0001140361-21-007700 | 10-K | XBRL Viewer | Lincoln Educational Services Corp

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Mar. 03, 2021	Jun. 30, 2020
Cover [Abstract]
Entity Registrant Name	LINCOLN EDUCATIONAL SERVICES CORP
Entity Central Index Key	0001286613
Current Fiscal Year End Date	--12-31
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Address, State or Province	NJ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 78,301,591
Entity Common Stock, Shares Outstanding		26,988,965

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 38,026	$ 23,644
Accounts receivable, less allowance of $25,174 and $18,107 at December 31, 2020 and 2019, respectively	30,021	20,652
Inventories	2,394	1,608
Prepaid income taxes and income taxes receivable	0	383
Prepaid expenses and other current assets	3,723	4,190
Total current assets	74,164	50,477
PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $176,300 and $172,408 at December 31, 2020 and 2019, respectively	48,388	49,345
OTHER ASSETS:
Noncurrent restricted cash	0	15,000
Noncurrent receivables, less allowance of $3,465 and $2,260 at December 31, 2020 and 2019, respectively	16,463	15,337
Deferred income taxes, net	35,718	0
Operating lease right-of-use assets	55,187	49,065
Goodwill	14,536	14,536
Other assets, net	734	1,003
Total other assets	122,638	94,941
TOTAL ASSETS	245,190	194,763
CURRENT LIABILITIES:
Current portion of credit agreement	2,000	2,000
Unearned tuition	23,453	23,411
Accounts payable	15,676	14,584
Accrued expenses	16,692	7,869
Income taxes payable	491	0
Current portion of operating lease liabilities	8,504	9,142
Other short-term liabilities	26	199
Total current liabilities	66,842	57,205
NONCURRENT LIABILITIES:
Long-term credit agreement	15,212	32,028
Pension plan liabilities	4,252	4,015
Deferred income taxes, net	0	153
Long-term portion of operating lease liabilities	52,702	46,018
Other long-term liabilities	3,133	214
Total liabilities	142,141	139,633
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, no par value - authorized 100,000,000 shares at December 31, 2020 and 2019, issued and outstanding 26,476,329 shares at December 31, 2020 and 25,231,710 shares at December 31, 2019	141,377	141,377
Additional paid-in capital	30,512	30,145
Treasury stock at cost - 5,910,541 shares at December 31, 2020 and 2019	(82,860)	(82,860)
Retained earnings (accumulated deficit)	6,203	(42,058)
Accumulated other comprehensive loss	(4,165)	(3,456)
Total stockholders' equity	91,067	43,148
TOTAL LIABILITIES, SERIES A CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY	245,190	194,763
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, 2020 and no shares issued and outstanding at December 31, 2019	11,982	11,982
STOCKHOLDERS' EQUITY:
Total stockholders' equity	$ 11,982	$ 11,982

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
CURRENT ASSETS:
Accounts receivable, allowance	$ 25,174	$ 18,107
PROPERTY, EQUIPMENT AND FACILITIES - accumulated depreciation and amortization	176,300	172,408
OTHER ASSETS:
Noncurrent receivables, allowance	$ 3,465	$ 2,260
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)	26,476,329	25,231,710
Common stock, shares outstanding (in shares)	26,476,329	25,231,710
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

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
REVENUE	$ 293,095	$ 273,342
COSTS AND EXPENSES:
Educational services and facilities	122,196	123,495
Selling, general and administrative	156,199	145,176
Gain on sale of assets	(81)	(567)
Total costs and expenses	278,314	268,104
OPERATING INCOME	14,781	5,238
OTHER:
Interest income	0	8
Interest expense	(1,275)	(2,963)
INCOME BEFORE INCOME TAXES	13,506	2,283
(BENEFIT) PROVISION FOR INCOME TAXES	(35,059)	268
NET INCOME	48,565	2,015
PREFERRED STOCK DIVIDENDS	1,378	0
INCOME AVAILABLE TO COMMON STOCKHOLDERS	$ 47,187	$ 2,015
Basic
Net income per share (in dollars per share)	$ 1.49	$ 0.08
Diluted
Net income per share (in dollars per share)	$ 1.49	$ 0.08
Weighted average number of common shares outstanding:
Basic (in shares)	24,748,496	24,554,033
Diluted (in shares)	24,748,496	24,554,033

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME [Abstract]
Net income	$ 48,565	$ 2,015
Other comprehensive income
Derivative qualifying as a cash flow hedge, net of taxes (nil)	(703)	(174)
Employee pension plan adjustments, net of taxes (1)	(6)	780
Comprehensive income	$ 47,856	$ 2,621

- Definition

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

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+ Details

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Other comprehensive income
Derivative qualifying as a cash flow hedge, taxes	$ 0	$ 0
Employee pension plan adjustments, taxes	$ 1	$ 1

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, 2018	$ 141,377	$ 29,484	$ (82,860)	$ (44,073)	$ (4,062)	$ 39,866	$ 0
BALANCE (in shares) at Dec. 31, 2018	24,641,792						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 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						0
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)						0
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	25,231,710						12,700
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	0	48,565	0	48,565	$ 0
Preferred stock dividends	0	(1,074)	0	(304)	0	(1,378)	0
Employee pension plan adjustments	0	0	0	0	(6)	(6)	0
Derivative qualifying as cash flow hedge	0	0	0	0	(703)	(703)	0
Stock-based compensation expense
Restricted stock	$ 0	1,686	0	0	0	1,686	$ 0
Restricted stock (in shares)	1,319,734						0
Net share settlement for equity-based compensation	$ 0	(245)	0	0	0	(245)	$ 0
Net share settlement for equity-based compensation (in shares)	(75,115)						0
BALANCE at Dec. 31, 2020	$ 141,377	$ 30,512	$ (82,860)	$ 6,203	$ (4,165)	$ 91,067	$ 11,982
BALANCE (in shares) at Dec. 31, 2020	26,476,329						12,700

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 48,565	$ 2,015
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,400	8,116
Amortization of deferred finance fees	181	190
Write-off of deferred finance fees	0	512
Deferred income taxes	(35,871)	153
Gain on disposition of assets	(81)	(567)
Fixed asset donation	(334)	(1,084)
Provision for doubtful accounts	26,888	20,847
Stock-based compensation expense	1,686	679
(Increase) decrease in assets:
Accounts receivable	(37,383)	(25,986)
Inventories	(786)	(157)
Prepaid income taxes and income taxes receivable	383	219
Prepaid expenses and current assets	158	(502)
Other assets	193	(1,368)
Increase (decrease) in liabilities:
Accounts payable	856	444
Accrued expenses	8,823	(1,687)
Unearned tuition	42	866
Income taxes payable	491	0
Other liabilities	2,274	(1,702)
Total adjustments	(25,080)	(1,027)
Net cash provided by operating activities	23,485	988
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(5,580)	(5,385)
Proceeds from insurance settlement	97	575
Net cash used in investing activities	(5,483)	(4,810)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings	11,000	40,045
Payments on borrowings	(28,000)	(54,514)
Credit (payment) of deferred finance fees	3	(975)
Net share settlement for equity-based compensation	(245)	(18)
Dividend payment for preferred stock	(1,378)	0
Proceeds from sale of convertible preferred stock	0	12,700
Payment of convertible preferred stock issuance costs	0	(718)
Net cash used in financing activities	(18,620)	(3,480)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(618)	(7,302)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of year	38,644	45,946
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of year	38,026	38,644
Cash paid during the year for:
Interest	1,110	2,155
Income taxes	179	118
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Liabilities accrued for or noncash purchases of property and equipment	$ 975	$ 2,852

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2020

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.

COVID-19 Pandemic— During the first quarter of 2020, the coronavirus disease (“COVID-19”) began to spread worldwide and has caused significant disruptions to the U.S. and world economies. In early March 2020, the Company began seeing the impact of the COVID-19 pandemic on our business. The impact was primarily related to transitioning classes from in-person, hands-on learning to online, remote learning. As part of this transition, the Company has incurred additional expenses. In addition, some students were placed on leave of absence as they could not complete their externships and some students chose not to participate in online learning. Additionally, certain programs were extended due to restricted access to externship sites and classroom labs. Due to state and local provisions, our schools reopened on a phased basis from May through August 2020. Currently, all of our schools have re-opened and the majority of the students who were placed on leave or otherwise deferred their programs are actively working to finish their programs over the next few months. As COVID-19 continues to affect many states and its course is unpredictable, the full impact on the Company’s consolidated financial statements remains uncertain.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law which includes a $2 trillion federal economic relief package providing financial assistance and other relief to individuals and businesses impacted by the spread of COVID-19. The CARES Act includes provisions for financial assistance and other regulatory relief benefitting students and their postsecondary institutions. The Company has and will continue to evaluate the impact of the CARES Act on the Company’s results of operations and cash flows. See Note 16 – COVID-19 Pandemic and CARES Act for additional discussion about the CARES Act.

Liquidity—As of December 31, 2020, the Company had cash and cash equivalents of $38.0 million. As of December 31, 2020, the Company had a net cash balance of $20.8 million calculated as cash and cash equivalents, less both the short-term and long-term portions of the Company’s Credit Facility (defined below). As of December 31, 2020, the Company also can borrow an additional $21.0 million under its Credit Facility. As of December 31, 2019, the Company had a net cash balance of $4.6 million. The Company believes that its likely sources of cash should be sufficient to fund operations for the next twelve months and thereafter for the foreseeable future. However, the circumstances relating to COVID-19 and its evolution are unpredictable and, if circumstances surrounding COVID-19 should evolve in a significantly adverse manner it is possible our liquidity could be materially and adversely affected.

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 that were maintained at financial institutions under a cash collateral agreement pursuant to the Company’s prior credit facility. The amounts of zero and $15.0 million as of December 31, 2020 and 2019, respectively, of restricted cash is included in long-term assets in the consolidated balance sheets as the restrictions were greater than one year, respectively. 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 $31.2 million and $29.8 million for the years ended December 31, 2020 and 2019, 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, 2020 and 2019, 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, 2020 and 2019, 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, 2020, exceeded the balance insured by the FDIC by approximately $37.75 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, 2020 and 2019.

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.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2020 and 2019, 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. The Company classifies the cash flows from a cash flow hedge within the same category as the cash flows from the items being hedged.

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

New Accounting Pronouncements

In October 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2020-10, “Codification Improvements”, which makes minor technical corrections and clarifications to the ASU. The amendments in Sections B and C of the ASU are effective for annual periods beginning after December 15, 2020, for public business entities. For all other entities, the amendments are effective for annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. This Update is not expected to have a significant impact on the Company’s consolidated financial statements.

In August 2020, the FASB issued ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU removes separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature and hence most of the instruments will be accounted for as a single model (either debt or equity). The ASU also states that entities must apply the if-converted method to all convertible instruments for calculation of diluted EPS and the treasury stock method is no longer available. An entity can use either a full or modified retrospective approach to adopt the ASU’s guidance. ASU No. 2020-06 is effective for the Company as a smaller reporting company for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For convertible instruments that include a down-round feature, entities may early adopt the amendments that apply to the down-round features if they have not yet adopted the amendments in ASU 2017-11. The Company is currently assessing the impact that this ASU will have on its consolidated financial statements and related disclosures.

