0001140361-24-011175 | 10-K | XBRL Viewer | Lincoln Educational Services Corp

PENSION PLAN (Tables)

12 Months Ended

Dec. 31, 2023

The following table sets forth the plan’s funded status and amounts recognized in the Consolidated Financial Statements:

	Year Ended December 31,
	2023			2022
CHANGES IN BENEFIT OBLIGATIONS:
Benefit obligation-beginning of year	$	17,113		$	22,557
Service cost		-			37
Interest cost		792			542
Actuarial loss (gain)		4			(4,661	)
Benefits paid		(1,288	)		(1,362	)
Benefit obligation at end of year		16,621			17,113

CHANGE IN PLAN ASSETS:
Fair value of plan assets-beginning of year		16,445			20,950
Actual return on plan assets		2,223			(3,143	)
Benefits paid		(1,288	)		(1,362	)
Fair value of plan assets-end of year		17,380			16,445

FAIR VALUE IN EXCESS (DEFICIT) OF BENEFIT OBLIGATION FUNDED STATUS:	$	759		$	(668	)

Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets consist of:

	At December 31,
	2023		2022
Noncurrent assets	$	759	$	-
Noncurrent liabilities	$	-	$	(668	)

Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss consist of:

	Year Ended December 31,
	2023			2022
Accumulated loss	$	(1,219	)	$	(2,480	)
Deferred income taxes		1,183			1,520
Accumulated other comprehensive loss	$	(36	)	$	(960	)

Components of Net Periodic Cost for Plan

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

	Year Ended December 31,
	2023			2022
COMPONENTS OF NET PERIODIC BENEFIT COST
Service cost	$	-		$	37
Interest cost		792			542
Expected return on plan assets		(1,065	)		(1,217	)
Recognized net actuarial loss		106			81
Net periodic benefit income	$	(167	)	$	(557	)

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	$	4,231	$	-	$	-	$	4,231
Fixed income		8,065		-		-		8,065
International equities		3,466		-		-		3,466
Real estate		1,062		-		-		1,062
Cash and equivalents		556		-		-		556
Balance at December 31, 2023	$	17,380	$	-	$	-	$	17,380

	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

Fair Value of Total Plan Assets by Major Asset Category

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

	2023			2022
Equity securities		25	%		29	%
Fixed income		47	%		37	%
International equities		20	%		22	%
Real estate		6	%		8	%
Cash and equivalents		2	%		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,
2024	$	1,356,612
2025		1,338,497
2026		1,339,214
2027		1,325,656
2028		1,311,178
Years 2029-2033		6,169,290

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:

	2023			2022
Discount rate		4.71	%		4.90	%
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:

	2023			2022
Discount rate		4.71	%		4.90	%
Rate of compensation increase		2.50	%		2.50	%
Long-term rate of return		6.75	%		6.75	%

FAIR VALUE (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) 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	$ 29,380	$ 43,301
Recurring [Member] \| Carrying Amount [Member] \| Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	9,037	18,160
Recurring [Member] \| Carrying Amount [Member] \| Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	20,343	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	29,380	43,301
Recurring [Member] \| Fair Value [Member] \| Money Market Fund [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	9,037	18,160
Recurring [Member] \| Fair Value [Member] \| Treasury Bill [Member]
Fair Value of Financial Instruments Measured on Recurring Basis [Abstract]
Cash equivalents	20,343	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	29,380	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	9,037	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	20,343	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	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	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	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	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	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	0
Short-term investments		$ 0

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]

Net income

$ 25,997

$ 12,634

Other comprehensive income

Employee pension plan adjustments, net of taxes

^[1]

924

280

Comprehensive income

$ 26,921

$ 12,914

[1]	Taxes related to pension plan adjustments were $0.3 million and $0.1 million for each of the years ended December 31, 2023 and 2022, 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

LEASES

12 Months Ended

Dec. 31, 2023

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 22 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.

On October 31, 2023, the Company entered into a lease for approximately 100,000 square feet of space to serve as the Company’s new campus in Houston, Texas. The lease term commenced on January 2, 2024, with an initial lease term of 21 years and 6 months. The lease contains three five-year renewal options.

On October 18, 2023, the Company entered into a lease for approximately 120,000 square feet of space to serve as the Company’s new Nashville, Tennessee campus. The lease term commenced on November 1, 2023, with an initial lease term of 15 years. The lease contains two five-year renewal options. See Note 8, “Real Estate Transactions”.

On September 28, 2023, the Company purchased a 90,000 square foot property located at 311 Veterans Highway, Levittown, Pennsylvania for approximately $10.2 million and has subsequently on January 30, 2024 entered into a sale-leaseback transaction for this property. See Note 8, “Real Estate Transactions”. As of December 31, 2023, this property is classified as held-for-sale on the Consolidated Balance Sheets.

On November 3, 2022, the Board of Directors approved a plan to close the Somerville, Massachusetts campus, which as of December 31, 2023, has been fully taught-out

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 East Point, Georgia. The lease term commenced in August 2022, with total payments due on an undiscounted basis of $12.2 million over the 12-year initial 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 facilities on the property and was not deemed to be in control of the asset prior to the lease commencement date. For the year ended December 31, 2023, the Company incurred approximately $0.8 million in rent expenses.

The following table presents components of lease cost and classification on the Consolidated Statement of Operations:

		Year Ended December 31,
in thousands	Consolidated Statement of Operations Classification	2023		2022
Operating Lease Cost	Selling, general and administrative	$	19,235	$	18,943
Finance lease cost
Amortization of leased assets	Depreciation and amortization		175		-
Interest on lease Liabilities	Interest expense		224		-
Variable lease cost	Selling, general and administrative		475		55
		$	20,109	$	18,998

The net change in ROU asset and operating lease liability is included in the net change in other assets in the Consolidated Statements of Cash Flows for the fiscal years ended December 31, 2023 and 2022.

The net change in ROU asset and finance lease liability is split between principal payments, interest expense and amortization expense. Principal payments are classified in the financing section, interest expense is included in net income and amortization expense is broken out separately in the operating section of the Consolidated Statements of Cash Flows.

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

	December 31,
	2023		2022
Cash flow information:
Cash paid for amounts included in the measurement of lease liabilities
Operating Cash Flows - operating leases	$	16,103	$	18,443
Financing Cash Flows - finance leases	$	-	$	-

Non-cash activity:
Lease liabilities arising from obtaining right-of-use assets
Operating leases	$	10,477	$	13,820
Finance leases	$	15,971	$	-

During the year ended December 31, 2023, the Company entered into three new leases and five lease modifications that resulted in noncash re-measurement of the related ROU asset and operating lease liability of $10.5 million. In addition, during the fourth quarter of 2023, the Company entered into a finance lease and recorded a $16.0 million ROU asset and liability.

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

	Year Ended December 31,
	2023			2022
Weighted-average remaining lease term
Operating leases	11.16 years			11.23 years
Finance leases	15.09 years				-

Weighted-average discount rate
Operating leases		6.89	%		7.12	%
Finance leases		8.39	%		-

Maturities of lease liabilities by fiscal year for our leases as of December 31, 2023 are as follows:

	As of December 31, 2023
	Operating Leases			Finance Leases
Year ending December 31,
2024	$	18,053		$	1,421
2025		16,668			1,173
2026		14,385			1,671
2027		11,499			1,738
2028		11,331			1,808
Thereafter		67,311			22,796
Total lease payments		139,247			30,607
Less: imputed interest		(38,657	)		(14,411	)
Present value of lease liabilities	$	100,590		$	16,196

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023
	Campus Operations		Transitional		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	22,914	$	23	$	22,937
Services transferred over time		353,688		1,445		355,133
Total revenues	$	376,602	$	1,468	$	378,070

	Year ended December 31, 2022
	Campus Operations		Transitional		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	21,434	$	288	$	21,722
Services transferred over time		320,006		6,559		326,565
Total revenues	$	341,440	$	6,847	$	348,287

GOODWILL (Details) - USD ($) $ in Thousands		7 Months Ended	12 Months Ended
GOODWILL (Details) - USD ($) $ in Thousands	Jun. 08, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in Carrying Amount of Goodwill [Abstract]
Gross goodwill balance		$ 117,176	$ 117,176	$ 117,176	$ 117,176
Accumulated impairment losses		(106,434)	(106,434)	(102,640)	(102,640)
Net goodwill balance		10,742	10,742	14,536	$ 14,536
Adjustments			$ (3,794)	0
Goodwill impairment loss	$ 3,800	$ 0		$ 0

