0001140361-23-010514 | 10-K | XBRL Viewer | Lincoln Educational Services Corp

PROPERTY, EQUIPMENT AND FACILITIES

12 Months Ended

Dec. 31, 2022

PROPERTY, EQUIPMENT AND FACILITIES [Abstract]

8.	PROPERTY, EQUIPMENT AND FACILITIES

Property, equipment and facilities consist of the following:

			At December 31,
	Useful life (years)		2022			2021
Land		-	$	52		$	645
Buildings and improvements (a)		1-25		86,031			88,060
Equipment, furniture and fixtures		1-7		82,585			85,441
Vehicles		3		751			751
Construction in progress (a)		-		888			1,557
				170,307			176,454
Less accumulated depreciation and amortization (a)				(146,367	)		(153,335	)
			$	23,940		$	23,119

(a)	Includes net impairment charge of $0.4 million as of December 31, 2022

On December 31, 2022, as a result of impairment testing it was determined that there was a long-lived asset impairment of $1.0 million. The impairment was the result of an assessment of the current market value, as compared to the current carrying value of the assets. In addition to the $0.4 million impairment charge noted above, the additional $0.6 million impairment charge was related to the Company’s ROU asset.

Further, on December 31, 2021, as a result of impairment testing it was determined that there was an impairment of our property in Suffield, Connecticut of $0.7 million. The impairment was the result of an assessment of the current market value, obtained via third-party engagement, as compared to the current carrying value of the assets. The carrying value for the Suffield, Connecticut property was approximately $2.9 million. The fair value estimate provided indicated that the current value of the property was approximately $2.2 million. As such, the aforementioned $0.7 million impairment was recorded and the assets carrying value reduced. This property was sold during the second quarter of 2022, generating net proceeds of approximately $2.4 million and resulting in a gain on sale of asset of $0.2 million. There were no other long-lived asset impairments for the year ended December 31, 2021.

The increase in property, equipment and facilities is mainly due to investments in new programs including expansion in addition to the buildout of the new Atlanta, Georgia campus. Gross property, equipment and facilities and accumulated depreciation and amortization are down as a result of the sale of our Suffield, Connecticut property during the second quarter of 2022. Depreciation and amortization expense of property, equipment and facilities was $6.4 million and $7.1 million for the years ended December 31, 2022 and 2021, respectively.

COVID-19 PANDEMIC AND CARES ACT

12 Months Ended

Dec. 31, 2022

COVID-19 PANDEMIC AND CARES ACT [Abstract]

COVID-19 PANDEMIC AND CARES ACT

17.	COVID-19 PANDEMIC AND CARES ACT

The Company began seeing the impact of the global COVID-19 pandemic on its business in early March 2020 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 instruction to online, remote learning and back. The impact for the Company primarily related to transitioning classes from in-person, hands-on learning to online, remote learning which resulted in, among other things, additional expenses. Further, related to this transition, 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. As a result, 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 had deferred their programs returned to school to finish their programs.

In response to the COVID-19 pandemic, in 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law, providing a $2 trillion federal economic relief package of financial assistance and other relief to individuals and businesses impacted by the pandemic. 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. 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 distributed in two equal installments and required them to be utilized by April 30, 2021 and May 14, 2021, respectively. As of September 30, 2021, the Company had distributed the full $13.7 million of its first installment as emergency grants to students and has utilized the full $13.7 million of its second installment. Proceeds from the second installment for permitted expenses were primarily utilized to either offset original expenses incurred or to reduce student accounts receivable, driving a decrease in bad debt expense. Both uses resulted in a decrease in our selling, general and administrative expenses. 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.). 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 which the Company has done. The Company was also permitted to defer payment of FICA payroll taxes through January 1, 2021 and did so but, pursuant to requirements of the deferment, repaid 50% of the deferred payments in January 2022, and in accordance with the deferment repaid the remaining 50% in January 2023.

In December 2020, the Consolidated Appropriations Act, 2021 was enacted which included the Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (“CRRSAA”). The 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. In March 2021, the $1.9 trillion American Rescue Plan Act of 2021 (“ARPA”) was signed into law. Among other things, the ARPA provides $40 billion in relief funds that will go directly to colleges and universities with $395.8 million going to for-profit institutions. The DOE has allocated a total of $24.4 million to our schools from the funds made available under CRRSAA and ARPA. As of December 31, 2022, the Company has drawn down and distributed to our students $14.8 million of these allocated funds. The remainder of the funds are on hold by the DOE and we are not expecting to receive any of those funds. 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.

PROPERTY SALE AGREEMENTS

12 Months Ended

Dec. 31, 2022

PROPERTY SALE AGREEMENTS [Abstract]

PROPERTY SALE AGREEMENTS

7.	PROPERTY SALE AGREEMENTS

Property Sale Agreement - Nashville, Tennessee Campus

On September 24, 2021, Nashville Acquisition, LLC, a subsidiary of the Company (“Nashville Acquisition”), entered into a Contract for the Purchase of Real Estate (the “Nashville Contract”) to sell the property located at 524 Gallatin Avenue, Nashville, Tennessee 37206, at which the Company operates its Nashville campus, to SLC Development, LLC, a subsidiary of Southern Land Company (“SLC”), for an aggregate sale price of $34.5 million, subject to customary adjustments at closing. The Company intends to relocate its Nashville campus to a more efficient and technologically advanced facility in the Nashville metropolitan area but has not yet identified a location.

The Company and SLC have agreed to an extension of the due diligence period under the Nashville Contract. Consequently, subject to satisfactory completion of the due diligence, this transaction is expected to close during the second quarter of 2023. During the extension of the diligence period, non-refundable payments have been and continue to be made to the Company by SLC which are expected to total approximately $1.1 million in the aggregate through March 1, 2023. The payments will be applied towards the purchase price, assuming that a closing occurs. As of December 31, 2022, the Company had received approximately $0.5 million in non-refundable payments from SLC. The Nashville, Tennessee property is currently classified as assets held for sale in the consolidated balance sheet for the fiscal years ended December 31, 2022 and 2021, respectively.

Sale-Leaseback Transaction - Denver, Colorado and Grand Prairie, Texas Campuses

On September 24, 2021, Lincoln Technical Institute, Inc. and LTI Holdings, LLC, each a wholly-owned subsidiary of the Company (collectively, “Lincoln”), entered into an Agreement for Purchase and Sale of Property for the sale of the properties located at 11194 E. 45th Avenue, Denver, Colorado 80239 and 2915 Alouette Drive, Grand Prairie, Texas 75052, at which the Company operates its Denver and Grand Prairie campuses, respectively, to LNT Denver (Multi) LLC, a subsidiary of LCN Capital Partners (“LNT”), for an aggregate sale price of $46.5 million, subject to customary adjustments at closing. Closing of the sale occurred on October 29, 2021. Concurrently with the consummation of the sale, the parties entered into a triple-net lease agreement for each of the properties pursuant to which the properties are being leased back to Lincoln Technical Institute, Inc. for a 20-year term at an initial annual base rent, payable quarterly in advance, of approximately $2.6 million for the first year with annual 2.00% increases thereafter and includes four subsequent five-year renewal options in which the base rent is reset at the commencement of each renewal term at then current fair market rent for the first year of each renewal term with annual 2.00% increases thereafter in each such renewal term. The lease, in each case, provides Lincoln with a right of first offer should LNT wish to sell the property. The Company has provided a guaranty of the financial and other obligations of Lincoln Technical Institute, Inc. under each lease. The Company evaluated factors in ASC Topic 606, “Revenue from Contracts with Customers”, to conclude that the transaction qualified as a sale. This included analyzing the right of first offer clause to determine whether it represents a repurchase agreement that would preclude the transaction from being accounted for as a successful sale. At the consummation of the sale, the Company recognized a gain on sale of assets of $22.5 million. Additionally, the Company evaluated factors in ASC Topic 842, “Leases”, and concluded that the newly created leases met the definition of an operating lease. The Company also recorded ROU asset and lease liabilities of $40.1 million. The sale leaseback transaction consummated in 2021, provided the Company with net proceeds of approximately $45.4 million, with the proceeds partially used for the repayment of the Company’s outstanding term loan of $16.2 million and swap termination fee of $0.5 million.

NET INCOME PER SHARE

12 Months Ended

Dec. 31, 2022

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 (“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 Series A 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, 2022 and 2021 as a result of the anti-dilutive impact of the potentially dilutive securities.

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 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.

On November 30, 2022, the Company exercised in full its right of mandatory conversion of the Company’s Series A Preferred Stock. In connection with the conversion, each share of Series A Preferred Stock has been cancelled and converted into 423,729 shares of the Company’s Common Stock, no par value per share. Shares of Series A Preferred Stock are no longer outstanding and all rights of the holders to receive future dividends have been terminated. As a result of the conversion, the aggregate 12,700 shares of Series A Preferred Stock outstanding were converted into 5,381,356 shares of Common Stock.

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)	2022			2021
Numerator:
Net income	$	12,634		$	34,718
Less: preferred stock dividend		(1,111	)		(1,219	)
Less: allocation to preferred stockholders		(1,753	)		(5,601	)
Less: allocation to restricted stockholders		(559	)		(1,796	)
Net income allocated to common stockholders	$	9,211		$	26,102

Basic net income per share:
Denominator:
Weighted average common shares outstanding		25,879,483			25,080,789
Basic net income per share	$	0.36		$	1.04

Diluted net income per share:
Denominator:
Weighted average number of:
Common shares outstanding		25,879,483			25,080,789
Dilutive potential common shares outstanding:
Series A preferred stock		-			-
Unvested restricted stock		-			-
Stock options		-			-
Dilutive shares outstanding		25,879,483			25,080,789
Diluted net income per share	$	0.36		$	1.04

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,
	2022		2021
Series A preferred stock		-		5,381,356
Unvested restricted stock		516,233		825,569
		516,233		6,206,925

FAIR VALUE (Details) $ in Thousands	Dec. 31, 2022 USD ($) Investment
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Number of treasury bills \| Investment	2
Number of treasury bills classified as cash and cash equivalent \| Investment	1
Number of treasury bills classified as a short-term investment \| Investment	1
Recurring [Member] \| Carrying Amount [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Total cash equivalents and short-term investments	$ 43,301
Recurring [Member] \| Carrying Amount [Member] \| Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	18,160
Recurring [Member] \| Carrying Amount [Member] \| Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	10,383
Short-term investments	14,758
Recurring [Member] \| Fair Value [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Total cash equivalents and short-term investments	43,301
Recurring [Member] \| Fair Value [Member] \| Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	18,160
Recurring [Member] \| Fair Value [Member] \| Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	10,383
Short-term investments	14,758
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fair Value [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Total cash equivalents and short-term investments	43,301
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fair Value [Member] \| Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	18,160
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Fair Value [Member] \| Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	10,383
Short-term investments	14,758
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Fair Value [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Total cash equivalents and short-term investments	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Fair Value [Member] \| Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Fair Value [Member] \| Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	0
Short-term investments	0
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Total cash equivalents and short-term investments	0
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value [Member] \| Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	0
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Fair Value [Member] \| Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	0
Short-term investments	$ 0

LEASES

12 Months Ended

Dec. 31, 2022

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 as to which the Company has the right to control its use in determining whether the contract contains a lease. An operating lease ROU asset represents the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are to be recognized at 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 commencement 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 19 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.

See Note 7 which discusses the sale leaseback transaction relating to the Company’s Denver and Grand Prairie campuses which closed on October 29, 2021.

On June 30, 2022, the Company executed a lease for approximately 55,000 square feet of space to serve as the Company’s new campus, in Atlanta, Georgia. The lease term commenced in August 2022, with total payments due over the lease term, on an undiscounted basis of $12.2 million over the 12-year initial lease term. The lease contains two five-year renewal options that may be exercised by the Company at the end of the initial lease term. The Company had no involvement in the construction or design of the underlying asset and was not deemed to be in control of the asset prior to the lease commencement date. During the six months ended December 31, 2022, the Company incurred approximately $0.4 million in capital expenditures, mostly relating to architectural fees and approximately $0.3 million in rent.

Our operating lease cost for the fiscal years ended December 31, 2022 and 2021 was $18.9 million and $15.8 million, respectively. Our variable lease cost was less than $0.1 million and zero for the fiscal years ended December 31, 2022 and 2021, respectively. The net change in ROU asset and operating lease liability is included in other assets in the consolidated cash flows for the fiscal years ended December 31, 2022 and 2021.

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

	December 31,
	2022		2021
Operating cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	18,443	$	15,404
Non-cash activity:
Lease liabilities arising from obtaining right-of-use assets	$	13,820	$	45,456

During the year ended December 31, 2022, the Company entered into four new leases and one lease modification that resulted in noncash re-measurement of the related ROU asset and operating lease liability of $13.8 million. This re-measurement includes the Atlanta, Georgia location, the lease of which commenced in August 2022.