In March 2020, the FASB issued ASU 2020-03, “Codification Improvements to Financial Instruments” (“ASU 2020-03”). ASU 2020-03 improves and clarifies various financial instruments topics. ASU 2020-03 includes seven different issues that describe the areas of improvement and the related amendments to GAAP. The Company adopted ASU 2020-03 upon issuance, which did not have a material effect on the Company’s consolidated financial statements and related disclosures.

In December 2019, the FASB issued 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”. ASU 2019-12 also clarifies and amends GAAP for other areas of Topic 740. 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 impact that this ASU will have on its 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 impact that this ASU will have on its consolidated financial statements and related disclosures. The Company adopted ASU 2018-14 on January 1, 2020, which did not have a material effect 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. Additionally, in February and March 2020, the FASB issued ASU 2020-02, “Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842)” ASU 2020-02 adds a SEC paragraph pursuant to the issuance of SEC Staff Accounting Bulletin No. 119 on loan losses to FASB Codification Topic 326 and also updates the SEC section of the Codification for the change in the effective date of Topic 842. Early adoption is permitted. We are currently assessing the impact that these ASUs will have on our consolidated financial statements and related disclosures.

FINANCIAL AID AND REGULATORY COMPLIANCE

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019, approximately 77% 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, 2020 and 2019, 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, or a different payment method other than the advance 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”) and the 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 submitted to the DOE our audited financial statements for the 2018 fiscal years reflecting a composite score of 1.1, respectively, based upon our calculations. The DOE indicated in a January 13, 2020 letter its determination that our institutions are “in the zone” based on our composite scores for the 2018 fiscal year 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.

Because of the impact of the COVID-19 pandemic, the DOE extended the deadline for institutions to submit audited financial statements.

We initially submitted to the DOE our audited financial statements for the 2019 fiscal year on July 2, 2020 and anticipated that our composite score for the year would be 1.6. The DOE requested that we resubmit 2019 audited financials and composite score calculation utilizing new technical revisions to the composite score calculation that took effect on July 1, 2020.

We prepared an updated submission and composite score calculation in response to the DOE’s notice and resubmitted our financial statements for the 2019 fiscal year on November 13, 2020 with a recalculated composite score of 1.5. Subsequently, on February 16, 2021, we received a letter from the DOE confirming our composite score of 1.5 for fiscal year 2019 as well as removing the Company from the Zone Alternative requirements. However, the Company will remain on HCM1 until we meet certain requirements outlined by the DOE in its letter which we are hopeful will be complete within the next few months.

For the 2020 fiscal year, we calculated our composite score to be 2.7. This score is subject to determination by the DOE based on its review of our consolidated audited financial statements for the 2020 fiscal year, but we believe it is likely that the DOE will determine that our institutions comply with the composite score requirement.

On September 23, 2019, the DOE published final regulations with a general effective date of July 1, 2020 that, among other things, modified the list of triggering events that could result in the DOE determining that the institution lacks financial responsibility and must submit to the DOE a letter of credit or other form of acceptable financial protection and accept other conditions on the institution’s Title IV Program eligibility. The regulations create lists of mandatory triggering events and discretionary triggering events. An institution is not able to meet its financial or administrative obligations if a mandatory triggering event occurs. The mandatory triggering events include:

•

the institution’s recalculated composite score is less than 1.0 as determined by the DOE as a result of an institutional liability from a settlement, final judgment, or final determination in an administrative or judicial action or proceeding brought by a federal or state entity;

•

the institution’s recalculated composite score goes from less than 1.5 to less than 1.0 as determined by the DOE as a result of a withdrawal of owner’s equity from the institution;

•

the SEC takes certain actions against the institution or the institution fails to comply with certain filing requirements; or

•

the occurrence of two or more discretionary triggering events (as described below) within a certain time period.

The DOE also may determine that an institution lacks financial responsibility if one of the following discretionary triggering events occurs and the event is likely to have a material adverse effect on the financial condition of the institution:

•

a show cause or similar order from the institution’s accrediting agency that could result in the withdrawal, revocation or suspension of institutional accreditation;

•

a notice from the institution’s state licensing agency of an intent to withdraw or terminate the institution’s state licensure if the institution does not take steps to comply with state requirements;

•

a default, delinquency, or other event occurs as a result of an institutional violation of a security or loan agreement that enables the creditor to require an increase in collateral, a change in contractual obligations, an increase in interest rates or payment, or other sanctions, penalties or fees;

•

a failure to comply with the 90/10 Rule during the institution’s most recently completed fiscal year;

•

high annual drop-out rates from the institution as determined by the DOE; or

•

official cohort default rates of at least 30 percent for the two most recent years unless a pending appeal could sufficiently reduce one of the rates.

The regulations require the institution to notify the DOE of the occurrence of a mandatory or discretionary triggering event and to provide certain information to the DOE to demonstrate why the event does not establish the institution’s lack of financial responsibility or require the submission of a letter of credit or imposition of other requirements.

The expanded financial responsibility regulations could result in the DOE recalculating and reducing our composite score to account for DOE estimates of potential losses under one or more of the extensive list of triggering circumstances and also could result in the imposition of conditions and requirements including a requirement to provide a letter of credit or other form of financial protection.

It is difficult to predict the amount or duration of any letter of credit requirement that the DOE might impose under the regulation. The requirement to submit a letter of credit or to accept other conditions or restrictions could have a material adverse effect on our schools’ business and results of operations.

Closed School Loan Discharges

The DOE may grant closed school loan discharges of federal student loans based upon applications by qualified students. The DOE also may initiate discharges on its own for students who have not reenrolled in another Title IV Program eligible school within three years after the closure and who attended campuses that closed on or after November 1, 2013, as did some of our former campuses. If the DOE discharges some or all of these loans, the DOE may seek to recover the cost of the loan discharges from us. On September 3, 2020, we received determination letters asserting liabilities for closed school loan discharges in connection with the closure of three campuses. We subsequently provided additional documentation to the DOE that support reductions in the liability amounts. The DOE subsequently issued letters reducing the liabilities for two of the campuses to approximately $81,000 and $46,000, respectively. We have paid these amounts to the DOE. We are currently waiting for the DOE to respond to our response for the third campus. The DOE asserted liabilities of $412,000, but we provided documentation demonstrating that the liabilities should be reduced to $104,000. On February 11, 2021, we received a determination letter from the DOE for closed school loan discharges for the closure of a fourth campus in the amount of approximately $74,000. We expect to provide documentation demonstrating that the liabilities should be reduced to approximately $64,000. We cannot predict the timing or amount of the outcome of the DOE’s consideration of our response for the third and fourth campuses, not can we predict any additional loan discharges that the DOE may approve or the liabilities that the DOE may seek from us for these campuses or other campuses that have closed in the past. We have the right to appeal any asserted liabilities under an administrative appeal process within the DOE. We cannot predict the timing or potential outcome of any administrative appeals of any such liabilities.

NET INCOME PER SHARE

12 Months Ended

Dec. 31, 2020

NET INCOME PER SHARE [Abstract]

NET INCOME PER SHARE

3.	NET INCOME PER SHARE

The Company presents basic and diluted income per common 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 income with common shareholders to be included in computing income per common 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 income is 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. The Series A Preferred Stock and unvested restricted stock are not included in the computation of basic income per common 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. However, the cumulative dividends on preferred stock for the period decreases the income or increases the net loss allocated to common shareholders unless the dividend is paid in the period. Basic income per common share has been computed by dividing net income allocated to common shareholders by the weighted-average number of common shares outstanding. The basic and diluted net income amounts are the same for the years ended December 31, 2020 and 2019 as a result of the anti-dilutive impact of the potentially dilutive securities.

Net income (loss) per common share was calculated using the treasury stock method for September 30, 2019, June 30, 2019 and March 31, 2019. 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 income 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 income (loss) per common share 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.

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

	Year Ended December 31,
(in thousands, except share data)	2020			2019
Numerator:
Net income	$	48,565		$	2,015
Less: preferred stock dividend		(1,378	)		-
Less: allocation to preferred stockholders		(8,224	)		(54	)
Less: allocation to restricted stockholders		(2,150	)		(38	)
Net income allocated to common stockholders	$	36,813		$	1,923

Basic net income per share:
Denominator:
Weighted average common shares outstanding		24,748,496			24,554,033
Basic net income per share	$	1.49		$	0.08

Diluted net income per share:
Denominator:
Weighted average number of:
Common shares outstanding		24,748,496			24,554,033
Dilutive potential common shares outstanding:
Series A Preferred Stocck		-			-
Unvested restricted stock		-			-
Stock options		-			-
Dilutive shares outstanding		24,748,496			24,554,033
Diluted net income per share	$	1.49		$	0.08

The following table summarizes the potential weighted average shares of common stock that were excluded from the determination of our diluted shares outstanding as they were anti-dilutive:

	Year Ended December 31,
	2020		2019
Series A preferred stock		-		-
Unvested restricted stock		632,693		88,848
		632,693		88,848

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2020

REVENUE RECOGNITION [Abstract]

REVENUE RECOGNITION

4.	REVENUE RECOGNITION

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 original 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 in accordance with ASC 606. 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 $23.5 million and $23.4 million is recorded in the current liabilities section of the accompanying consolidated balance sheets as of December 31, 2020 and 2019, respectively. The change in this contract liability balance during the year ended December 31, 2020 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, 2020 that was included in the contract liability balance at the beginning of the year was $23.4 million.

The following table depicts the timing of revenue recognition:

	Year ended December 31, 2020
	Transportation and Skilled Trades Segment		Healthcare and Other Professions Segment		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	12,519	$	4,718	$	17,237
Services transferred over time		194,915		80,943		275,858
Total revenues	$	207,434	$	85,661	$	293,095

	Year ended December 31, 2019
	Transportation and Skilled Trades Segment		Healthcare and Other Professions 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

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

LEASES

12 Months Ended

Dec. 31, 2020

LEASES [Abstract]

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 right-of-use (“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 the 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.

Our operating lease cost for the years ended December 31, 2020 and 2019 was $15.3 and $14.5 million, respectively. Our variable lease cost for the years ended December 31, 2020 and 2019 was $0.6 and $2.9 million, respectively. The net change in ROU asset and operating lease liability are included in other assets in the consolidated cash flows for the years ended December 31, 2020 and 2019.

During the year ended December 31, 2020, the Company has withheld portions of and/or delayed payments to certain of its landlords as the Company sought to renegotiate payment terms, in order to further maintain liquidity given the temporary closures of its facilities. In some instances, the negotiations with landlords have led to agreements with landlords for rent abatements or rental deferrals, while, in other cases, negotiations are ongoing. Total payments withheld or deferred as of December 31, 2020 were approximately $0.5 million and are included in current liabilities.

In accordance with the FASB’s recent Staff Q&A regarding rent concessions related to the effects of the COVID-19 pandemic, the Company has elected to account for agreed concessions by landlords that do not result in a substantial increase in the rights of the landlord or the obligations of the Company, as lessee, as though enforceable rights and obligations for those concessions existed in the original lease agreements and the Company has elected not to re-measure the related lease liabilities and right-of-use assets associated with rent concessions due to COVID-19. For qualifying rent abatement concessions, the Company has recorded negative lease expense for the amount of the concession during the period of relief, and for qualifying deferrals of rental payments, the Company has recognized a payable in lieu of recognizing a decrease in cash for the lease payment that would have been made based on the original terms of the lease agreement, which will be reduced when the deferred payment is made in the future. During the year ended December 31, 2020, the Company recognized $0.6 million of negative lease expense related to rent abatement concessions.

