and cash equivalents	$	17,571	$	17,571	$	-	$	-	$	17,571
Restricted cash		28,375		28,375		-		-		28,375

Prepaid expenses and other current assets		2,461		-		2,461		-		2,461

Financial Liabilities:
Accrued expenses	$	10,605	$	-	$	10,605	$	-	$	10,605
Other short term liabilities		2,324		-		2,324		-		2,324
Credit facility		48,769		-		43,096		-		43,096

We estimate that the carrying value of the Credit Facility approximates the fair value due to the fact that the Credit Facility was entered into in close proximity to December 31, 2019.

For the year ended December 31, 2018 we estimated the fair value of Facility 1 and Facility 2 of the revolving credit facility based on a present value analysis utilizing aggregate market yields obtained from independent pricing sources for similar financial instruments. The carrying value for Facility 3 of the revolving credit facility approximated fair value due to the fact that the borrowings were made in close proximity to December 31, 2018.

The carrying amounts reported on the Consolidated Balance Sheets for Cash and cash equivalents, Restricted cash and Noncurrent restricted cash approximate fair value because they are highly liquid.

The carrying amounts reported on the Consolidated Balance Sheets for Prepaid expenses and Other current assets, Accrued expenses and Other short term liabilities approximate fair value due to the short-term nature of these items.

Qualifying Hedge Derivative

On November 14, 2019, the Company entered into an interest rate swap for the Term Loan with a notional amount of $20M which expires on December 1, 2024. The loan has a 10-year straight line amortization. A principal amount of $0.2 million is paid monthly. This interest rate swap converts the floating interest rate Term Loan to a fixed rate, plus a borrowing spread. The interest rate is variable based on LIBOR plus 3.50% and the Company’s fixed rate is 5.36%. The Company designated this interest rate swap as a cash flow hedge.

The Company entered into this interest rate swap to hedge exposure resulting from the interest rate risk. The purpose of this hedge is to reduce the variability of the interest rate based on LIBOR. The Company manages these exposures within specified guidelines through the use of derivatives. All of our derivative instruments are utilized for risk management purposes, and the Company does not use derivatives for speculative trading purposes.

The interest rate swap had a notional amount of $19.8 million and a fair value of $0.1 million as of December 31, 2019. The Company derivative liability is measured at fair value using observable market inputs such as interest rates and our own credit risk as well as an evaluation of our counterparty’s credit risk. Based on these inputs the derivative liability is classified within Level 2 of the valuation hierarchy.

The interest expense recorded as a result of the interest rate swap was $0.1 million as of December 31, 2019. The loss recognized in accumulated other comprehensive income (loss) and the derivative liability which was recorded in other long-term liabilities was $0.1 million as of December 31, 2019.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2019

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

14.	SEGMENT REPORTING

We operate our business in three reportable segments: (a) the Transportation and Skilled Trades segment; (b) the Healthcare and Other Professions segment; and (c) the Transitional segment. Our reportable segments have been determined based on a method by which we now evaluate performance and allocate resources. Each reportable segment represents a group of post-secondary education providers that offer a variety of degree and non-degree academic programs. These segments are organized by key market segments to enhance operational alignment within each segment to more effectively execute our strategic plan. Each of the Company’s schools is a reporting unit and an operating segment. Our operating segments are described below.

Transportation and Skilled Trades – The Transportation and Skilled Trades segment offers academic programs mainly in the career-oriented disciplines of transportation and skilled trades (e.g. automotive, diesel, HVAC, welding and manufacturing).

Healthcare and Other Professions – The Healthcare and Other Professions segment offers academic programs in the career-oriented disciplines of health sciences, hospitality and business and information technology (e.g. dental assistant, medical assistant, practical nursing, culinary arts and cosmetology).

Transitional – The Transitional segment refers to our campus operations which have been closed prior to 2019. The schools in the Transitional segment employed a gradual teach-out process that enabled the schools to continue to operate to allow their current students to complete their course of study.

The Company continually evaluates each campus for profitability, earning potential, and customer satisfaction. This evaluation takes several factors into consideration, including the campus’s geographic location and program offerings, as well as skillsets required of our students by their potential employers. The purpose of this evaluation is to ensure that our programs provide our students with the best possible opportunity to succeed in the marketplace with the goals of attracting more students to our programs and, ultimately, to provide our shareholders with the maximum return on their investment. Campuses classified in the Transitional segment have been subject to this process and have been strategically identified for closure. As of December 31, 2019, no campuses have been categorized in the Transitional segment.

We evaluate segment performance based on operating results. Adjustments to reconcile segment results to consolidated results are included under the caption “Corporate,” which primarily includes unallocated corporate activity.

For all prior periods presented, the Company reclassified its Marietta, Georgia campus from the HOPS segment to the Transportation and Skilled Trades segment. This reclassification occurred to address how the Company evaluates performance and allocates resources and was approved by the Company’s Board of Directors.

Summary financial information by reporting segment is as follows:

	For the Year Ended December 31,
	Revenue															Operating Income (Loss)
	2019		% of Total			2018		% of Total			2017		% of Total			2019			2018			2017
Transportation and Skilled Trades	$	193,722		70.9	%	$	185,263		70.4	%	$	181,328		69.2	%	$	21,979		$	17,661		$	17,795
Healthcare and Other Professions		79,620		29.1	%		72,135		27.4	%		63,641		24.3	%		7,588			6,469			3,937
Transitional		-		0.0	%		5,802		2.3	%		16,884		6.4	%		-			(5,994	)		(6,926	)
Corporate		-		0.0	%		-		0.0	%		-		0.0	%		(24,329	)		(22,090	)		(19,522	)
Total	$	273,342		100	%	$	263,200		100	%	$	261,853		100	%	$	5,238		$	(3,954	)	$	(4,716	)

	Total Assets
	December 31, 2019		December 31, 2018
Transportation and Skilled Trades	$	121,611	$	92,070
Healthcare and Other Professions		27,945		14,078
Transitional		-		527
Corporate		45,207		39,363
Total	$	194,763	$	146,038

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2019

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

15.	COMMITMENTS AND CONTINGENCIES

Litigation and Regulatory Matters— In the ordinary conduct of our business, we are subject to periodic lawsuits, investigations and claims, including, but not limited to, claims involving students or graduates and routine employment matters. Although we cannot predict with certainty the ultimate resolution of lawsuits, investigations and claims asserted against us, we do not believe that any currently pending legal proceeding to which we are a party will have a material effect on our business, financial condition, results of operations or cash flows.

As previously reported, on July 6, 2018, the Company received an administrative subpoena from the Office of the Attorney General of the State of New Jersey (“NJ OAG”). Pursuant to the subpoena, the NJ OAG requested certain documents and detailed information relating to the November 21, 2012 Civil Investigative Demand letter addressed to the Company by the Massachusetts Office of the Attorney General (“MOAG”) that resulted in a previously reported Final Judgment by Consent between the Company and the MOAG dated July 13, 2015. The Company responded to this request and, by letter dated April 11, 2019, the NJ OAG issued a supplemental subpoena requesting additional information for the time period from April 11, 2014 to the present. The Company submitted its response to the supplemental subpoena. Subsequently, by email dated August 20, 2019, the NJ OAG requested additional records of the Company from the years 2012 and 2013. The Company has responded to the NJ OAG’s most recent record request and is continuing to cooperate with the NJ OAG.

Also, on February 12, 2019, the Company received a notification from the State of Colorado Department of Law (“CDOL”) advising that it was initiating a compliance examination of one of its subsidiaries, Lincoln Technical Institute, Inc. The examination sought to review a fixed number of company transactions seeking information responsive to its examination. The Company submitted its response and , on December 5, 2019, received notifications from the CDOL that it had completed its examination with no violations reported.

Student Loans—At December 31, 2019, the Company had outstanding net loan commitments to its students to assist them in financing their education of approximately $54.7 million, net of interest.

Executive Employment Agreements—The Company entered into employment contracts with key executives that provide for continued salary payments if the executives are terminated for reasons other than cause, as defined in the agreements. The future employment contract commitments for such employees were approximately $4.1 million at December 31, 2019.

Change in Control Agreements—In the event of a change of control several key executives will receive continued salary payments based on their employment agreements.

Surety Bonds—Each of the Company’s campuses must be authorized by the applicable state education agency in which the campus is located to operate and to grant degrees, diplomas or certificates to its students. The campuses are subject to extensive, ongoing regulation by each of these states. In addition, the Company’s campuses are required to be authorized by the applicable state education agencies of certain other states in which the campuses recruit students. The Company is required to post surety bonds on behalf of its campuses and education representatives with multiple states to maintain authorization to conduct its business. At December 31, 2019, the Company has posted surety bonds in the total amount of approximately $12.8 million.

RELATED PARTY

12 Months Ended

Dec. 31, 2019

RELATED PARTY [Abstract]

RELATED PARTY

16.	RELATED PARTY

The Company has an agreement with Matco Tools, whereby Matco will provide to the Company, on an advance commission basis, credits in Matco-branded tools, tool storage, equipment, and diagnostics products. The chief executive officer of the parent company of Matco was considered an immediate family member of one of the Company’s Board members, however as of December 2018, that individual is no longer considered an immediate family member. The amount of the Company’s purchases from this third party was $1.8 million for the year ended December 31, 2018. Management believes that its agreement with Matco is an arm’s length transaction and on similar terms as would have been obtained from unaffiliated third parties.