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

	Year Ended December 31,
	2022			2021
Weighted-average remaining lease term	11.23 years			11.47 years
Weighted-average discount rate		7.12	%		7.67	%

Maturities of lease liabilities by fiscal year for our operating leases as of December 31, 2022 are as follows:

Year ending December 31,
2023	$	16,283
2024		17,257
2025		15,319
2026		12,816
2027		9,532
Thereafter		69,499
Total lease payments		140,706
Less: imputed interest		(40,074	)
Present value of lease liabilities	$	100,632

LONG-TERM DEBT (Details) $ in Thousands				3 Months Ended	12 Months Ended
LONG-TERM DEBT (Details) $ in Thousands	Nov. 11, 2020 USD ($)	Nov. 10, 2020 USD ($)	Nov. 14, 2019 USD ($) Facility	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) School	Dec. 31, 2021 USD ($)	Oct. 29, 2021 USD ($)
Long-term debt [Abstract]
Net proceeds from sale of assets				$ 2,400	$ 2,390	$ 45,379
Term Loan [Member]
Long-term debt [Abstract]
Repayment of term loan and swap termination fee							$ 16,700
Credit Agreement [Member]
Long-term debt [Abstract]
Minimum quarterly average aggregate balances to be maintained					5,000
Bank fees if minimum quarterly average aggregate balances is not maintained					$ 12,500
Period of 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		$ 0
Number of facilities available in 2019 credit agreement \| Facility			4
Number of schools in states covered under first priority lien \| School					3
Letters of credit outstanding					$ 4,000
Credit agreement					0
Credit Facility [Member] \| Letter of Credit [Member]
Long-term debt [Abstract]
Percentage of letter of credit fee, quarterly installment			0.25%
Percentage of letter of credit fee, annual payment			0.50%
Credit Facility [Member] \| Term Loan [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity			$ 20,000		$ 0
Expiration date of credit facility					Dec. 01, 2024
Line of credit facility, amortization schedule based period for interest and principal payments					120 months
Percentage of swap transaction of principal balance			100.00%
Line of credit facility, frequency of principal and interest periodic payment					monthly
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		$ 0
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
Line of credit facility, frequency of principal and interest periodic payment					monthly
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
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] \| 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

SUBSEQUENT EVENT

12 Months Ended

Dec. 31, 2022

SUBSEQUENT EVENT [Abstract]

SUBSEQUENT EVENT

18.	SUBSEQUENT EVENT

On February 27, 2023, the Company announced that the Board of Directors authorized the continuation of the share repurchase program originally established on May 24, 2022 for repurchases of up to $30 million of the Company’s outstanding Common Stock over a twelve-month period. To date, the Company has made repurchases of approximately $9.4 million of its Common Stock. The Board extended the share repurchase program for an additional 12 months and authorized the repurchase of an additional $10 million of the Company’s Common Stock, for an aggregate of up to $30.6 million in additional repurchases.

Purchases may be made, from time to time, in open-market transactions at prevailing market prices, in privately negotiated transactions or by other means as determined by the Company’s management and in accordance with applicable federal securities laws. The timing of purchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions. The Company retains the right to limit, terminate or extend the share repurchase program at any time without prior notice.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Interest and penalties expense	$ 0	$ 0
Uncertain tax positions	$ 0	$ 0

INCOME TAXES

12 Months Ended

Dec. 31, 2022

INCOME TAXES [Abstract]

INCOME TAXES

13.	INCOME TAXES

Components of the provision for income taxes were as follows:

	Year Ended December 31,
	2022		2021
Current:
Federal	$	1,864	$	665
State		644		535
Total		2,508		1,200

Deferred:
Federal		767		8,468
State		527		2,860
Total		1,294		11,328

Total provision	$	3,802	$	12,528

Effective Tax rate

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

	Year Ended December 31,
	2022					2021
Income before taxes	$	16,436				$	47,246

Expected tax	$	3,452		21.0	%	$	9,922		21.0	%
State tax (net of federal benefit)		925		5.6	%		2,682		5.7	%
Other		(575	)	-3.5	%		(76	)	-0.2	%
Total	$	3,802		23.1	%	$	12,528		26.5	%

Deferred Taxes

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

	At December 31,
	2022			2021
Gross noncurrent deferred tax assets (liabilities)
Lease liability	$	26,897		$	26,142
Depreciation		9,531			10,551
Allowance for bad debts		9,454			8,525
Net operating loss carryforwards		1,957			2,394
Accrued benefits		-			656
Stock-based compensation		541			641
Pension plan liabilities		179			429
Other intangibles		39			70
Accrued expenses		67			-
Goodwill		(1,469	)		(1,267	)
Right-of-use asset		(24,884	)		(24,433	)
Noncurrent deferred tax assets, net	$	22,312		$	23,708

As of December 31, 2022, the Company had gross NOL of $34.2 million for state tax purposes and none for federal. While some states follow federal NOL which can be carried forward indefinitely, majority of the state NOLs expires in 2033 and ending in 2037 if not utilized.

As of December 31, 2021, the Company had gross NOL of $1.2 million and $37.6 million for federal and state tax purposes, respectively. The federal NOLs can be carried forward indefinitely. While some states follow federal NOL which can be carried forward indefinitely, majority of the state NOLs expires in 2033 and ending in 2037 if not utilized.

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.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Other comprehensive income
Derivative qualifying as a cash flow hedge, taxes	$ 0	$ 0
Employee pension plan adjustments, taxes	$ 100	$ 700

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2022

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

15.	SEGMENT REPORTING

We operate our business in three reportable operating segments: (a) the Transportation and Skilled Trades segment; (b) the Healthcare and Other Professions segment and (c) the Transitional segment. Our reportable operating segments have been determined based on a method by which we now evaluate performance and allocate resources. Each reportable operating 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 businesses that are currently being taught-out. As of December 31, 2022, the only campus classified in the Transitional segment is the Somerville, Massachusetts campus, which has been marked for closure and is expected to be fully taught-out as of December 31, 2023.

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)
	2022		% of Total			2021		% of Total			2022			2021
Transportation and Skilled Trades	$	249,905		71.8	%	$	240,531		71.7	%	$	42,335		$	52,055
Healthcare and Other Professions		91,535		26.3	%		87,998		26.2	%		7,189			11,740
Transitional		6,847		2.0	%		6,807		2.0	%		(430	)		105
Corporate		-		0.0	%		-		0.0	%		(32,816	)		(14,639	)
Total	$	348,287		100	%	$	335,336		100	%	$	16,278		$	49,261

	Total Assets
	December 31, 2022		December 31, 2021
Transportation and Skilled Trades	$	153,369	$	156,531
Healthcare and Other Professions		37,104		31,160
Transitional		1,498		2,799
Corporate		99,595		104,809
Total	$	291,566	$	295,299

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (e)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Concentration of Credit Risk (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Concentration of Credit Risk [Abstract]
Federal deposit insurance limit	$ 250
Excess cash, FDIC uninsured amount	$ 39,200

SUBSEQUENT EVENT (Details) - USD ($) $ in Millions			12 Months Ended
SUBSEQUENT EVENT (Details) - USD ($) $ in Millions	Feb. 27, 2023	May 24, 2022	Dec. 31, 2022
Share Repurchase Program [Abstract]
Authorized amount of share repurchase program		$ 30.0
Period over which common stock can be repurchased		12 months	12 months
Amount of shares repurchased		$ 9.4	$ 9.4
Subsequent Event [Member]
Share Repurchase Program [Abstract]
Additional period over which common stock can be repurchased	12 months
Additional authorized amount of share repurchase program	$ 10.0
Additional amount of shares repurchased	$ 30.6

PROPERTY, EQUIPMENT AND FACILITIES (Tables)

12 Months Ended

Dec. 31, 2022

PROPERTY, EQUIPMENT AND FACILITIES [Abstract]

Property, Equipment and Facilities

Property, equipment and facilities consist of the following:

			At December 31,
	Useful life (years)		2022			2021
Land		-	$	52		$	645
Buildings and improvements (a)		1-25		86,031			88,060
Equipment, furniture and fixtures		1-7		82,585			85,441
Vehicles		3		751			751
Construction in progress (a)		-		888			1,557
				170,307			176,454
Less accumulated depreciation and amortization (a)				(146,367	)		(153,335	)
			$	23,940		$	23,119

(a)	Includes net impairment charge of $0.4 million as of December 31, 2022

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES [Abstract]

Components of the Provision for Income Taxes

Components of the provision for income taxes were as follows:

	Year Ended December 31,
	2022		2021
Current:
Federal	$	1,864	$	665
State		644		535
Total		2,508		1,200

Deferred:
Federal		767		8,468
State		527		2,860
Total		1,294		11,328

Total provision	$	3,802	$	12,528

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,
	2022					2021
Income before taxes	$	16,436				$	47,246

Expected tax	$	3,452		21.0	%	$	9,922		21.0	%
State tax (net of federal benefit)		925		5.6	%		2,682		5.7	%
Other		(575	)	-3.5	%		(76	)	-0.2	%
Total	$	3,802		23.1	%	$	12,528		26.5	%

Components of Non-current Deferred Tax Assets (Liabilities)

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

	At December 31,
	2022			2021
Gross noncurrent deferred tax assets (liabilities)
Lease liability	$	26,897		$	26,142
Depreciation		9,531			10,551
Allowance for bad debts		9,454			8,525
Net operating loss carryforwards		1,957			2,394
Accrued benefits		-			656
Stock-based compensation		541			641
Pension plan liabilities		179			429
Other intangibles		39			70
Accrued expenses		67			-
Goodwill		(1,469	)		(1,267	)
Right-of-use asset		(24,884	)		(24,433	)
Noncurrent deferred tax assets, net	$	22,312		$	23,708

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2022

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)
	2022		% of Total			2021		% of Total			2022			2021
Transportation and Skilled Trades	$	249,905		71.8	%	$	240,531		71.7	%	$	42,335		$	52,055
Healthcare and Other Professions		91,535		26.3	%		87,998		26.2	%		7,189			11,740
Transitional		6,847		2.0	%		6,807		2.0	%		(430	)		105
Corporate		-		0.0	%		-		0.0	%		(32,816	)		(14,639	)
Total	$	348,287		100	%	$	335,336		100	%	$	16,278		$	49,261

	Total Assets
	December 31, 2022		December 31, 2021
Transportation and Skilled Trades	$	153,369	$	156,531
Healthcare and Other Professions		37,104		31,160
Transitional		1,498		2,799
Corporate		99,595		104,809
Total	$	291,566	$	295,299

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2022

LONG-TERM DEBT [Abstract]

LONG-TERM DEBT

10.	LONG-TERM DEBT

Credit Facility

On November 14, 2019, the Company entered into a 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”). Initially, the Credit Facility was 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 a 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 a 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”).

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 maturing on the same date as the Term Loan. Under the terms of the Credit Facility accrued interest on each loan was payable monthly in arrears with the Term Loan and the Delayed Draw Term Loan bearing interest at a floating interest rate based on the then one-month London Interbank Offered Rate (“LIBOR”) plus 3.50% and subject to a LIBOR interest rate floor of 0.25% if there was no swap agreement. Revolving Loans bore 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 was to be repaid within 30 days of such borrowing, the Revolving Loan accrued interest at the Lender’s prime rate plus 0.50% with a floor of 4.0%. Line of Credit Loans bore interest at a floating interest rate based on the Lender’s prime rate of interest. Letters of credit issued under the Revolving Loan reduced, on a dollar-for-dollar basis, the availability of borrowings under the Revolving Loan. Letters of credit were charged an annual fee equal to (i) an applicable margin determined by the leverage ratio of the Company less (ii) 0.25%, paid quarterly in arrears, in addition to the Lender’s customary fees for issuance, amendment and other standard fees. Borrowings under the Line of Credit Loan were secured by cash collateral. The Lender received 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 contained customary representations, warranties, and affirmative and negative covenants (including financial covenants that (i) restricted capital expenditures, (ii) restricted leverage, (iii) required maintaining minimum tangible net worth, (iv) required maintaining a minimum fixed charge coverage ratio and (v) required the maintenance of a minimum of $5 million in quarterly average aggregate balances on deposit with the Lender, which, if not maintained, would result in the assessment of a quarterly fee of $12,500), as well as events of default customary for facilities of this type. The Credit Agreement also limited the payment of cash dividends during the first 24 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 24 month period to increase the amount of permitted cash dividends that the Company could pay on its Series A Preferred Stock.

As further discussed below, the Credit Facility was 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.