- 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Cash and Cash Equivalents (Details)	12 Months Ended
	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Maximum maturity period for classification of cash equivalents	3 months

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
New Accounting Pronouncements [Abstract]
Accounts receivables	$ 17,504	$ 22,734
Retained earnings	69,279	51,225
Deferred tax asset	$ 23,217	22,312
Cumulative Effect, Period of Adoption, Adjustment [Member] \| ASC 326 [Member]
New Accounting Pronouncements [Abstract]
Accounts receivables		10,800
Retained earnings		(7,900)
Deferred tax asset		$ 2,900

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

STUDENT RECEIVABLES, Student Receivables (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

STUDENT RECEIVABLES [Abstract]

Accounts receivables

$ 17,504

$ 22,734

Student Receivables [Abstract]

2023

^[1]

77,113

2022

^[1]

12,548

2021

^[1]

6,799

2020

^[1]

3,036

2019

^[1]

2,019

Thereafter

^[1]

1,031

Total

^[1]

102,546

Write-Off's [Abstract]

2023

^[2]

9,540

2022

^[2]

19,731

2021

^[2]

3,194

2020

^[2]

727

2019

^[2]

535

Thereafter

^[2]

310

Total

^[2]

$ 34,037

[1]	Student receivables are presented gross and only relate to amounts owed directly from the individual student. These receivables do not include amounts owed relating to federal subsidy or from corporate partnerships.
[2]	Write-off amounts included only relate to the year ended December 31, 2023.

SEGMENT REPORTING (Details) $ in Thousands	12 Months Ended
SEGMENT REPORTING (Details) $ in Thousands	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
SEGMENT REPORTING [Abstract]
Number of reportable operating segments \| Segment	2
Estimated costs to close campus	$ 2,000
Summary financial information by reporting segment [Abstract]
Revenue	$ 378,070	$ 348,287
Percentage of Total Revenue	100.00%	100.00%
Operating Income (Loss)	$ 33,358	$ 16,278
Assets	345,249	291,566
Campus Operations [Member]
Summary financial information by reporting segment [Abstract]
Revenue	376,602	341,440
Reportable Segments [Member] \| Campus Operations [Member]
Summary financial information by reporting segment [Abstract]
Revenue	$ 376,602	$ 341,440
Percentage of Total Revenue	99.60%	98.00%
Operating Income (Loss)	$ 47,579	$ 49,524
Assets	234,940	190,473
Reportable Segments [Member] \| Transitional [Member]
Summary financial information by reporting segment [Abstract]
Revenue	$ 1,468	$ 6,847
Percentage of Total Revenue	0.40%	2.00%
Operating Income (Loss)	$ (1,914)	$ (430)
Assets	262	1,499
Corporate [Member]
Summary financial information by reporting segment [Abstract]
Revenue	0	0
Operating Income (Loss)	(12,307)	(32,816)
Assets	$ 110,047	$ 99,594

ACCRUED EXPENSES (Tables)

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES [Abstract]

Accrued Expenses

Accrued expenses consist of the following:

	At December 31,
	2023		2022
Accrued compensation and benefits	$	9,845	$	5,451
Accrued real estate taxes		1,733		1,812
Other accrued expenses		2,102		1,390
	$	13,680	$	8,653

REAL ESTATE TRANSACTIONS, Property Sale Agreement - Nashville, Tennessee Campus (Details)		12 Months Ended
	Jun. 08, 2023 USD ($)	Dec. 31, 2023 USD ($) Term	Dec. 31, 2022 USD ($)	Sep. 24, 2021 a
Property Sale Agreement - Nashville, Tennessee Campus [Abstract]
Carrying value		$ 50,857,000	$ 23,940,000
Prepaid expenses and other current assets		$ 5,556,000	$ 4,738,000
Property Sale Agreement [Member]
Property Sale Agreement - Nashville, Tennessee Campus [Abstract]
Area of property to sell \| a				16
Sale price of agreement	$ 33,800,000
Lease period for rent-free basis		15 months
Period of additional option to extend lease		30 days
Rental payment per extension term		$ 150,000
Carrying value		4,500,000
Amount of lease for rent-free period		2,300,000
Prepaid expenses and other current assets		$ 1,300,000
Property Sale Agreement [Member] \| Maximum [Member]
Property Sale Agreement - Nashville, Tennessee Campus [Abstract]
Number of additional lease terms \| Term		3

LEASES (Details) $ in Thousands				12 Months Ended
LEASES (Details) $ in Thousands	Oct. 31, 2023 Squarefeet Option	Oct. 18, 2023 Squarefeet Option	Sep. 28, 2023 USD ($) ft²	Dec. 31, 2023 USD ($) Option Lease	Dec. 31, 2022 USD ($)	Aug. 31, 2022 USD ($)	Jun. 30, 2022 Squarefeet
Operating Leases [Abstract]
Approximate area of leased school space \| Squarefeet	100,000	120,000					55,000
Undiscounted lease payments				$ 38,657		$ 12,200
Operating lease term	21 years 6 months	15 years		12 years
Number of renewal options \| Option	3	2		2
Renewal lease term	5 years	5 years		5 years
Rent paid				$ 800
Components of Lease Cost [Abstract]
Amortization of leased assets				175	$ 0
Total lease cost				20,109	18,998
Cash paid for amounts included in the measurement of operating lease liabilities [Abstract]
Operating Cash Flows - operating leases				16,103	18,443
Financing Cash Flows - finance leases				0	0
Lease liabilities arising from obtaining right-of-use assets [Abstract]
Operating leases				10,477	13,820
Finance leases				$ 15,971	$ 0
Number of new leases \| Lease				3
Number of lease modifications \| Lease				5
Weighted Average Remaining Lease Term [Abstract]
Operating leases				11 years 1 month 28 days	11 years 2 months 23 days
Finance leases				15 years 1 month 2 days
Weighted Average Discount Rate [Abstract]
Operating leases				6.89%	7.12%
Finance leases				8.39%	0.00%
Operating Leases [Abstract]
2024				$ 18,053
2025				16,668
2026				14,385
2027				11,499
2028				11,331
Thereafter				67,311
Total lease payments				139,247
Less: imputed interest				(38,657)		$ (12,200)
Present value of lease liabilities				100,590
Finance Leases [Abstract]
2024				1,421
2025				1,173
2026				1,671
2027				1,738
2028				1,808
Thereafter				22,796
Total lease payments				30,607
Less: imputed interest				(14,411)
Present value of lease liabilities				16,196
Selling, General and Administrative [Member]
Components of Lease Cost [Abstract]
Operating lease cost				19,235	$ 18,943
Variable lease cost				475	55
Depreciation and Amortization [Member]
Components of Lease Cost [Abstract]
Amortization of leased assets				175	0
Interest Expense [Member]
Components of Lease Cost [Abstract]
Interest on lease liabilities				$ 224	$ 0
Purchase Transaction [Member]
Operating Leases [Abstract]
Area of property purchased \| ft²			90,000
Property purchase price			$ 10,200
Minimum [Member]
Operating Leases [Abstract]
Remaining lease term				1 year
Maximum [Member]
Operating Leases [Abstract]
Remaining lease term				22 years

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	12 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
REVENUE RECOGNITION [Abstract]
Unearned tuition	$ 26,906	$ 24,154
Revenue recognized included in contract liability	23,300
Disaggregation of Revenue [Abstract]
Revenue	378,070	348,287
Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	22,937	21,722
Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	355,133	326,565
Campus Operations [Member]
Disaggregation of Revenue [Abstract]
Revenue	376,602	341,440
Campus Operations [Member] \| Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	22,914	21,434
Campus Operations [Member] \| Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	353,688	320,006
Transitional [Member]
Disaggregation of Revenue [Abstract]
Revenue	1,468	6,847
Transitional [Member] \| Services Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	23	288
Transitional [Member] \| Services Transferred over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue	$ 1,445	$ 6,559

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

GOODWILL

12 Months Ended

Dec. 31, 2023

GOODWILL [Abstract]

GOODWILL

Changes in the carrying amount of goodwill during the fiscal years ended December 31, 2023 and 2022 are as follows:

	Gross Goodwill Balance		Accumulated Impairment Losses			Net Goodwill Balance
Balance as of January 1, 2022	$	117,176	$	(102,640	)	$	14,536
Adjustments		-		-			-
Balance as of December 31, 2022		117,176		(102,640	)		14,536
Adjustments		-		(3,794	)		(3,794	)
Balance as of December 31, 2023	$	117,176	$	(106,434	)	$	10,742

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 unit’s 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.