UNAUDITED QUARTERLY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2019

UNAUDITED QUARTERLY FINANCIAL INFORMATION [Abstract]

UNAUDITED QUARTERLY FINANCIAL INFORMATION

17.	UNAUDITED QUARTERLY FINANCIAL INFORMATION

The following tables have been updated to reflect changes in discontinued operations. Quarterly financial information for 2019 and 2018 is as follows:

	Quarter
2019	First			Second			Third		Fourth

Revenue	$	63,263		$	63,569		$	72,594	$	73,915
Net (loss) income		(5,467	)		(3,064	)		1,340		9,206
Basic
Net (loss) earnings per share	$	(0.22	)	$	(0.12	)	$	0.05	$	0.33
Diluted
Net (loss) earnings per share	$	(0.22	)	$	(0.12	)	$	0.05	$	0.33

Weighted average number of common shares outstanding:
Basic		24,534			24,555			24,563		24,563
Diluted		24,534			24,555			24,608		24,563

	Quarter
2018	First			Second			Third			Fourth

Revenue	$	61,889		$	61,120		$	70,078		$	70,113
Net (loss) income		(6,874	)		(4,104	)		(600	)		5,033
Basic
Net (loss) earnings per share	$	(0.28	)	$	(0.17	)	$	(0.02	)	$	0.21
Diluted
Net (loss) earnings per share	$	(0.28	)	$	(0.17	)	$	(0.02	)	$	0.20

Weighted average number of common shares outstanding:
Basic		24,138			24,486			24,533			24,533
Diluted		24,138			24,486			24,533			24,562

Schedule II-Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2019

Schedule II-Valuation and Qualifying Accounts [Abstract]

Schedule II-Valuation and Qualifying Accounts

Schedule II—Valuation and Qualifying Accounts

(in thousands)

Description	Balance at Beginning of Period			Charged to Expense			Accounts Written-off				Balance at End of Period
Allowance accounts for the year ended:

December 31, 2019 Student receivable allowance		$	16,993		$	20,847		$	(17,473	)		$	20,367
December 31, 2018 Student receivable allowance		$	13,784		$	17,705		$	(14,496	)		$	16,993
December 31, 2017 Student receivable allowance		$	14,794		$	13,720		$	(14,730	)		$	13,784

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Business Activities	Business Activities— Lincoln Educational Services Corporation and its subsidiaries (collectively, the “Company”, “we”, “our” and “us”, as applicable) provide diversified career-oriented post-secondary education to recent high school graduates and working adults. The Company, which currently operates 22 schools in 14 states, offers programs in automotive technology, skilled trades (which include HVAC, welding and computerized numerical control and electronic systems technology, among other programs), healthcare services (which include nursing, dental assistant and medical administrative assistant, among other programs), hospitality services (which include culinary, therapeutic massage, cosmetology and aesthetics) and information technology. The schools operate under Lincoln Technical Institute, Lincoln College of Technology, Lincoln Culinary Institute, and Euphoria Institute of Beauty Arts and Sciences and associated brand names. Most of the campuses serve major metropolitan markets and each typically offers courses in multiple areas of study. Five of the campuses are destination schools, which attract students from across the United States and, in some cases, from abroad. The Company’s other campuses primarily attract students from their local communities and surrounding areas. All of the campuses are nationally or regionally accredited and are eligible to participate in federal financial aid programs by the U.S. Department of Education (the “DOE”) and applicable state education agencies and accrediting commissions which allow students to apply for and access federal student loans as well as other forms of financial aid. The Company’s business is organized into three reportable business segments: (a) Transportation and Skilled Trades, (b) Healthcare and Other Professions (“HOPS”), and (c) Transitional, which refers to our campus operations which have been closed prior to 2019.
Liquidity	Liquidity—For several years, the Company and the proprietary school sector have faced deteriorating earnings. Government regulations have negatively impacted earnings by making it more difficult for potential students to obtain loans, which, when coupled with the overall economic environment, have discouraged potential students from enrolling in post-secondary schools. In light of these factors, the Company has incurred significant operating losses as a result of lower student population. However, over the last two years earnings have been improving and the Company had net income for the year ended December 31, 2019. As of December 31, 2019, the Company had a net cash balance of $4.6 million calculated as cash, cash equivalents and both short and long-term restricted cash less both short and long-term portion of the Company’s credit facility. The increase in cash position was primarily attributable to net proceeds of approximately $12.0 million obtained through the sale in November, 2019 of 12,700 shares of Series A Convertible Preferred Stock, no par value, the termination of our prior credit facility and the execution of a new senior secured credit facility with Sterling National Bank increasing available borrowings to $60 million from $47 million, and net income generated for the year ended December 31, 2019 of approximately $2.0 million. At December 31, 2019, the Company’s sources of cash primarily included cash and cash equivalents of $38.6 million (of which $15.0 million is restricted). In addition, the Company has availability to borrow additional funds under its credit facility for an additional $25.0 million. The Company is also continuing to take actions to improve cash flow by aligning its cost structure to its student population. The Company believes that the likely sources of cash should be sufficient to fund operations for the next twelve months and thereafter for the foreseeable future.
Principles of Consolidation	Principles of Consolidation—The accompanying consolidated financial statements include the accounts of Lincoln Educational Services Corporation and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.
Cash and Cash Equivalents	Cash and Cash Equivalents—Cash and cash equivalents include all cash balances and highly liquid short-term investments, which contain original maturities within three months of purchase. Pursuant to the DOE’s cash management requirements, the Company retains funds from financial aid programs under Title IV of the Higher Education Act in segregated cash management accounts. The segregated accounts do not require a restriction on use of the cash and, as such, these amounts are classified as cash and cash equivalents on the consolidated balance sheet.
Restricted Cash	Restricted Cash—Restricted cash consists of deposits maintained at financial institutions under a cash collateral agreement pursuant to the Company’s credit facility and cash collateral for letters of credit as to 2018 under the Company’s prior credit facility. The amounts of $15.0 million and $11.6 million as of December 31, 2019 and 2018, respectively, of restricted cash are included in long-term assets in the consolidated balance sheets as the restrictions are greater than one year. Refer to Note 9 for more information on the Company’s credit facility.
Accounts Receivable	Accounts Receivable—The Company reports accounts receivable at net realizable value, which is equal to the gross receivable less an estimated allowance for uncollectible accounts. Noncurrent accounts receivable represent amounts due from graduates in excess of 12 months from the balance sheet date.
Allowance for Uncollectible Accounts	Allowance for Uncollectible Accounts—Based upon experience and judgment, an allowance is established for uncollectible accounts with respect to tuition receivables. In establishing the allowance for uncollectible accounts, the Company considers, among other things, current and expected economic conditions, a student’s status (in-school or out-of-school), whether or not a student is currently making payments, and overall collection history. Changes in trends in any of these areas may impact the allowance for uncollectible accounts. The receivables balances of withdrawn students with delinquent obligations are reserved for based on our collection history.
Inventories	Inventories—Inventories consist mainly of textbooks, computers, tools and supplies. Inventories are valued at the lower of cost or market on a first-in, first-out basis.
Property, Equipment and Facilities - Depreciation and Amortization	Property, Equipment and Facilities—Depreciation and Amortization—Property, equipment and facilities are stated at cost. Major renewals and improvements are capitalized, while repairs and maintenance are expensed when incurred. Upon the retirement, sale or other disposition of assets, costs and related accumulated depreciation are eliminated from the accounts and any gain or loss is reflected in operating income (loss). For financial statement purposes, depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets, and amortization of leasehold improvements is computed over the lesser of the term of the lease or its estimated useful life.
Advertising Costs	Advertising Costs—Costs related to advertising are expensed as incurred and approximated $29.8 million, $29.4 million and $27.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. These amounts are included in selling, general and administrative expenses in the consolidated statements of operations.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets— The Company tests its goodwill for impairment annually, or whenever events or changes in circumstances indicate an impairment may have occurred, by comparing its reporting unit’s carrying value to its implied fair value. Impairment may result from, among other things, deterioration in the performance of the acquired business, adverse market conditions, adverse changes in applicable laws or regulations, reductions in market value of the Company, and changes that restrict the activities of the acquired business, and a variety of other circumstances. If the Company determines that an impairment has occurred, it is required to record a write-down of the carrying value and charge the impairment as an operating expense in the period the determination is made. In evaluating the recoverability of the carrying value of goodwill and other indefinite-lived intangible assets, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the acquired assets. Changes in strategy or market conditions could significantly impact these judgments in the future and require an adjustment to the recorded balances. The goodwill is allocated among nine reporting units within the Transportation and Skilled Trades Segment. When we test goodwill balances for impairment, we determine the fair value of each of our reporting units using an equal weighting of the discounted cash flow model and the market approach. The determination of fair value using the discounted cash flow model requires significant estimates and assumptions related to forecasts of future revenues, which is driven by student start growth, EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) margins, the long-term growth rate used in the calculation of the terminal value, and the discount rate to apply against each reporting unit’s financial metrics. The determination of fair value using the market approach requires significant estimates and assumptions related to the selection of EBITDA multiples and the control premiums. Changes in these assumptions could have a significant impact on either the fair value, the amount of any goodwill impairment charge, or both. Although we believe our projected future operating results and cash flows and related estimates regarding fair values are based on reasonable assumptions, historically projected operating results and cash flows have not always been achieved. The failure of one of our reporting units to achieve projected operating results and cash flows in the near term or long term may reduce the estimated fair value of the reporting unit below its carrying value and result in the recognition of a goodwill impairment charge. Significant management judgment is necessary to evaluate the impact of operating and macroeconomic changes and to estimate future cash flows. Assumptions used in our impairment evaluations, such as forecasted growth rates and our cost of capital, are based on the best available market information and are consistent with our internal forecasts and operating plans. In addition to cash flow estimates, our valuations are sensitive to the rate used to discount cash flows and future growth assumptions. At December 31, 2019, 2018 and 2017, we conducted our annual test for goodwill impairment and determined we did not have an impairment.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets—The Company reviews the carrying value of its long-lived assets and identifiable intangibles for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Company evaluates long-lived assets for impairment by examining estimated future cash flows using Level 3 inputs. These cash flows are evaluated by using weighted probability techniques as well as comparisons of past performance against projections. Assets may also be evaluated by identifying independent market values. If the Company determines that an asset’s carrying value is impaired, it will record a write-down of the carrying value of the asset and charge the impairment as an operating expense in the period in which the determination is made. The Company concluded that for the years ended December 31, 2019, 2018 and 2017, there were no long-lived asset impairments.
Concentration of Credit Risk	Concentration of Credit Risk—Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company places its cash and cash equivalents with high credit quality financial institutions. The Company’s cash balances with financial institutions typically exceed the Federal Deposit Insurance Corporation (“FDIC”) limit of $0.25 million. The Company’s cash balances on deposit at December 31, 2019, exceeded the balance insured by the FDIC by approximately $38.0 million. The Company has not experienced any losses to date on its invested cash. The Company extends credit for tuition and fees to many of its students. The credit risk with respect to these accounts receivable is mitigated through the students’ participation in federally funded financial aid programs unless students withdraw prior to the receipt of federal funds for those students. In addition, the remaining tuition receivables are primarily comprised of smaller individual amounts due from students. With respect to student receivables, the Company had no significant concentrations of credit risk as of December 31, 2019 and 2018.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements—The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“GAAP’) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. On an ongoing basis, the Company evaluates the estimates and assumptions, including those used to determine the incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, lease term to calculate lease cost, revenue recognition, bad debts, impairments, fixed assets, income taxes, benefit plans and certain accruals. Actual results could differ from those estimates.
Income Taxes	Income Taxes—The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, “Income Taxes” (“ASC 740”). This statement requires an asset and a liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered. In accordance with ASC 740, the Company assesses our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. In accordance with ASC 740, our assessment considers whether there has been sufficient income in recent years and whether sufficient income is expected in future years in order to utilize the deferred tax asset. In evaluating the realizability of deferred income tax assets, the Company considered, among other things, historical levels of income, expected future income, the expected timing of the reversals of existing temporary reporting differences, and the expected impact of tax planning strategies that may be implemented to prevent the potential loss of future income tax benefits. Significant judgment is required in determining the future tax consequences of events that have been recognized in our consolidated financial statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on the Company’s consolidated financial position or results of operations. Changes in, among other things, income tax legislation, statutory income tax rates, or future income levels could materially impact the Company’s valuation of income tax assets and liabilities and could cause our income tax provision to vary significantly among financial reporting periods. See information regarding the impact of the Tax Cuts and Jobs Act in Note 12. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2019 and 2018, we did not record any interest and penalties expense associated with uncertain tax positions.
Derivative Instruments	Derivative Instruments—The Company records the fair value of derivative instruments as either assets or liabilities on the balance sheet. The accounting for gains and losses resulting from changes in fair value is dependent on the use of the derivative and whether it is designated and qualifies for hedge accounting. All qualifying hedging activities are documented at the inception of the hedge and must meet the definition of highly effective in offsetting changes to future cash. The Company utilizes the change in variable cash flows method to evaluate hedge effectiveness quarterly. We record the fair value of the qualifying hedges in other long-term liabilities (for derivative liabilities) and other assets (for derivative assets). All unrealized gains and losses on derivatives that are designated and qualify for hedge accounting are reported in other comprehensive income (loss) and recognized when the underlying hedged transaction affects earnings. Changes in the fair value of these derivatives are recognized in other comprehensive income (loss). The Company classifies the cash flows from a cash flow hedge within the same category as the cash flows from the items being hedged. The Company adopted Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, on January 1, 2019, which changes the recognition and presentation requirements of hedge accounting, including eliminating the requirement to separately measure and report hedge ineffectiveness and presenting all items that affect earnings in the same income statement line item as the hedged item. The ASU also provides new alternatives for applying hedge accounting to additional hedging strategies, measuring the hedged item in fair value hedges of interest rate risk, reducing the cost and complexity of applying hedge accounting by easing the requirements for effectiveness testing, hedge documentation and application of the critical terms match method and reducing the risk of a material error correction if a company applies the shortcut method inappropriately. The adoption of ASU 2017-12 had no impact on the Company’s consolidated financial statements.
Start-up Costs	Start-up Costs—Costs related to the start of new campuses are expensed as incurred.
New Accounting Pronouncements	New Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes”, which simplifies the accounting for income taxes by removing certain exceptions to the general principles of ASC 740, Income Taxes. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This ASU is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. Depending on the amendment, adoption may be applied on a retrospective, modified retrospective or prospective basis. The Company is currently assessing the effect that this ASU will have on its consolidated financial statements and related disclosures. In July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections,” to reflect the recently adopted amendments to the SEC final rules that were done to modernize and simplify certain reporting requirements for public companies, investment advisers and investment companies. This ASU is effective upon issuance and did not have a significant impact on the Company’s consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans”. This ASU adds, modifies and clarifies several disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This guidance is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company is currently assessing the effect that this ASU will have on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU No. 2018-13”), which eliminates, adds and modifies certain fair value measurement disclosure requirements of Accounting Standards Codification 820, Fair Value Measurement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted ASU No. 2018-13 on January 1, 2020. The Company will apply these changes to its related disclosures. In July 2018, FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases (“ASU No. 2018-10”) to further clarify, correct and consolidate various areas previously discussed in ASU 2016-02. FASB also issued ASU No. 2018-11, Leases: Targeted Improvements (“ASU 2018-11”) to provide entities another option for transition and lessors with a practical expedient. The transition option allows entities to not apply ASU No. 2016-02 in comparative periods in the financial statements in the year of adoption. The practical expedient offers lessors an option to not separate non-lease components from the associated lease components when certain criteria are met. The amendments to ASU No. 2016-02, ASU No. 2018-10 and ASU No. 2018-11 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and allow for modified retrospective adoption with early adoption permitted. The Company adopted the amendments on January 1, 2019 using the modified retrospective approach and elected the transition relief package of practical expedients by applying previous accounting conclusions under ASC 840 to all leases that existed prior to the transition date. As a result, the Company did not reassess (1) whether existing or expired contracts contain leases, 2) lease classification for any existing or expired leases and 3) whether lease origination costs qualified as initial direct costs. The Company did not elect the practical expedient to use hindsight in determining a lease term and impairment of the ROU assets at the adoption date. Additionally, the Company did not separate lease components from non-lease components for the specified asset classes. Upon adoption of the new leasing standards, the Company recognized a lease liability of $42.3 million and a right-to-use asset of $37.9 million on our consolidated balance sheet. There was no impact to retained earnings. In June 2018, FASB issued ASU No. 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting” (“ASU No. 2018-07”), which intended to reduce cost and complexity and to improve financial reporting for share-based payments issued to nonemployees. This ASU expands the scope of Topic 718, “Compensation - Stock Compensation” (“Topic 718”), to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost. The Company adopted ASU No. 2018-07 on January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements and related disclosures. In February 2018, the FASB issued ASU 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220)”. The updated guidance allows entities to reclassify stranded income tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings in their consolidated financial statements. Under the Tax Act, deferred taxes were adjusted to reflect the reduction of the historical corporate income tax rate to the newly enacted corporate income tax rate, which left the tax effects on items within accumulated other comprehensive income stranded at an inappropriate tax rate. The updated guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. The Company adopted this ASU on January 1, 2019 and it did not have a material impact on the Company’s consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and subsequently issued additional guidance that modified ASU 2016-13. ASU 2016-13 and the subsequent modifications are identified as Accounting Standards Codification (“ASC”) 326. The standard requires an entity to change its accounting approach in determining impairment of certain financial instruments, including trade receivables, from an “incurred loss” to a “current expected credit loss” model. Further, the FASB issued ASU No. 2019-04, ASU No. 2019-05 and ASU 2019-11 to provide additional guidance on the credit losses standard. In November 2019, FASB issued ASU No. 2019-10, “Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842)”. This ASU defers the effective date of ASU 2016-13 for public companies that are considered smaller reporting companies as defined by the SEC to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. We are currently assessing the effect that this ASC will have on our consolidated financial statements and related disclosures.