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

	December 31,
	2020		2019
Operating cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	15,390	$	12,926
Non-cash activity:
Lease liabilities arising from obtaining right-of-use assets*	$	14,890	$	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.

As of December 31, 2020, there were four lease modifications that resulted in noncash re-measurements of the related ROU asset and operating lease liability of $14.9 million.

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

	Year Ended December 31,
	2020			2019
Weighted-average remaining lease term	6.11 years			6.22 years
Weighted-average discount rate		11.33	%		12.86	%

Maturities of lease liabilities by fiscal year for our operating leases as of December 31, 2020 are as follows:

Year ending December 31,
2021		14,705
2022		14,750
2023		13,451
2024		12,306
2025		10,748
Thereafter		18,380
Total lease payments		84,340
Less: imputed interest		(23,133	)
Present value of lease liabilities	$	61,207

GOODWILL

12 Months Ended

Dec. 31, 2020

GOODWILL [Abstract]

GOODWILL

Changes in the carrying amount of goodwill during the years ended December 31, 2020 and 2019 are as follows:

	Gross Goodwill Balance		Accumulated Impairment Losses		Net Goodwill Balance
Balance as of January 1, 2019	$	117,176	$	102,640	$	14,536
Adjustments		-		-		-
Balance as of December 31, 2019		117,176		102,640		14,536
Adjustments		-		-		-
Balance as of December 31, 2020	$	117,176	$	102,640	$	14,536

As of December 31, 2020 and 2019, 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, 2020

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,
			2020			2019
Land		-	$	6,969		$	6,969
Buildings and improvements		1-25		134,526			131,739
Equipment, furniture and fixtures		1-7		82,133			81,900
Vehicles		3		733			825
Construction in progress		-		327			320
				224,688			221,753
Less accumulated depreciation and amortization				(176,300	)		(172,408	)
			$	48,388		$	49,345

Depreciation and amortization expense of property, equipment and facilities was $7.4 million and $8.1 million for the years ended December 31, 2020 and 2019, respectively.

ACCRUED EXPENSES

12 Months Ended

Dec. 31, 2020

ACCRUED EXPENSES [Abstract]

ACCRUED EXPENSES

8.	ACCRUED EXPENSES

Accrued expenses consist of the following:

	At December 31,
	2020		2019
Accrued compensation and benefits	$	12,476	$	3,785
Accrued real estate taxes		2,614		1,763
Other accrued expenses		1,602		2,321
	$	16,692	$	7,869

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2020

LONG-TERM DEBT [Abstract]

LONG-TERM DEBT

9.	LONG-TERM DEBT

Long-term debt consists of the following:

	At December 31,
	2020			2019
Credit agreement	$	17,833		$	34,833
Deferred financing fees		(621	)		(805	)
		17,212			34,028
Less current maturities		(2,000	)		(2,000	)
	$	15,212		$	32,028

Credit Facility with Sterling National Bank

On November 14, 2019, the Company entered into a new senior secured credit agreement (the “Credit Agreement”) with its lender, Sterling National Bank (the “Lender”), providing for borrowing in the aggregate principal amount of up to $60 million (the “Credit Facility”).

The Credit Facility is comprised of four facilities: (1) 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; (2) 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; (3) 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 (4) a $15 million senior secured non-restoring line of credit maturing on January 31, 2021 (the “Line of Credit Loan”). The Credit Agreement gives the Company the right to permanently terminate, in its entirety, the Revolving Loan or the Line of Credit Loan or permanently reduce the amount available for borrowing under the Revolving Loan or the Line of Credit Loan. In April 2020, the Company terminated the Line of Credit Loan. On November 10, 2020, the Company entered into an amendment to its Credit Agreement to extend the Delayed Draw Availability Period by one year to May 31, 2022 and to increase the amount of permitted cash dividends that the Company can pay on its Series A Preferred Stock during the first twenty-four months of the Credit Agreement from $1.7 million to $2.3 million.

The 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 Credit Facility, the Lender advanced the Term Loan to the Company, the net proceeds of which were $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 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.

Under the Credit Agreement, borrowing under the Delayed Draw Term Loan was available through May 31, 2021 but an amendment to the Credit Agreement entered into on November 10, 2020 extended the period through May 31. 2022.

Accrued interest on each loan under the Credit Facility will be payable monthly in arrears. The Term Loan and the Delayed Draw Term Loan 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 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. 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 rate based on the then LIBOR plus an indicative spread determined by the Company’s leverage as defined in the 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 rate based on the Lender’s prime rate of interest. Revolving Loans are subject to a LIBOR interest rate floor of .00%.

Letters of credit are 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 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 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, 2020, the Company was in compliance with all debt covenants. The Credit Agreement also limited the payment of cash dividends during the first twenty-four months of the agreement to $1.7 million but an amendment to the Credit Agreement entered into on November 10, 2020 raised the cash dividend limit to $2.3 million in such twenty-four-month period.

As of December 31, 2020 and 2019, the Company had $17.8 million and $34.8 million, respectively, outstanding under the Credit Facility offset by $0.6 million and $0.8 million of deferred finance fees, respectively. In January 2020, the Company repaid the $15.0 million outstanding on the Line of Credit Loan. As of December 31, 2020 and December 31, 2019, letters of credit in the aggregate outstanding principal amount of $4.0 million and $4.0 million, respectively, were outstanding under the Credit Facility.

Scheduled maturities of long-term debt at December 31, 2020 are as follows:

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

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2020

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 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 “Charter Amendment”). The liquidation preference associated with the Series A Preferred Stock was $1,000 per share at December 31, 2020. Upon issuance each share of Series A Preferred Stock was convertible at $2.36 per share of common stock (as may be adjusted pursuant to the Charter Amendment, the “Conversion Price”) into 423,729 shares of common stock (the number of shares into which the Series A Preferred Stock is convertible at any time, the “Conversion Shares”). The Company incurred issuance costs 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:

Securities Purchase Agreement.

The Series A Preferred Stock was sold by the Company pursuant to a Securities Purchase Agreement dated as of November 14, 2019 (the “SPA”) among the Company, Juniper Targeted Opportunity Fund, L.P. and Juniper Targeted Opportunities, L.P. (together, “Juniper Purchasers”) and 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 arrears, from the date of issuance quarterly on each December 31, March 31, June 30 and September 30 with September 30, 2020 being the first dividend payment date. The Company, at its option, may pay dividends either (a) in cash or (b) by increasing the number of Conversion Shares by the dollar amount of the dividend divided by the Conversion Price. 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 may not 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, 2020, we paid a $1.4 million cash dividend on the outstanding shares of Series A Preferred Stock rather than increasing the number of Conversion Shares. Dividends are included in the consolidated balance sheets within additional paid-in-capital when the Company maintains an accumulated deficit.

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 (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 Conversion Price ($2.36 per share subject to anti-dilution adjustments) as of the applicable Conversion Date (as defined in the Charter Amendment). 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 (currently $5.31 per share) 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 Conversion Shares.

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 holders of Series A Preferred Stock 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. In addition, the RRA obligated the Company to register “for the shelf” the resale of the Conversion Shares through the filing of a registration statement to such effect (the “Resale Shelf Registration Statement”) and have such Resale Shelf Registration Statement declared effective by the Securities and Exchange Commission (the “SEC”). The SEC declared the Resale Shelf Registration Statement effective on October 16, 2020.

Restricted Stock

The Company currently has three stock incentive plans: a Long-Term Incentive Plan (the “LTIP”), a Non-Employee Directors Restricted Stock Plan (the “Non-Employee Directors Plan”) and the Lincoln Educational Services Corporation 2020 Incentive Compensation Plan (the “2020 Plan”).

2020 Plan

On March 26, 2020, the Board adopted the 2020 Plan to provide an incentive to certain directors, officers, employees and consultants of the Company to align their interests in the Company’s success with those of its shareholders through the grant of equity-based awards. On June 16, 2020, the shareholders of the Company approved the 2020 Plan. The 2020 Plan is administered by the Compensation Committee of the Board, or such other qualified committee appointed by the Board, who will, among other duties, have full power and authority to take all actions and to make all determinations required or provided for under the 2020 Plan. Pursuant to the 2020 Plan, the Company may grant options, share appreciation rights, restricted shares, restricted share units, incentive stock options and nonqualified stock options. The Plan has a duration of 10 years.

Subject to adjustment as described in the 2020 Plan, the aggregate number of common shares available for issuance under the 2020 Plan is 2,000,000 shares. As of December 31, 2020, 111,376 restricted shares have been issued to non-employee directors which vest on the first anniversary of the grant date.

On August 7, 2020, two non-employee directors were appointed to the Company’s Board of Directors and 17,096 restricted shares were granted to each non-employee director. The restricted shares vest on June 16, 2021.

Also on August 7, 2020, a non-employee director retired from his position on the Company’s Board of Directors. Accordingly, 12,762 shares were accelerated to vest effective August 7, 2020.

LTIP

Under the LTIP, certain employees have 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 amount of the award and the fair market value of a share of common stock on the date of grant. The 2020 Plan makes it clear that there will be no new grants under the LTIP effective as of the date of shareholder approval, June 16, 2020. The 2020 Plan also states that the shares available under the 2020 Plan will be two million shares plus the number of shares remaining available under the LTIP. As no shares remain available under the LTIP there can be no additional grants under the LTIP. Grants under the LTIP remain in effect according to their terms. Therefore, those grants are subject to the particular award agreement relating thereto and to the LTIP to the extent that the prior plan provides rules relating to those grants. The LTIP remains in effect only to that extent.

On February 20, 2020, performance-based restricted shares were granted to certain employees of the Company. The shares vest 20%, 30% and 50% on the first, second and third anniversary dates, respectively, based upon the attainment of a financial target during each fiscal years ending December 31, 2020, 2021 and 2022, respectively, except in extraordinary circumstances. There is no restriction on the right to vote or the right to receive dividends with respect to any of such restricted shares. For the year ended December 31, 2020 the Company recorded expense of $0.5 million as the expectation of attainment of the target is probable.

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. For the years ending December 31, 2020 and 2019, the Company recorded expense of $0.5 million and $0.4 million, respectively, in connection with this grant.

Non-Employee Directors Plan

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. The restricted shares vest on the first anniversary of the grant date. There is no restriction on the right to vote or the right to receive dividends with respect to any of such restricted shares.

For the years ended December 31, 2020 and 2019, the Company completed a net share settlement for 75,115 and 5,518 restricted shares, 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. The net share settlement was in connection with income taxes incurred on restricted shares that vested and were transferred to the employees during 2019 and/or 2018, creating taxable income for the employees. 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 to the Company. These transactions resulted in a decrease of $0.2 million and less than $0.1 million for each of the years ended December 31, 2020 and 2019, respectively, to equity on the consolidated balance sheets as the cash payment of the taxes effectively was a repurchase of the restricted shares 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, 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
Granted		1,319,734			2.68
Cancelled		-			-
Vested		(343,011	)		3.40
Nonvested restricted stock outstanding at December 31, 2020		1,572,159			2.77

The restricted stock expense for the years ended December 31, 2020 and 2019 was $1.7 million and $0.7 million, respectively. The unrecognized restricted stock expense as of December 31, 2020 and 2019 was $3.2 million and $1.2 million, respectively. As of December 31, 2020, outstanding restricted shares under the LTIP had aggregate intrinsic value of $10.2 million.