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 June 8, 2023, the Company consummated the sale of its Nashville, Tennessee property. See Note 8, “Real Estate Transactions.” The result of the sale created a change in the trajectory of the fair value of the Nashville, Tennessee operations and as such, the Company recorded a pre-tax non-cash impairment charge of $3.8 million relating to goodwill. No further impairments to goodwill were deemed necessary as of December 31, 2023. For the year ended December 31, 2022, there were no impairments related to goodwill.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Liquidity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Liquidity [Abstract]
Cash, cash equivalents and restricted cash	$ 80,269	$ 50,287	$ 83,307
Short-term investments	$ 0	$ 14,758

INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES [Abstract]

INCOME TAXES

14.	INCOME TAXES

Components of the provision for income taxes were as follows:

	Year Ended December 31,
	2023		2022
Current:
Federal	$	5,825	$	1,864
State		2,185		644
Total		8,010		2,508

Deferred:
Federal		989		767
State		643		527
Total		1,632		1,294

Total provision	$	9,642	$	3,802

Effective Tax rate

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

	Year Ended December 31,
	2023					2022
Income before taxes	$	35,639				$	16,436

Expected tax	$	7,484		21.0	%	$	3,452		21.0	%
State tax (net of federal benefit)		2,234		6.3	%		925		5.6	%
Other		(76	)	-0.2	%		(575	)	-3.5	%
Total	$	9,642		27.1	%	$	3,802		23.1	%

Deferred Taxes

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

	At December 31,
	2023			2022
Gross noncurrent deferred tax assets (liabilities)
Operating lease liability	$	26,835		$	26,897
Provision for credit losses		14,388			9,454
Finance lease liability		4,390			-
Depreciation		4,180			9,531
Stock-based compensation		1,223			541
Net operating loss carryforwards		1,040			1,957
Accrued expenses		225			67
Other intangibles		24			39
Pension plan liabilities		(202	)		179
Goodwill		(618	)		(1,469	)
Finance lease right of use assets		(4,224	)		-
Operating lease right-of-use assets		(24,043	)		(24,884	)
Noncurrent deferred tax assets, net	$	23,218		$	22,312

As of December 31, 2023, and 2022, the Company had gross net operating losses (“NOL”) of $18.1 million and $34.2 million, respectively for state tax purposes and none for federal. While some states NOL can be carried forward indefinitely, the majority of state NOLs expire in 2033 and end in 2037 if not utilized.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 25,997	$ 12,634
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,596	6,362
Finance lease amortization	175	0
Deferred income taxes	1,632	1,294
Gain on sale of assets	(30,918)	(177)
Impairment of goodwill and long-lived assets	4,220	1,049
Fixed asset donation	(239)	(408)
Provision for credit losses	41,637	34,915
Stock-based compensation expense	5,894	3,111
(Increase) decrease in assets:
Accounts receivable	(45,757)	(48,637)
Inventories	(330)	103
Prepaid expenses and current assets	900	(11)
Other assets	1,041	450
Increase (decrease) in liabilities:
Accounts payable	5,039	(2,033)
Accrued expenses	5,027	(7,016)
Unearned tuition	2,752	(1,251)
Income taxes payable	777	1,038
Other liabilities	1,115	(541)
Total adjustments	(439)	(11,752)
Net cash provided by operating activities	25,558	882
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(40,699)	(8,986)
Proceeds from sale of property and equipment	33,310	2,390
Proceeds from sale of short-term investments	39,102	0
Purchase of short-term investments	(24,344)	(14,758)
Net cash provided by (used in) investing activities	7,369	(21,354)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net share settlement for equity-based compensation	(2,054)	(1,992)
Dividend payment for preferred stock	0	(1,111)
Finance lease principal	0	0
Share repurchase	(891)	(9,445)
Net cash used in financing activities	(2,945)	(12,548)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	29,982	(33,020)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of year	50,287	83,307
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of year	80,269	50,287
Cash paid during the year for:
Interest	110	171
Income taxes	7,201	1,471
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Liabilities accrued for or noncash purchases of property and equipment	$ 3,522	$ 1,300

FINANCIAL AID AND REGULATORY COMPLIANCE (Details) - Score	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financial Aid [Abstract]
Percentage of net revenues on cash basis indirectly derived from funds	81.00%	74.00%
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	3	2.9
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

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

LEASES [Abstract]

Components of Lease Cost

The following table presents components of lease cost and classification on the Consolidated Statement of Operations:

		Year Ended December 31,
in thousands	Consolidated Statement of Operations Classification	2023		2022
Operating Lease Cost	Selling, general and administrative	$	19,235	$	18,943
Finance lease cost
Amortization of leased assets	Depreciation and amortization		175		-
Interest on lease Liabilities	Interest expense		224		-
Variable lease cost	Selling, general and administrative		475		55
		$	20,109	$	18,998

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

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

	December 31,
	2023		2022
Cash flow information:
Cash paid for amounts included in the measurement of lease liabilities
Operating Cash Flows - operating leases	$	16,103	$	18,443
Financing Cash Flows - finance leases	$	-	$	-

Non-cash activity:
Lease liabilities arising from obtaining right-of-use assets
Operating leases	$	10,477	$	13,820
Finance leases	$	15,971	$	-

Weighted Average Remaining Lease Term and Discount Rate

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

	Year Ended December 31,
	2023			2022
Weighted-average remaining lease term
Operating leases	11.16 years			11.23 years
Finance leases	15.09 years				-

Weighted-average discount rate
Operating leases		6.89	%		7.12	%
Finance leases		8.39	%		-

Maturities of Lease Liabilities

Maturities of lease liabilities by fiscal year for our leases as of December 31, 2023 are as follows:

	As of December 31, 2023
	Operating Leases			Finance Leases
Year ending December 31,
2024	$	18,053		$	1,421
2025		16,668			1,173
2026		14,385			1,671
2027		11,499			1,738
2028		11,331			1,808
Thereafter		67,311			22,796
Total lease payments		139,247			30,607
Less: imputed interest		(38,657	)		(14,411	)
Present value of lease liabilities	$	100,590		$	16,196

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions				1 Months Ended		5 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jan. 13, 2023 School	Nov. 16, 2022 Student Decision	Jun. 22, 2022 Category Institution	Oct. 31, 2022 School	Aug. 31, 2022 School	Nov. 16, 2022 Application	Dec. 31, 2023 USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Number of categories of relief for student loan borrowers \| Category			3
Number of institutes for which DOC agreed to discharge loans and refund prior loan payments \| Institution			150
Period to review borrower defense applications before final settlement date							36 months
Number of schools granted permission to intervene in the lawsuit \| School					3
Number of schools that filed objection against the settlement \| School				4
Estimated number of students to receive automatic loan discharges \| Student		196,000
Estimated number of students to receive decisions under new procedures \| Decision		100,000
Number of new borrowers who submitted borrower defense applications \| Application						250,000
Number of schools that appealed the settlement's final approval \| School	3
Outstanding net loan commitment \| $							$ 33.6
Future employment contract commitments \| $							10.6
Surety bonds \| $							$ 16.0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

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 21 campuses, in 13 states has added two additional campuses, one located in East Point, Georgia and the other in Houston, Texas. As of December 31, 2023, these campuses were not operational however, the East Point, Georgia campus is expected to hold its first class in March of 2024 and the Houston, Texas campus is expected to become operational in the first quarter of 2026. Lincoln Educational Services Corporation 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) and hospitality services and information technology (which include culinary, therapeutic massage, cosmetology and aesthetics and information technology programs). 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 administered by the U.S. Department of Education (the “DOE”) and applicable state education agencies and accrediting commissions which allow students to apply for and access federal student loans as well as other forms of financial aid. The Company was incorporated in New Jersey in 2003 as the successor-in-interest to various acquired schools including Lincoln Technical Institute, Inc. which opened its first campus in Newark, New Jersey in 1946.