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2019

EARNINGS PER SHARE [Abstract]

Reconciliation of Numerator and Denominator of Diluted Net Income (Loss) Per Share Computations

The following is a reconciliation of the numerator and denominator of the diluted net income (loss) per share computations for the periods presented below:

	Year Ended December 31,
(in thousands, except share data)	2019			2018			2017
Numerator:
Net income (loss)	$	2,015		$	(6,545	)	$	(11,484	)
Less: preferred stock dividend		-			-			-
Less: allocation to preferred stockholders		(54	)		-			-
Less: allocation to restricted stockholders		(38	)		-			-
Net income (loss) allocated to common stockholders	$	1,923		$	(6,545	)	$	(11,484	)

Basic earnings (loss) per share:
Denominator:
Weighted average common shares outstanding		24,554,033			24,423,479			23,906,395
Basic earnings (loss) per share	$	0.08		$	(0.27	)	$	(0.48	)

Diluted earnings (loss) per share:
Denominator:
Weighted average number of:
Common shares outstanding		24,554,033			24,423,479			23,906,395
Dilutive potential common shares outstanding:
Series A Preferred Stocck		-			-			-
Unvested restricted stock		-			-			-
Stock options		-			-			-
Dilutive shares outstanding		24,554,033			24,423,479			23,906,395
Diluted earnings (loss) per share	$	0.08		$	(0.27	)	$	(0.48	)

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2019

REVENUE RECOGNITION [Abstract]

Depicts Timing of Revenue Recognition

The following table depicts the timing of revenue recognition:

	Year ended December 31, 2019
	Transportation and Skilled Trades Segment		Healthcare and Other Professions Segment		Transitional Segment		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	11,881	$	4,521	$	-	$	16,402
Services transferred over time		181,841		75,099		-		256,940
Total revenues	$	193,722	$	79,620	$	-	$	273,342

	Year ended December 31, 2018
	Transportation and Skilled Trades Segment		Healthcare and Other Professions Segment		Transitional Segment		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	10,351	$	3,834	$	72	$	14,257
Services transferred over time		174,912		68,301		5,730		248,943
Total revenues	$	185,263	$	72,135	$	5,802	$	263,200

	Year ended December 31, 2017
	Transportation and Skilled Trades Segment		Healthcare and Other Professions Segment		Transitional Segment		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	8,987	$	2,860	$	28	$	11,875
Services transferred over time		172,341		60,781		16,856		249,978
Total revenues	$	181,328	$	63,641	$	16,884	$	261,853

LEASES (Tables)

12 Months Ended

Dec. 31, 2019

LEASES [Abstract]

Cumulative Effect of Changes Made to Condensed Consolidated Balance Sheet

The following table present the cumulative effect of the changes made to the condensed consolidated balance sheets as of January 1, 2019, as a result of the adoption of ASC Topic 842:

	December 31, 2018		ASC 842			January 1, 2019

Operating lease right-of-use asset	$	-	$	37,993		$	37,993
Current portion of operating lease liability	$	-	$	8,999		$	8,999
Other short-term liabilities	$	968	$	(968	)	$	-
Long-term portion of operating lease liability	$	-	$	33,372		$	33,372
Accrued rent	$	3,410	$	(3,410	)	$	-

Supplemental Cash Flow Information and Non-cash Activity Related to Operating Leases

Supplemental cash flow information and non-cash activity related to our operating leases are as follows:

	December 31, 2019
Operating cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	12,926
Non-cash activity:
Lease liabilities arising from obtaining right-of-use assets*	$	63,911

* Includes effect of adoption of ASU 2016-02 and related amendments and a new lease entered into on January 1, 2019 of $5.6 million.