Stock Options

The fair value of the stock options used to compute stock-based compensation is the estimated present value at the date of grant using the Black-Scholes option pricing model. The following is a summary of transactions pertaining to stock options:

	Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding January 1, 2018		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		-
Cancelled		(35,000	)		16.95

Outstanding December 31, 2020		81,000			7.79	1.17 years		-

Vested as of December 31, 2020		81,000			7.79	1.17 years		-

Exercisable as of December 31, 2020		81,000			7.79	1.17 years		-

As of December 31, 2020, there was no unrecognized pre-tax compensation expense.

PENSION PLAN

12 Months Ended

Dec. 31, 2020

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,
	2020			2019
CHANGES IN BENEFIT OBLIGATIONS:
Benefit obligation-beginning of year	$	22,832		$	21,105
Service cost		35			33
Interest cost		654			812
Actuarial loss		2,115			2,103
Benefits paid		(1,278	)		(1,221	)
Benefit obligation at end of year		24,358			22,832

CHANGE IN PLAN ASSETS:
Fair value of plan assets-beginning of year		18,817			16,835
Actual return on plan assets		2,567			3,203
Benefits paid		(1,278	)		(1,221	)
Fair value of plan assets-end of year		20,106			18,817

BENEFIT OBLIGATION IN EXCESS OF FAIR VALUE FUNDED STATUS:	$	(4,252	)	$	(4,015	)

For the year ended December 31, 2020, the actuarial loss of $2.1 million was due to the decrease in the discount rate from 2.93% to 2.08%.

Amounts recognized in the consolidated balance sheets consist of:

	At December 31,
	2020			2019
Noncurrent liabilities	$	(4,252	)	$	(4,015	)

Amounts recognized in accumulated other comprehensive loss consist of:

	Year Ended December 31,
	2020			2019
Accumulated loss	$	(5,655	)	$	(5,648	)
Deferred income taxes		2,367			2,366
Accumulated other comprehensive loss	$	(3,288	)	$	(3,282	)

The accumulated benefit obligation was $24.4 million and $22.8 million at December 31, 2020 and 2019, respectively.

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

	Year Ended December 31,
	2020			2019
COMPONENTS OF NET PERIODIC BENEFIT COST
Service cost	$	35		$	33
Interest cost		654			812
Expected return on plan assets		(1,044	)		(1,011	)
Recognized net actuarial loss		585			691
Net periodic benefit cost	$	230		$	525

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 $0.5 million.

The following tables present plan assets using the fair value hierarchy as of December 31, 2020 and 2019. 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		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Equity securities	$	6,688	$	-	$	-	$	6,688
Fixed income		6,739		-		-		6,739
International equities		4,480		-		-		4,480
Real estate		1,016		-		-		1,016
Cash and equivalents		1,183		-		-		1,183
Balance at December 31, 2020	$	20,106	$	-	$	-	$	20,106

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(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

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

	2020			2019
Equity securities		33	%		33	%
Fixed income		34	%		34	%
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:

	2020			2019
Discount rate		2.08	%		2.93	%
Rate of compensation increase		2.75	%		2.75	%

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

	2020			2019
Discount rate		2.08	%		2.93	%
Rate of compensation increase		2.75	%		2.75	%
Long-term rate of return		5.25	%		5.75	%

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 2021. 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, 2020 and 2019, respectively.

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

Year Ending December 31,
2021	$	1,336
2022		1,356
2023		1,385
2024		1,401
2025		1,388
Years 2026-2030		6,743

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, 2020 and 2019, the Company’s expense for the 401(k) plan amounted to $0.4 million and $0.1 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2020

INCOME TAXES [Abstract]

INCOME TAXES

12.	INCOME TAXES

Components of the (benefit) provision for income taxes were as follows:

	Year Ended December 31,
	2020			2019
Current:
Federal	$	-		$	-
State		802			115
Total		802			115

Deferred:
Federal		(21,743	)		120
State		(14,118	)		33
Total		(35,861	)		153

Total (benefit) provision	$	(35,059	)	$	268

Effective Tax rate

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

	Year Ended December 31,
	2020					2019
Income before taxes	$	13,506				$	2,283

Expected tax	$	2,836		21.0	%	$	479		21.0	%
State tax benefit (net of federal)		(10,513	)	-77.8	%		148		6.5
Valuation allowance		(27,420	)	-203.0	%		(428	)	(18.8	)
Other		38		0.2	%		69		3.0
Total	$	(35,059	)	-259.6	%	$	268		11.7	%

Our income tax benefit for the year ended December 31, 2020 was $35.1 million compared to an income tax provision of $0.3 million in the prior year. The 2020 tax benefit primarily relates to a release of the valuation allowance on deferred tax assets. After weighing all the evidence, management determined that it was more likely than not that the deferred tax assets were realizable and, therefore, the valuation allowance was no longer required. As a result, the Company released the full valuation allowance as of December 31, 2020.

Deferred Taxes and Valuation Allowance

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

	At December 31,
	2020			2019
Gross noncurrent deferred tax assets (liabilities)
Allowance for bad debts	$	7,659		$	5,461
Accrued benefits		1,208			-
Stock-based compensation		317			178
Lease liability		16,369			14,822
Right-of-use asset		(14,759	)		(13,156	)
Depreciation		11,298			10,981
Goodwill		(1,091	)		(766	)
Other intangibles		100			135
Pension plan liabilities		1,137			1,286
Net operating loss carryforwards		13,480			18,261
Gross noncurrent deferred tax assets, net		35,718			37,202
Less valuation allowance		-			(37,355	)
Noncurrent deferred tax assets (liabilities), net	$	35,718		$	(153	)

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.

As of December 31, 2019, the Company recorded a valuation allowance of $37.4 million against its net deferred tax assets.

As of December 31, 2020, the Company has net operating loss (“NOL”) carryforwards of $43.1 million. Of the $43.1 million NOL carryforwards, $29.3 million will start expiring in 2034 and ending in 2037 if unused.

The net operating losses generated in 2018 and beyond 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, 2020 and 2019, 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 2017 and, generally, is no longer subject to state and local income tax examinations by tax authorities for years before 2017 with few exceptions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

FAIR VALUE

12 Months Ended

Dec. 31, 2020

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, 2020
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)		Total
Financial Assets:
Cash and cash equivalents	$	38,026	$	38,026	$	-	$	-	$	38,026
Prepaid expenses and other current assets		3,723		-		3,723		-		3,723

Financial Liabilities:
Accrued expenses	$	16,692	$	-	$	16,692	$	-	$	16,692
Other short term liabilities		26		-		26		-		26
Derivative qualifying as cash flow hedge		703		-		703		-		703
Credit facility		17,212		-		15,487		-		15,487

	December 31, 2019
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Amount		(Level 1)		(Level 2)		(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

As of December 31, 2020, we estimated the fair value of the Credit Facility based on a present value analysis utilizing aggregate market yields obtained from independent pricing sources for similar financial instruments. As of December 31, 2019, we estimated 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.

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 $20 million 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 following summarizes the fair value of the outstanding derivative:

	December 31, 2020				December 31, 2019
	Liability⁽¹⁾				Liability⁽¹⁾
	Notional		Fair Value		Notional		Fair Value
Derivative derived as a hedging instrument:
Interest Rate Swap	$	17,800	$	700	$	19,800	$	100

(1)

The Company’s 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 liability is included in other long-term liabilities in the consolidated balance sheets.

The following summarizes the financial statement classification and amount of interest expense recognized on hedging instruments:

	Year Ended December 31,
	2020		2019
	Interest expense
Interest Rate Swap	$	100	$	100

The following summarizes the effect of derivative instruments designated as hedging instruments in Other Comprehensive Income/(Loss):

	Year Ended December 31,
	2020		2019
Derivative qualifying as cash flow hedge
Interest rate swap loss	$	700	$	200

- 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, 2020

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. 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 of each of 2020 and 2019, no campuses were 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.

Summary financial information by reporting segment is as follows:

	For the Year Ended December 31,
	Revenue										Operating Income (Loss)
	2020		% of Total			2019		% of Total			2020			2019
Transportation and Skilled Trades	$	207,434		70.8	%	$	193,722		70.9	%	$	34,458		$	21,979
Healthcare and Other Professions		85,661		29.2	%		79,620		29.1	%		11,068			7,588
Corporate		-		0.0	%		-		0.0	%		(30,745	)		(24,329	)
Total	$	293,095		100	%	$	273,342		100	%	$	14,781		$	5,238

	Total Assets
	December 31, 2020		December 31, 2019
Transportation and Skilled Trades	$	133,078	$	121,611
Healthcare and Other Professions		32,753		27,945
Corporate		79,359		45,207
Total	$	245,190	$	194,763

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2020

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.

Following a wave of hundreds of class action lawsuits being served upon colleges and universities across the country in connection with transitioning from in-person to online classes due to COVID-19, a class action lawsuit was filed against the Company in New Jersey Federal District Court and served on December 21, 2020. Like most of the other lawsuits across the country, the suit alleges breach of contract, unjust enrichment and conversion. In lieu of an answer, on January 25, 2021 the Company filed a Motion to Dismiss Plaintiff’s Complaint for Failure to State a Claim. The Motion remains pending before the Court. On February 17, 2021, Plaintiff’s counsel notified the Company that it would be amending its complaint to address deficiencies the Company outlined in its Motion to Dismiss.

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, the NJ OAG issued two supplemental subpoenas requesting additional information. The Company has responded to these requests and has received no further communications from the NJ OAG to date.

Student Financing Plans—At December 31, 2020, the Company had outstanding net financing commitments to its students to assist them in financing their education of approximately $21.7 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 $7.6 million at December 31, 2020.

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, 2020, the Company has posted surety bonds in the total amount of approximately $12.3 million.

COVID-19 PANDEMIC AND CARES ACT

12 Months Ended

Dec. 31, 2020

COVID-19 PANDEMIC AND CARES ACT [Abstract]

COVID-19 PANDEMIC AND CARES ACT

16.	COVID-19 PANDEMIC AND CARES ACT

The Company began seeing the impact of the global COVID-19 pandemic on its business in early March and some effects of the pandemic have continued. The spread of COVID-19 has had an unprecedented impact on higher educational institutions across the country, including our schools, and has led to the closure of campuses and the transition of academic programs from in-person to online delivery. The impact for the Company was primarily related to transitioning classes from in-person, hands-on learning to online, remote learning. As part of this transition, the Company has incurred additional expenses. Related to this transition, some students have been placed on leave of absence as they could not complete their externships and some students chose not to participate in online learning. Additionally, certain programs were extended due to restricted access to externship sites and classroom labs which did not have a material impact on our consolidated financial statements. In accordance with phased re-opening as applied on a state-by-state basis, all of our schools have now re-opened and the majority of the students who were on leave of absence or have deferred their programs returned to school to finish their programs. The Company expects to continue to be impacted by COVID-19 as the situation remains dynamic and evolving and subject to rapid and possibly material change. Additional impacts may arise of which the Company is not currently aware. The nature and extent of such impacts will depend on future developments, which are highly uncertain and cannot be predicted.

On March 27, 2020, the CARES Act was signed into law, which includes a $2 trillion federal economic relief package providing financial assistance and other relief to individuals and businesses impacted by the spread of COVID-19. The CARES Act includes provisions for financial assistance and other regulatory relief benefitting students and their postsecondary institutions.