On September 23, 2021, in connection with entering into the agreements relating to the sale leaseback transaction for the Company’s Denver, Grand Prairie and Nashville campuses (collectively, the “Property Transactions”), the Company and certain of its subsidiaries entered into a Consent and Waiver Letter Agreement (the “Consent Agreement”) to the Company’s Credit Agreement with its Lender. The Consent Agreement provides the Lender’s consent to the Property Transactions and waives certain covenants in the Credit Agreement, subject to certain specified conditions. In addition, in connection with the consummation of the Property Transactions, the Lender released its mortgages and other liens on the subject-properties upon the Company’s payment in full of the outstanding principal and accrued interest on the Term Loan and any swap obligations arising from any swap transaction. Upon the consummation of the Property Transactions on October 29, 2021 the Company paid the Lender approximately $16.7 million in repayment of the Term Loan and the swap termination fee and no further borrowings may be made under the Term Loan or the Delayed Draw Term Loan. Further, during the second quarter of 2022, the Company sold a property located in Suffield, Connecticut for net proceeds of approximately $2.4 million. Prior to the consummation of the transaction, Lincoln obtained consent from the Lender to enter into the sale of this property.

Pursuant to certain amendments and modifications to the Credit Agreement and other loan documents, the Term Loan and the Delayed Draw Term Loan were paid off in full and on January 21, 2021, the Line of Credit expired by the terms, conditions and provisions of the Credit Agreement.

On November 4, 2022, the Company agreed with its Lender to terminate the Credit Agreement and the remaining Revolving Loan. The Lender agreed to allow the Company’s existing letters of credit to remain outstanding provided that they are cash collateralized and, as of December 31, 2022, the letters of credit in the aggregate outstanding principal amount of $4.0 million remained outstanding, were cash collateralized and classified as restricted cash on the consolidated balance sheet. As of December 31, 2022, the Company did not have a credit facility and did not have any debt outstanding. The Company expects to negotiate a new credit facility in the second quarter of 2023.

FINANCIAL AID AND REGULATORY COMPLIANCE

12 Months Ended

Dec. 31, 2022

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 for 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 DOE. During the fiscal years ended December 31, 2022 and 2021, approximately 74% and 75%, respectively, of net revenues on a cash basis were indirectly derived from funds distributed under Title IV Programs.

For the fiscal years ended December 31, 2022 and 2021, the Company calculated that no individual DOE reporting entity received more than 90% of its revenue, determined on a cash basis pursuant to 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% of its total revenue 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

All institutions participating in Title IV Programs must satisfy specific standards of financial responsibility. The DOE evaluates institutions for compliance with these standards each year, based on 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 most significant financial responsibility measurement is the institution’s composite score, which is calculated by the DOE based on three ratios:

•	the equity ratio, which measures the institution’s capital resources, ability to borrow and financial viability;

•	the primary reserve ratio, which measures the institution’s ability to support current operations from expendable resources; and

•	the net income ratio, which measures the institution’s ability to operate at a profit.

The DOE assigns a strength factor to the results of each of these ratios on a scale from negative 1.0 to positive 3.0, with negative 1.0 reflecting financial weakness and positive 3.0 reflecting financial strength. The DOE then assigns a weighting percentage to each ratio and adds the weighted scores for the three ratios together to produce a composite score for the institution. 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.

For the 2022 and 2021 fiscal years, we calculated our composite score to be 2.9 and 3.0, respectively. These scores are subject to determination by the DOE based on its review of our consolidated audited financial statements for the 2022 and 2021 fiscal years, but we believe it is likely that the DOE will determine that our institutions comply with the composite score requirement.

ACCRUED EXPENSES

12 Months Ended

Dec. 31, 2022

ACCRUED EXPENSES [Abstract]

ACCRUED EXPENSES

9.	ACCRUED EXPENSES

Accrued expenses consist of the following:

	At December 31,
	2022		2021
Accrued compensation and benefits	$	5,451	$	11,662
Accrued real estate taxes		1,812		1,732
Other accrued expenses		1,390		2,275
	$	8,653	$	15,669

STOCKHOLDERS' EQUITY, Share Repurchase Program (Details) - USD ($) $ in Millions			12 Months Ended
	Feb. 27, 2023	May 24, 2022	Dec. 31, 2022
Share Repurchase Program [Abstract]
Authorized amount of share repurchase program		$ 30.0
Period over which common stock can be repurchased		12 months	12 months
Number of shares repurchased (in shares)			1,572,414
Amount of shares repurchased		$ 9.4	$ 9.4
Subsequent Event [Member]
Share Repurchase Program [Abstract]
Additional period over which common stock can be repurchased	12 months
Additional authorized amount of share repurchase program	$ 10.0
Additional amount of shares repurchased	$ 30.6

ACCRUED EXPENSES (Tables)

12 Months Ended

Dec. 31, 2022

ACCRUED EXPENSES [Abstract]

Accrued Expenses

Accrued expenses consist of the following:

	At December 31,
	2022		2021
Accrued compensation and benefits	$	5,451	$	11,662
Accrued real estate taxes		1,812		1,732
Other accrued expenses		1,390		2,275
	$	8,653	$	15,669

PENSION PLAN (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022			2021
CHANGES IN BENEFIT OBLIGATIONS:
Benefit obligation-beginning of year	$	22,557		$	24,358
Service cost		37			37
Interest cost		542			492
Actuarial gain		(4,661	)		(989	)
Benefits paid		(1,362	)		(1,341	)
Benefit obligation at end of year		17,113			22,557

CHANGE IN PLAN ASSETS:
Fair value of plan assets-beginning of year		20,950			20,106
Actual return on plan assets		(3,143	)		2,185
Benefits paid		(1,362	)		(1,341	)
Fair value of plan assets-end of year		16,445			20,950

BENEFIT OBLIGATION IN EXCESS OF FAIR VALUE FUNDED STATUS:	$	(668	)	$	(1,607	)

Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets consist of:

	At December 31,
	2022			2021
Noncurrent liabilities	$	(668	)	$	(1,607	)

Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss consist of:

	Year Ended December 31,
	2022			2021
Accumulated loss	$	(2,480	)	$	(2,862	)
Deferred income taxes		1,520			1,622
Accumulated other comprehensive loss	$	(960	)	$	(1,240	)

Components of Net Periodic Cost for Plan

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

	Year Ended December 31,
	2022			2021
COMPONENTS OF NET PERIODIC BENEFIT COST
Service cost	$	37		$	37
Interest cost		542			492
Expected return on plan assets		(1,217	)		(1,021	)
Recognized net actuarial loss		81			640
Net periodic benefit (income) cost	$	(557	)	$	148

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	$	4,692	$	-	$	-	$	4,692
Fixed income		6,130		-		-		6,130
International equities		3,650		-		-		3,650
Real estate		1,301		-		-		1,301
Cash and equivalents		672		-		-		672
Balance at December 31, 2022	$	16,445	$	-	$	-	$	16,445

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Equity securities	$	6,322	$	-	$	-	$	6,322
Fixed income		7,811		-		-		7,811
International equities		5,180		-		-		5,180
Real estate		900		-		-		900
Cash and equivalents		737		-		-		737
Balance at December 31, 2021	$	20,950	$	-	$	-	$	20,950

Fair Value of Total Plan Assets by Major Asset Category

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

	2022			2021
Equity securities		29	%		30	%
Fixed income		37	%		37	%
International equities		22	%		25	%
Real estate		8	%		4	%
Cash and equivalents		4	%		4	%
Total		100	%		100	%

Expected Benefit Payments for Plan

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

Year Ending December 31,
2023	$	1,347
2024		1,367
2025		1,360
2026		1,366
2027		1,356
Years 2028-2032		6,486

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:

	2022			2021
Discount rate		4.90	%		2.50	%
Rate of compensation increase		2.50	%		2.50	%

Periodic Pension Cost [Member]

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

Weighted Average Assumptions

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

	2022			2021
Discount rate		4.90	%		2.50	%
Rate of compensation increase		2.50	%		2.50	%
Long-term rate of return		6.75	%		6.00	%

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2022

REVENUE RECOGNITION [Abstract]

Depicts Timing of Revenue Recognition by Segment

The following table depicts the timing of revenue recognition by segment:

	Year ended December 31, 2022
	Transportation and Skilled Trades Segment		Healthcare and Other Professions Segment		Transitional Segment		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	15,523	$	5,911	$	288	$	21,722
Services transferred over time		234,382		85,624		6,559		326,565
Total revenues	$	249,905	$	91,535	$	6,847	$	348,287

	Year ended December 31, 2021
	Transportation and Skilled Trades Segment		Healthcare and Other Professions Segment		Transitional Segment		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	17,393	$	5,402	$	284	$	23,079
Services transferred over time		223,138		82,596		6,523		312,257
Total revenues	$	240,531	$	87,998	$	6,807	$	335,336

PROPERTY SALE AGREEMENTS, Sale-Leaseback Transaction (Details) $ in Thousands		3 Months Ended	12 Months Ended
	Oct. 29, 2021 USD ($) Option	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 24, 2021 USD ($)
Sale-Leaseback Transaction [Abstract]
Gain on sale of assets			$ 177	$ 22,479
Right of use assets			93,097	91,487
Lease liabilities			100,632
Net proceeds amount		$ 2,400	$ 2,390	$ 45,379
Colorado/Texas Sale Agreement [Member]
Sale-Leaseback Transaction [Abstract]
Sale price of sale-leaseback transaction					$ 46,500
Lease agreement term	20 years
Initial annual base rent	$ 2,600
Percentage of annual increase of rent	2.00%
Number of subsequent renewal options \| Option	4
Period of subsequent renewal options	5 years
Gain on sale of assets	$ 22,500
Right of use assets	40,100
Lease liabilities	40,100
Net proceeds amount	45,400
Repayments of term loan	16,200
Swap termination fee	$ 500

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2022

REVENUE RECOGNITION [Abstract]

REVENUE RECOGNITION

4.	REVENUE RECOGNITION

Substantially all of our revenues are considered to be revenues from contracts with students. We determine standalone selling price based on the price at which the distinct services or goods are sold separately. 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 assessed the costs incurred to obtain a contract with a student and determined them to be immaterial.

Unearned tuition in the amount of $24.2 million and $25.4 million is recorded in the current liabilities section of the accompanying consolidated balance sheets as of December 31, 2022 and 2021, respectively. The change in this contract liability balance during the fiscal year ended December 31, 2022 is the result of payments received in advance of satisfying performance obligations, offset by revenue recognized during that period. Revenue recognized for the fiscal year ended December 31, 2022 that was included in the contract liability balance at the beginning of the year was $24.6 million.

The following table depicts the timing of revenue recognition by segment:

	Year ended December 31, 2022
	Transportation and Skilled Trades Segment		Healthcare and Other Professions Segment		Transitional Segment		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	15,523	$	5,911	$	288	$	21,722
Services transferred over time		234,382		85,624		6,559		326,565
Total revenues	$	249,905	$	91,535	$	6,847	$	348,287

	Year ended December 31, 2021
	Transportation and Skilled Trades Segment		Healthcare and Other Professions Segment		Transitional Segment		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	17,393	$	5,402	$	284	$	23,079
Services transferred over time		223,138		82,596		6,523		312,257
Total revenues	$	240,531	$	87,998	$	6,807	$	335,336

- 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Total	Preferred Stock [Member] Series A Convertible Preferred Stock [Member]
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	0	34,718	0	34,718	$ 0
Preferred stock dividend	0	0	0	(1,219)	0	(1,219)	0
Employee pension plan adjustments	0	0	0	0	2,047	2,047	0
Derivative qualifying as cash flow hedge	0	0	0	0	878	878	0
Stock-based compensation expense
Restricted stock	$ 0	2,889	0	0	0	2,889	$ 0
Restricted stock (in shares)	679,331						0
Net share settlement for equity-based compensation	$ 0	(962)	0	0	0	(962)	$ 0
Net share settlement for equity-based compensation (in shares)	(154,973)						0
BALANCE at Dec. 31, 2021	$ 141,377	32,439	(82,860)	39,702	(1,240)	129,418	$ 11,982
BALANCE (in shares) at Dec. 31, 2021	27,000,687						12,700
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 0	0	0	12,634	0	12,634	$ 0
Preferred stock dividend	0	0	0	(1,111)	0	(1,111)	0
Preferred Stock Conversion	$ 0	11,982	0	0	0	11,982	$ (11,982)
Preferred Stock Conversion (in shares)	5,381,356						(12,700)
Employee pension plan adjustments	$ 0	0	0	0	280	280	$ 0
Derivative qualifying as cash flow hedge						0
Stock-based compensation expense
Restricted stock	$ 0	3,111	0	0	0	3,111	$ 0
Restricted stock (in shares)	606,950						0
Cancellation of treasury stock amount	$ (82,860)	0	82,860	0	0	0	$ 0
Share repurchase	$ (9,445)	0	0	0	0	(9,445)	$ 0
Stock repurchase (in shares)	(1,572,414)						0
Net share settlement for equity-based compensation	$ 0	(1,992)	0	0	0	(1,992)	$ 0
Net share settlement for equity-based compensation (in shares)	(268,654)						0
BALANCE at Dec. 31, 2022	$ 49,072	$ 45,540	$ 0	$ 51,225	$ (960)	$ 144,877	$ 0
BALANCE (in shares) at Dec. 31, 2022	31,147,925						0

FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2022

FAIR VALUE [Abstract]

Fair Value of Financial Instruments Measured on Recurring Basis

The following table presents the fair value of the financial instruments measured on a recurring basis as of December 31, 2022.