Weighted Average Remaining Lease Term and Discount Rate

Weighted-average remaining lease term and discount rate for our operating leases is as follows:

	Year Ended December 31, 2019

Weighted-average remaining lease term	6.22 years
Weighted-average discount rate		12.86	%

Maturities of Lease Liabilities

Maturities of lease liabilities by fiscal year for our operating leases as of December 31, 2019 are as follows:

Year ending December 31,
2020		15,412
2021		13,600
2022		11,607
2023		9,988
2024		8,749
Thereafter		20,008
Total lease payments		79,364
Less: imputed interest		(24,204	)
Present value of lease liabilities	$	55,160

Minimum Lease Payments under Non-cancellable Operating Lease

As of December 31, 2018, minimum lease payments under non-cancelable operating leases by period were expected to be as follows:

2019	$	16,939
2020		14,183
2021		10,708
2022		8,180
2023		5,811
Thereafter		17,610
	$	73,431

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2019

GOODWILL [Abstract]

Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill during the years ended December 31, 2019 and 2018 are as follows:

	Gross Goodwill Balance		Accumulated Impairment Losses		Net Goodwill Balance
Balance as of January 1, 2018	$	117,176	$	102,640	$	14,536
Adjustments		-		-		-
Balance as of December 31, 2018		117,176		102,640		14,536
Adjustments		-		-		-
Balance as of December 31, 2019	$	117,176	$	102,640	$	14,536

PROPERTY, EQUIPMENT AND FACILITIES (Tables)

12 Months Ended

Dec. 31, 2019

PROPERTY, EQUIPMENT AND FACILITIES [Abstract]

Property, Equipment and Facilities

Property, equipment and facilities consist of the following:

	Useful life (years)		At December 31,
			2019			2018
Land		-	$	6,969		$	6,969
Buildings and improvements		1-25		131,739			128,431
Equipment, furniture and fixtures		1-7		81,900			83,766
Vehicles		3		825			916
Construction in progress		-		320			319
				221,753			220,401
Less accumulated depreciation and amortization				(172,408	)		(171,109	)
			$	49,345		$	49,292

ACCRUED EXPENSES (Tables)

12 Months Ended

Dec. 31, 2019

ACCRUED EXPENSES [Abstract]

Accrued Expenses

Accrued expenses consists of the following:

	At December 31,
	2019		2018
Accrued compensation and benefits	$	3,785	$	4,337
Accrued rent and real estate taxes		1,763		3,057
Other accrued expenses		2,321		3,211
	$	7,869	$	10,605

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2019

LONG-TERM DEBT [Abstract]

Long-term Debt

Long-term debt consist of the following:

	At December 31,
	2019			2018
Credit agreement	$	34,833		$	49,301
Deferred financing fees		(805	)		(532	)
		34,028			48,769
Less current maturities		(2,000	)		(15,000	)
	$	32,028		$	33,769

Maturities of Long-term Debt

Scheduled maturities of long-term debt at December 31, 2019 are as follows:

Year ending December 31,
2020	$	2,000
2021		17,000
2022		2,000
2023		2,000
2024		11,833
	$	34,833

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2019

STOCKHOLDERS' EQUITY [Abstract]

Transactions Pertaining to Restricted Stock

The following is a summary of transactions pertaining to restricted stock:

	Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested restricted stock outstanding at December 31, 2017		607,994		$	1.90
Granted		135,568			1.60
Cancelled		-			-
Vested		(707,654	)		1.82
Nonvested restricted stock outstanding at December 31, 2018		35,908			2.23
Granted		598,982			3.15
Cancelled		(3,546	)		3.17
Vested		(35,908	)		2.23
Nonvested restricted stock outstanding at December 31, 2019		595,436			3.15

Transactions Pertaining to Option Plans

During 2019, 2018 and 2017 there were no new stock option grants. The following is a summary of transactions pertaining to the option plans:

	Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding January 1, 2017		218,167		$	12.11	3.33 years	$	-
Cancelled		(50,500	)		12.09			-

Outstanding December 31, 2017		167,667			12.11	2.97 years		-
Cancelled		(28,667	)		11.98			-

Outstanding December 31, 2018		139,000			12.14	2.53 years		-
Cancelled		(23,000	)		20.15

Outstanding December 31, 2019		116,000			10.56	1.83 years		-

Vested as of December 31, 2019		116,000			10.56	1.83 years		-

Exercisable as of December 31, 2019		116,000			10.56	1.83 years		-

Options Outstanding

The following table presents a summary of options outstanding at December 31, 2019:

		At December 31, 2019
		Stock Options Outstanding						Stock Options Exercisable
Range of Exercise Prices		Shares		Contractual Weighted Average life (years)		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
$	7.79		91,000		2.17	$	7.79		91,000	$	7.79
$	20.62		25,000		0.59		20.62		25,000		20.62

			116,000		1.83		10.56		116,000		10.56

PENSION PLAN (Tables)

12 Months Ended

Dec. 31, 2019

PENSION PLAN [Abstract]

Plan's Funded Status

The following table sets forth the plan’s funded status and amounts recognized in the consolidated financial statements:

	Year Ended December 31,
	2019			2018			2017
CHANGES IN BENEFIT OBLIGATIONS:
Benefit obligation-beginning of year	$	21,105		$	23,492		$	22,916
Service cost		33			28			29
Interest cost		812			755			840
Actuarial loss (gain)		2,103			(1,951	)		721
Benefits paid		(1,221	)		(1,219	)		(1,014	)
Benefit obligation at end of year		22,832			21,105			23,492

CHANGE IN PLAN ASSETS:
Fair value of plan assets-beginning of year		16,835			19,055			17,548
Actual return on plan assets		3,203			(1,000	)		2,521
Benefits paid		(1,221	)		(1,220	)		(1,014	)
Fair value of plan assets-end of year		18,817			16,835			19,055

BENEFIT OBLIGATION IN EXCESS OF FAIR VALUE FUNDED STATUS:	$	(4,015	)	$	(4,270	)	$	(4,437	)

Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets consist of:

	At December 31,
	2019			2018
Noncurrent liabilities	$	(4,015	)	$	(4,270	)

Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss consist of:

	Year Ended December 31,
	2019			2018			2017
Accumulated loss	$	(5,648	)	$	(6,428	)	$	(6,876	)
Deferred income taxes		2,366			2,366			2,366
Accumulated other comprehensive loss	$	(3,282	)	$	(4,062	)	$	(4,510	)

Components of Net Periodic Cost for Plan

The following table provides the components of net periodic cost for the plan:

	Year Ended December 31,
	2019			2018			2017
COMPONENTS OF NET PERIODIC BENEFIT COST
Service cost	$	33		$	28		$	29
Interest cost		812			755			840
Expected return on plan assets		(1,011	)		(1,104	)		(1,058	)
Recognized net actuarial loss		691			601			850
Net periodic benefit cost	$	525		$	280		$	661

Plan Assets using Fair Value Hierarchy

The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities	$	6,259	$	-	$	-	$	6,259
Fixed income		6,313		-		-		6,313
International equities		4,165		-		-		4,165
Real estate		964		-		-		964
Cash and equivalents		1,116		-		-		1,116
Balance at December 31, 2019	$	18,817	$	-	$	-	$	18,817

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity securities	$	5,428	$	-	$	-	$	5,428
Fixed income		5,852		-		-		5,852
International equities		3,734		-		-		3,734
Real estate		795		-		-		795
Cash and equivalents		1,026		-		-		1,026
Balance at December 31, 2018	$	16,835	$	-	$	-	$	16,835

Fair Value of Total Plan Assets by Major Asset Category

Fair value of total plan assets by major asset category as of December 31:

	2019			2018
Equity securities		33	%		32	%
Fixed income		34	%		35	%
International equities		22	%		22	%
Real estate		5	%		5	%
Cash and equivalents		6	%		6	%
Total		100	%		100	%

Expected Benefit Payments for Plan

Information about the expected benefit payments for the plan is as follows:

Year Ending December 31,
2020	$	1,318
2021		1,325
2022		1,346
2023		1,371
2024		1,384
Years 2025-2029		6,757

Benefit Obligations [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Weighted Average Assumptions

Weighted-average assumptions used to determine benefit obligations as of December 31:

	2019			2018
Discount rate		2.93	%		4.01	%
Rate of compensation increase		2.75	%		2.50	%

Periodic Pension Cost [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Weighted Average Assumptions

Weighted-average assumptions used to determine net periodic pension cost for years ended December 31:

	2019			2018			2017
Discount rate		2.93	%		4.01	%		3.36	%
Rate of compensation increase		2.75	%		2.50	%		2.50	%
Long-term rate of return		5.75	%		6.25	%		6.00	%

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES [Abstract]

Components of Provision for Income Taxes from Continuing Operations

Components of the provision for income taxes were as follows:

	Year Ended December 31,
	2019		2018		2017
Current:
Federal	$	-	$	-	$	-
State		115		200		150
Total		115		200		150

Deferred:
Federal		120		-		(424	)
State		33		-		-
Total		153		-		(424	)

Total provision (benefit)	$	268	$	200	$	(274	)

Reconciliation of Effective Tax Rate to U.S. Statutory Federal Income Tax Rate

The reconciliation of the effective tax rate to the U.S. Statutory Federal Income tax rate was:

	Year Ended December 31,
	2019					2018					2017
Income (loss) before taxes	$	2,283				$	(6,345	)			$	(11,758	)

Expected tax (benefit)	$	479		21.0	%	$	(1,332	)	21.0	%	$	(4,115	)	35.0	%
State tax benefit (net of federal)		148		6.5			200		(3.2	)		150		(1.3	)
Valuation allowance		(428	)	(18.8	)		1,230		(19.4	)		(13,920	)	118.4
Federal tax reform - deferred rate change		-		-			49		(0.8	)		17,671		(150.3	)
Other		69		3.0			53		(0.8	)		(60	)	0.5
Total	$	268		11.7	%	$	200		(3.2	%)	$	(274	)	2.3	%

Components of Non-current Deferred Tax Assets

The components of the non-current deferred tax (liabilities)/assets were as follows:

	At December 31,
	2019			2018
Gross noncurrent deferred tax (liabilities) assets
Allowance for bad debts	$	5,461		$	4,828
Accrued rent		-			1,833
Stock-based compensation		178			18
Lease liability		14,822			-
Right-of-use asset		(13,156	)		-
163J interest limitation		-			19
Depreciation		10,981			16,259
Goodwill		(766	)		(98	)
Other intangibles		135			211
Pension plan liabilities		1,286			1,163
Net operating loss carryforwards		18,261			17,927
AMT credit		-			424
Gross noncurrent deferred tax assets, net		37,202			42,584
Less valuation allowance		(37,355	)		(42,160	)
Noncurrent deferred tax (liabilities) assets, net	$	(153	)	$	424

FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2019

FAIR VALUE [Abstract]

Fair Value, by Balance Sheet Grouping

	December 31, 2019
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial Assets:
Cash and cash equivalents	$	23,644	$	23,644	$	-	$	-	$	23,644
Restricted cash		15,000		15,000		-		-		15,000