Among other things, the CARES Act includes a $14 billion higher education emergency relief fund (“HEERF”) for the DOE to distribute directly to institutions of higher education. Institutions are required to use at least half of the HEERF funds for emergency grants to students for expenses related to disruptions in campus operations (e.g., food, housing, etc.). Institutions are permitted to use the remainder of the funds for additional emergency grants to students or to cover institutional costs associated with significant changes to the delivery of instruction due to the COVID-19 emergency, provided that those costs do not include payment to contractors for the provision of pre-enrollment recruitment activities, endowments, or capital outlays associated with facilities related to athletics, sectarian instruction, or religious worship. The law requires institutions receiving funds to continue to the greatest extent practicable to pay its employees and contractors during the period of any disruptions or closures related to the COVID-19 emergency.

The DOE has allocated funds to each institution of higher education based on a formula contained in the CARES Act. The formula is heavily weighted toward institutions with large numbers of Pell Grant recipients. The DOE allocated $27.4 million to our schools to be distributed in two equal installments and must be utilized by April 30, 2021. The Company had available $13.7 million in the first installment which was intended for emergency grants to students. As of December 31, 2020, the Company has distributed $13.3 million to the students and remainder was distributed in January 2021. As of December 31, 2020, the Company had available $13.7 million from the second installment which is intended for institutional costs and additional emergency grants to students. As of December 31, 2020, the Company has utilized $5.8 million of these funds for permitted expenses which was netted against the original expenses included in selling, general and administrative on the Consolidated Statement of Operations. As of December 31, 2020, the remaining funds are held by the DOE and the Company receives them as they are utilized. The DOE also has published guidance regarding permitted and prohibited use of these funds and requirements for reporting the use of these funds. If the funds are not spent or accounted for in accordance with applicable requirements, we could be required to return funds or be subject to other sanctions.

The CARES Act also contains separate educational provisions that relieve both institutions and students from complying with the requirement to repay Title IV funds following a student’s withdrawal as a result of the COVID-19 emergency. Ordinarily, when a student withdraws, the institution (and, in some cases, the student) may be required to return unearned portions of the Title IV grant and loan funds awarded for the period. Institutions will be required to report to the DOE the total amount of grant and loan funds the institution has not returned due to the waiver. For federal loan borrowers, the CARES Act also directs the DOE to cancel the borrower’s obligation to repay any Direct Loan associated with the relevant period. The law also expands the options to avoid student withdrawals due to a cessation of attendance by placing students on an approved leave of absence and waives certain requirements normally applicable to a leave of absence. The CARES Act also allows institutions to exclude from the calculation of a student’s satisfactory academic progress any attempted credits not completed due to the COVID-19 emergency.

The Company is also permitted to delay payment of FICA payroll taxes until January 1, 2021. The Company will have to repay 50% of the deferred payments by December 31, 2021, and the remaining 50% by December 31, 2022. As of December 31, 2020, the Company had deferred payments of $4.5 million.

On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law. This annual appropriations bill contained the Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (“CRRSAA”). CRRSAA provided an additional $81.9 billion to the Education Stabilization Fund including $22.7 billion for the HEERF, which were originally created by the CARES Act in March 2020. The higher education provisions of the CRRSAA are intended in part to provide additional financial assistance benefitting students and their postsecondary institutions in the wake of the spread of COVID-19 across the country and its impact on higher educational institutions.

Like the CARES Act, the CRRSAA directs the majority of HEERF funds to a general program providing direct grants to institutions. Institutions generally must designate “at least the same amount” of the funds for direct grants to students as was required under the CARES Act. However, for-profit institutions may only use the new HEERF funds for grants to students. The student grants must prioritize students with exceptional need and may be used for any component of the student’s cost of attendance or for emergency costs that arise due to coronavirus, such as tuition, food, housing, health care (including mental health care), or child care. Public and nonprofit institutions may use the remaining HEERF funds to (1) defray expenses associated with coronavirus (including lost revenue, reimbursement for expenses already incurred, technology costs associated with a transition to distance education, faculty and staff trainings, and payroll); (2) carry out student support activities authorized by the Higher Education Act that address needs related to coronavirus; or (3) for additional financial aid grants to students.

Upon the passage of the CRRSAA, DOE began allocating the funds to each institution of higher education based on a formula contained in the law. The DOE has allocated a total of $15.4 million to our schools and the funds became available in February 2021. The DOE has begun releasing guidance relating to the use of these funds and is expected to provide additional information in the coming weeks. Failure to comply with requirements for the usage and reporting of these funds could result in requirements to repay some or all of the allocated funds and in other sanctions.

Schedule II-Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2020

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, 2020
Student receivable allowance	$	20,367	$	26,887	$	(18,615	)	$	28,639
December 31, 2019
Student receivable allowance	$	16,993	$	20,847	$	(17,473	)	$	20,367

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2020
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.
Liquidity	Liquidity—As of December 31, 2020, the Company had cash and cash equivalents of $38.0 million. As of December 31, 2020, the Company had a net cash balance of $20.8 million calculated as cash and cash equivalents, less both the short-term and long-term portions of the Company’s Credit Facility (defined below). As of December 31, 2020, the Company also can borrow an additional $21.0 million under its Credit Facility. As of December 31, 2019, the Company had a net cash balance of $4.6 million. The Company believes that its likely sources of cash should be sufficient to fund operations for the next twelve months and thereafter for the foreseeable future. However, the circumstances relating to COVID-19 and its evolution are unpredictable and, if circumstances surrounding COVID-19 should evolve in a significantly adverse manner it is possible our liquidity could be materially and adversely affected.
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 that were maintained at financial institutions under a cash collateral agreement pursuant to the Company’s prior credit facility. The amounts of zero and $15.0 million as of December 31, 2020 and 2019, respectively, of restricted cash is included in long-term assets in the consolidated balance sheets as the restrictions were greater than one year, respectively. 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 $31.2 million and $29.8 million for the years ended December 31, 2020 and 2019, 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, 2020 and 2019, 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, 2020 and 2019, 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, 2020, exceeded the balance insured by the FDIC by approximately $37.75 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, 2020 and 2019.
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. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2020 and 2019, 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. The Company classifies the cash flows from a cash flow hedge within the same category as the cash flows from the items being hedged.
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 October 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2020-10, “Codification Improvements”, which makes minor technical corrections and clarifications to the ASU. The amendments in Sections B and C of the ASU are effective for annual periods beginning after December 15, 2020, for public business entities. For all other entities, the amendments are effective for annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. This Update is not expected to have a significant impact on the Company’s consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU removes separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature and hence most of the instruments will be accounted for as a single model (either debt or equity). The ASU also states that entities must apply the if-converted method to all convertible instruments for calculation of diluted EPS and the treasury stock method is no longer available. An entity can use either a full or modified retrospective approach to adopt the ASU’s guidance. ASU No. 2020-06 is effective for the Company as a smaller reporting company for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For convertible instruments that include a down-round feature, entities may early adopt the amendments that apply to the down-round features if they have not yet adopted the amendments in ASU 2017-11. The Company is currently assessing the impact that this ASU will have on its consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-03, “Codification Improvements to Financial Instruments” (“ASU 2020-03”). ASU 2020-03 improves and clarifies various financial instruments topics. ASU 2020-03 includes seven different issues that describe the areas of improvement and the related amendments to GAAP. The Company adopted ASU 2020-03 upon issuance, which did not have a material effect on the Company’s consolidated financial statements and related disclosures. In December 2019, the FASB issued 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”. ASU 2019-12 also clarifies and amends GAAP for other areas of Topic 740. 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 impact that this ASU will have on its 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 impact that this ASU will have on its consolidated financial statements and related disclosures. The Company adopted ASU 2018-14 on January 1, 2020, which did not have a material effect 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. Additionally, in February and March 2020, the FASB issued ASU 2020-02, “Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842)” ASU 2020-02 adds a SEC paragraph pursuant to the issuance of SEC Staff Accounting Bulletin No. 119 on loan losses to FASB Codification Topic 326 and also updates the SEC section of the Codification for the change in the effective date of Topic 842. Early adoption is permitted. We are currently assessing the impact that these ASUs will have on our consolidated financial statements and related disclosures.

NET INCOME PER SHARE (Tables)

12 Months Ended

Dec. 31, 2020

NET INCOME PER SHARE [Abstract]

Reconciliation of Numerator and Denominator of Diluted Net Income Per Share Computations

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

	Year Ended December 31,
(in thousands, except share data)	2020			2019
Numerator:
Net income	$	48,565		$	2,015
Less: preferred stock dividend		(1,378	)		-
Less: allocation to preferred stockholders		(8,224	)		(54	)
Less: allocation to restricted stockholders		(2,150	)		(38	)
Net income allocated to common stockholders	$	36,813		$	1,923

Basic net income per share:
Denominator:
Weighted average common shares outstanding		24,748,496			24,554,033
Basic net income per share	$	1.49		$	0.08

Diluted net income per share:
Denominator:
Weighted average number of:
Common shares outstanding		24,748,496			24,554,033
Dilutive potential common shares outstanding:
Series A Preferred Stocck		-			-
Unvested restricted stock		-			-
Stock options		-			-
Dilutive shares outstanding		24,748,496			24,554,033
Diluted net income per share	$	1.49		$	0.08

Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the potential weighted average shares of common stock that were excluded from the determination of our diluted shares outstanding as they were anti-dilutive:

	Year Ended December 31,
	2020		2019
Series A preferred stock		-		-
Unvested restricted stock		632,693		88,848
		632,693		88,848

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2020

REVENUE RECOGNITION [Abstract]

Depicts Timing of Revenue Recognition

The following table depicts the timing of revenue recognition:

	Year ended December 31, 2020
	Transportation and Skilled Trades Segment		Healthcare and Other Professions Segment		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	12,519	$	4,718	$	17,237
Services transferred over time		194,915		80,943		275,858
Total revenues	$	207,434	$	85,661	$	293,095

	Year ended December 31, 2019
	Transportation and Skilled Trades Segment		Healthcare and Other Professions 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

LEASES (Tables)

12 Months Ended

Dec. 31, 2020

LEASES [Abstract]

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,
	2020		2019
Operating cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	15,390	$	12,926
Non-cash activity:
Lease liabilities arising from obtaining right-of-use assets*	$	14,890	$	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,
	2020			2019
Weighted-average remaining lease term	6.11 years			6.22 years
Weighted-average discount rate		11.33	%		12.86	%

Maturities of Lease Liabilities

Maturities of lease liabilities by fiscal year for our operating leases as of December 31, 2020 are as follows:

Year ending December 31,
2021		14,705
2022		14,750
2023		13,451
2024		12,306
2025		10,748
Thereafter		18,380
Total lease payments		84,340
Less: imputed interest		(23,133	)
Present value of lease liabilities	$	61,207

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2020

GOODWILL [Abstract]

Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill during the years ended December 31, 2020 and 2019 are as follows:

	Gross Goodwill Balance		Accumulated Impairment Losses		Net Goodwill Balance
Balance as of January 1, 2019	$	117,176	$	102,640	$	14,536
Adjustments		-		-		-
Balance as of December 31, 2019		117,176		102,640		14,536
Adjustments		-		-		-
Balance as of December 31, 2020	$	117,176	$	102,640	$	14,536

PROPERTY, EQUIPMENT AND FACILITIES (Tables)

12 Months Ended

Dec. 31, 2020

PROPERTY, EQUIPMENT AND FACILITIES [Abstract]

Property, Equipment and Facilities

Property, equipment and facilities consist of the following:

	Useful life (years)		At December 31,
			2020			2019
Land		-	$	6,969		$	6,969
Buildings and improvements		1-25		134,526			131,739
Equipment, furniture and fixtures		1-7		82,133			81,900
Vehicles		3		733			825
Construction in progress		-		327			320
				224,688			221,753
Less accumulated depreciation and amortization				(176,300	)		(172,408	)
			$	48,388		$	49,345