	December 31, 2022
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)		Total
Cash equivalents:
Money market fund	$	18,160	$	18,160	$	-	$	-	$	18,160
Treasury bill		10,383		10,383		-		-		10,383

Short-term investments:
Treasury bill		14,758		14,758		-		-		14,758
Total cash equivalents and short-term investments	$	43,301	$	43,301	$	-	$	-	$	43,301

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

CURRENT ASSETS:

Accounts receivable, allowance

$ 28,560

$ 26,837

PROPERTY, EQUIPMENT AND FACILITIES - accumulated depreciation and amortization

^[1]

146,367

153,335

OTHER ASSETS:

Noncurrent receivables, allowance

$ 6,810

$ 5,084

STOCKHOLDERS' EQUITY:

Common stock, par value (in dollars per share)

$ 0

Common stock, shares authorized (in shares)

100,000,000

Common stock, shares issued (in shares)

31,147,925

27,000,687

Common stock, shares outstanding (in shares)

31,147,925

27,000,687

Treasury stock, shares (in shares)

5,910,541

Series A Convertible Preferred Stock [Member]

SERIES A CONVERTIBLE PREFERRED STOCK

Preferred stock, par value (in dollars per share)

$ 0

Preferred stock, shares authorized (in shares)

10,000,000

Preferred stock, shares issued (in shares)

12,700

Preferred stock, shares outstanding (in shares)

12,700

[1]	Includes net impairment charge of $0.4 million as of December 31, 2022

FAIR VALUE

12 Months Ended

Dec. 31, 2022

FAIR VALUE [Abstract]

FAIR VALUE

14.	FAIR VALUE

The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers:

Level 1: Defined as quoted market prices in active markets for identical assets or liabilities.

Level 2: Defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3: Defined as unobservable inputs that are not corroborated by market data.

The Company measures the fair value of money market funds using Level 1 inputs. As of December 31, 2022, the Company has two treasury bills, one with a maturity date of three months or less, classified as cash equivalents. The second treasury bill has a maturity date greater than three months but less than a year and as a result is classified as a short-term investment. The treasury bills are valued using Level 1 inputs. Pricing sources may include industry standard data providers, security master files from large financial institutions and other third-party sources used to determine a daily market value.

The following table presents the fair value of the financial instruments measured on a recurring basis as of December 31, 2022.

	December 31, 2022
	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)		Total
Cash equivalents:
Money market fund	$	18,160	$	18,160	$	-	$	-	$	18,160
Treasury bill		10,383		10,383		-		-		10,383

Short-term investments:
Treasury bill		14,758		14,758		-		-		14,758
Total cash equivalents and short-term investments	$	43,301	$	43,301	$	-	$	-	$	43,301

There were no financial instrumets measured on a recurring basis as of December 31, 2021.

The carrying amount of the Company’s financial instruments, including cash equivalents, short-term investments, 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.

- 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Cash and Cash Equivalents (Details)	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Maximum maturity period for classification of cash equivalents	3 months

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

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 skilled trades (which include HVAC, welding and computerized numerical control and electrical and electronic systems technology, among other programs), automotive technology, 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 accredited and are eligible to participate in federal financial aid programs by the U.S. Department of Education (“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.

Our 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 campuses that have been marked for closing and are currently being taught out. On November 3, 2022, the Board of Directors approved a plan to close the Somerville, Massachusetts campus by the end of 2023. As of December 31, 2022, the Somerville campus is the only campus classified in the Transitional Segment.

On June 30, 2022, the Company executed a lease for a 55,000 square foot facility to house a second Atlanta, Georgia area campus. The build-out is continuing to advance according to plan. For the year ended December 31, 2022, the Company incurred approximately $0.4 million in capital expenditures, mostly relating to architectural fees and approximately $0.3 million in rent.

Liquidity—As of December 31, 2022, the Company had $50.3 million in cash and cash equivalents and restricted cash, in addition to $14.8 million in short-term investments compared to $83.3 million cash and cash equivalents in the prior year. The Company believes that its likely sources of cash should be sufficient to fund operations for the next 12 months and thereafter for the foreseeable future.

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

Cash and Cash Equivalents—Cash and cash equivalents include all cash balances and highly-liquid short-term investments, which contain original maturities within three months of purchase. Pursuant to the DOE’s cash management requirements, the Company retains funds from financial aid programs under Title IV of the Higher Education Act of 1965 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 sheets.

Restricted Cash – Restricted cash consists of cash currently utilized as collateral for the Company’s letters of credit.

Short-term investments – Short-term investments not considered cash and cash equivalents are investments with maturity dates of three months to 12 months from the date of purchase.

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 represents 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. 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 are approximately $35.0 million and $33.1 million for the years ended December 31, 2022 and 2021, respectively. These amounts are included in selling, general and administrative expenses in the consolidated statements of operations.

Goodwill—Goodwill represents the excess of purchase price over the fair value of tangible net assets and identifiable intangible assets of the businesses acquired. Lincoln tests goodwill for impairment annually, in the fourth quarter of each year, unless there are events or changes in circumstances that indicate an impairment may have occurred. Impairment may result from deterioration in performance, adverse market conditions, adverse changes in laws or regulations, the restriction of activities associated with the acquired business, and/or a variety of other circumstances. If we determine that impairment has occurred, we record a write-down of the carrying value and charge the impairment as an operating expense in the period the determination is made.

As of December 31, 2022, goodwill was approximately $14.5 million, or 5.0%, of our total assets. The goodwill is allocated among nine reporting units within the Transportation and Skilled Trades Segment.

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. For other long-lived assets, including right-of-use (“ROU”) lease assets, the Company evaluates assets for recoverability when there is an indication of potential impairment. Factors the Company considers important, which could trigger an impairment review, include significant changes in the manner of the use of the asset, significant changes in historical trends in operating performance, significant changes in projected operating performance, and significant negative economic trends. If the undiscounted cash flows from a group of assets being evaluated is less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value.

When we perform the quantitative impairment test for long-lived assets, we examine 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.

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 as of December 31, 2022, exceeded the balance insured by the FDIC by approximately $39.2 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 by 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 each of December 31, 2022 and 2021, respectively.

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 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 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. 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.

On August 16, 2022, the Inflation Reduction Act (the “Inflation Act”) was enacted and signed into law. The Inflation Act is a budget reconciliation package that includes significant changes relating to tax, climate change, energy, and health care. The tax provisions include, among other items, a corporate alternative minimum tax of 15%, an excise tax of 1% on corporate stock buy-backs, energy-related tax credits, and additional IRS funding. The Company does not expect the tax provisions of the Inflation Act to have a material impact to our consolidated financial statements.

We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the fiscal years ended December 31, 2022 and 2021, we did not record any interest and penalties expense associated with uncertain tax positions, as we do not have any uncertain tax positions.

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

New Accounting Pronouncements

In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, “Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”. This amendment introduced the requirement for an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with the requirements of FASB Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers”, rather than at fair value. For public business entities, the amendments in ASU 2021-08 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company has evaluated the ASU and has determined that there is no impact on its consolidated financial statements and related disclosures.

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” These amendments provided temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provided optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It was intended to help stakeholders during the global market-wide reference rate transition period. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope” which clarified that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company has evaluated the ASU and has determined that there is no impact on its consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. This ASU simplified 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 removed 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 for 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 has evaluated the ASU and has determined that there is no impact on its consolidated financial statements and related disclosures as the Company currently has no financial instruments that are in the scope of this ASU.

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. The ASU and the subsequent modifications were identified as ASC Topic 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 deferred 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 added a SEC paragraph pursuant to the issuance of SEC Staff Accounting Bulletin No. 119 on loan losses to FASB Codification Topic 326 and also updated 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.

LEASES (Details) $ in Thousands	6 Months Ended	12 Months Ended
LEASES (Details) $ in Thousands	Dec. 31, 2022 USD ($) Squarefeet	Dec. 31, 2022 USD ($) Squarefeet Option Lease	Dec. 31, 2021 USD ($)	Aug. 31, 2022 USD ($)
Operating Leases [Abstract]
Approximate area of leased school space \| Squarefeet	55,000	55,000
Undiscounted lease payments	$ 40,074	$ 40,074		$ 12,200
Operating lease term	12 years	12 years
Number of renewal options \| Option		2
Renewal lease term	5 years	5 years
Capital expenditures	$ 400	$ 400
Rent paid	$ 300	300
Operating lease cost		18,900	$ 15,800
Variable lease cost			0
Operating cash flow information [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities		18,443	15,404
Non-cash activity [Abstract]
Lease liabilities arising from obtaining right-of-use assets		$ 13,820	$ 45,456
Number of new leases \| Lease		4
Number of lease modifications \| Lease		1
Weighted Average Remaining Lease Term and Discount Rate [Abstract]
Weighted-average remaining lease term	11 years 2 months 23 days	11 years 2 months 23 days	11 years 5 months 19 days
Weighted-average discount rate	7.12%	7.12%	7.67%
Maturities of Lease Liabilities [Abstract]
2023	$ 16,283	$ 16,283
2024	17,257	17,257
2025	15,319	15,319
2026	12,816	12,816
2027	9,532	9,532
Thereafter	69,499	69,499
Total lease payments	140,706	140,706
Less: imputed interest	(40,074)	(40,074)		$ (12,200)
Present value of lease liabilities	$ 100,632	$ 100,632
Minimum [Member]
Operating Leases [Abstract]
Remaining lease term	1 year	1 year
Maximum [Member]
Operating Leases [Abstract]
Remaining lease term	19 years	19 years
Variable lease cost		$ 100

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Mar. 03, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	000-51371
Entity Registrant Name	LINCOLN EDUCATIONAL SERVICES CORP
Entity Central Index Key	0001286613
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	57-1150621
Entity Address, Address Line One	14 Sylvan Way, Suite A
Entity Address, City or Town	Parsippany
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	973
Local Phone Number	736-9340
Title of 12(b) Security	Common Stock, no par value per share
Trading Symbol	LINC
Security Exchange Name	NASDAQ
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 150,533,404
Entity Common Stock, Shares Outstanding		31,512,401
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Morristown, New Jersey

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ACCRUED EXPENSES [Abstract]
Accrued compensation and benefits	$ 5,451	$ 11,662
Accrued real estate taxes	1,812	1,732
Other accrued expenses	1,390	2,275
Accrued expenses	$ 8,653	$ 15,669

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME [Abstract]

Net income

$ 12,634

$ 34,718

Other comprehensive income

Derivative qualifying as a cash flow hedge, net of taxes (nil)

878

Employee pension plan adjustments, net of taxes

^[1]

280

2,047

Comprehensive income

$ 12,914

$ 37,643

[1]	Taxes related to pension plan adjustments were $0.1 million and $0.7 million for each of the years ended December 31, 2022 and 2021, respectively.

- 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Unit	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Goodwill [Abstract]
Goodwill	$ 14,536	$ 14,536	$ 14,536
Percentage of goodwill in total assets	5.00%
Transportation and Skilled Trades Segment [Member]
Goodwill [Abstract]
Goodwill	$ 14,500	$ 14,500
Number of reporting units \| Unit	9

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

16.	COMMITMENTS AND CONTINGENCIES

Litigation and Regulatory Matters—In April 2021, the Company received communication from the U.S. Department of Education (the “DOE”) indicating that the DOE was in receipt of a number of borrower defense applications containing allegations concerning our schools and requiring that the DOE undertake a fact-finding process pursuant to DOE regulations. Among other things, the communication outlines a process by which the DOE would provide to us the applications and provide us the opportunity to submit responses to them. Further, the communication outlines certain information requests, relating to the period between 2007 and 2013, in connection with the DOE’s preliminary review of the borrower defense applications. Based upon publicly available information, it appears that the DOE has undertaken similar reviews of other educational institutions which have also been the subject of various borrower defense applications. We have received the borrower application claims and have completed the process of thoroughly reviewing and responding to each borrower application as well as providing information in response to the DOE’s requests.