Prepaid expenses and other current assets		4,190		-		4,190		-		4,190

Financial Liabilities:
Accrued expenses	$	7,869	$	-	$	7,869	$	-	$	7,869
Other short term liabilities		199		-		199		-		199
Derivative qualifying as cash flow hedge		174		-		174		-		174
Credit facility		34,028		-		34,028		-		34,028

	December 31, 2018
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial Assets:
Cash and cash equivalents	$	17,571	$	17,571	$	-	$	-	$	17,571
Restricted cash		28,375		28,375		-		-		28,375

Prepaid expenses and other current assets		2,461		-		2,461		-		2,461

Financial Liabilities:
Accrued expenses	$	10,605	$	-	$	10,605	$	-	$	10,605
Other short term liabilities		2,324		-		2,324		-		2,324
Credit facility		48,769		-		43,096		-		43,096

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2019

SEGMENT REPORTING [Abstract]

Financial Information by Reporting Segment

Summary financial information by reporting segment is as follows:

	For the Year Ended December 31,
	Revenue															Operating Income (Loss)
	2019		% of Total			2018		% of Total			2017		% of Total			2019			2018			2017
Transportation and Skilled Trades	$	193,722		70.9	%	$	185,263		70.4	%	$	181,328		69.2	%	$	21,979		$	17,661		$	17,795
Healthcare and Other Professions		79,620		29.1	%		72,135		27.4	%		63,641		24.3	%		7,588			6,469			3,937
Transitional		-		0.0	%		5,802		2.3	%		16,884		6.4	%		-			(5,994	)		(6,926	)
Corporate		-		0.0	%		-		0.0	%		-		0.0	%		(24,329	)		(22,090	)		(19,522	)
Total	$	273,342		100	%	$	263,200		100	%	$	261,853		100	%	$	5,238		$	(3,954	)	$	(4,716	)

	Total Assets
	December 31, 2019		December 31, 2018
Transportation and Skilled Trades	$	121,611	$	92,070
Healthcare and Other Professions		27,945		14,078
Transitional		-		527
Corporate		45,207		39,363
Total	$	194,763	$	146,038

UNAUDITED QUARTERLY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

UNAUDITED QUARTERLY FINANCIAL INFORMATION [Abstract]

Quarterly Financial Information

The following tables have been updated to reflect changes in discontinued operations. Quarterly financial information for 2019 and 2018 is as follows:

	Quarter
2019	First			Second			Third		Fourth

Revenue	$	63,263		$	63,569		$	72,594	$	73,915
Net (loss) income		(5,467	)		(3,064	)		1,340		9,206
Basic
Net (loss) earnings per share	$	(0.22	)	$	(0.12	)	$	0.05	$	0.33
Diluted
Net (loss) earnings per share	$	(0.22	)	$	(0.12	)	$	0.05	$	0.33

Weighted average number of common shares outstanding:
Basic		24,534			24,555			24,563		24,563
Diluted		24,534			24,555			24,608		24,563

	Quarter
2018	First			Second			Third			Fourth

Revenue	$	61,889		$	61,120		$	70,078		$	70,113
Net (loss) income		(6,874	)		(4,104	)		(600	)		5,033
Basic
Net (loss) earnings per share	$	(0.28	)	$	(0.17	)	$	(0.02	)	$	0.21
Diluted
Net (loss) earnings per share	$	(0.28	)	$	(0.17	)	$	(0.02	)	$	0.20

Weighted average number of common shares outstanding:
Basic		24,138			24,486			24,533			24,533
Diluted		24,138			24,486			24,533			24,562

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Part 1 (Details) $ / shares in Units, $ in Thousands			3 Months Ended								12 Months Ended
	Nov. 30, 2019 USD ($) $ / shares shares	Nov. 14, 2019 USD ($) shares	Dec. 31, 2019 USD ($) State	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) School State Campus Segment shares	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Nov. 13, 2019 USD ($)	Dec. 31, 2016 USD ($)
Business Activities [Abstract]
Number of schools \| School											22
Number of states in which schools operate across the United States \| State			14								14
Number of campuses treated as destination schools \| Campus											5
Number of reportable segments \| Segment											3
Liquidity [Abstract]
Cash			$ 4,600								$ 4,600
Gross proceeds from sale of stock											0
Net income generated			9,206	$ 1,340	$ (3,064)	$ (5,467)	$ 5,033	$ (600)	$ (4,104)	$ (6,874)	2,015	$ (6,545)	$ (11,484)
Cash and cash equivalents			38,644				$ 45,946				38,644	45,946	54,554		$ 47,715
Restricted cash			15,000								15,000
Line of credit facility, remaining borrowing capacity			$ 25,000								25,000
Series A Convertible Preferred Stock [Member]
Liquidity [Abstract]
Gross proceeds from sale of stock	$ 12,000	$ 12,700									$ 11,982
Sale of stock (in shares) \| shares	12,700	12,700									12,700
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0
Net income generated											$ 0	$ 0	$ 0
2019 Credit Facility [Member]
Liquidity [Abstract]
Line of credit facility, maximum borrowing capacity		$ 60,000												$ 47,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Part 2 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Abstract]
Maximum maturity period for classification of cash equivalents	3 months
Restricted Cash [Abstract]
Restricted cash in long-term assets	$ 15,000	$ 11,600
Advertising Costs [Abstract]
Advertising expense	$ 29,800	$ 29,400	$ 27,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Part 3 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Impairment of Long-Lived Assets [Abstract]
Impairment of long-lived assets	$ 0	$ 0	$ 0
Concentration of Credit Risk [Abstract]
Federal deposit insurance limit	250
Excess cash, FDIC uninsured amount	38,000
Income Taxes [Abstract]
Interest and penalties expense	0	0
New Accounting Pronouncements [Abstract]
Lease liability	55,160	5,600
Right to use asset	$ 49,065	0
ASU 2016-02 [Member]
New Accounting Pronouncements [Abstract]
Lease liability		42,300
Right to use asset		$ 37,993

FINANCIAL AID AND REGULATORY COMPLIANCE (Details) - Unit	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financial Aid [Abstract]
Percentage of net revenues on cash basis indirectly derived from funds	78.00%	78.00%	78.00%
Maximum specified percentage of net revenues on cash basis indirectly derived from funds	90.00%	90.00%	90.00%
Period over which entity became ineligible after receiving specified percentage as revenue from funds	2 years
Period for which entity may not reapply for eligibility	2 years
Regulatory Compliance [Abstract]
Composite score for financial responsibility		1.1	1.1
Minimum Composite required for financial responsibility	1.5
Maximum Period for institution to participate under the Zone Alternative	3 years
Period to return unearned Title IV Program funds	45 days
Minimum percentage of students returning Title IV Program funds late	5.00%
Percentage of Title IV Program funds in which the institution may be required to post a letter of credit in favor of DOE	25.00%
Minimum [Member]
Regulatory Compliance [Abstract]
Standard composite score for financial responsibility	-1
Maximum [Member]
Regulatory Compliance [Abstract]
Standard composite score for financial responsibility	3
U.S. Department of Education [Member]
Regulatory Compliance [Abstract]
Composite score for financial responsibility	1.6
Maximum notification period	10 days
Minimum percentage Letter of credit amount equal Total Title IV Program funds	50.00%
Minimum percentage Letter of credit amount equal Prior Years Total Title IV Program funds	10.00%
U.S. Department of Education [Member] \| Minimum [Member]
Regulatory Compliance [Abstract]
Minimum Composite required for financial responsibility	1.0
U.S. Department of Education [Member] \| Maximum [Member]
Regulatory Compliance [Abstract]
Minimum Composite required for financial responsibility	1.5

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator [Abstract]
Net income (loss)	$ 9,206	$ 1,340	$ (3,064)	$ (5,467)	$ 5,033	$ (600)	$ (4,104)	$ (6,874)	$ 2,015	$ (6,545)	$ (11,484)
Less: preferred stock dividend									0	0	0
Less: allocation to preferred stockholders									(54)	0	0
Less: allocation to restricted stockholders									(38)	0	0
Net income (loss) allocated to common stockholders									$ 1,923	$ (6,545)	$ (11,484)
Denominator [Abstract]
Weighted average common shares outstanding (in shares)	24,563,000	24,563,000	24,555,000	24,534,000	24,533,000	24,533,000	24,486,000	24,138,000	24,554,033	24,423,479	23,906,395
Basic earnings (loss) per share (in dollars per share)	$ 0.33	$ 0.05	$ (0.12)	$ (0.22)	$ 0.21	$ (0.02)	$ (0.17)	$ (0.28)	$ 0.08	$ (0.27)	$ (0.48)
Denominator [Abstract]
Weighted average common shares outstanding (in shares)	24,563,000	24,563,000	24,555,000	24,534,000	24,533,000	24,533,000	24,486,000	24,138,000	24,554,033	24,423,479	23,906,395
Diluted shares outstanding (in shares)	24,563,000	24,608,000	24,555,000	24,534,000	24,562,000	24,533,000	24,486,000	24,138,000	24,554,033	24,423,479	23,906,395
Diluted earnings (loss) per share (in dollars per share)	$ 0.33	$ 0.05	$ (0.12)	$ (0.22)	$ 0.20	$ (0.02)	$ (0.17)	$ (0.28)	$ 0.08	$ (0.27)	$ (0.48)
Unvested Restricted Stock [Member]
Denominator [Abstract]
Dilutive potential common shares outstanding (in shares)									0	0	0
Stock Options [Member]
Denominator [Abstract]
Dilutive potential common shares outstanding (in shares)									0	0	0
Series A Preferred Stock [Member]
Denominator [Abstract]
Dilutive potential common shares outstanding (in shares)									0	0	0
Series A Convertible Preferred Stock [Member]
Antidilutive Securities [Abstract]
Antidilutive shares excluded from computation of earnings (loss) per share (in shares)									692,942
Unvested Restricted Stock [Member]
Antidilutive Securities [Abstract]
Antidilutive shares excluded from computation of earnings (loss) per share (in shares)									88,848
Stock Option 1 [Member]
Antidilutive Securities [Abstract]
Antidilutive shares excluded from computation of earnings (loss) per share (in shares)										50,422	570,306
Stock Option 2 [Member]
Antidilutive Securities [Abstract]
Antidilutive shares excluded from computation of earnings (loss) per share (in shares)									116,000	139,000	167,667