As of January 1, 2023, the Company’s business is now organized into two reportable business segments: (a) Campus Operations, and (b) Transitional. Based on trends in student demand and program expansion, there have been more cross-offerings of programs among the various campuses. Given this change, the Company has revised the way it manages the business, evaluates performance, and allocates resources, resulting in an updated segment structure. The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance. The Transitional segment refers to campuses that are marked for closure and are currently being taught-out. As of December 31, 2023, the only campus classified in the Transitional segment is the Somerville, Massachusetts campus, which has been fully taught-out as of year-end.

Liquidity—As of December 31, 2023, the Company had $80.3 million in cash and cash equivalents and restricted cash, compared to $50.3 million in cash and cash equivalents and restricted cash, in addition to $14.8 million in short-term investments 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 Credit Losses—On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. As a result of the adoption, the Company has revised the way in which it calculates reserves on outstanding student accounts receivable balances. Details considered by management in the estimate include the following:

We extend credit to a portion of the students who are enrolled at our academic institutions for tuition and certain other educational costs. Based upon past experience and judgment, we establish an allowance for credit losses with respect to student receivables which we estimate will ultimately not be collectible. Our standard student receivable allowance is based on an estimate of lifetime expected credit losses for student receivables that considers vintages of receivables to determine a loss rate. Our estimation methodology considers a number of quantitative and qualitative factors that, based on our collection experience, we believe have an impact on our repayment risk and ability to collect student receivables. Changes in the trends in any of these factors may impact our estimate of the allowance for credit losses. These factors include, but are not limited to: internal repayment history, changes in the current economic, legislative or regulatory environments, internal cash collection forecasts and the ability to complete the federal financial aid process with the student. These factors are monitored and assessed on a regular basis. Overall, our allowance estimation process for student receivables is validated by trending analysis and comparing estimated and actual performance.

Management makes a series of assumptions to determine what is believed to be the appropriate level of allowance for credit losses. Management determines a reasonable and supportable forecast based on the expectation of future conditions over a supportable forecast period as described above, as well as qualitative adjustments based on current and future conditions that may not be fully captured in the historical modeling factors described above. All of these estimates are susceptible to significant change.

We monitor our collections and write-off experience to assess whether or not adjustments to our allowance percentage estimates are necessary. Changes in trends in any of the factors that we believe impact the collection of our student receivables, as noted above, or modifications to our collection practices, and other related policies may impact our estimate of our allowance for credit losses and our results from operations.

Because a substantial portion of our revenue is derived from Title IV Programs, any legislative or regulatory action that significantly reduces the funding available under Title IV Programs, or the ability of our students or institutions to participate in Title IV Programs, would likely have a material impact on the realizability of our receivables.

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.

Asset Retirement Obligation—Lincoln recognizes and records an Asset Retirement Obligation (“ARO”) if there is a clear obligation at the termination of a lease, and the potential obligation is measurable in both potential cost and time. If both conditions are met Lincoln will record the ARO at the Present Value (“PV”) of the future obligation and incur accretion expense over the course of the term, using the lease end date as the termination date. Should the components or assumptions used to assess the ARO materially change, the ARO is re-measured, and adjustments recorded.

Advertising Costs—Costs related to advertising are expensed as incurred and are approximately $38.2 million and $35.0 million for the years ended December 31, 2023 and 2022, 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.

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.

On June 8, 2023, the Company consummated the sale of its Nashville, Tennessee property. See “Note 8, Real Estate Transactions.” The result of the sale created a change in the trajectory of the fair value of the Nashville, Tennessee operations and as such, the Company recorded a pre-tax non-cash impairment charge of $0.4 million relating to long-lived assets.

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, 2023, exceeded the balance insured by the FDIC by approximately $34.3 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, 2023 and 2022, 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 accounts for income taxes in accordance with ASC Topic 740, Income Taxes (“ASC 740”). This statement requires an asset and a liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered.

In accordance with ASC 740, the Company assesses our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. In accordance with ASC 740, our assessment considers whether there has been sufficient income in recent years and whether sufficient income is expected in future years in order to utilize the deferred tax asset. In evaluating the realizability of deferred income tax assets, the Company considers, 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 was enacted and signed into law. The Inflation Reduction Act is a budget reconciliation package that includes significant changes relating to tax, climate change, energy and health care. The income tax provision of the act includes, among other items, a corporate alternative minimum tax of 15.0%, an excise tax of 1.0% on corporate stock buybacks, energy-related tax credits and additional IRS funding. The tax provisions of the Inflation Reduction Act have not had a material impact on the Company’s 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, 2023 and 2022, 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 December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this ASU require that public business entities on an annual basis 1) disclose specific categories in the rate reconciliation, and 2) provide additional information for reconciling items that meet a quantitative threshold. The amendments require disclosure about income taxes paid by federal, state and foreign taxes, and by individual jurisdictions in which income taxes paid is equal or greater than 5 percent of total income taxes paid. The amendment also requires entities to disclose income or loss from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense or benefit from continuing operations disaggregated by federal, state and foreign. For all public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024; early adoption is permitted. We do not expect this ASU will have a material impact to the Consolidated Financial Statements.

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 Accounting Standard Codification (“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” methodology to a “current expected credit loss” methodology (the “CECL methodology”). The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses on financial assets measured at amortized cost at the time the financial asset is originated or acquired. The allowance is adjusted each period for changes in expected lifetime credit losses. The CECL methodology represents a significant change from prior U.S. GAAP, which generally required that a loss be incurred before it was recognized. Further, the FASB issued ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-11 and ASU No. 2022-02 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 an 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. As of the January 1, 2023 date of adoption, based on forecasts of macroeconomic conditions and exposures at that time, the aggregate impact to the Company resulted in an opening balance sheet adjustment increasing the allowance for credit losses related to the Company’s accounts receivables of approximately $10.8 million, a decrease in retained earnings of $7.9 million, after-tax and a deferred tax asset increase of $2.9 million.

NET INCOME PER COMMON SHARE

12 Months Ended

Dec. 31, 2023

NET INCOME PER COMMON SHARE [Abstract]

NET INCOME PER COMMON SHARE

3.	NET INCOME PER COMMON SHARE

Basic and diluted earnings per share (“EPS”) are determined in accordance with ASC Topic 260, “Earnings per Share”, which specifies the computation, presentation and disclosure requirements for EPS. Basic EPS excludes all dilutive Common Stock equivalents. It is based upon the weighted average number of common shares outstanding during the period. Diluted EPS, as calculated using the treasury stock method, reflects the potential dilution that would occur if our dilutive outstanding stock options and stock awards were issued.

During the year ended December 31, 2022, the Company presented its 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 shares of 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 shares of unvested Restricted Stock contain non-forfeitable rights to dividends on an if-converted basis and on the same basis as shares of the Company’s Common Stock, 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.

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 was cancelled and converted into 423.729 shares of the Company’s Common Stock, no par value per share (the “Common Stock”). No shares of Series A Preferred Stock remain 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. As of December 31, 2023, the Company still maintains Restricted Stock, but these shares do not participate in the disbursement of dividends.

The following is a reconciliation of the numerator and denominator of the net income per share computations for the years ended December 31, 2023 and 2022:

	Year Ended December 31,
(in thousands, except share data)	2023		2022
Numerator:
Net income	$	25,997	$	12,634
Less: preferred stock dividend		-		(1,111	)
Less: allocation to preferred stockholders		-		(1,753	)
Less: allocation to restricted stockholders		-		(559	)
Net income allocated to common stockholders	$	25,997	$	9,211

Basic net income per share:
Denominator:
Weighted average common shares outstanding		30,105,194		25,879,483
Basic net income per share	$	0.86	$	0.36

Diluted net income per share:
Denominator:
Weighted average number of:
Common shares outstanding		30,540,628		25,879,483
Dilutive shares outstanding		30,540,628		25,879,483
Diluted net income per share	$	0.85	$	0.36

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,
	2023		2022
Unvested restricted stock		-		516,233
		-		516,233

COVID-19 PANDEMIC AND CARES ACT

12 Months Ended

Dec. 31, 2023

COVID-19 PANDEMIC AND CARES ACT [Abstract]

COVID-19 PANDEMIC AND CARES ACT

18.	COVID-19 PANDEMIC AND CARES ACT

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 $2.0 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 $14.0 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 had 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 an institution receiving such 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 50.0% of the deferred payments in January 2022 and, in accordance with the deferment, repaid the remaining 50.0% 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 was 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 $40.0 billion in relief funds that go directly to colleges and universities, with $395.8 million going to for-profit institutions. The DOE 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 availability of the remainder of the funds has expired as of June 30, 2023 and the Company will no longer have access to such 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.