We are not able to predict the outcome of the DOE’s review at this time. If the DOE disagrees with our legal and factual grounds for contesting the applications, the DOE may impose liabilities on the Company based on the discharge of the loans at issue in the pending applications, which could have a material adverse effect on our business and results of operations. If the proposed Borrower Defense to Repayment regulations take effect on July 1, 2023, and if any or all of the Borrower Defense to Repayment applications remain pending, the DOE could attempt to apply the new regulations to the pending applications which could increase the likelihood of the DOE granting the application because the proposed regulations are more favorable to borrowers.

In August 2022, the Company received a communication from the DOE regarding a single borrower defense application submitted on behalf of a group of students who were enrolled in a single educational program at two of our schools in Massachusetts between 2010 and 2013. We have responded to the DOE’s letter, notwithstanding the absence of a response to our request for additional information about the student claims. We are waiting for the DOE’s reply to our response and to our request for information concerning the student claims. We are not able to predict the outcome of the DOE’s review at this time. If the DOE disagrees with our legal and factual grounds for contesting the application, the DOE may impose liabilities on the Company based on the discharge of the loans at issue in the pending application which could have a material adverse effect on our business and results of operations.

On June 22, 2022, the DOE and the plaintiffs in a lawsuit before a federal court in California submitted a proposed settlement agreement to the court. The plaintiffs contend, among other things, that the DOE failed to timely decide and resolve Borrower Defense to Repayment applications submitted to the DOE. If approved, the settlement would result in full discharge and refund payments to covered student borrowers who have asserted a Borrower Defense to Repayment to the DOE and whose borrower defense claims have not yet been granted or denied on the merits.

The lawsuit, Sweet v. Cardona, No. 3:19-cv-3674 (N.D. Cal.), is a class action filed on June 25, 2019 against the DOE in the U.S. District Court for the Northern District of California submitted by a group of students, none of whom attended any of our institutions. We were not a party to the lawsuit when it was filed. The plaintiffs requested that the court compel the DOE to start approving or denying the pending applications. The court granted class certification and defined the class of plaintiffs generally to include all people who borrowed a Title IV Direct loan or FFEL loan, who have asserted a Borrower Defense to Repayment claim to the DOE, and whose borrower defense claim has not been granted or denied on the merits. We have not received notice or confirmation directly from the DOE of the number of student borrowers who have submitted Borrower Defense to Repayment claims related to our institutions.

The proposed settlement agreement includes a long list of institutions, including Lincoln Technical Institute and Lincoln College of Technology. Under the proposed settlement, the DOE would agree to discharge loans and refund all prior loan payments to each class member with loan debt associated with an institution on the list (which includes our institutions), including borrowers whose applications the DOE previously denied after October 30, 2019. The DOE and the plaintiffs stated in a court filing that this provision is intended to provide for automatic relief for students at the listed schools which the DOE estimates to total 200,000 class members. We anticipate that the DOE believes that the class includes the borrowers with claims to which we have submitted responses to the DOE although it is possible that the class also includes borrowers with claims for which we have not received notice from the DOE or an opportunity to respond. The parties also stated that the DOE has determined that attendance at one of the institutions on the list justifies presumptive relief based on strong indicia regarding substantial misconduct by the institutions, whether credibly alleged or in some instances proven, and the high rate of class members with applications related to the listed schools. The proposed settlement agreement provides a separate process for reviewing claims associated with schools that are not on the list. It is unclear whether the DOE would seek to impose liabilities on us or other schools or take other actions or impose other sanctions on us or other schools based on relief provided to students under the proposed settlement agreement (particularly if the DOE provides relief without evaluating or accounting for legal and factual information provided to the DOE by us and other schools or without providing us and other schools with notice and an opportunity to respond to some of the claims).

In July 2022, the Company and certain other school companies submitted motions to intervene in the lawsuit in order to protect our interests in the finalization and implementation of any settlement agreement that the court might approve. We noted in the motion that the proposed settlement agreement introduced, for the first time, the prospect that the DOE would “automatically” and fully discharge loans and refund payments to student borrowers without adjudication of the merits of the students’ borrower-defense applications in accordance with the DOE’s borrower-defense regulations and without ensuring that we and other institutions can defend against allegations asserted in individual borrower-defense applications. In addition, we also asserted that it would be unlawful and inappropriate if the DOE sought recoupment against us based on loans that were forgiven under the proposed settlement agreement without providing us with an opportunity to address the claims or accounting for our responses to the claims already submitted which we believe is required by the regulations. We also asserted that the lawsuit and the potential loan discharges could result in reputational harm to us and our institutions and could result in other actions against us by other federal and state agencies or by current and former students.

The court granted preliminary approval of the proposed settlement agreement on August 4, 2022, and also granted our motion for permissive intervention for the purpose of objecting to and opposing the class action settlement. On September 22, 2022, the DOE and the plaintiffs filed a joint motion for final approval of the settlement. In that joint motion, the DOE and the plaintiffs reported that approximately 179,000 new borrower defense applications had been submitted to the DOE as of September 20, 2022. We and the three other intervenor schools filed briefs opposing final approval.

In an Order dated November 16, 2022, District Court Judge William Alsup granted final approval of the settlement agreement. Subsequently, we, and two other school companies that intervened, filed notices of appeal and asked the district court to stay the settlement from taking effect until the appeals were decided and the district court did temporarily stay any loan discharges and refunds under the settlement pending the decision. Plaintiffs and the DOE thereafter filed oppositions to our stay request and, after a hearing, the district court denied our stay request, but extended the temporary stay of loan discharges and refunds associated with the three school companies for seven days to allow us to file a motion for a stay with the U.S. Court of Appeals for the Ninth Circuit. On February 27, 2023, we and the two other school companies that appealed filed a joint motion for a stay with the Ninth Circuit which we expect the plaintiffs and the DOE will oppose. We expect that the Ninth Circuit will decide our stay motion in the coming weeks.

Regardless of the outcome of our stay request, we intend to ask the Ninth Circuit to overturn the district court’s judgment approving the final settlement. If the settlement agreement is upheld on appeal, or if the courts deny our stay requests, the DOE is expected to automatically approve all of the pending borrower defense applications concerning us that were submitted to the DOE on or before June 22, 2022 and to provide such automatic approval without evaluating or accounting for any of the legal or factual grounds that we provided for contesting the applications that were provided to us. The DOE may or may not attempt to seek recoupment from applicable schools relating to approval of borrower defense applications. If the DOE approves borrower defense applications concerning us and attempts to recoup from us the loan amounts in the approved applications, we would consider our options for challenging the legal and factual bases for such actions. The settlement also requires the DOE to review borrower defense applications submitted after June 22, 2022 and before November 16, 2022 within 36 months of the final settlement date. If the DOE grants some or all of these applications, the DOE also could attempt to recoup from us the loan amounts relating to these applications as well. We cannot predict whether the settlement will be upheld on appeal, what actions the DOE might take if the settlement is upheld on appeal (including the ultimate timing or amount of borrower defense applications the DOE may grant in the future and the timing or amount of any possible liabilities that the DOE may seek to recover from the Company, if any), or what the outcome of our challenges to such actions will be, but such actions could have a material adverse effect on our business and results of operations.

On June 7, 2022, the Massachusetts Attorney General’s Office (“AGO”) issued a civil investigative demand (“CID”) indicating its intention to investigate possible unfair or deceptive methods, acts, or practices in violation of state law relating to allegations against our Massachusetts school to such effect in connection with that school’s policies regarding fee refunds and associated disclosures to students and prospective students. The CID has requested that we provide to the AGO certain documentation generally from the period from January 1, 2020 to the present. We have provided the documents requested and are cooperating with the investigation.

We are not able to predict the outcome or materiality of the foregoing matters at this time. In addition to these matters, in the ordinary conduct of our business, we are subject to additional periodic lawsuits, investigations, regulatory proceedings and other claims, including, but not limited to, claims involving students or graduates, routine employment matters and business disputes. We cannot predict the ultimate resolution of these lawsuits, investigations, regulatory proceedings and other claims asserted against us, but we do not believe that any of these matters will have a material adverse effect on our business, financial condition, results of operations or cash flows.

Student Financing Plans—At December 31, 2022, the Company had outstanding net financing commitments to its students to assist them in financing their education of approximately $30.5 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 $7.5 million at December 31, 2022.

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, 2022, the Company has posted surety bonds in the total amount of approximately $15.3 million.

PROPERTY, EQUIPMENT AND FACILITIES (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2022

Dec. 31, 2021

Property, equipment and facilities net [Abstract]

Property, equipment and facilities, Gross

$ 170,307

$ 176,454

Less accumulated depreciation and amortization

^[1]

(146,367)

(153,335)

Property, equipment and facilities, Net

23,940

23,119

Impairment of long-lived assets

$ 1,000

$ 0

Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]

Impairment of Long-Lived Assets to be Disposed of

Impairment of property amount

$ 400

$ 700

Impairment of ROU asset

600

Carrying value of property amount

2,900

Fair value estimate current value of property

2,200

Impairment carrying value reduced

700

Net proceeds from sale of assets

$ 2,400

2,390

45,379

Gain on sale of asset

$ 200

177

22,479

Depreciation and amortization expense

6,400

7,100

Land [Member]

Property, equipment and facilities net [Abstract]

Property, equipment and facilities, Gross

645

Buildings and Improvements [Member]

Property, equipment and facilities net [Abstract]

Property, equipment and facilities, Gross

^[1]

$ 86,031

88,060

Buildings and Improvements [Member] | Minimum [Member]

Property, equipment and facilities net [Abstract]

Useful life

^[1]

1 year

Buildings and Improvements [Member] | Maximum [Member]

Property, equipment and facilities net [Abstract]

Useful life

^[1]

25 years

Equipment, Furniture and Fixtures [Member]

Property, equipment and facilities net [Abstract]

Property, equipment and facilities, Gross

$ 82,585

85,441

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

$ 751

751

Construction in Progress [Member]

Property, equipment and facilities net [Abstract]

Property, equipment and facilities, Gross

^[1]

$ 888

$ 1,557

[1]	Includes net impairment charge of $0.4 million as of December 31, 2022

Schedule II-Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Movement in Valuation Allowances and Reserves [Abstract]
Balance at beginning of period	$ 31,921	$ 28,639
Charged to expense	34,915	26,794
Accounts written-off	(31,466)	(23,512)
Balance at end of period	$ 35,370	$ 31,921

STOCKHOLDERS' EQUITY, Restricted Stock and Stock Options (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Plan $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 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)	81,000	81,000	116,000
Canceled (in shares)	(81,000)	0	(35,000)
Outstanding, ending balance (in shares)	0	81,000	81,000	116,000
Vested (in shares)	0
Exercisable (in shares)	0
Weighted Average Exercise Price Per Share [Abstract]
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 7.79	$ 7.79	$ 10.56
Canceled (in dollars per share) \| $ / shares	7.79		16.95
Outstanding, ending balance (in dollars per share) \| $ / shares	0	$ 7.79	$ 7.79	$ 10.56
Vested (in dollars per share) \| $ / shares	0
Exercisable (in dollars per share) \| $ / shares	$ 0
Weighted Average Remaining Contractual Term [Abstract]
Outstanding, balance		2 months 1 day	1 year 2 months 1 day	1 year 9 months 29 days
Aggregate Intrinsic Value [Abstract]
Outstanding, beginning balance \| $	$ 0	$ 0	$ 0
Cancelled \| $	0	0	0
Outstanding, ending balance \| $	0	$ 0	$ 0	$ 0
Vested \| $	0
Exercisable \| $	$ 0
Restricted Stock [Member]
Shares [Abstract]
Nonvested restricted stock outstanding, beginning balance (in shares)	1,743,846	1,572,159
Granted (in shares)	606,950	679,331
Cancelled (in shares)	0	0
Vested (in shares)	(802,530)	(507,644)
Nonvested restricted stock outstanding, ending balance (in shares)	1,548,266	1,743,846	1,572,159
Weighted Average Grant Date Fair Value Per Share [Abstract]
Nonvested restricted stock outstanding, beginning balance (in dollars per share) \| $ / shares	$ 3.89	$ 2.77
Granted (in dollars per share) \| $ / shares	7.21	5.99
Cancelled (in dollars per share) \| $ / shares	0	0
Vested (in dollars per share) \| $ / shares	4.18	3.3
Nonvested restricted stock outstanding, ending balance (in dollars per share) \| $ / shares	$ 5.18	$ 3.89	$ 2.77
Recognized restricted stock expense \| $	$ 3,100	$ 2,900
Unrecognized restricted stock expense \| $	7,900	$ 4,400
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)					840,807
2020 Plan [Member] \| June 16, 2020 [Member]
Stockholders' Equity Note Details [Abstract]
Stock option award issuance, plan duration	10 years
LTIP [Member]
Stockholders' Equity Note Details [Abstract]
Number of shares available for issuance under incentive plan (in shares)					2,000,000
LTIP [Member] \| Restricted Stock [Member]
Weighted Average Grant Date Fair Value Per Share [Abstract]
Outstanding restricted shares, intrinsic value \| $	$ 8,900
Non Employee Directors Plan [Member]
Stockholders' Equity Note Details [Abstract]
Net share settlement for restricted stock (in shares)	276,274	154,973
Decrease in equity due to payment of tax for employee \| $	$ 2,000	$ 1,000