ACCRUED EXPENSES (Tables)

12 Months Ended

Dec. 31, 2020

ACCRUED EXPENSES [Abstract]

Accrued Expenses

Accrued expenses consist of the following:

	At December 31,
	2020		2019
Accrued compensation and benefits	$	12,476	$	3,785
Accrued real estate taxes		2,614		1,763
Other accrued expenses		1,602		2,321
	$	16,692	$	7,869

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2020

LONG-TERM DEBT [Abstract]

Long-term Debt

Long-term debt consists of the following:

	At December 31,
	2020			2019
Credit agreement	$	17,833		$	34,833
Deferred financing fees		(621	)		(805	)
		17,212			34,028
Less current maturities		(2,000	)		(2,000	)
	$	15,212		$	32,028

Maturities of Long-term Debt

Scheduled maturities of long-term debt at December 31, 2020 are as follows:

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

- 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=120391452&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=119993939&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=120395691&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=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 505
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-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
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-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, 2020

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, 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
Granted		1,319,734			2.68
Cancelled		-			-
Vested		(343,011	)		3.40
Nonvested restricted stock outstanding at December 31, 2020		1,572,159			2.77

Transactions Pertaining to Option Plans

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

	Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding January 1, 2018		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		-
Cancelled		(35,000	)		16.95

Outstanding December 31, 2020		81,000			7.79	1.17 years		-

Vested as of December 31, 2020		81,000			7.79	1.17 years		-

Exercisable as of December 31, 2020		81,000			7.79	1.17 years		-

PENSION PLAN (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020			2019
CHANGES IN BENEFIT OBLIGATIONS:
Benefit obligation-beginning of year	$	22,832		$	21,105
Service cost		35			33
Interest cost		654			812
Actuarial loss		2,115			2,103
Benefits paid		(1,278	)		(1,221	)
Benefit obligation at end of year		24,358			22,832

CHANGE IN PLAN ASSETS:
Fair value of plan assets-beginning of year		18,817			16,835
Actual return on plan assets		2,567			3,203
Benefits paid		(1,278	)		(1,221	)
Fair value of plan assets-end of year		20,106			18,817

BENEFIT OBLIGATION IN EXCESS OF FAIR VALUE FUNDED STATUS:	$	(4,252	)	$	(4,015	)

Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets consist of:

	At December 31,
	2020			2019
Noncurrent liabilities	$	(4,252	)	$	(4,015	)

Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss consist of:

	Year Ended December 31,
	2020			2019
Accumulated loss	$	(5,655	)	$	(5,648	)
Deferred income taxes		2,367			2,366
Accumulated other comprehensive loss	$	(3,288	)	$	(3,282	)

Components of Net Periodic Cost for Plan

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

	Year Ended December 31,
	2020			2019
COMPONENTS OF NET PERIODIC BENEFIT COST
Service cost	$	35		$	33
Interest cost		654			812
Expected return on plan assets		(1,044	)		(1,011	)
Recognized net actuarial loss		585			691
Net periodic benefit cost	$	230		$	525

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		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Equity securities	$	6,688	$	-	$	-	$	6,688
Fixed income		6,739		-		-		6,739
International equities		4,480		-		-		4,480
Real estate		1,016		-		-		1,016
Cash and equivalents		1,183		-		-		1,183
Balance at December 31, 2020	$	20,106	$	-	$	-	$	20,106

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(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

Fair Value of Total Plan Assets by Major Asset Category

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

	2020			2019
Equity securities		33	%		33	%
Fixed income		34	%		34	%
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,
2021	$	1,336
2022		1,356
2023		1,385
2024		1,401
2025		1,388
Years 2026-2030		6,743

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:

	2020			2019
Discount rate		2.08	%		2.93	%
Rate of compensation increase		2.75	%		2.75	%

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:

	2020			2019
Discount rate		2.08	%		2.93	%
Rate of compensation increase		2.75	%		2.75	%
Long-term rate of return		5.25	%		5.75	%

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

INCOME TAXES [Abstract]

Components of the Provision for Income Taxes

Components of the (benefit) provision for income taxes were as follows:

	Year Ended December 31,
	2020			2019
Current:
Federal	$	-		$	-
State		802			115
Total		802			115

Deferred:
Federal		(21,743	)		120
State		(14,118	)		33
Total		(35,861	)		153

Total (benefit) provision	$	(35,059	)	$	268

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,
	2020					2019
Income before taxes	$	13,506				$	2,283

Expected tax	$	2,836		21.0	%	$	479		21.0	%
State tax benefit (net of federal)		(10,513	)	-77.8	%		148		6.5
Valuation allowance		(27,420	)	-203.0	%		(428	)	(18.8	)
Other		38		0.2	%		69		3.0
Total	$	(35,059	)	-259.6	%	$	268		11.7	%

Components of Non-current Deferred Tax Assets/(Liabilities)

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

	At December 31,
	2020			2019
Gross noncurrent deferred tax assets (liabilities)
Allowance for bad debts	$	7,659		$	5,461
Accrued benefits		1,208			-
Stock-based compensation		317			178
Lease liability		16,369			14,822
Right-of-use asset		(14,759	)		(13,156	)
Depreciation		11,298			10,981
Goodwill		(1,091	)		(766	)
Other intangibles		100			135
Pension plan liabilities		1,137			1,286
Net operating loss carryforwards		13,480			18,261
Gross noncurrent deferred tax assets, net		35,718			37,202
Less valuation allowance		-			(37,355	)
Noncurrent deferred tax assets (liabilities), net	$	35,718		$	(153	)

FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2020

FAIR VALUE [Abstract]

Fair Value, by Balance Sheet Grouping

	December 31, 2020
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)		Total
Financial Assets:
Cash and cash equivalents	$	38,026	$	38,026	$	-	$	-	$	38,026
Prepaid expenses and other current assets		3,723		-		3,723		-		3,723

Financial Liabilities:
Accrued expenses	$	16,692	$	-	$	16,692	$	-	$	16,692
Other short term liabilities		26		-		26		-		26
Derivative qualifying as cash flow hedge		703		-		703		-		703
Credit facility		17,212		-		15,487		-		15,487

	December 31, 2019
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Amount		(Level 1)		(Level 2)		(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

Fair Value of the Outstanding Derivative

The following summarizes the fair value of the outstanding derivative:

	December 31, 2020				December 31, 2019
	Liability⁽¹⁾				Liability⁽¹⁾
	Notional		Fair Value		Notional		Fair Value
Derivative derived as a hedging instrument:
Interest Rate Swap	$	17,800	$	700	$	19,800	$	100

(1)

Financial Statement Classification and Amount of Interest Expense Recognized on Hedging Instruments

The following summarizes the financial statement classification and amount of interest expense recognized on hedging instruments:

	Year Ended December 31,
	2020		2019
	Interest expense
Interest Rate Swap	$	100	$	100

Derivative Instruments Designated as Hedging Instruments in Other Comprehensive Income/(Loss)

The following summarizes the effect of derivative instruments designated as hedging instruments in Other Comprehensive Income/(Loss):

	Year Ended December 31,
	2020		2019
Derivative qualifying as cash flow hedge
Interest rate swap loss	$	700	$	200

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2020

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)
	2020		% of Total			2019		% of Total			2020			2019
Transportation and Skilled Trades	$	207,434		70.8	%	$	193,722		70.9	%	$	34,458		$	21,979
Healthcare and Other Professions		85,661		29.2	%		79,620		29.1	%		11,068			7,588
Corporate		-		0.0	%		-		0.0	%		(30,745	)		(24,329	)
Total	$	293,095		100	%	$	273,342		100	%	$	14,781		$	5,238

	Total Assets
	December 31, 2020		December 31, 2019
Transportation and Skilled Trades	$	133,078	$	121,611
Healthcare and Other Professions		32,753		27,945
Corporate		79,359		45,207
Total	$	245,190	$	194,763

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) School State Campus Segment Unit	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Business Activities [Abstract]
Number of schools \| School	22
Number of states in which schools operate across the United States \| State	14
Number of campuses treated as destination schools \| Campus	5
Number of reportable segments \| Segment	3
Liquidity [Abstract]
Cash, cash equivalents and restricted cash	$ 38,026	$ 38,644	$ 45,946
Cash balance	20,800	4,600
Line of credit facility, remaining borrowing capacity	$ 21,000
Cash and Cash Equivalents [Abstract]
Maximum maturity period for classification of cash equivalents	3 months
Restricted Cash [Abstract]
Restricted cash in long-term assets	$ 0	15,000
Advertising Costs [Abstract]
Advertising expense	$ 31,200	29,800
Goodwill and Other Intangible Assets [Abstract]
Number of reporting units \| Unit	9
Number of reporting units failing to achieve projected operating results \| Unit	1
Amount of goodwill impairment	$ 0	0
Impairment of Long-Lived Assets [Abstract]
Impairment of long-lived assets	0	0
Concentration of Credit Risk [Abstract]
Federal deposit insurance limit	250
Excess cash, FDIC uninsured amount	37,750
Income Taxes [Abstract]
Interest and penalties expense	$ 0	$ 0

FINANCIAL AID AND REGULATORY COMPLIANCE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) Unit Campus	Dec. 31, 2019 Unit	Dec. 31, 2018 Unit	Feb. 11, 2021 USD ($)
Financial Aid [Abstract]
Percentage of net revenues on cash basis indirectly derived from funds	77.00%	78.00%
Maximum specified percentage of net revenues on cash basis indirectly derived from funds	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]
Minimum Composite required for financial responsibility \| Unit	1.5
Composite score for financial responsibility \| Unit	2.7	1.5	1.1
Maximum Period for institution to participate under the Zone Alternative	3 years
Minimum [Member]
Regulatory Compliance [Abstract]
Standard composite score for financial responsibility	-1
Percentage of official cohort default rates	30.00%
Maximum [Member]
Regulatory Compliance [Abstract]
Standard composite score for financial responsibility	3
U.S. Department of Education [Member]
Regulatory Compliance [Abstract]
Minimum Composite required for financial responsibility \| Unit		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%
Closed School Loan Discharges [Abstract]
Required period for reenrolling in another Title IV Program eligible school	3 years
Number of campuses for which received determination letters asserting liabilities for closed school loan discharges \| Campus	3
Number of campuses received letters to reduce liabilities \| Campus	2
Liability amount reduced subsequently for campus one	$ 81,000
Liability amount reduced subsequently for campus two	46,000
Asserted liabilities amount	412,000
Reduced liabilities amount	$ 104,000
U.S. Department of Education [Member] \| Subsequent Event [Member]
Closed School Loan Discharges [Abstract]
Asserted liabilities amount				$ 74,000
Reduced liabilities amount				$ 64,000
U.S. Department of Education [Member] \| Minimum [Member]
Regulatory Compliance [Abstract]
Minimum Composite required for financial responsibility \| Unit	1.0
U.S. Department of Education [Member] \| Maximum [Member]
Regulatory Compliance [Abstract]
Minimum Composite required for financial responsibility \| Unit	1.5

NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator [Abstract]
Net income	$ 48,565	$ 2,015	$ (11,484)
Less: preferred stock dividend	(1,378)	0	0
Less: allocation to preferred stockholders	(8,224)	(54)	0
Less: allocation to restricted stockholders	(2,150)	(38)	0
Net income allocated to common stockholders	$ 36,813	$ 1,923	$ (11,484)
Denominator [Abstract]
Weighted average common shares outstanding (in shares)	24,748,496	24,554,033	23,906,395
Basic net income per share (in dollars per share)	$ 1.49	$ 0.08	$ (0.48)
Denominator [Abstract]
Weighted average common shares outstanding (in shares)	24,748,496	24,554,033	23,906,395
Diluted shares outstanding (in shares)	24,748,496	24,554,033	23,906,395
Diluted net income per share (in dollars per share)	$ 1.49	$ 0.08	$ (0.48)
Antidilutive Shares [Abstract]
Antidilutive shares excluded from computation of earnings (loss) per share (in shares)	632,693	88,848
Unvested Restricted Stock [Member]
Denominator [Abstract]
Dilutive potential common shares outstanding (in shares)	0	0	0
Antidilutive Shares [Abstract]
Antidilutive shares excluded from computation of earnings (loss) per share (in shares)	632,693	88,848
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
Antidilutive Shares [Abstract]
Antidilutive shares excluded from computation of earnings (loss) per share (in shares)	0	0

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	12 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
REVENUE RECOGNITION [Abstract]
Unearned tuition	$ 23,453	$ 23,411
Revenue recognized included in contract liability	23,400
Disaggregation of Revenue [Abstract]
Total revenues	293,095	273,342
Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues	17,237	16,402
Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues	275,858	256,940
Transportation and Skilled Trades Segment [Member]
Disaggregation of Revenue [Abstract]
Total revenues	207,434	193,722
Transportation and Skilled Trades Segment [Member] \| Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues	12,519	11,881
Transportation and Skilled Trades Segment [Member] \| Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues	194,915	181,841
Healthcare and Other Professions Segment [Member]
Disaggregation of Revenue [Abstract]
Total revenues	85,661	79,620
Healthcare and Other Professions Segment [Member] \| Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues	4,718	4,521
Healthcare and Other Professions Segment [Member] \| Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Total revenues	$ 80,943	$ 75,099

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

LEASES (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2020

USD ($)

Lease

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Operating Leases [Abstract]

Operating lease cost

$ 15,300

$ 14,500

Variable lease cost

600

2,900

Rental payments withheld or deferred

500

Recognition of negative lease expense

600

Operating cash flow information [Abstract]

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

15,390

12,926

Non-cash activity [Abstract]

Lease liabilities arising from obtaining right-of-use assets

^[1]

$ 14,890

$ 63,911

Number of lease modifications | Lease

Weighted Average Remaining Lease Term and Discount Rate [Abstract]

Weighted-average remaining lease term

6 years 1 month 10 days

6 years 2 months 19 days

Weighted-average discount rate

11.33%

12.86%

Maturities of Lease Liabilities [Abstract]

$ 14,705

14,750

13,451

12,306

10,748

18,380

84,340

Less: imputed interest

(23,133)

Present value of lease liabilities

$ 61,207

$ 5,600

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, 2020	Dec. 31, 2019	Dec. 31, 2018
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	$ 14,500	$ 14,500

PROPERTY, EQUIPMENT AND FACILITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, equipment and facilities net [Abstract]
Property, equipment and facilities, Gross	$ 224,688	$ 221,753
Less accumulated depreciation and amortization	(176,300)	(172,408)
Property, equipment and facilities, Net	48,388	49,345
Depreciation and amortization expense	7,400	8,100
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	$ 134,526	131,739
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	$ 82,133	81,900
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	$ 733	825
Construction in Progress [Member]
Property, equipment and facilities net [Abstract]
Property, equipment and facilities, Gross	$ 327	$ 320

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ACCRUED EXPENSES [Abstract]
Accrued compensation and benefits	$ 12,476	$ 3,785
Accrued real estate taxes	2,614	1,763
Other accrued expenses	1,602	2,321
Accrued expenses	$ 16,692	$ 7,869

LONG-TERM DEBT (Details) $ in Thousands				1 Months Ended	12 Months Ended
LONG-TERM DEBT (Details) $ in Thousands	Nov. 11, 2020 USD ($)	Nov. 10, 2020 USD ($)	Nov. 14, 2019 USD ($) Facility	Jan. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) School	Dec. 31, 2019 USD ($)
Long-term debt [Abstract]
Deferred financing fees					$ (621)	$ (805)
Long term debt					17,212	34,028
Less current maturities					(2,000)	(2,000)
Long-term debt, excluding current maturities					15,212	32,028
Lender's origination fee					621	805
Letters of credit outstanding					4,000	4,000
Line of credit facility, repayment				$ 15,000
Scheduled maturities of long-term debt [Abstract]
2021					2,000
2022					2,000
2023					2,000
2024					11,833
Long term debt					17,833	34,800
Credit Agreement [Member]
Long-term debt [Abstract]
Credit agreement					$ 17,833	$ 34,833
Term to extend delayed draw availability period					1 year
Period consideration for payment of cash dividend					24 months
Limit on payment of cash dividends	$ 2,300	$ 1,700
Minimum quarterly average aggregate balances to be maintained					$ 5,000
Bank fees if minimum quarterly average aggregate balances is not maintained					$ 12,500
Credit Agreement [Member] \| Series A Preferred Stock [Member]
Long-term debt [Abstract]
Period consideration for payment of cash dividend					24 months
Limit on payment of cash dividends	$ 2,300	$ 1,700
Credit Facility [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity			$ 60,000
Number of facilities available in 2019 credit agreement \| Facility			4
Number of schools in states covered under first priority lien \| School					3
Credit Facility [Member] \| Letter of Credit [Member]
Long-term debt [Abstract]
Percentage of letter of credit fee, quarterly installment			0.25%
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%
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%
Credit Facility [Member] \| Term Loan [Member] \| LIBOR [Member] \| Interest Rate Floor [Member]
Long-term debt [Abstract]
Interest rate on credit facility			0.25%
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%
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%
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%
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
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
Credit Facility [Member] \| Revolving Loan [Member] \| Interest Rate Floor [Member]
Long-term debt [Abstract]
Interest rate on credit facility			4.00%
Credit Facility [Member] \| Revolving Loan [Member] \| LIBOR [Member] \| Interest Rate Floor [Member]
Long-term debt [Abstract]
Interest rate on credit facility			0.00%
Credit Facility [Member] \| Revolving Loan [Member] \| Prime Rate [Member]
Long-term debt [Abstract]
Interest rate on credit facility			0.50%
Credit Facility [Member] \| Revolving Loan [Member] \| Letter of Credit [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity			$ 10,000
Letters of credit outstanding			$ 4,000

STOCKHOLDERS' EQUITY, Common Stock and Preferred Stock (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 14, 2019 USD ($) Number $ / shares shares	Dec. 31, 2020 USD ($) Vote $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares
Preferred Stock [Abstract]
Amount raised from issuance of stock			$ 0
Dividends [Abstract]
Dividends paid on shares of Series A preferred stock		$ 1,378	0
Common Stock [Member]
Common Stock [Abstract]
Common stock voting rights per share \| Vote		1
Cash dividends declared or paid		$ 0
Preferred Stock [Abstract]
Number of shares issued upon conversion of preferred stock (in shares) \| shares		423,729
Series A Preferred Stock [Member]
Preferred Stock [Abstract]
Amount raised from issuance of stock	$ 12,700		$ 11,982
Issuance of series A convertible preferred stock, net of issuance costs (in shares) \| shares	12,700		12,700
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0	$ 0	$ 0
Liquidation preference per share (in dollars per share) \| $ / shares		1,000
Conversion price (in dollars per share) \| $ / shares	$ 2.36	$ 5.31
Stock issuance cost		$ 700
Dividends [Abstract]
Dividend rate	9.60%
First dividend payment date		Sep. 30, 2020
Increase in dividend rate on fifth anniversary	2.40%
Dividends paid on shares of Series A preferred stock		$ 1,400
Preferred Stock Holders Right to Convert into Common Stock [Abstract]
Conversion amount	$ 1,000
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]
Dividends [Abstract]
Dividend rate if failure to perform certain obligations	2.00%
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
Series A Preferred Stock [Member] \| Maximum [Member]
Dividends [Abstract]
Dividend rate if failure to perform certain obligations	14.00%

STOCKHOLDERS' EQUITY, Restricted Stock and Stock Options (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Aug. 07, 2020 Director shares	Feb. 20, 2020	Dec. 31, 2020 USD ($) Plan $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Jun. 16, 2020 shares
Stockholders' Equity Note Details [Abstract]
Number of stock incentive plans \| Plan			3
Shares [Abstract]
Outstanding, beginning balance (in shares)			116,000	139,000	167,667
Canceled (in shares)			(35,000)	(23,000)	(28,667)
Outstanding, ending balance (in shares)			81,000	116,000	139,000	167,667
Vested (in shares)			81,000
Exercisable, ending balance (in shares)			81,000
Weighted Average Exercise Price Per Share [Abstract]
Outstanding, beginning balance (in dollars per share) \| $ / shares			$ 10.56	$ 12.14	$ 12.11
Canceled (in dollars per share) \| $ / shares			16.95	20.15	11.98
Outstanding, ending balance (in dollars per share) \| $ / shares			7.79	$ 10.56	$ 12.14	$ 12.11
Vested (in dollars per share) \| $ / shares			7.79
Exercisable, ending balance (in dollars per share) \| $ / shares			$ 7.79
Weighted Average Remaining Contractual Term [Abstract]
Outstanding, balance			1 year 2 months 1 day	1 year 9 months 29 days	2 years 6 months 11 days	2 years 11 months 19 days
Vested			1 year 2 months 1 day
Exercisable, ending balance			1 year 2 months 1 day
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
First Anniversary Date [Member]
Stockholders' Equity Note Details [Abstract]
Percentage of vesting of performance-based shares		20.00%
Second Anniversary Date [Member]
Stockholders' Equity Note Details [Abstract]
Percentage of vesting of performance-based shares		30.00%
Third Anniversary Date [Member]
Stockholders' Equity Note Details [Abstract]
Percentage of vesting of performance-based shares		50.00%
Restricted Stock [Member]
Stockholders' Equity Note Details [Abstract]
Restricted shares granted to each director (in shares)	17,096
Shares [Abstract]
Nonvested restricted stock outstanding, beginning balance (in shares)			595,436	35,908
Granted (in shares)			1,319,734	598,982
Cancelled (in shares)			0	(3,546)
Vested (in shares)			(343,011)	(35,908)
Nonvested restricted stock outstanding, ending balance (in shares)			1,572,159	595,436	35,908
Weighted Average Grant Date Fair Value [Abstract]
Nonvested restricted stock outstanding, beginning balance (in dollars per share) \| $ / shares			$ 3.15	$ 2.23
Granted (in dollars per share) \| $ / shares			2.68	3.15
Cancelled (in dollars per share) \| $ / shares			0	3.17
Vested (in dollars per share) \| $ / shares			3.40	2.23
Nonvested restricted stock outstanding, ending balance (in dollars per share) \| $ / shares			$ 2.77	$ 3.15	$ 2.23
Recognized restricted stock expense \| $			$ 1,700	$ 700
Unrecognized restricted stock expense \| $			3,200	1,200
Stock Options [Member]
Aggregate Intrinsic Value [Abstract]
Unrecognized pre-tax compensation expense \| $			$ 0
2020 Plan [Member]
Stockholders' Equity Note Details [Abstract]
Number of shares available for issuance under incentive plan (in shares)							2,000,000
2020 Plan [Member] \| June 16, 2020 [Member]
Stockholders' Equity Note Details [Abstract]
Stock option award issuance, plan duration			10 years
LTIP Plan [Member]
Stockholders' Equity Note Details [Abstract]
Number of shares available for issuance under incentive plan (in shares)							2,000,000
Performance-based restricted stock compensation expense \| $			$ 500
LTIP Plan [Member] \| February 28, 2019 [Member]
Stockholders' Equity Note Details [Abstract]
Vesting period of performance-based shares			3 years
LTIP Plan [Member] \| Restricted Stock [Member]
Weighted Average Grant Date Fair Value [Abstract]
Outstanding restricted shares, intrinsic value \| $			$ 10,200
LTIP Plan [Member] \| Restricted Stock [Member] \| February 28, 2019 [Member]
Weighted Average Grant Date Fair Value [Abstract]
Recognized restricted stock expense \| $			$ 500	$ 400
Non Employee Directors Plan [Member]
Stockholders' Equity Note Details [Abstract]
Number of directors appointed \| Director	2
Net share settlement for restricted stock (in shares)			75,115	5,518
Decrease in equity due to payment of tax for employee \| $			$ 200
Non Employee Directors Plan [Member] \| Maximum [Member]
Stockholders' Equity Note Details [Abstract]
Decrease in equity due to payment of tax for employee \| $				$ 100
Non Employee Directors Plan [Member] \| Restricted Stock [Member]
Stockholders' Equity Note Details [Abstract]
Number of shares issued under incentive plan (in shares)			111,376
Shares [Abstract]
Vested (in shares)	(12,762)