STUDENT RECEIVABLES (Tables)

12 Months Ended

Dec. 31, 2023

STUDENT RECEIVABLES [Abstract]

Student Receivables

The following table presents the amortized cost basis of student receivables as of December 31, 2023 by year of origination.

	Year Ended
	December 31, 2023
	Student
Year	Receivables (1)		Write-Off’s (2)
2023	$	77,113	$	9,540
2022		12,548		19,731
2021		6,799		3,194
2020		3,036		727
2019		2,019		535
Thereafter		1,031		310
Total	$	102,546	$	34,037

*As the Company did not adopt ASC Topic 326 until January 1, 2023, no comparative information from the prior year is available.

(1)

Student receivables are presented gross and only relate to amounts owed directly from the individual student. These receivables do not include amounts owed relating to federal subsidy or from corporate partnerships.

(2)

Write-off amounts included only relate to the year ended December 31, 2023.

Allowance for Credit Losses

We define student receivables as a portfolio segment under ASC Topic 326. Changes in our current and non-current allowance for credit losses related to our student receivable portfolio are calculated in accordance with the guidance effective January 1, 2023 under CECL for the year ended December 31, 2023.

	Year Ended
	December 31, 2023
Balance, beginning of period	$	35,370
Cumulative effect of ASC Topic 326		10,841
Adjusted beginning of period balance		46,211
Provision for credit losses		41,637
Write-off’s		(34,037	)
Balance, at end of period	$	53,811

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Business Activities (Details)	12 Months Ended
	Dec. 31, 2023 Campus State Segment
Business Activities [Abstract]
Number of campuses	21
Number of states in which schools operate across the United States \| State	13
Number of additional campuses	2
Number of campuses treated as destination schools	5
Number of reportable segments \| Segment	2

PROPERTY, EQUIPMENT AND FACILITIES

12 Months Ended

Dec. 31, 2023

PROPERTY, EQUIPMENT AND FACILITIES [Abstract]

PROPERTY, EQUIPMENT AND FACILITIES

9.	PROPERTY, EQUIPMENT AND FACILITIES

Property, equipment and facilities consist of the following:

			At December 31,
	Useful life (years)		2023			2022
Land		-	$	52		$	52
Buildings and improvements (a)		1-25		101,541			86,031
Equipment, furniture and fixtures		1-7		80,214			82,585
Vehicles		3		1,592			751
Construction in progress (a)		-		7,620			888
				191,018			170,307
Less accumulated depreciation and amortization (a)				(140,161	)		(146,367	)
			$	50,857		$	23,940

(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.

The increase in property, equipment and facilities was driven by several factors, including a $13.0 million investment relating to the build-out of the new East Point, Georgia campus, $9.0 million in new and expanded programs at various campuses, expansions and additional programs focused on Welding, EEST, HVAC, Auto and MA, $1.0 million for the build-out related to our Tesla Partnership, $7.0 million of facilities upgrades, including security and branding, with the remainder focusing on training materials and equipment. 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 $6.8 million and $6.4 million for the years ended December 31, 2023 and 2022, respectively.

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2023

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)
	2023		% of Total			2022		% of Total			2023			2022
Campus Operations	$	376,602		99.6	%	$	341,440		98.0	%	$	47,579		$	49,524
Transitional		1,468		0.4	%		6,847		2.0	%		(1,914	)		(430	)
Corporate		-					-					(12,307	)		(32,816	)
Total	$	378,070		100.0	%	$	348,287		100.0	%	$	33,358		$	16,278

	Total Assets
	December 31, 2023		December 31, 2022
Campus Operations	$	234,940	$	190,473
Transitional		262		1,499
Corporate		110,047		99,594
Total	$	345,249	$	291,566

REAL ESTATE TRANSACTIONS, Purchase and Sale-leaseback Transaction - Philadelphia, Pennsylvania Area Campus (Details) - Purchase Transaction [Member] $ in Millions	Sep. 28, 2023 USD ($) ft²	Dec. 31, 2023 USD ($)
Purchase and Sale-leaseback Transaction - Philadelphia, Pennsylvania Area Campus [Abstract]
Area of property purchased \| ft²	90,000
Property purchase price	$ 10.2
Investment in buildout of new classrooms and training areas		$ 15.0

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 ($)	Dec. 31, 2023 USD ($) 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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 75,992	$ 46,074
Restricted cash	4,277	4,213
Short-term investments	0	14,758
Accounts receivable, less allowance of $34,441 and $28,560 at December 31, 2023 and 2022, respectively	35,692	37,175
Inventories	2,948	2,618
Prepaid expenses and other current assets	5,556	4,738
Asset held for sale	10,198	4,559
Total current assets	134,663	114,135
PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $140,161 and $146,367 at December 31, 2023 and 2022, respectively	50,857	23,940
OTHER ASSETS:
Noncurrent receivables, less allowance of $19,370 and $6,810 at December 31, 2023 and 2022, respectively	17,504	22,734
Deferred income taxes, net	23,217	22,312
Operating lease right-of-use assets	89,923	93,097
Finance lease right-of-use assets	15,797	0
Goodwill	10,742	14,536
Other assets, net	1,787	812
Pension plan assets, net	759	0
Total other assets	159,729	153,491
TOTAL ASSETS	345,249	291,566
CURRENT LIABILITIES:
Unearned tuition	26,906	24,154
Accounts payable	18,152	10,496
Accrued expenses	13,680	8,653
Income taxes payable	2,832	2,055
Current portion of operating lease liabilities	11,737	9,631
Current portion of finance lease liabilities	70	0
Other short-term liabilities	33	31
Total current liabilities	73,410	55,020
NONCURRENT LIABILITIES:
Pension plan liabilities	0	668
Long-term portion of operating lease liabilities	88,853	91,001
Long-term portion of finance lease liabilities	16,126	0
Other long-term liabilities	56	0
Total liabilities	178,445	146,689
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, no par value - authorized 100,000,000 shares at December 31, 2023 and 2022, issued and outstanding 31,359,110 shares at December 31, 2023 and 31,147,925 shares at December 31, 2022	48,181	49,072
Additional paid-in capital	49,380	45,540
Retained earnings	69,279	51,225
Accumulated other comprehensive loss	(36)	(960)
Total stockholders' equity	166,804	144,877
TOTAL LIABILITIES, SERIES A CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY	345,249	291,566
Series A Convertible Preferred Stock [Member]
SERIES A CONVERTIBLE PREFERRED STOCK
Preferred stock, no par value - authorized 10,000,000 shares at December 31, 2023 and 2022, respectively.	$ 0	$ 0

ACCRUED EXPENSES

12 Months Ended

Dec. 31, 2023

ACCRUED EXPENSES [Abstract]

ACCRUED EXPENSES

10.	ACCRUED EXPENSES

Accrued expenses consist of the following:

	At December 31,
	2023		2022
Accrued compensation and benefits	$	9,845	$	5,451
Accrued real estate taxes		1,733		1,812
Other accrued expenses		2,102		1,390
	$	13,680	$	8,653