PENSION PLAN, Summary (Details) - USD ($) $ in Thousands	12 Months Ended
PENSION PLAN, Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amounts recognized in the consolidated balance sheets [Abstract]
Noncurrent liabilities	$ (668)	$ (1,607)
Amounts recognized in accumulated other comprehensive loss [Abstract]
Accumulated loss	(2,480)	(2,862)
Deferred income taxes	1,520	1,622
Accumulated other comprehensive loss	(960)	(1,240)
Accumulated benefit obligation	17,100	22,600
COMPONENTS OF NET PERIODIC BENEFIT COST [Abstract]
Service cost	37	37
Interest cost	542	492
Expected return on plan assets	(1,217)	(1,021)
Recognized net actuarial loss	81	640
Net periodic benefit (income) cost	$ (557)	$ 148
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative	Selling, general and administrative
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 16,445	$ 20,950	$ 20,106
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	4.90%	2.50%
Rate of compensation increase	2.50%	2.50%
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Discount rate	4.90%	2.50%
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	$ 700	700
Maximum [Member]
COMPONENTS OF NET PERIODIC BENEFIT COST [Abstract]
Amortization of estimated net loss, transition obligation and prior service cost from accumulated other comprehensive income into net periodic benefit cost	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	16,445	20,950
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	$ 4,692	$ 6,322
Fair value of total plan assets by major asset category	29.00%	30.00%
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	$ 4,692	$ 6,322
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	$ 6,130	$ 7,811
Fair value of total plan assets by major asset category	37.00%	37.00%
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	$ 6,130	$ 7,811
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	$ 3,650	$ 5,180
Fair value of total plan assets by major asset category	22.00%	25.00%
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	$ 3,650	$ 5,180
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	$ 1,301	$ 900
Fair value of total plan assets by major asset category	8.00%	4.00%
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	$ 1,301	$ 900
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	$ 672	$ 737
Fair value of total plan assets by major asset category	4.00%	4.00%
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	$ 672	$ 737
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	4.90%	2.50%
Rate of compensation increase	2.50%	2.50%
Long-term rate of return	6.75%	6.00%
Expected benefit payments for the plan [Abstract]
2023	$ 1,347
2024	1,367
2025	1,360
2026	1,366
2027	1,356
Years 2028-2032	$ 6,486

STOCKHOLDERS' EQUITY, Common Stock and Preferred Stock (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Nov. 30, 2022 $ / shares shares	May 24, 2022 USD ($) shares	Nov. 14, 2019	Dec. 31, 2022 USD ($) Vote $ / shares	Dec. 31, 2021 USD ($) $ / shares
Dividends [Abstract]
Dividends paid on shares of Series A preferred stock				$ 1,111	$ 1,219
Treasury Stock [Abstract]
Cancellation of treasury stock amount				$ 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
Stock conversion (in shares) \| shares	5,381,356
Treasury Stock [Abstract]
Cancellation of treasury stock (in shares) \| shares		5,910,541
Cancellation of treasury stock amount		$ 82,900
Series A Convertible Preferred Stock [Member]
Preferred Stock [Abstract]
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0			$ 0	$ 0
Shares converted (in shares) \| shares	(12,700)
Dividends [Abstract]
Dividend rate			9.60%
First dividend payment date			Sep. 30, 2020
Dividends paid on shares of Series A preferred stock				$ 1,100

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Advertising Costs [Abstract]
Advertising expense	$ 35.0	$ 33.1

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2022

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, 2020		1,572,159		$	2.77
Granted		679,331			5.99
Cancelled		-			-
Vested		(507,644	)		3.30
Nonvested restricted stock outstanding at December 31, 2021		1,743,846			3.89
Granted		606,950			7.21
Cancelled		-			-
Vested		(802,530	)		4.18
Nonvested restricted stock outstanding at December 31, 2022		1,548,266			5.18

Transactions Pertaining to Option Plans

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, 2020		116,000		$	10.56	1.83 years	$	-
Cancelled		(35,000	)		16.95	-		-

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

Outstanding December 31, 2021		81,000			7.79	0.17 years		-
Cancelled		(81,000	)		7.79			-

Outstanding December 31, 2022		-			-	-		-

Vested as of December 31, 2022		-			-	-		-

Exercisable as of December 31, 2022		-			-	-		-

GOODWILL

12 Months Ended

Dec. 31, 2022

GOODWILL [Abstract]

GOODWILL

Changes in the carrying amount of goodwill during the fiscal years ended December 31, 2022 and 2021 are as follows:

	Gross Goodwill Balance		Accumulated Impairment Losses		Net Goodwill Balance
Balance as of January 1, 2021	$	117,176	$	102,640	$	14,536
Adjustments		-		-		-
Balance as of December 31, 2021		117,176		102,640		14,536
Adjustments		-		-		-
Balance as of December 31, 2022	$	117,176	$	102,640	$	14,536

When we perform our annual goodwill impairment assessment we have the option to perform a qualitative assessment based on a number of factors impacting our reporting units (step 0). When a qualitative assessment is performed, a number of factors are evaluated to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Our qualitative assessment is subjective. It includes a review of macroeconomic and industry factors, review of financial and non-financial performance measures, including projected student starts and assessment of adverse events that may negatively impact a reporting units carrying value. Adverse events would include, but are not limited to, difficulty in accessing capital, a greater competitive environment, decline in market-dependent multiples or metrics, regulatory or political developments, change in key personnel, strategy, or customers, or litigation. If we conclude based on our qualitative review that it is more likely than not that the fair value of the reporting unit is less than the carrying value, we proceed with a quantitative impairment test. However, in 2022 it was deemed more appropriate to perform a quantitative goodwill impairment test as a number of factors changed in an unfavorable direction.

When we perform our quantitative impairment test we believe the most critical assumptions and estimates in determining the estimated fair value of our reporting units include, but are not limited to, future tuition revenues, operating costs, working capital changes, capital expenditures and a discount rate. The assumptions used in determining our expected future cash flows consider various factors such as historical operating trends particularly in student enrollment and pricing and long-term operating strategies and initiatives.

If we determine that quantitative tests are necessary, we determine the fair value of each reporting unit using an equal weighting of the discounted cash flow model and the market approach, or if required, we will evaluate other asset value-based approaches. Our judgment is necessary in forecasting future cash flows and operating results, critical assumptions include growth rates, changes in operating costs, capital expenditures, changes in weighted average costs of capital, and the fair value of an asset based on the price that would be received in a current transaction to sell the asset. Additionally, we obtain independent market metrics for the industry and our peers to assist in the development of these key assumptions. This process is consistent with our internal forecasts and operating plans.

On December 31, 2022 we conducted our annual test for goodwill impairment and determined we did not have an impairment.

As of each of December 31, 2022, and 2021, the goodwill balance of $14.5 million, respectively is related to the Transportation and Skilled Trades segment.

PENSION PLAN, Plan's funded status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CHANGES IN BENEFIT OBLIGATIONS [Roll Forward]
Benefit obligation-beginning of year	$ 22,557	$ 24,358
Service cost	37	37
Interest cost	542	492
Actuarial gain	(4,661)	(989)
Benefits paid	(1,362)	(1,341)
Benefit obligation at end of year	17,113	22,557
CHANGE IN PLAN ASSETS [Roll Forward]
Fair value of plan assets-beginning of year	20,950	20,106
Actual return on plan assets	(3,143)	2,185
Benefits paid	(1,362)	(1,341)
Fair value of plan assets-end of year	16,445	20,950
BENEFIT OBLIGATION IN EXCESS OF FAIR VALUE FUNDED STATUS:	$ (668)	$ (1,607)
Discount rate	4.90%	2.50%

NET INCOME PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

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)	2022			2021
Numerator:
Net income	$	12,634		$	34,718
Less: preferred stock dividend		(1,111	)		(1,219	)
Less: allocation to preferred stockholders		(1,753	)		(5,601	)
Less: allocation to restricted stockholders		(559	)		(1,796	)
Net income allocated to common stockholders	$	9,211		$	26,102

Basic net income per share:
Denominator:
Weighted average common shares outstanding		25,879,483			25,080,789
Basic net income per share	$	0.36		$	1.04

Diluted net income per share:
Denominator:
Weighted average number of:
Common shares outstanding		25,879,483			25,080,789
Dilutive potential common shares outstanding:
Series A preferred stock		-			-
Unvested restricted stock		-			-
Stock options		-			-
Dilutive shares outstanding		25,879,483			25,080,789
Diluted net income per share	$	0.36		$	1.04

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,
	2022		2021
Series A preferred stock		-		5,381,356
Unvested restricted stock		516,233		825,569
		516,233		6,206,925

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Business Activities (Details) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) State Squarefeet	Dec. 31, 2022 USD ($) School State Campus Segment Squarefeet
Business Activities [Abstract]
Number of schools \| School		22
Number of states in which schools operate across the United States \| State	14	14
Number of campuses treated as destination schools \| Campus		5
Number of reportable segments \| Segment		3
Approximate area of leased school space \| Squarefeet	55,000	55,000
Capital expenditures	$ 0.4	$ 0.4
Rent paid	$ 0.3	$ 0.3

PROPERTY SALE AGREEMENTS, Property Sale Agreement (Details) - Property Sale Agreement [Member] - USD ($) $ in Millions		12 Months Ended
	Sep. 24, 2021	Dec. 31, 2022
Property Sale Agreement [Abstract]
Sale price of agreement	$ 34.5
Non-refundable amount to be received		$ 1.1
Proceeds from non-refundable payments		$ 0.5

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 12,634	$ 34,718
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,362	7,140
Amortization of deferred finance fees	0	136
Write-off of deferred finance fees	0	485
Deferred income taxes	1,294	12,010
Gain on sale of assets	(177)	(22,479)
Impairment of long-lived assets	1,049	700
Fixed asset donations	(408)	(2,058)
Provision for doubtful accounts	34,915	26,794
Stock-based compensation expense	3,111	2,889
(Increase) decrease in assets:
Accounts receivable	(48,637)	(26,497)
Inventories	103	(327)
Prepaid expenses and current assets	(11)	(1,235)
Other assets	450	(487)
Increase (decrease) in liabilities:
Accounts payable	(2,033)	(3,677)
Accrued expenses	(7,016)	(1,023)
Unearned tuition	(1,251)	1,952
Income taxes payable	1,038	526
Other liabilities	(541)	(2,120)
Total adjustments	(11,752)	(7,271)
Net cash provided by operating activities	882	27,447
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(8,986)	(7,531)
Proceeds from sale of property and equipment	2,390	45,379
Purchase of short-term investment	(14,758)	0
Net cash (used in) provided by investing activities	(21,354)	37,848
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on borrowings	0	(17,833)
Net share settlement for equity-based compensation	(1,992)	(962)
Dividend payment for preferred stock	(1,111)	(1,219)
Share repurchase	(9,445)	0
Net cash used in financing activities	(12,548)	(20,014)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(33,020)	45,281
CASH, CASH EQUIVALENTS AND RESTRICTED CASH-Beginning of year	83,307	38,026
CASH, CASH EQUIVALENTS AND RESTRICTED CASH-End of year	50,287	83,307
Cash paid during the year for:
Interest	171	1,532
Income taxes	1,471	737
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Liabilities accrued for or noncash purchases of property and equipment	$ 1,300	$ 2,649