PENSION PLAN, Plan's funded status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CHANGES IN BENEFIT OBLIGATIONS [Roll Forward]
Benefit obligation-beginning of year	$ 22,832	$ 21,105
Service cost	35	33
Interest cost	654	812
Actuarial loss	2,115	2,103
Benefits paid	(1,278)	(1,221)
Benefit obligation at end of year	24,358	22,832
CHANGE IN PLAN ASSETS [Roll Forward]
Fair value of plan assets-beginning of year	18,817	16,835
Actual return on plan assets	2,567	3,203
Benefits paid	(1,278)	(1,221)
Fair value of plan assets-end of year	20,106	18,817
BENEFIT OBLIGATION IN EXCESS OF FAIR VALUE FUNDED STATUS:	$ (4,252)	$ (4,015)
Discount rate	2.08%	2.93%

PENSION PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
PENSION PLAN (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amounts recognized in the consolidated balance sheets [Abstract]
Noncurrent liabilities	$ (4,252)	$ (4,015)
Amounts recognized in accumulated other comprehensive loss [Abstract]
Accumulated loss	(5,655)	(5,648)
Deferred income taxes	2,367	2,366
Accumulated other comprehensive loss	(3,288)	(3,282)
Accumulated benefit obligation	24,400	22,800
COMPONENTS OF NET PERIODIC BENEFIT COST [Abstract]
Service cost	35	33
Interest cost	654	812
Expected return on plan assets	(1,044)	(1,011)
Recognized net actuarial loss	585	691
Net periodic benefit cost	230	525
Amortization of estimated net loss, transition obligation and prior service cost from accumulated other comprehensive income into net periodic benefit cost	500
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 20,106	$ 18,817	$ 16,835
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	2.08%	2.93%
Rate of compensation increase	2.75%	2.75%
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Discount rate	2.08%	2.93%
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	$ 400	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	20,106	18,817
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	$ 6,688	$ 6,259
Fair value of total plan assets by major asset category	33.00%	33.00%
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	$ 6,688	$ 6,259
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	$ 6,739	$ 6,313
Fair value of total plan assets by major asset category	34.00%	34.00%
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	$ 6,739	$ 6,313
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	$ 4,480	$ 4,165
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	$ 4,480	$ 4,165
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	$ 1,016	$ 964
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	$ 1,016	$ 964
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	$ 1,183	$ 1,116
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	$ 1,183	$ 1,116
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	2.08%	2.93%
Rate of compensation increase	2.75%	2.75%
Long-term rate of return	5.25%	5.75%
Expected benefit payments for the plan [Abstract]
2021	$ 1,336
2022	1,356
2023	1,385
2024	1,401
2025	1,388
Years 2026-2030	$ 6,743

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current [Abstract]
Federal	$ 0	$ 0
State	802	115
Total	802	115
Deferred [Abstract]
Federal	(21,743)	120
State	(14,118)	33
Total	(35,861)	153
Total (benefit) provision	(35,059)	268
Effective income tax rate reconciliation, amount [Abstract]
Income before taxes	13,506	2,283
Expected tax	2,836	479
State tax benefit (net of federal)	(10,513)	148
Valuation allowance	(27,420)	(428)
Other	38	69
Total (benefit) provision	$ (35,059)	$ 268
Effective income tax rate reconciliation, percent [Abstract]
Federal corporate tax rate	21.00%	21.00%
State tax benefit (net of federal)	(77.80%)	6.50%
Valuation allowance	(203.00%)	(18.80%)
Other	0.20%	3.00%
Total	(259.60%)	11.70%
Gross noncurrent deferred tax assets (liabilities) [Abstract]
Allowance for bad debts	$ 7,659	$ 5,461
Accrued benefits	1,208	0
Stock-based compensation	317	178
Lease liability	16,369	14,822
Right-of-use asset	(14,759)	(13,156)
Depreciation	11,298	10,981
Goodwill	(1,091)	(766)
Other intangibles	100	135
Pension plan liabilities	1,137	1,286
Net operating loss carryforwards	13,480	18,261
Gross noncurrent deferred tax assets, net	35,718	37,202
Less valuation allowance	0	(37,355)
Noncurrent deferred tax (liabilities) assets, net	35,718
Noncurrent deferred tax assets (liabilities), net		$ (153)
Net operating loss carryforwards	43,100
Net operating loss carryforwards, subject to expiration	$ 29,300
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	Dec. 31, 2020	Dec. 31, 2019
Carrying Amount [Member]
Financial Assets [Abstract]
Cash and cash equivalents	$ 38,026	$ 23,644
Restricted cash		15,000
Prepaid expenses and other current assets	3,723	4,190
Financial Liabilities [Abstract]
Accrued expenses	16,692	7,869
Other short term liabilities	26	199
Derivative qualifying as cash flow hedge	703	174
Credit facility	17,212	34,028
Fair Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	38,026	23,644
Restricted cash		15,000
Prepaid expenses and other current assets	3,723	4,190
Financial Liabilities [Abstract]
Accrued expenses	16,692	7,869
Other short term liabilities	26	199
Derivative qualifying as cash flow hedge	703	174
Credit facility	15,487	34,028
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fair Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	38,026	23,644
Restricted cash		15,000
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	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
Prepaid expenses and other current assets	3,723	4,190
Financial Liabilities [Abstract]
Accrued expenses	16,692	7,869
Other short term liabilities	26	199
Derivative qualifying as cash flow hedge	703	174
Credit facility	15,487	34,028
Significant Unobservable Inputs (Level 3) [Member] \| Fair Value [Member]
Financial Assets [Abstract]
Cash and cash equivalents	0	0
Restricted cash		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	0
Credit facility	$ 0	$ 0

FAIR VALUE, Qualifying Hedge Derivative (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Nov. 14, 2019

Term Loan [Member]

Derivative [Abstract]

Amortization period

10 years

Amount of principal payment

$ 200

Interest Rate Swap [Member]

Fair Value, Outstanding Derivative [Abstract]

Notional amount

$ 20,000

Interest Rate Swap [Member] | Term Loan [Member]

Derivative [Abstract]

Fixed rate

5.36%

Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]

Fair Value, Outstanding Derivative [Abstract]

Notional amount

^[1]

$ 17,800

$ 19,800

Fair value

^[1]

700

100

Classification and Amount of Interest Expense Recognized on Hedging Instruments [Abstract]

Interest expense

100

Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]

Derivative Instruments Designated As Hedging Instruments In Other Comprehensive Income/(Loss) [Roll Forward]

Interest rate swap loss

$ 700

$ 200

LIBOR [Member] | Interest Rate Swap [Member] | Term Loan [Member]

Derivative [Abstract]

Variable rate

3.50%

[1]

The Company's 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 liability is included in other long-term liabilities in the consolidated balance sheets.

SEGMENT REPORTING (Details) $ in Thousands	12 Months Ended
SEGMENT REPORTING (Details) $ in Thousands	Dec. 31, 2020 USD ($) Segment	Dec. 31, 2019 USD ($)
SEGMENT REPORTING [Abstract]
Number of reportable segments \| Segment	3
Summary financial information by reporting segment [Abstract]
Revenue	$ 293,095	$ 273,342
Percentage of Total Revenue	100.00%	100.00%
Operating Income (Loss)	$ 14,781	$ 5,238
Assets	245,190	194,763
Transportation and Skilled Trades [Member]
Summary financial information by reporting segment [Abstract]
Revenue	207,434	193,722
Healthcare and Other Professions [Member]
Summary financial information by reporting segment [Abstract]
Revenue	85,661	79,620
Reportable Segments [Member] \| Transportation and Skilled Trades [Member]
Summary financial information by reporting segment [Abstract]
Revenue	$ 207,434	$ 193,722
Percentage of Total Revenue	70.80%	70.90%
Operating Income (Loss)	$ 34,458	$ 21,979
Assets	133,078	121,611
Reportable Segments [Member] \| Healthcare and Other Professions [Member]
Summary financial information by reporting segment [Abstract]
Revenue	$ 85,661	$ 79,620
Percentage of Total Revenue	29.20%	29.10%
Operating Income (Loss)	$ 11,068	$ 7,588
Assets	32,753	27,945
Corporate [Member]
Summary financial information by reporting segment [Abstract]
Revenue	$ 0	$ 0
Percentage of Total Revenue	0.00%	0.00%
Operating Income (Loss)	$ (30,745)	$ (24,329)
Assets	$ 79,359	$ 45,207

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2020 USD ($) Subpoenas
COMMITMENTS AND CONTINGENCIES [Abstract]
Number of supplemental subpoenas requesting additional information \| Subpoenas	2
Outstanding net loan commitment	$ 21.7
Future employment contract commitments	7.6
Surety bonds	$ 12.3

COVID-19 PANDEMIC AND CARES ACT (Details) $ in Millions		12 Months Ended
COVID-19 PANDEMIC AND CARES ACT (Details) $ in Millions	Dec. 27, 2020 USD ($)	Dec. 31, 2020 USD ($) Intallment
COVID-19 [Abstract]
Total amount expected to be received under CARES Act		$ 27.4
Number of installments used to allocated funds to schools \| Intallment		2
Emergency grants available in first installment under CARES Act		$ 13.7
Emergency grants distributed to students under CARES Act		13.3
Emergency grants available in second installment under CARES Act		13.7
Utilized amount of permitted expenses		5.8
Deferred payments under CARES Act		4.5
CRRSAA provided an additional amount to Education Stabilization Fund	$ 81,900.0
Amount included in Education Stabilization Fund for HEERF	$ 22,700.0
DOE allocated amount to schools		$ 15.4

Schedule II-Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Movement in Valuation Allowances and Reserves [Abstract]
Balance at beginning of period	$ 20,367	$ 16,993
Charged to expense	26,887	20,847
Accounts written-off	(18,615)	(17,473)
Balance at end of period	$ 28,639	$ 20,367