STOCKHOLDERS' EQUITY, Restricted Stock and Stock Options (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Plan $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Feb. 23, 2023 shares
Stockholders' Equity Note Details [Abstract]
Number of stock incentive plans \| Plan	2
Restricted Stock [Member]
Shares [Abstract]
Nonvested Restricted Stock outstanding, beginning balance (in shares)	1,548,266	1,743,846
Granted (in shares)	751,240	606,950
Cancelled (in shares)	(37,941)	0
Vested (in shares)	(862,890)	(802,530)
Nonvested Restricted Stock outstanding, ending balance (in shares)	1,398,675	1,548,266
Weighted Average Grant Date Fair Value Per Share [Abstract]
Nonvested Restricted Stock outstanding, beginning balance (in dollars per share) \| $ / shares	$ 5.18	$ 3.89
Granted (in dollars per share) \| $ / shares	6.1	7.21
Cancelled (in dollars per share) \| $ / shares	6.15	0
Vested (in dollars per share) \| $ / shares	3.76	4.18
Nonvested Restricted Stock outstanding, ending balance (in dollars per share) \| $ / shares	$ 5.16	$ 5.18
Recognized restricted stock expense \| $	$ 5.9	$ 3.1
Unrecognized restricted stock expense \| $	$ 4.3	$ 7.9
LTIP [Member] \| Minimum [Member]
Stockholders' Equity Note Details [Abstract]
Number of shares available for issuance under incentive plan (in shares)			2,000,000
LTIP [Member] \| Maximum [Member]
Stockholders' Equity Note Details [Abstract]
Number of shares available for issuance under incentive plan (in shares)			4,000,000
LTIP [Member] \| June 16, 2020 [Member]
Stockholders' Equity Note Details [Abstract]
Stock option award issuance, plan duration	10 years
LTIP [Member] \| Restricted Stock [Member]
Weighted Average Grant Date Fair Value Per Share [Abstract]
Outstanding restricted shares, intrinsic value \| $	$ 14.0
Non Employee Directors Plan [Member]
Stockholders' Equity Note Details [Abstract]
Net share settlement for restricted stock (in shares)	337,050	268,654
Decrease in equity due to payment of tax for employee \| $	$ 2.0	$ 2.0

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

17.	COMMITMENTS AND CONTINGENCIES

Litigation and Regulatory Matters— On June 22, 2022, the plaintiff student loan borrowers in a class action against the DOE in federal court in California (Sweet v. Cardona, No. 3:19-cv-3674 (N.D. Cal.)) and the DOE announced a proposed settlement agreement to resolve claims that the DOE has failed to timely decide Borrower Defense to Repayment applications submitted to the DOE. The proposed settlement included three categories of relief for student loan borrowers. First, it set forth a list of approximately 150 institutions, including Lincoln Technical Institute and Lincoln College of Technology, and, under the settlement, the DOE would agree to discharge loans and refund prior loan payments to class members with loan debt associated with an institution on the list (which includes Lincoln institutions). The class action plaintiffs and the DOE stated that the DOE had determined that attendance at one of the listed institutions justifies presumptive relief allegedly based on strong indicia regarding substantial misconduct by the institutions, whether credibly alleged or in some instances proven, and the purportedly high rate of class members with applications related to the listed schools. Second, the proposed settlement included new procedures for DOE to resolve pending borrower defense claims associated with other schools not on the list. Third, for any student loan borrower who submitted a borrower defense application after June 22, 2022 and before the final approval of the settlement, the proposed settlement would require the DOE to review the applications under the DOE’s 2016 regulatory standards and issue decisions within 36 months, or else the applications would be discharged in full.

At the time the plaintiffs and DOE announced the proposed settlement, Lincoln was not a party to the lawsuit and none of the named plaintiffs had attended a Lincoln institution. In August 2022, Lincoln and three other schools were granted permission to intervene in the lawsuit to protect their interests in the finalization and implementation of any settlement agreement the court might approve. In October 2022, the four intervening schools, including Lincoln, filed objections to the final approval of the settlement, asserting reputational harms from the schools’ inclusion on the settlement’s list of schools and denial of schools’ due process rights under the DOE’s borrower defense regulations.

On November 16, 2022, the federal district court overruled the four schools’ objections and approved the settlement as proposed. As a result of this final approval, the DOE has estimated that approximately 196,000 student loan borrowers who attended one of the listed schools (including Lincoln institutions) will receive automatic student loan discharges; that another approximately 100,000 student loan borrowers who attended other schools not on the list would receive decisions under new procedures; and that approximately 250,000 student loan borrowers who submitted borrower defense applications between June 22, 2022 and November 16, 2022 would receive decisions under the DOE’s 2016 regulatory standards within 36 months or else receive automatic student loan discharges.

On January 13, 2023, Lincoln appealed the settlement’s final approval to the U.S. Court of Appeals for the Ninth Circuit. Two of the three other intervenor schools also appealed on the same date. The three appealing schools also sought to stay the implementation of the settlement while their appeals were being decided, but the requested stay was denied by the district court, the Ninth Circuit, and the U.S. Supreme Court. As a result, the DOE is implementing the settlement relief while the three schools appeal the settlement’s final approval.

Lincoln and the two other appealing schools filed their opening appellate brief in the Ninth Circuit on May 3, 2023. The plaintiffs and the DOE filed their opposition appellate briefs on August 2, 2023. Lincoln and the two other appealing schools filed their reply appellate brief on September 22, 2023. The Ninth Circuit heard oral argument on December 5, 2023, and is currently considering the appeal.

It is not possible at this time to predict whether the settlement will be upheld on appeal, what actions the DOE might take if the settlement is upheld on appeal, or whether the DOE or other agencies might take actions against Lincoln institutions before the appeal is decided. Such actions could have a material adverse effect on our business and results of operations. Even if the Ninth Circuit rules in our favor and if the approval of the settlement is overturned, the DOE already may have discharged by that time the loans associated with some or all of the pending applications. We have seen evidence that the DOE already may have discharged some of the loans associated with some of the pending applications, but the DOE has not furnished definitive data to us necessary to determine the extent to which applications have been granted. The DOE may or may not attempt to seek recoupment from applicable schools relating to approval of borrower defense applications. The settlement also requires the DOE to review and decide 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. 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.

We cannot predict what other actions the DOE might take if the settlement is fully implemented, including the amount of borrower defense applications that the DOE might grant or the amount of any recoupment that the DOE might seek from us, if any. We also cannot predict the outcome of any challenges we might make to such actions .

In addition to the foregoing, 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, 2023, the Company had outstanding net financing commitments to its students to assist them in financing their education of approximately $33.6 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 $10.6 million at December 31, 2023.

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, 2023, the Company has posted surety bonds in the total amount of approximately $16.0 million.

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other comprehensive income
Employee pension plan adjustments, taxes	$ 0.3	$ 0.1

STOCKHOLDERS' EQUITY, Share Repurchase Program (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 27, 2023

Dec. 31, 2023

Dec. 31, 2022

May 24, 2022

STOCKHOLDERS' EQUITY [Abstract]

Authorized amount of share repurchase program

$ 30,000

Period over which common stock can be repurchased

12 months

Additional period over which common stock can be repurchased

12 months

Additional authorized amount of share repurchase program

$ 10,000

Additional amount of shares repurchased

$ 30,600

Share Repurchase Program [Abstract]

Total number of shares repurchased (in shares)

^[1]

165,064

1,572,414

Amount of shares repurchased

$ 891

$ 9,445

[1]	These shares were subsequently canceled and recorded as a reduction of Common Stock.

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
REVENUE	$ 378,070	$ 348,287
COSTS AND EXPENSES:
Educational services and facilities	162,275	148,746
Selling, general and administrative	209,135	182,391
Gain on sale of assets	(30,918)	(177)
Impairment of goodwill and long-lived assets	4,220	1,049
Total costs and expenses	344,712	332,009
OPERATING INCOME	33,358	16,278
OTHER:
Interest income	2,628	318
Interest expense	(347)	(160)
INCOME BEFORE INCOME TAXES	35,639	16,436
PROVISION FOR INCOME TAXES	9,642	3,802
NET INCOME	25,997	12,634
PREFERRED STOCK DIVIDENDS	0	1,111
INCOME AVAILABLE TO COMMON STOCKHOLDERS	$ 25,997	$ 11,523
Basic
Net income per common share (in dollars per share)	$ 0.86	$ 0.36
Diluted
Net income per common share (in dollars per share)	$ 0.85	$ 0.36
Weighted average number of common shares outstanding:
Basic (in shares)	30,105,194	25,879,483
Diluted (in shares)	30,540,628	25,879,483

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2023

GOODWILL [Abstract]

Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill during the fiscal years ended December 31, 2023 and 2022 are as follows:

	Gross Goodwill Balance		Accumulated Impairment Losses			Net Goodwill Balance
Balance as of January 1, 2022	$	117,176	$	(102,640	)	$	14,536
Adjustments		-		-			-
Balance as of December 31, 2022		117,176		(102,640	)		14,536
Adjustments		-		(3,794	)		(3,794	)
Balance as of December 31, 2023	$	117,176	$	(106,434	)	$	10,742

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

PENSION PLAN

12 Months Ended

Dec. 31, 2023

PENSION PLAN [Abstract]

PENSION PLAN

13.	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,
	2023			2022
CHANGES IN BENEFIT OBLIGATIONS:
Benefit obligation-beginning of year	$	17,113		$	22,557
Service cost		-			37
Interest cost		792			542
Actuarial loss (gain)		4			(4,661	)
Benefits paid		(1,288	)		(1,362	)
Benefit obligation at end of year		16,621			17,113

CHANGE IN PLAN ASSETS:
Fair value of plan assets-beginning of year		16,445			20,950
Actual return on plan assets		2,223			(3,143	)
Benefits paid		(1,288	)		(1,362	)
Fair value of plan assets-end of year		17,380			16,445

FAIR VALUE IN EXCESS (DEFICIT) OF BENEFIT OBLIGATION FUNDED STATUS:	$	759		$	(668	)

For the fiscal year ended December 31, 2023, the actuarial loss of less than $0.1 million was due to the decrease in the discount rate from 4.90% to 4.71%.

Amounts recognized in the Consolidated Balance Sheets consist of:

	At December 31,
	2023		2022
Noncurrent assets	$	759	$	-
Noncurrent liabilities	$	-	$	(668	)

Amounts recognized in accumulated other comprehensive loss consist of:

	Year Ended December 31,
	2023			2022
Accumulated loss	$	(1,219	)	$	(2,480	)
Deferred income taxes		1,183			1,520
Accumulated other comprehensive loss	$	(36	)	$	(960	)

The accumulated benefit obligation was $16.6 million and $17.1 million at December 31, 2023 and 2022, respectively.

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

	Year Ended December 31,
	2023			2022
COMPONENTS OF NET PERIODIC BENEFIT COST
Service cost	$	-		$	37
Interest cost		792			542
Expected return on plan assets		(1,065	)		(1,217	)
Recognized net actuarial loss		106			81
Net periodic benefit income	$	(167	)	$	(557	)

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 zero.

The following tables present plan assets using the fair value hierarchy as of December 31, 2023 and 2022, 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	$	4,231	$	-	$	-	$	4,231
Fixed income		8,065		-		-		8,065
International equities		3,466		-		-		3,466
Real estate		1,062		-		-		1,062
Cash and equivalents		556		-		-		556
Balance at December 31, 2023	$	17,380	$	-	$	-	$	17,380

	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

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

	2023			2022
Equity securities		25	%		29	%
Fixed income		47	%		37	%
International equities		20	%		22	%
Real estate		6	%		8	%
Cash and equivalents		2	%		4	%
Total		100	%		100	%

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

	2023			2022
Discount rate		4.71	%		4.90	%
Rate of compensation increase		2.50	%		2.50	%

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

	2023			2022
Discount rate		4.71	%		4.90	%
Rate of compensation increase		2.50	%		2.50	%
Long-term rate of return		6.75	%		6.75	%

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

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

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

The Company does not expect to make contributions to the plan in 2024. 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, 2023 and 2022, respectively.

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

Year Ending December 31,
2024	$	1,356,612
2025		1,338,497
2026		1,339,214
2027		1,325,656
2028		1,311,178
Years 2029-2033		6,169,290

The Company has a 401(k) defined contribution plan for all eligible employees. Employees may contribute up to 75% of their compensation into the plan. The Company may contribute up to an additional 15% of the employee’s contributed amount up to 6% of compensation. For each of the fiscal years ended December 31, 2023 and 2022, the Company’s expense for the 401(k) plan amounted to $0.8 million and $0.7 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

PENSION PLAN, Plan's funded status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CHANGES IN BENEFIT OBLIGATIONS [Roll Forward]
Benefit obligation-beginning of year	$ 17,113	$ 22,557
Service cost	0	37
Interest cost	792	542
Actuarial loss (gain)	4	(4,661)
Benefits paid	(1,288)	(1,362)
Benefit obligation at end of year	16,621	17,113
CHANGE IN PLAN ASSETS [Roll Forward]
Fair value of plan assets-beginning of year	16,445	20,950
Actual return on plan assets	2,223	(3,143)
Benefits paid	(1,288)	(1,362)
Fair value of plan assets-end of year	17,380	16,445
FAIR VALUE IN EXCESS (DEFICIT) OF BENEFIT OBLIGATION FUNDED STATUS:	$ 759	$ (668)
Discount rate	4.71%	4.90%
Maximum [Member]
CHANGE IN PLAN ASSETS [Roll Forward]
Actuarial loss due to change in discount rate	$ 100

FINANCIAL AID AND REGULATORY COMPLIANCE

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022, approximately 81% and 74%, 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, 2023 and 2022, 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 2023 and 2022 fiscal years, we calculated our composite score to be 3.0 and 2.9, respectively. These scores are subject to determination by the DOE based on its review of our consolidated audited financial statements for the 2023 and 2022 fiscal years, but we believe it is likely that the DOE will determine that our institutions comply with the composite score requirement.

LONG-TERM DEBT (Details) - Credit Facility [Member] $ in Millions		12 Months Ended
	Feb. 16, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 14, 2019 USD ($) Facility
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity		$ 0.0	$ 60.0
Number of facilities available in 2019 credit agreement \| Facility			4
Letters of credit outstanding		4.1
Credit agreement		$ 0.0
Subsequent Event [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity	$ 20.0
Expiration date of credit facility	Feb. 16, 2027
Letter of Credit [Member] \| Subsequent Event [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity	$ 10.0
Term Loan [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity			$ 20.0
Expiration date of credit facility		Dec. 01, 2024
Line of credit facility, amortization schedule based period for interest and principal payments		120 months
Delayed Draw Term Loan [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity			10.0
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
Credit Agreement [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity			15.0
Expiration date of credit facility		Jan. 31, 2021
Revolving Loan [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity			15.0
Expiration date of credit facility		Nov. 13, 2022
Revolving Loan [Member] \| Subsequent Event [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity	$ 40.0
Revolving Loan [Member] \| Letter of Credit [Member]
Long-term debt [Abstract]
Line of credit facility, maximum borrowing capacity			$ 10.0

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2023

LONG-TERM DEBT [Abstract]

LONG-TERM DEBT

11.	LONG-TERM DEBT

Credit Facility

On November 14, 2019, the Company entered into a senior secured credit agreement (the “Sterling Credit Agreement”) with its lender, Sterling National Bank (the “Lender”), providing for borrowing in the aggregate principal amount of up to $60.0 million (the “Credit Facility”). Initially, the Credit Facility was comprised of four facilities: (1) a $20.0 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 $10.0 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 $15.0 million senior secured committed revolving line of credit providing a sublimit of up to $10.0 million for standby letters of credit maturing on November 13, 2022 (the “Revolving Loan”), with monthly payments of interest only; and (4) a $15.0 million senior secured non-restoring line of credit maturing on January 31, 2021 (the “Line of Credit Loan”). 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 rights in the Company’s subsidiaries and mortgages on parcels of real property owned by the Company. The Sterling Credit Agreement was amended on various occasions.

On November 4, 2022, the Company agreed with its Lender to terminate the Sterling 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. As of December 31, 2023, the letters of credit, in the aggregate outstanding principal amount of $4.1 million, remained outstanding, were cash collateralized, and were classified as restricted cash on the Consolidated Balance Sheets. As of December 31, 2023, the Company did not have a credit facility and did not have any debt outstanding.

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2023

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

16.	SEGMENT REPORTING

As of January 1, 2023, the Company’s business is now organized into two reportable business segments: (a) Campus Operations; and (b) Transitional. Based on trends in student demand and program expansion, there have been more cross-offerings of programs

among the various campuses. Given this change, the Company has revised the way it manages the business, evaluates performance, and allocates resources, resulting in an updated segment structure. As a result, the Company has shifted its focus to two new segments defined below:

Campus Operations – The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance.