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUE RECOGNITION [Abstract]
Unearned tuition	$ 23,411				$ 22,545				$ 23,411	$ 22,545
Revenue recognized included in contract liability									21,700
Disaggregation of Revenue [Abstract]
Total revenues	$ 73,915	$ 72,594	$ 63,569	$ 63,263	$ 70,113	$ 70,078	$ 61,120	$ 61,889	273,342	263,200	$ 261,853
Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues									16,402	14,257	11,875
Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues									256,940	248,943	249,978
Transportation and Skilled Trades Segment [Member]
Disaggregation of Revenue [Abstract]
Total revenues									193,722	185,263	181,328
Transportation and Skilled Trades Segment [Member] \| Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues									11,881	10,351	8,987
Transportation and Skilled Trades Segment [Member] \| Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues									181,841	174,912	172,341
Healthcare and Other Professions Segment [Member]
Disaggregation of Revenue [Abstract]
Total revenues									79,620	72,135	63,641
Healthcare and Other Professions Segment [Member] \| Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues									4,521	3,834	2,860
Healthcare and Other Professions Segment [Member] \| Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues									75,099	68,301	60,781
Transitional Segment [Member]
Disaggregation of Revenue [Abstract]
Total revenues									0	5,802	16,884
Transitional Segment [Member] \| Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues									0	72	28
Transitional Segment [Member] \| Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues									$ 0	$ 5,730	$ 16,856

LEASES (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Operating Leases [Abstract]

Operating lease cost

$ 14,500

Variable lease cost

2,900

Remeasurement of right-of-use assets

900

Remeasurement of operating lease liability

900

Cumulative Effect of Changes Made to Condensed Consolidated Balance Sheet [Abstract]

Operating lease right-of-use asset

49,065

$ 0

Current portion of operating lease liability

9,142

Other short-term liabilities

968

Long-term portion of operating lease liability

46,018

Accrued rent

3,410

Operating cash flow information [Abstract]

Cash paid for amounts included in the measurement of operating lease liabilities

12,926

Non-cash activity [Abstract]

Lease liabilities arising from obtaining right-of-use assets

^[1]

$ 63,911

Weighted Average Remaining Lease Term and Discount Rate [Abstract]

Weighted-average remaining lease term

6 years 2 months 19 days

Weighted-average discount rate

12.86%

Maturities of Lease Liabilities [Abstract]

$ 15,412

13,600

11,607

9,988

8,749

20,008

79,364

Less: imputed interest

(24,204)

Present value of lease liabilities

$ 55,160

5,600

Minimum Lease Payments under Non-cancellable Operating Leases [Abstract]

16,939

14,183

10,708

8,180

5,811

17,610

73,431

Cumulative Effect of Changes Made to Condensed Consolidated Balance Sheet [Abstract]

Operating lease right-of-use asset

37,993

Current portion of operating lease liability

8,999

Other short-term liabilities

Long-term portion of operating lease liability

33,372

Accrued rent

Maturities of Lease Liabilities [Abstract]

Present value of lease liabilities

42,300

ASU 2016-02 [Member] | ASC 842 [Member]

Cumulative Effect of Changes Made to Condensed Consolidated Balance Sheet [Abstract]

Operating lease right-of-use asset

37,993

Current portion of operating lease liability

8,999

Other short-term liabilities

(968)

Long-term portion of operating lease liability

33,372

Accrued rent

$ (3,410)

Minimum [Member]

Operating Leases [Abstract]

Remaining lease term

1 year

Maximum [Member]

Operating Leases [Abstract]

Remaining lease term

11 years

[1]	Includes effect of adoption of ASU 2016-02 and related amendments and a new lease entered into on January 1, 2019 of $5.6 million.

GOODWILL (Details) - USD ($) $ in Thousands	12 Months Ended
GOODWILL (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Changes in Carrying Amount of Goodwill [Abstract]
Gross Goodwill Balance	$ 117,176	$ 117,176	$ 117,176
Accumulated Impairment Losses	102,640	102,640	102,640
Net Goodwill Balance	14,536	14,536	$ 14,536
Adjustments	0	0
Transportation and Skilled Trades [Member]
Changes in Carrying Amount of Goodwill [Abstract]
Net Goodwill Balance	$ 14,536	$ 14,536

PROPERTY, EQUIPMENT AND FACILITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, equipment and facilities net [Abstract]
Property, equipment and facilities, Gross	$ 221,753	$ 220,401
Less accumulated depreciation and amortization	(172,408)	(171,109)
Property, equipment and facilities, Net	49,345	49,292
Depreciation and amortization expense	8,100	8,400	$ 8,700
Land [Member]
Property, equipment and facilities net [Abstract]
Property, equipment and facilities, Gross	6,969	6,969
Buildings and Improvements [Member]
Property, equipment and facilities net [Abstract]
Property, equipment and facilities, Gross	$ 131,739	128,431
Buildings and Improvements [Member] \| Minimum [Member]
Property, equipment and facilities net [Abstract]
Useful life	1 year
Buildings and Improvements [Member] \| Maximum [Member]
Property, equipment and facilities net [Abstract]
Useful life	25 years
Equipment, Furniture and Fixtures [Member]
Property, equipment and facilities net [Abstract]
Property, equipment and facilities, Gross	$ 81,900	83,766
Equipment, Furniture and Fixtures [Member] \| Minimum [Member]
Property, equipment and facilities net [Abstract]
Useful life	1 year
Equipment, Furniture and Fixtures [Member] \| Maximum [Member]
Property, equipment and facilities net [Abstract]
Useful life	7 years
Vehicles [Member]
Property, equipment and facilities net [Abstract]
Useful life	3 years
Property, equipment and facilities, Gross	$ 825	916
Construction in Progress [Member]
Property, equipment and facilities net [Abstract]
Property, equipment and facilities, Gross	$ 320	$ 319

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ACCRUED EXPENSES [Abstract]
Accrued compensation and benefits	$ 3,785	$ 4,337
Accrued rent and real estate taxes	1,763	3,057
Other accrued expenses	2,321	3,211
Accrued expenses	$ 7,869	$ 10,605

LONG-TERM DEBT (Details)
$ in Thousands

1 Months Ended

12 Months Ended

Nov. 14, 2019

USD ($)

Facility

Jan. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Nov. 13, 2019

USD ($)

Dec. 31, 2018

USD ($)

Long-term debt [Abstract]

Deferred financing fees

$ (805)

$ (532)

Long term debt

34,028

48,769

Less current maturities

(2,000)

(15,000)

Long-term debt, excluding current maturities

32,028

33,769

Lender's origination fee

805

532

Letters of credit outstanding

4,000

1,800

Scheduled maturities of long-term debt [Abstract]

2020

^[1]

2,000

17,000

2,000

2,000

11,833

34,833

Subsequent Event [Member]

Long-term debt [Abstract]

Line of credit facility, repayment

$ 15,000

Credit Agreement [Member]

Long-term debt [Abstract]

Long-term line of credit

34,833

$ 49,301

Outstanding balance

$ 22,100

Interest rate

7.85%

Minimum quarterly average aggregate balances to be maintained

5,000

Bank fees if minimum quarterly average aggregate balances is not maintained

$ 12,500

2019 Credit Facility [Member]

Long-term debt [Abstract]

Line of credit facility, maximum borrowing capacity

$ 60,000

$ 47,000

Number of facilities available in 2019 credit agreement | Facility

2019 Credit Facility [Member] | Letter of Credit [Member]

Long-term debt [Abstract]

Percentage of letter of credit fee, quarterly installment

0.25%

2019 Credit Facility [Member] | Term Loan [Member]

Long-term debt [Abstract]

Deferred financing fees

$ (300)

Line of credit facility, maximum borrowing capacity

20,000

Expiration date of credit facility

Dec. 01, 2024

Line of credit facility, amortization schedule based period for interest and principal payments

120 months

Net proceeds from term loan

19,700

Lender's origination fee

$ 300

Percentage of swap transaction of principal balance

100.00%

2019 Credit Facility [Member] | Term Loan [Member] | LIBOR [Member]

Long-term debt [Abstract]

Term of variable rate

1 month

Interest rate on credit facility

3.50%

2019 Credit Facility [Member] | Term Loan [Member] | LIBOR [Member] | Interest Rate Floor [Member]

Long-term debt [Abstract]

Interest rate on credit facility

0.25%

2019 Credit Facility [Member] | Delayed Draw Term Loan [Member]

Long-term debt [Abstract]

Line of credit facility, maximum borrowing capacity

$ 10,000

Expiration date of credit facility

Dec. 01, 2024

Line of credit facility, amortization schedule based period for interest and principal payments

120 months

Line of credit facility, monthly interest payment period

18 months

Percentage of swap transaction of principal balance

100.00%

2019 Credit Facility [Member] | Delayed Draw Term Loan [Member] | LIBOR [Member]

Long-term debt [Abstract]

Term of variable rate

1 month

Interest rate on credit facility

3.50%

2019 Credit Facility [Member] | Delayed Draw Term Loan [Member] | LIBOR [Member] | Interest Rate Floor [Member]

Long-term debt [Abstract]

Interest rate on credit facility

0.25%

2019 Credit Facility [Member] | Credit Agreement [Member]

Long-term debt [Abstract]

Line of credit facility, maximum borrowing capacity

$ 15,000

Expiration date of credit facility

Jan. 31, 2021

2019 Credit Facility [Member] | Revolving Loan [Member]

Long-term debt [Abstract]

Line of credit facility, maximum borrowing capacity

$ 15,000

Expiration date of credit facility

Nov. 13, 2022

Line of credit facility, frequency of principal and interest periodic payment

Monthly

Loan repayment period

30 days

2019 Credit Facility [Member] | Revolving Loan [Member] | LIBOR [Member] | Interest Rate Floor [Member]

Long-term debt [Abstract]

Interest rate on credit facility

0.00%

2019 Credit Facility [Member] | Revolving Loan [Member] | Prime Rate [Member]

Long-term debt [Abstract]

Interest rate on credit facility

0.50%

2019 Credit Facility [Member] | Revolving Loan [Member] | Letter of Credit [Member]

Long-term debt [Abstract]

Letters of credit outstanding

$ 4,000

2019 Credit Facility [Member] | Maximum [Member] | Revolving Loan [Member] | Letter of Credit [Member]

Long-term debt [Abstract]

Line of credit facility, maximum borrowing capacity

$ 10,000

[1]	Includes deferred finance fees of $0.5 million.