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2022
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 skilled trades (which include HVAC, welding and computerized numerical control and electrical and electronic systems technology, among other programs), automotive technology, 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 accredited and are eligible to participate in federal financial aid programs by the U.S. Department of Education (“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. Our 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 campuses that have been marked for closing and are currently being taught out. On November 3, 2022, the Board of Directors approved a plan to close the Somerville, Massachusetts campus by the end of 2023. As of December 31, 2022, the Somerville campus is the only campus classified in the Transitional Segment. On June 30, 2022, the Company executed a lease for a 55,000 square foot facility to house a second Atlanta, Georgia area campus. The build-out is continuing to advance according to plan. For the year ended December 31, 2022, the Company incurred approximately $0.4 million in capital expenditures, mostly relating to architectural fees and approximately $0.3 million in rent.
Liquidity	Liquidity—As of December 31, 2022, the Company had $50.3 million in cash and cash equivalents and restricted cash, in addition to $14.8 million in short-term investments compared to $83.3 million cash and cash equivalents in the prior year. The Company believes that its likely sources of cash should be sufficient to fund operations for the next 12 months and thereafter for the foreseeable future.
Principles of Consolidation	Principles of Consolidation—The accompanying consolidated financial statements include the accounts of Lincoln Educational Services Corporation and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.
Cash and Cash Equivalents	Cash and Cash Equivalents—Cash and cash equivalents include all cash balances and highly-liquid short-term investments, which contain original maturities within three months of purchase. Pursuant to the DOE’s cash management requirements, the Company retains funds from financial aid programs under Title IV of the Higher Education Act of 1965 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 sheets.
Restricted Cash	Restricted Cash – Restricted cash consists of cash currently utilized as collateral for the Company’s letters of credit.
Short-term investments	Short-term investments – Short-term investments not considered cash and cash equivalents are investments with maturity dates of three months to 12 months from the date of purchase.
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 represents 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. 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 are approximately $35.0 million and $33.1 million for the years ended December 31, 2022 and 2021, respectively. These amounts are included in selling, general and administrative expenses in the consolidated statements of operations.
Goodwill	Goodwill—Goodwill represents the excess of purchase price over the fair value of tangible net assets and identifiable intangible assets of the businesses acquired. Lincoln tests goodwill for impairment annually, in the fourth quarter of each year, unless there are events or changes in circumstances that indicate an impairment may have occurred. Impairment may result from deterioration in performance, adverse market conditions, adverse changes in laws or regulations, the restriction of activities associated with the acquired business, and/or a variety of other circumstances. If we determine that impairment has occurred, we record a write-down of the carrying value and charge the impairment as an operating expense in the period the determination is made. As of December 31, 2022, goodwill was approximately $14.5 million, or 5.0%, of our total assets. The goodwill is allocated among nine reporting units within the Transportation and Skilled Trades Segment.
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. For other long-lived assets, including right-of-use (“ROU”) lease assets, the Company evaluates assets for recoverability when there is an indication of potential impairment. Factors the Company considers important, which could trigger an impairment review, include significant changes in the manner of the use of the asset, significant changes in historical trends in operating performance, significant changes in projected operating performance, and significant negative economic trends. If the undiscounted cash flows from a group of assets being evaluated is less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value. When we perform the quantitative impairment test for long-lived assets, we examine 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.
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 as of December 31, 2022, exceeded the balance insured by the FDIC by approximately $39.2 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 by 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 each of December 31, 2022 and 2021, respectively.
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 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 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. 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. On August 16, 2022, the Inflation Reduction Act (the “Inflation Act”) was enacted and signed into law. The Inflation Act is a budget reconciliation package that includes significant changes relating to tax, climate change, energy, and health care. The tax provisions include, among other items, a corporate alternative minimum tax of 15%, an excise tax of 1% on corporate stock buy-backs, energy-related tax credits, and additional IRS funding. The Company does not expect the tax provisions of the Inflation Act to have a material impact to our consolidated financial statements. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the fiscal years ended December 31, 2022 and 2021, we did not record any interest and penalties expense associated with uncertain tax positions, as we do not have any uncertain tax positions.
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 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, “Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”. This amendment introduced the requirement for an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with the requirements of FASB Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers”, rather than at fair value. For public business entities, the amendments in ASU 2021-08 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company has evaluated the ASU and has determined that there is no impact on its consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” These amendments provided temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provided optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It was intended to help stakeholders during the global market-wide reference rate transition period. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope” which clarified that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company has evaluated the ASU and has determined that there is no impact on its consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. This ASU simplified 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 removed 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 for 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 has evaluated the ASU and has determined that there is no impact on its consolidated financial statements and related disclosures as the Company currently has no financial instruments that are in the scope of this ASU. 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. The ASU and the subsequent modifications were identified as ASC Topic 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 deferred 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 added a SEC paragraph pursuant to the issuance of SEC Staff Accounting Bulletin No. 119 on loan losses to FASB Codification Topic 326 and also updated 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 (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Numerator [Abstract]
Net income		$ 12,634	$ 34,718
Less: preferred stock dividend		(1,111)	(1,219)
Less: allocation to preferred stockholders		(1,753)	(5,601)
Less: allocation to restricted stockholders		(559)	(1,796)
Net income allocated to common stockholders		$ 9,211	$ 26,102
Denominator [Abstract]
Weighted average common shares outstanding (in shares)		25,879,483	25,080,789
Basic net income per share (in dollars per share)		$ 0.36	$ 1.04
Denominator [Abstract]
Weighted average common shares outstanding (in shares)		25,879,483	25,080,789
Dilutive shares outstanding (in shares)		25,879,483	25,080,789
Diluted net income per share (in dollars per share)		$ 0.36	$ 1.04
Antidilutive Shares [Abstract]
Antidilutive shares excluded from computation of earnings (loss) per share (in shares)		516,233	6,206,925
Unvested Restricted Stock [Member]
Denominator [Abstract]
Dilutive potential common shares outstanding (in shares)		0	0
Antidilutive Shares [Abstract]
Antidilutive shares excluded from computation of earnings (loss) per share (in shares)		516,233	825,569
Stock Options [Member]
Denominator [Abstract]
Dilutive potential common shares outstanding (in shares)		0	0
Common Stock [Member]
Preferred Stock [Abstract]
Number of shares issued upon conversion of preferred stock (in shares)	423,729
Stock conversion (in shares)	5,381,356
Series A Convertible Preferred Stock [Member]
Preferred Stock [Abstract]
Preferred stock, par value (in dollars per share)	$ 0	$ 0	$ 0
Shares converted (in shares)	(12,700)
Series A Preferred Stock [Member]
Denominator [Abstract]
Dilutive potential common shares outstanding (in shares)		0	0
Antidilutive Shares [Abstract]
Antidilutive shares excluded from computation of earnings (loss) per share (in shares)		0	5,381,356

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2022

GOODWILL [Abstract]

Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill during the fiscal years ended December 31, 2022 and 2021 are as follows:

	Gross Goodwill Balance		Accumulated Impairment Losses		Net Goodwill Balance
Balance as of January 1, 2021	$	117,176	$	102,640	$	14,536
Adjustments		-		-		-
Balance as of December 31, 2021		117,176		102,640		14,536
Adjustments		-		-		-
Balance as of December 31, 2022	$	117,176	$	102,640	$	14,536

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

COVID-19 PANDEMIC AND CARES ACT (Details) $ in Millions	9 Months Ended	12 Months Ended
COVID-19 PANDEMIC AND CARES ACT (Details) $ in Millions	Sep. 30, 2021 USD ($)	Dec. 31, 2022 USD ($) 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
Utilized amount of permitted expenses	$ 13.7
DOE allocated amount to schools		$ 24.4
Emergency grants distributed to students under CRRSAA and ARPA Act		$ 14.8

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2022

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

11.	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 30, 2022, the Company exercised in full its right of mandatory conversion of the Company’s Series A Preferred Stock. In connection with the conversion, each share of Series A Preferred Stock has been cancelled and converted into the right to receive 423,729 shares of the Company’s Common Stock, no par value per share. Shares of the Series A Preferred Stock are no longer outstanding and all rights of the holders to receive future dividends have terminated. As a result of the conversion, the aggregate 12,700 shares of Series A Preferred Stock outstanding were converted into 5,381,356 shares of Common 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. As of December 31, 2022, we have paid $1.1 million in cash dividends on the outstanding shares of Series A Preferred Stock. With the exercise of the mandatory conversion of the Company’s Series A Preferred Stock there will not be any additional dividend payment related to the Series A Preferred Stock going forward. Dividends are included in the consolidated balance sheets within additional paid-in-capital when the Company maintains an accumulated deficit.

Treasury Stock

On May 24, 2022, the Board of Directors authorized the cancellation of 5,910,541 shares of Treasury Stock, which reduced Treasury Stock and Common Stock by $82.9 million.

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 shares of Common Stock available for issuance under the 2020 Plan was 840,807 shares.

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.

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 fiscal years ended December 31, 2022 and 2021, the Company completed a net share settlement for 276,274 and 154,973 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 2022 and/or 2021, 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 $2.0 million and $1.0 million for each of the years ended December 31, 2022 and 2021, 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, 2020		1,572,159		$	2.77
Granted		679,331			5.99
Cancelled		-			-
Vested		(507,644	)		3.30
Nonvested restricted stock outstanding at December 31, 2021		1,743,846			3.89
Granted		606,950			7.21
Cancelled		-			-
Vested		(802,530	)		4.18
Nonvested restricted stock outstanding at December 31, 2022		1,548,266			5.18

The Restricted Stock expense for the fiscal years ended December 31, 2022 and 2021 was $3.1 million and $2.9 million, respectively. The unrecognized Restricted Stock expense as of December 31, 2022 and 2021 was $7.9 million and $4.4 million, respectively. As of December 31, 2022, outstanding Restricted Shares under the LTIP had aggregate intrinsic value of $8.9 million.

Stock Options

	Shares			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding January 1, 2020		116,000		$	10.56	1.83 years	$	-
Cancelled		(35,000	)		16.95	-		-

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

Outstanding December 31, 2021		81,000			7.79	0.17 years		-
Cancelled		(81,000	)		7.79			-

Outstanding December 31, 2022		-			-	-		-

Vested as of December 31, 2022		-			-	-		-

Exercisable as of December 31, 2022		-			-	-		-

As of December 31, 2022, there was no unrecognized pre-tax compensation expense.

Share Repurchase Program

On May 24, 2022, the Company announced that its Board of Directors had authorized a share repurchase program of up to $30.0 million of the Company’s outstanding Common Stock. The repurchase program was authorized for 12 months. Pursuant to the program, purchases may be made, from time to time, in open-market transactions at prevailing market prices, in privately negotiated transactions or by other means as determined by the Company’s management and in accordance with applicable federal securities laws. The timing of purchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions. The Company retains the right to limit, terminate or extend the share repurchase program at any time without prior notice. During the fiscal year ended December 31, 2022, the Company repurchased 1,572,414 shares of its Common Stock at an aggregate cost of approximately $9.4 million. These shares were subsequently canceled and recorded as a reduction of Common Stock.

On February 27, 2023, the Board of Director extended the share repurchase program for an additional 12 months and authorized the repurchase of an additional $10 million of the Company’s Common Stock, for an aggregate of up to $30.6 million in additional repurchases.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 14
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 46,074	$ 83,307
Restricted cash	4,213	0
Short-term investments	14,758	0
Accounts receivable, less allowance of $28,560 and $26,837 at December 31, 2022 and 2021, respectively	37,175	26,159
Inventories	2,618	2,721
Prepaid expenses and other current assets	4,738	4,881
Assets held for sale	4,559	4,559
Total current assets	114,135	121,627
PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $146,367 and $153,335 at December 31, 2022 and 2021, respectively	23,940	23,119
OTHER ASSETS:
Noncurrent receivables, less allowance of $6,810 and $5,084 at December 31, 2022 and 2021, respectively	22,734	20,028
Deferred income taxes, net	22,312	23,708
Operating lease right-of-use assets	93,097	91,487
Goodwill	14,536	14,536
Other assets, net	812	794
Total other assets	153,491	150,553
TOTAL ASSETS	291,566	295,299
CURRENT LIABILITIES:
Unearned tuition	24,154	25,405
Accounts payable	10,496	12,297
Accrued expenses	8,653	15,669
Income taxes payable	2,055	1,017
Current portion of operating lease liabilities	9,631	11,479
Other short-term liabilities	31	15
Total current liabilities	55,020	65,882
NONCURRENT LIABILITIES:
Pension plan liabilities	668	1,607
Long-term portion of operating lease liabilities	91,001	86,410
Total liabilities	146,689	153,899
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, no par value - authorized 100,000,000 shares at December 31, 2022 and 2021, issued and outstanding 31,147,925 shares	49,072	141,377
Additional paid-in capital	45,540	32,439
Treasury stock at cost - zero and 5,910,541 shares at December 31, 2022 and 2021	0	(82,860)
Retained earnings	51,225	39,702
Accumulated other comprehensive loss	(960)	(1,240)
Total stockholders' equity	144,877	129,418
TOTAL LIABILITIES, SERIES A CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS EQUITY	291,566	295,299
Series A Convertible Preferred Stock [Member]
SERIES A CONVERTIBLE PREFERRED STOCK
Preferred stock, no par value - authorized 10,000,000 shares at December 31, 2022 and 2021, issued and outstanding Series A convertible preferred stock, zero shares at December 31, 2022 and 12,700 shares at December 31, 2021.	$ 0	$ 11,982