STOCKHOLDERS' EQUITY, Common Stock and Preferred Stock (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Nov. 30, 2019 USD ($) shares	Nov. 14, 2019 USD ($) Number $ / shares shares	Dec. 31, 2019 USD ($) Vote $ / shares shares
Preferred Stock [Abstract]
Amount raised from issuance of stock			$ 0
Dividends [Abstract]
First dividend payment date		Sep. 30, 2020
Common Stock [Member]
Common Stock [Abstract]
Common stock voting rights per share \| Vote			1
Cash dividends declared or paid			$ 0
Series A Preferred Stock [Member]
Preferred Stock [Abstract]
Amount raised from issuance of stock	$ 12,000	$ 12,700	$ 11,982
Issuance of series A convertible preferred stock, net of issuance costs (in shares) \| shares	12,700	12,700	12,700
Dividend rate		9.60%
Liquidation preference per share (in dollars per share) \| $ / shares			$ 1,000
Stock issuance cost			$ 700
Dividends [Abstract]
Increase in dividend rate on fifth anniversary		2.40%
Increased dividend rate		2.00%
Dividend rate if failure to perform certain obligations		14.00%
Undeclared accrued dividends			$ 200
Preferred Stock Holders Right to Convert into Common Stock [Abstract]
Conversion amount		$ 1,000
Initial conversion price (in dollars per share) \| $ / shares		$ 2.36
Mandatory Conversion [Abstract]
Consecutive trading days, in which common stock exceeds the conversion price		20 days
Redemption [Abstract]
Amount of adjustment provided in charter agreement after fifth anniversary		$ 1,000
Registration Rights Agreement [Abstract]
Number of underwritten offerings \| Number		2
Series A Preferred Stock [Member] \| Minimum [Member]
Preferred Stock Holders Right to Convert into Common Stock [Abstract]
Percentage of common stock owned by holder and affiliates		19.99%
Mandatory Conversion [Abstract]
Weighted average price of common stock equals or exceeds the conversion price		2.25
Number of shares traded on each trading day (in shares) \| shares		20,000
Registration Rights Agreement [Abstract]
Gross proceeds from underwritten offerings		$ 5,000

STOCKHOLDERS' EQUITY, Restricted Stock and Stock Options (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) Plan $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares
Stockholders' Equity Note Details [Abstract]
Number of stock incentive plans \| Plan	2
Shares [Abstract]
Outstanding, beginning balance (in shares) \| shares	139,000	167,667	218,167
Canceled (in shares) \| shares	(23,000)	(28,667)	(50,500)
Outstanding, ending balance (in shares) \| shares	116,000	139,000	167,667	218,167
Vested (in shares) \| shares	116,000
Exercisable, ending balance (in shares) \| shares	116,000
Weighted Average Exercise Price Per Share [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 12.14	$ 12.11	$ 12.11
Canceled (in dollars per share)	20.15	11.98	12.09
Outstanding, ending balance (in dollars per share)	10.56	$ 12.14	$ 12.11	$ 12.11
Vested (in dollars per share)	10.56
Exercisable, ending balance (in dollars per share)	$ 10.56
Weighted Average Remaining Contractual Term [Abstract]
Outstanding, balance	1 year 9 months 29 days	2 years 6 months 11 days	2 years 11 months 19 days	3 years 3 months 29 days
Vested	1 year 9 months 29 days
Exercisable, ending balance	1 year 9 months 29 days
Aggregate Intrinsic Value [Abstract]
Outstanding, beginning balance \| $	$ 0	$ 0	$ 0
Cancelled \| $		0	0
Outstanding, ending balance \| $	0	$ 0	$ 0	$ 0
Vested \| $	0
Exercisable, ending balance \| $	$ 0
Stock Options Outstanding [Abstract]
Shares (in shares) \| shares	116,000
Contractual Weighted Average Life	1 year 9 months 29 days
Weighted Average Price (in dollars per share)	$ 10.56
Stock Options Exercisable [Abstract]
Shares (in shares) \| shares	116,000
Weighted Average Exercise Price (in dollars per share)	$ 10.56
Minimum [Member]
Stockholders' Equity Note Details [Abstract]
Expiration period	120 days
Maximum [Member]
Stockholders' Equity Note Details [Abstract]
Expiration period	240 days
Restricted Stock [Member]
Shares [Abstract]
Nonvested restricted stock outstanding, beginning balance (in shares) \| shares	35,908	607,994
Granted (in shares) \| shares	598,982	135,568
Cancelled (in shares) \| shares	(3,546)	0
Vested (in shares) \| shares	(35,908)	(707,654)
Nonvested restricted stock outstanding, ending balance (in shares) \| shares	595,436	35,908	607,994
Weighted Average Grant Date Fair Value [Abstract]
Nonvested restricted stock outstanding, beginning balance (in dollars per share)	$ 2.23	$ 1.90
Granted (in dollars per share)	3.15	1.60
Cancelled (in dollars per share)	3.17	0
Vested (in dollars per share)	2.23	1.82
Nonvested restricted stock outstanding, ending balance (in dollars per share)	$ 3.15	$ 2.23	$ 1.90
Recognized restricted stock expense \| $	$ 700	$ 500	$ 1,200
Unrecognized restricted stock expense \| $	$ 1,200	$ 100
Weighted average period	12 months
Stock Options [Member]
Stock Options [Abstract]
Granted (in shares) \| shares	0	0	0
Aggregate Intrinsic Value [Abstract]
Unrecognized pre-tax compensation expense \| $	$ 0
LTIP [Member]
Stockholders' Equity Note Details [Abstract]
Net share settlement for restricted stock (in shares) \| shares	5,518	207,642	189,420
Net share settlement for stock options (in shares) \| shares	5,518	207,642	189,420
LTIP [Member] \| Maximum [Member]
Stockholders' Equity Note Details [Abstract]
Decrease in equity due to payment of tax for employee \| $	$ 100	$ 400	$ 400
LTIP [Member] \| February 28, 2019 [Member]
Stockholders' Equity Note Details [Abstract]
Vesting period of performance-based shares	3 years
LTIP [Member] \| Restricted Stock [Member]
Weighted Average Grant Date Fair Value [Abstract]
Outstanding restricted shares, intrinsic value \| $	$ 1,600
$7.79 [Member]
Range of Exercise Prices [Abstract]
Range of Exercise Prices, Minimum (in dollars per share)	$ 7.79
Range of Exercise Prices, Maximum (in dollars per share)	$ 7.79
Stock Options Outstanding [Abstract]
Shares (in shares) \| shares	91,000
Contractual Weighted Average Life	2 years 2 months 1 day
Weighted Average Price (in dollars per share)	$ 7.79
Stock Options Exercisable [Abstract]
Shares (in shares) \| shares	91,000
Weighted Average Exercise Price (in dollars per share)	$ 7.79
$20.62 [Member]
Range of Exercise Prices [Abstract]
Range of Exercise Prices, Minimum (in dollars per share)	20.62
Range of Exercise Prices, Maximum (in dollars per share)	$ 20.62
Stock Options Outstanding [Abstract]
Shares (in shares) \| shares	25,000
Contractual Weighted Average Life	7 months 2 days
Weighted Average Price (in dollars per share)	$ 20.62
Stock Options Exercisable [Abstract]
Shares (in shares) \| shares	25,000
Weighted Average Exercise Price (in dollars per share)	$ 20.62

PENSION PLAN, Plan's funded status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CHANGES IN BENEFIT OBLIGATIONS [Roll Forward]
Benefit obligation-beginning of year	$ 21,105	$ 23,492	$ 22,916
Service cost	33	28	29
Interest cost	812	755	840
Actuarial loss (gain)	2,103	(1,951)	721
Benefits paid	(1,221)	(1,219)	(1,014)
Benefit obligation at end of year	22,832	21,105	23,492
CHANGE IN PLAN ASSETS [Roll Forward]
Fair value of plan assets-beginning of year	16,835	19,055	17,548
Actual return on plan assets	3,203	(1,000)	2,521
Benefits paid	(1,221)	(1,220)	(1,014)
Fair value of plan assets-end of year	18,817	16,835	19,055
BENEFIT OBLIGATION IN EXCESS OF FAIR VALUE FUNDED STATUS:	$ (4,015)	$ (4,270)	$ (4,437)

PENSION PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
PENSION PLAN (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Amounts recognized in the consolidated balance sheets [Abstract]
Noncurrent liabilities	$ (4,015)	$ (4,270)
Amounts recognized in accumulated other comprehensive loss [Abstract]
Accumulated loss	(5,648)	(6,428)	$ (6,876)
Deferred income taxes	2,366	2,366	2,366
Accumulated other comprehensive loss	(3,282)	(4,062)	(4,510)
Accumulated benefit obligation	22,800	21,100
COMPONENTS OF NET PERIODIC BENEFIT COST [Abstract]
Service cost	33	28	29
Interest cost	812	755	840
Expected return on plan assets	(1,011)	(1,104)	(1,058)
Recognized net actuarial loss	691	601	850
Net periodic benefit cost	525	280	661
Amortization of estimated net loss, transition obligation and prior service cost from accumulated other comprehensive income into net periodic benefit cost	600
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 18,817	$ 16,835	19,055	$ 17,548
Fair value of total plan assets by major asset category	100.00%	100.00%
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate	2.93%	4.01%
Rate of compensation increase	2.75%	2.50%
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Pension contributions	$ 0	$ 0
Expected benefit payments for the plan [Abstract]
Maximum contribution by employee specified as percentage of compensation	25.00%
Additional contribution by employer	30.00%
Maximum percentage of compensation contributed by employer as matching contribution	6.00%
Compensation expense for the 401(k) plan	$ 100	100	$ 100
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	18,817	16,835
Significant Other Observable Inputs (Level 2) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Significant Unobservable Inputs (Level 3) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Equity Securities [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 6,259	$ 5,428
Fair value of total plan assets by major asset category	33.00%	32.00%
Equity Securities [Member] \| Minimum [Member]
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Target plan asset allocations	30.00%
Equity Securities [Member] \| Maximum [Member]
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Target plan asset allocations	70.00%
Equity Securities [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 6,259	$ 5,428
Equity Securities [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Equity Securities [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Fixed Income [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 6,313	$ 5,852
Fair value of total plan assets by major asset category	34.00%	35.00%
Fixed Income [Member] \| Minimum [Member]
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Target plan asset allocations	20.00%
Fixed Income [Member] \| Maximum [Member]
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Target plan asset allocations	60.00%
Fixed Income [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 6,313	$ 5,852
Fixed Income [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Fixed Income [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
International Equities [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 4,165	$ 3,734
Fair value of total plan assets by major asset category	22.00%	22.00%
International Equities [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 4,165	$ 3,734
International Equities [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
International Equities [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Real Estate [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 964	$ 795
Fair value of total plan assets by major asset category	5.00%	5.00%
Real Estate [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 964	$ 795
Real Estate [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Real Estate [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Cash and Equivalents [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 1,116	$ 1,026
Fair value of total plan assets by major asset category	6.00%	6.00%
Cash and Equivalents [Member] \| Minimum [Member]
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Target plan asset allocations	0.00%
Cash and Equivalents [Member] \| Maximum [Member]
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Target plan asset allocations	10.00%
Cash and Equivalents [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 1,116	$ 1,026
Cash and Equivalents [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	0	0
Cash and Equivalents [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 0	$ 0
Pension Plan [Member]
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Discount rate	2.93%	4.01%	3.36%
Rate of compensation increase	2.75%	2.50%	2.50%
Long-term rate of return	5.75%	6.25%	6.00%
Expected benefit payments for the plan [Abstract]
2020	$ 1,318
2021	1,325
2022	1,346
2023	1,371
2024	1,384
Years 2025-2029	$ 6,757

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current [Abstract]
Federal	$ 0	$ 0	$ 0
State	115	200	150
Total	115	200	150
Deferred [Abstract]
Federal	120	0	(424)
State	33	0	0
Total	153	0	(424)
Total provision (benefit)	268	200	(274)
Effective income tax rate reconciliation, amount [Abstract]
Income (loss) before taxes	2,283	(6,345)	(11,758)
Expected tax (benefit)	479	(1,332)	(4,115)
State tax benefit (net of federal)	148	200	150
Valuation allowance	(428)	1,230	(13,920)
Federal tax reform - deferred rate change	0	49	17,671
Other	69	53	(60)
Total provision (benefit)	$ 268	$ 200	$ (274)
Effective income tax rate reconciliation, percent [Abstract]
Federal corporate tax rate	21.00%	21.00%	35.00%
State tax benefit (net of federal)	6.50%	(3.20%)	(1.30%)
Valuation allowance	(18.80%)	(19.40%)	118.40%
Federal tax reform - deferred rate change	0.000	(0.008)	(1.503)
Other	3.00%	(0.80%)	0.50%
Total	11.70%	(3.20%)	2.30%
Gross noncurrent deferred tax (liabilities) assets [Abstract]
Allowance for bad debts	$ 5,461	$ 4,828
Accrued rent	0	1,833
Stock-based compensation	178	18
Lease liability	14,822	0
Right-of-use asset	(13,156)	0
163J interest limitation	0	19
Depreciation	10,981	16,259
Goodwill	(766)	(98)
Other intangibles	135	211
Pension plan liabilities	1,286	1,163
Net operating loss carryforwards	18,261	17,927
AMT credit	0	424
Gross noncurrent deferred tax assets, net	37,202	42,584
Less valuation allowance	(37,355)	(42,160)
Noncurrent deferred tax (liabilities) assets, net	$ (153)
Noncurrent deferred tax (liabilities) assets, net		424
Percentage refunded for AMT credit deferred tax asset	50.00%
AMT credit receivables	$ 400
Net operating loss carryforwards	$ 66,700		$ 58,500
Net operating losses		$ 8,200
Net operating loss carryforwards, period of ownership change	3 years
Net operating loss carryforwards, minimum percentage of ownership change	50.00%

FAIR VALUE (Details) - USD ($) $ in Thousands	12 Months Ended
FAIR VALUE (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Nov. 14, 2019	Dec. 31, 2018
Derivative [Abstract]
Accumulated other comprehensive loss	$ (3,456)		$ (4,062)
Term Loan [Member]
Derivative [Abstract]
Amortization period	10 years
Amount of principal payment	$ 200
Carrying Amount [Member]
Financial Assets [Abstract]
Cash and cash equivalents	23,644		17,571
Restricted cash	15,000		28,375
Prepaid expenses and other current assets	4,190		2,461
Financial Liabilities [Abstract]
Accrued expenses	7,869		10,605
Other short term liabilities	199		2,324
Derivative qualifying as cash flow hedge	174
Credit facility	34,028		48,769
Fair Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	23,644		17,571
Restricted cash	15,000		28,375
Prepaid expenses and other current assets	4,190		2,461
Financial Liabilities [Abstract]
Accrued expenses	7,869		10,605
Other short term liabilities	199		2,324
Derivative qualifying as cash flow hedge	174
Credit facility	34,028		43,096
Interest Rate Swap [Member]
Derivative [Abstract]
Notional amount	19,800	$ 20,000
Fair value of derivative	100
Interest expense	100
Interest Rate Swap [Member] \| Other Long-Term Liabilities [Member]
Derivative [Abstract]
Accumulated other comprehensive loss	100
Derivative liability	$ 100
Interest Rate Swap [Member] \| Term Loan [Member]
Derivative [Abstract]
Fixed rate	5.36%
London Interbank Offered Rate (LIBOR) [Member] \| Interest Rate Swap [Member] \| Term Loan [Member]
Derivative [Abstract]
Variable rate	3.50%
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fair Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	$ 23,644		17,571
Restricted cash	15,000		28,375
Prepaid expenses and other current assets	0		0
Financial Liabilities [Abstract]
Accrued expenses	0		0
Other short term liabilities	0		0
Derivative qualifying as cash flow hedge	0
Credit facility	0		0
Significant Other Observable Inputs (Level 2) [Member] \| Fair Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	0		0
Restricted cash	0		0
Prepaid expenses and other current assets	4,190		2,461
Financial Liabilities [Abstract]
Accrued expenses	7,869		10,605
Other short term liabilities	199		2,324
Derivative qualifying as cash flow hedge	174
Credit facility	34,028		43,096
Significant Unobservable Inputs (Level 3) [Member] \| Fair Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	0		0
Restricted cash	0		0
Prepaid expenses and other current assets	0		0
Financial Liabilities [Abstract]
Accrued expenses	0		0
Other short term liabilities	0		0
Derivative qualifying as cash flow hedge	0
Credit facility	$ 0		$ 0

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended								12 Months Ended
SEGMENT REPORTING (Details) $ in Thousands	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) Segment	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
SEGMENT REPORTING [Abstract]
Number of reportable segments \| Segment									3
Summary financial information by reporting segment [Abstract]
Revenue	$ 73,915	$ 72,594	$ 63,569	$ 63,263	$ 70,113	$ 70,078	$ 61,120	$ 61,889	$ 273,342	$ 263,200	$ 261,853
Percentage of Total Revenue									100.00%	100.00%	100.00%
Operating (Loss) Income									$ 5,238	$ (3,954)	$ (4,716)
Assets	194,763				146,038				194,763	146,038
Transportation and Skilled Trades [Member]
Summary financial information by reporting segment [Abstract]
Revenue									193,722	185,263	181,328
Healthcare and Other Professions [Member]
Summary financial information by reporting segment [Abstract]
Revenue									79,620	72,135	63,641
Transitional [Member]
Summary financial information by reporting segment [Abstract]
Revenue									0	5,802	16,884
Reportable Segments [Member] \| Transportation and Skilled Trades [Member]
Summary financial information by reporting segment [Abstract]
Revenue									$ 193,722	$ 185,263	$ 181,328
Percentage of Total Revenue									70.90%	70.40%	69.20%
Operating (Loss) Income									$ 21,979	$ 17,661	$ 17,795
Assets	121,611				92,070				121,611	92,070
Reportable Segments [Member] \| Healthcare and Other Professions [Member]
Summary financial information by reporting segment [Abstract]
Revenue									$ 79,620	$ 72,135	$ 63,641
Percentage of Total Revenue									29.10%	27.40%	24.30%
Operating (Loss) Income									$ 7,588	$ 6,469	$ 3,937
Assets	27,945				14,078				27,945	14,078
Reportable Segments [Member] \| Transitional [Member]
Summary financial information by reporting segment [Abstract]
Revenue									$ 0	$ 5,802	$ 16,884
Percentage of Total Revenue									0.00%	2.30%	6.40%
Operating (Loss) Income									$ 0	$ (5,994)	$ (6,926)
Assets	0				527				0	527
Corporate [Member]
Summary financial information by reporting segment [Abstract]
Revenue									$ 0	$ 0	$ 0
Percentage of Total Revenue									0.00%	0.00%	0.00%
Operating (Loss) Income									$ (24,329)	$ (22,090)	$ (19,522)
Assets	$ 45,207				$ 39,363				$ 45,207	$ 39,363

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2019 USD ($) Subsidiary
COMMITMENTS AND CONTINGENCIES [Abstract]
Number of subsidiaries under compliance examination \| Subsidiary	1
Outstanding net loan commitment	$ 54.7
Future employment contract commitments	4.1
Surety bonds	$ 12.8

RELATED PARTY (Details) $ in Millions	12 Months Ended
RELATED PARTY (Details) $ in Millions	Dec. 31, 2018 USD ($)
RELATED PARTY [Abstract]
Purchases from related party	$ 1.8

UNAUDITED QUARTERLY FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
UNAUDITED QUARTERLY FINANCIAL INFORMATION [Abstract]
Revenue	$ 73,915	$ 72,594	$ 63,569	$ 63,263	$ 70,113	$ 70,078	$ 61,120	$ 61,889	$ 273,342	$ 263,200	$ 261,853
Net (loss) income	$ 9,206	$ 1,340	$ (3,064)	$ (5,467)	$ 5,033	$ (600)	$ (4,104)	$ (6,874)	$ 2,015	$ (6,545)	$ (11,484)
Basic [Abstract]
Net (loss) earnings per share (in dollars per share)	$ 0.33	$ 0.05	$ (0.12)	$ (0.22)	$ 0.21	$ (0.02)	$ (0.17)	$ (0.28)	$ 0.08	$ (0.27)	$ (0.48)
Diluted [Abstract]
Net (loss) earnings per share (in dollars per share)	$ 0.33	$ 0.05	$ (0.12)	$ (0.22)	$ 0.20	$ (0.02)	$ (0.17)	$ (0.28)	$ 0.08	$ (0.27)	$ (0.48)
Weighted average number of common shares outstanding [Abstract]
Basic (in shares)	24,563,000	24,563,000	24,555,000	24,534,000	24,533,000	24,533,000	24,486,000	24,138,000	24,554,033	24,423,479	23,906,395
Diluted (in shares)	24,563,000	24,608,000	24,555,000	24,534,000	24,562,000	24,533,000	24,486,000	24,138,000	24,554,033	24,423,479	23,906,395

Schedule II-Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Movement in Valuation Allowances and Reserves [Abstract]
Balance at Beginning of Period	$ 16,993	$ 13,784	$ 14,794
Charged to Expense	20,847	17,705	13,720
Accounts Written-off	(17,473)	(14,496)	(14,730)
Balance at End of Period	$ 20,367	$ 16,993	$ 13,784