SEGMENT REPORTING (Details) $ in Thousands	12 Months Ended
SEGMENT REPORTING (Details) $ in Thousands	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)
SEGMENT REPORTING [Abstract]
Number of reportable operating segments \| Segment	3
Summary financial information by reporting segment [Abstract]
Revenue	$ 348,287	$ 335,336
Percentage of Total Revenue	100.00%	100.00%
Operating Income (Loss)	$ 16,278	$ 49,261
Assets	291,566	295,299
Transportation and Skilled Trades [Member]
Summary financial information by reporting segment [Abstract]
Revenue	249,905	240,531
Healthcare and Other Professions [Member]
Summary financial information by reporting segment [Abstract]
Revenue	91,535	87,998
Transitional [Member]
Summary financial information by reporting segment [Abstract]
Revenue	6,847	6,807
Reportable Segments [Member] \| Transportation and Skilled Trades [Member]
Summary financial information by reporting segment [Abstract]
Revenue	$ 249,905	$ 240,531
Percentage of Total Revenue	71.80%	71.70%
Operating Income (Loss)	$ 42,335	$ 52,055
Assets	153,369	156,531
Reportable Segments [Member] \| Healthcare and Other Professions [Member]
Summary financial information by reporting segment [Abstract]
Revenue	$ 91,535	$ 87,998
Percentage of Total Revenue	26.30%	26.20%
Operating Income (Loss)	$ 7,189	$ 11,740
Assets	37,104	31,160
Reportable Segments [Member] \| Transitional [Member]
Summary financial information by reporting segment [Abstract]
Revenue	$ 6,847	$ 6,807
Percentage of Total Revenue	2.00%	2.00%
Operating Income (Loss)	$ (430)	$ 105
Assets	1,498	2,799
Corporate [Member]
Summary financial information by reporting segment [Abstract]
Revenue	$ 0	$ 0
Percentage of Total Revenue	0.00%	0.00%
Operating Income (Loss)	$ (32,816)	$ (14,639)
Assets	$ 99,595	$ 104,809

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021
Operating cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	18,443	$	15,404
Non-cash activity:
Lease liabilities arising from obtaining right-of-use assets	$	13,820	$	45,456

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,
	2022			2021
Weighted-average remaining lease term	11.23 years			11.47 years
Weighted-average discount rate		7.12	%		7.67	%

Maturities of Lease Liabilities

Maturities of lease liabilities by fiscal year for our operating leases as of December 31, 2022 are as follows:

Year ending December 31,
2023	$	16,283
2024		17,257
2025		15,319
2026		12,816
2027		9,532
Thereafter		69,499
Total lease payments		140,706
Less: imputed interest		(40,074	)
Present value of lease liabilities	$	100,632

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current [Abstract]
Federal	$ 1,864	$ 665
State	644	535
Total	2,508	1,200
Deferred [Abstract]
Federal	767	8,468
State	527	2,860
Total	1,294	11,328
Total provision	3,802	12,528
Effective income tax rate reconciliation, amount [Abstract]
Income before taxes	16,436	47,246
Expected tax	3,452	9,922
State tax (net of federal benefit)	925	2,682
Other	(575)	(76)
Total provision	$ 3,802	$ 12,528
Effective income tax rate reconciliation, percent [Abstract]
Expected tax	21.00%	21.00%
State tax (net of federal benefit)	5.60%	5.70%
Other	(3.50%)	(0.20%)
Total	23.10%	26.50%
Gross noncurrent deferred tax assets (liabilities) [Abstract]
Lease liability	$ 26,897	$ 26,142
Depreciation	9,531	10,551
Allowance for bad debts	9,454	8,525
Net operating loss carryforwards	1,957	2,394
Accrued benefits	0	656
Stock-based compensation	541	641
Pension plan liabilities	179	429
Other intangibles	39	70
Accrued expenses	67	0
Goodwill	(1,469)	(1,267)
Right-of-use asset	(24,884)	(24,433)
Noncurrent deferred tax assets, net	$ 22,312	23,708
Ownership Change [Abstract]
Net operating loss carryforwards, period of ownership change	3 years
Net operating loss carryforwards, minimum percentage of ownership change	50.00%
State Tax [Member]
Operating Loss Carryforwards [Abstract]
Net operating losses	$ 34,200	37,600
Federal Tax [Member]
Operating Loss Carryforwards [Abstract]
Net operating losses	$ 0	$ 1,200

FINANCIAL AID AND REGULATORY COMPLIANCE (Details) - Score	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financial Aid [Abstract]
Percentage of net revenues on cash basis indirectly derived from funds	74.00%	75.00%
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	1.5
Maximum period for institution to participate under the Zone Alternative	3 years
Composite score for financial responsibility	2.9	3
Minimum [Member]
Regulatory Compliance [Abstract]
Standard composite score for financial responsibility	(1)
Maximum [Member]
Regulatory Compliance [Abstract]
Standard composite score for financial responsibility	3
U.S. Department of Education [Member]
Regulatory Compliance [Abstract]
Maximum notification period	10 days
Minimum percentage letter of credit amount equal total Title IV Program funds	50.00%
Minimum percentage Letter of credit amount equal prior years total Title IV Program funds	10.00%
U.S. Department of Education [Member] \| Minimum [Member]
Regulatory Compliance [Abstract]
Minimum composite required for financial responsibility	1
U.S. Department of Education [Member] \| Maximum [Member]
Regulatory Compliance [Abstract]
Minimum composite required for financial responsibility	1.5

PENSION PLAN

12 Months Ended

Dec. 31, 2022

PENSION PLAN [Abstract]

PENSION PLAN

12.	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,
	2022			2021
CHANGES IN BENEFIT OBLIGATIONS:
Benefit obligation-beginning of year	$	22,557		$	24,358
Service cost		37			37
Interest cost		542			492
Actuarial gain		(4,661	)		(989	)
Benefits paid		(1,362	)		(1,341	)
Benefit obligation at end of year		17,113			22,557

CHANGE IN PLAN ASSETS:
Fair value of plan assets-beginning of year		20,950			20,106
Actual return on plan assets		(3,143	)		2,185
Benefits paid		(1,362	)		(1,341	)
Fair value of plan assets-end of year		16,445			20,950

BENEFIT OBLIGATION IN EXCESS OF FAIR VALUE FUNDED STATUS:	$	(668	)	$	(1,607	)

For the fiscal year ended December 31, 2022, the actuarial gain of $4.7 million was due to the increase in the discount rate from 2.50% to 4.90%.

Amounts recognized in the consolidated balance sheets consist of:

	At December 31,
	2022			2021
Noncurrent liabilities	$	(668	)	$	(1,607	)

Amounts recognized in accumulated other comprehensive loss consist of:

	Year Ended December 31,
	2022			2021
Accumulated loss	$	(2,480	)	$	(2,862	)
Deferred income taxes		1,520			1,622
Accumulated other comprehensive loss	$	(960	)	$	(1,240	)

The accumulated benefit obligation was $17.1 million and $22.6 million at December 31, 2022 and 2021, respectively.

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

	Year Ended December 31,
	2022			2021
COMPONENTS OF NET PERIODIC BENEFIT COST
Service cost	$	37		$	37
Interest cost		542			492
Expected return on plan assets		(1,217	)		(1,021	)
Recognized net actuarial loss		81			640
Net periodic benefit (income) cost	$	(557	)	$	148

The estimated net income and prior service cost for the plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next year is less than $0.1 million.

The following tables present plan assets using the fair value hierarchy as of December 31, 2022 and 2021, respectively. 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	$	4,692	$	-	$	-	$	4,692
Fixed income		6,130		-		-		6,130
International equities		3,650		-		-		3,650
Real estate		1,301		-		-		1,301
Cash and equivalents		672		-		-		672
Balance at December 31, 2022	$	16,445	$	-	$	-	$	16,445

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Equity securities	$	6,322	$	-	$	-	$	6,322
Fixed income		7,811		-		-		7,811
International equities		5,180		-		-		5,180
Real estate		900		-		-		900
Cash and equivalents		737		-		-		737
Balance at December 31, 2021	$	20,950	$	-	$	-	$	20,950

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

	2022			2021
Equity securities		29	%		30	%
Fixed income		37	%		37	%
International equities		22	%		25	%
Real estate		8	%		4	%
Cash and equivalents		4	%		4	%
Total		100	%		100	%

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

	2022			2021
Discount rate		4.90	%		2.50	%
Rate of compensation increase		2.50	%		2.50	%

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

	2022			2021
Discount rate		4.90	%		2.50	%
Rate of compensation increase		2.50	%		2.50	%
Long-term rate of return		6.75	%		6.00	%

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

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

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

The Company does not expect to make contributions to the plan in 2023. 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 fiscal years ended December 31, 2022 and 2021, respectively.

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

Year Ending December 31,
2023	$	1,347
2024		1,367
2025		1,360
2026		1,366
2027		1,356
Years 2028-2032		6,486

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 each of the fiscal years ended December 31, 2022 and 2021, the Company’s expense for the 401(k) plan amounted to $0.7 million.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Short-term Investments (Details)	12 Months Ended
	Dec. 31, 2022
Minimum [Member]
Short-term Investments [Abstract]
Maturity period for short-term investments	3 months
Maximum [Member]
Short-term Investments [Abstract]
Maturity period for short-term investments	12 months

Schedule II-Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

Schedule II-Valuation and Qualifying Accounts [Abstract]

Schedule II-Valuation and Qualifying Accounts

LINCOLN EDUCATIONAL SERVICES CORPORATION

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, 2022
Student receivable allowance	$	31,921	$	34,915	$	(31,466	)	$	35,370
December 31, 2021
Student receivable allowance	$	28,639	$	26,794	$	(23,512	)	$	31,921

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
REVENUE	$ 348,287	$ 335,336
COSTS AND EXPENSES:
Educational services and facilities	148,746	138,931
Selling, general and administrative	182,391	168,923
Gain on sale of assets	(177)	(22,479)
Impairment of long-lived assets	1,049	700
Total costs and expenses	332,009	286,075
OPERATING INCOME	16,278	49,261
OTHER:
Interest income	318	0
Interest expense	(160)	(2,015)
INCOME BEFORE INCOME TAXES	16,436	47,246
PROVISION FOR INCOME TAXES	3,802	12,528
NET INCOME	12,634	34,718
PREFERRED STOCK DIVIDENDS	1,111	1,219
INCOME AVAILABLE TO COMMON SHAREHOLDERS	$ 11,523	$ 33,499
Basic
Basic income per share (in dollars per share)	$ 0.36	$ 1.04
Diluted
Net income per share (in dollars per share)	$ 0.36	$ 1.04
Weighted average number of common shares outstanding:
Basic (in shares)	25,879,483	25,080,789
Diluted (in shares)	25,879,483	25,080,789

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2022 USD ($) School Student Company	Sep. 30, 2022 Application
COMMITMENTS AND CONTINGENCIES [Abstract]
Number of schools \| School	2
Estimation of number of students provide for automatic relief for students at listed schools \| Student	200,000
Number of new borrower defense applications that have been submitted \| Application		179,000
Number of school companies \| Company	2
Number of school companies for loan discharge and refund \| Company	3
Number of days to file a appeal	7 days
Period to review borrower defense applications before final settlement date	36 months
Outstanding net loan commitment	$ 30.5
Future employment contract commitments	7.5
Surety bonds	$ 15.3

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	12 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
REVENUE RECOGNITION [Abstract]
Unearned tuition	$ 24,154	$ 25,405
Revenue recognized included in contract liability	24,600
Disaggregation of Revenue [Abstract]
Revenue	348,287	335,336
Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	21,722	23,079
Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	326,565	312,257
Transportation and Skilled Trades Segment [Member]
Disaggregation of Revenue [Abstract]
Revenue	249,905	240,531
Transportation and Skilled Trades Segment [Member] \| Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	15,523	17,393
Transportation and Skilled Trades Segment [Member] \| Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	234,382	223,138
Healthcare and Other Professions Segment [Member]
Disaggregation of Revenue [Abstract]
Revenue	91,535	87,998
Healthcare and Other Professions Segment [Member] \| Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	5,911	5,402
Healthcare and Other Professions Segment [Member] \| Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	85,624	82,596
Transitional Segment [Member]
Disaggregation of Revenue [Abstract]
Revenue	6,847	6,807
Transitional Segment [Member] \| Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	288	284
Transitional Segment [Member] \| Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	$ 6,559	$ 6,523

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Liquidity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liquidity [Abstract]
Cash, cash equivalents and restricted cash	$ 50,287	$ 83,307	$ 38,026
Cash and cash equivalents	46,074	83,307
Short-term investments	$ 14,758	$ 0

GOODWILL (Details) - USD ($) $ in Thousands	12 Months Ended
GOODWILL (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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
Goodwill impairment loss	0
Transportation and Skilled Trades [Member]
Changes in Carrying Amount of Goodwill [Abstract]
Net goodwill balance	$ 14,500	$ 14,500

- Definition

+ References + Details