Transitional – The Transitional segment refers to businesses that are marked for closure and are currently being taught-out. As of December 31, 2023, the only campus classified in the Transitional segment is the Somerville, Massachusetts campus. The campus has been fully taught-out and total costs to close the campus were approximately $2.0 million.

We evaluate performance based on operating results. Adjustments to reconcile segment results to consolidated results are included in 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)
	2023		% of Total			2022		% of Total			2023			2022
Campus Operations	$	376,602		99.6	%	$	341,440		98.0	%	$	47,579		$	49,524
Transitional		1,468		0.4	%		6,847		2.0	%		(1,914	)		(430	)
Corporate		-					-					(12,307	)		(32,816	)
Total	$	378,070		100.0	%	$	348,287		100.0	%	$	33,358		$	16,278

	Total Assets
	December 31, 2023		December 31, 2022
Campus Operations	$	234,940	$	190,473
Transitional		262		1,499
Corporate		110,047		99,594
Total	$	345,249	$	291,566

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Short-term Investments (Details)	12 Months Ended
	Dec. 31, 2023
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

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

12 Months Ended

Jun. 08, 2023

Dec. 31, 2023

Dec. 31, 2022

Property, equipment and facilities net [Abstract]

Property, equipment and facilities, Gross

$ 191,018

$ 170,307

Less accumulated depreciation and amortization

^[1]

(140,161)

(146,367)

Property, equipment and facilities, Net

50,857

23,940

Impairment of long-lived assets

$ 400

$ 1,000

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

Goodwill and Intangible Asset Impairment

Impairment of property amount

$ 400

Impairment of ROU asset

600

Depreciation and amortization expense

6,800

6,400

Land [Member]

Property, equipment and facilities net [Abstract]

Property, equipment and facilities, Gross

Buildings and Improvements [Member]

Property, equipment and facilities net [Abstract]

Property, equipment and facilities, Gross

^[1]

101,541

86,031

Increase in property, equipment and facilities

$ 7,000

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

$ 80,214

82,585

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

$ 1,592

751

Construction in Progress [Member]

Property, equipment and facilities net [Abstract]

Property, equipment and facilities, Gross

^[1]

7,620

$ 888

Building [Member] | New Campus [Member]

Property, equipment and facilities net [Abstract]

Increase in property, equipment and facilities

13,000

Building [Member] | Tesla Partnership [Member]

Property, equipment and facilities net [Abstract]

Increase in property, equipment and facilities

1,000

Machinery and Equipment [Member]

Property, equipment and facilities net [Abstract]

Increase in property, equipment and facilities

$ 9,000

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

REAL ESTATE TRANSACTIONS

12 Months Ended

Dec. 31, 2023

REAL ESTATE TRANSACTIONS [Abstract]

REAL ESTATE TRANSACTIONS

8.	REAL ESTATE TRANSACTIONS

Purchase and Sale-leaseback Transaction – Philadelphia, Pennsylvania Area Campus

On September 28, 2023, the Company purchased a 90,000 square foot property located at 311 Veterans Highway, Levittown, Pennsylvania for approximately $10.2 million and on January 30, 2024, the Company has subsequently entered into a sale-leaseback transaction for this property. The Company plans to invest approximately $15.0 million, net of the tenant improvement allowance, in the buildout of new classrooms and training areas. As of December 31, 2023, the new campus is classified as held-for-sale on the Consolidated Balance Sheets. See Note 19, “Subsequent Events.”

Property Sale Agreement - Nashville, Tennessee Campus

On September 24, 2021, Nashville Acquisition, L.L.C., a subsidiary of the Company, entered into a Contract for the Purchase of Real Estate (the “Nashville Contract”) to sell the nearly 16-acre 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”).

On June 8, 2023, the Company closed on the sale of its Nashville, Tennessee property to East Nashville Owner, LLC, an affiliate of SLC, for approximately $33.8 million pursuant to the Nashville Contract. The net proceeds from the Nashville sale, net of closing costs, are available for working capital, acquisitions, other strategic initiatives, and general corporate purposes. In connection with the sale, the parties entered into a lease agreement allowing Lincoln to continue to occupy the campus and operate it on a rent-free basis for a period of 15 months plus options to extend the lease for up to three consecutive 30-day terms at $150,000 per extension term. The carrying value of the campus is approximately $4.5 million and the estimated fair value of the rent for the 15-month rent-free period was approximately $2.3 million at the consummation of the lease. As of December 31, 2023, approximately $1.3 million remains and is included in prepaid expenses and other current assets on the Company’s Consolidated Balance Sheets.

Schedule II-Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Movement in Valuation Allowances and Reserves [Abstract]

Balance at beginning of period

$ 35,370

$ 31,921

Charged to expense

41,637

34,915

Accounts written-off

(23,196)

^[1]

(31,466)

Balance at end of period

53,811

35,370

Accounts receivables

17,504

22,734

Retained earnings

69,279

51,225

Deferred tax asset

$ 23,217

22,312

Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member]

Movement in Valuation Allowances and Reserves [Abstract]

Accounts receivables

10,800

Retained earnings

(7,900)

Deferred tax asset

2,900

Allowance for Credit Loss [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member]

Movement in Valuation Allowances and Reserves [Abstract]

Accounts receivables

10,800

Retained earnings

(7,900)

Deferred tax asset

$ 2,900

[1]

On January 1, 2023, the Company adopted Accounting Standards Update No. 2016-13 Financial Instruments - Credit Losses. The adoption resulted in an opening balance sheet adjustments of $10.8 million increasing the allowance for credit losses relating to the Company’s outstanding receivables. The adoption also resulted in a decrease to retained earnings of $7.9 million, after tax and a deferred tax asset increase of $2.9 million.

STUDENT RECEIVABLES, Allowance for Credit Losses (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Allowance for Credit Losses [Abstract]

Balance, beginning of period

$ 35,370

Provision for credit losses

41,637

$ 34,915

Write-off's

^[1]

(34,037)

Balance, at end of period

53,811

35,370

Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]

Allowance for Credit Losses [Abstract]

Balance, beginning of period

10,841

Balance, at end of period

10,841

Cumulative Effect, Period of Adoption, Adjusted Balance [Member]

Allowance for Credit Losses [Abstract]

Balance, beginning of period

$ 46,211

Balance, at end of period

$ 46,211

[1]	Write-off amounts included only relate to the year ended December 31, 2023.

PENSION PLAN, Summary (Details) - USD ($) $ in Thousands	12 Months Ended
PENSION PLAN, Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amounts recognized in the consolidated balance sheets [Abstract]
Noncurrent assets	$ 759	$ 0
Noncurrent liabilities	0	(668)
Amounts recognized in accumulated other comprehensive loss [Abstract]
Accumulated loss	(1,219)	(2,480)
Deferred income taxes	1,183	1,520
Accumulated other comprehensive loss	(36)	(960)
Accumulated benefit obligation	16,600	17,100
COMPONENTS OF NET PERIODIC BENEFIT COST [Abstract]
Service cost	0	37
Interest cost	792	542
Expected return on plan assets	(1,065)	(1,217)
Recognized net actuarial loss	106	81
Net periodic benefit income	$ (167)	$ (557)
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
Amortization of estimated net loss, transition obligation and prior service cost from accumulated other comprehensive income into net periodic benefit cost	$ 0
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 17,380	$ 16,445	$ 20,950
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	4.71%	4.90%
Rate of compensation increase	2.50%	2.50%
Weighted-average assumptions used to determine net periodic pension cost [Abstract]
Discount rate	4.71%	4.90%
Pension contributions	$ 0	$ 0
Expected benefit payments for the plan [Abstract]
Maximum contribution by employee specified as percentage of compensation	75.00%
Additional contribution by employer	15.00%
Maximum percentage of compensation contributed by employer as matching contribution	6.00%
Compensation expense for the 401(k) plan	$ 800	700
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	17,380	16,445
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	$ 4,231	$ 4,692
Fair value of total plan assets by major asset category	25.00%	29.00%
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	$ 4,231	$ 4,692
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	$ 8,065	$ 6,130
Fair value of total plan assets by major asset category	47.00%	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	$ 8,065	$ 6,130
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	$ 3,466	$ 3,650
Fair value of total plan assets by major asset category	20.00%	22.00%
International Equities [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Plan assets using the fair value hierarchy [Abstract]
Fair value of plan assets	$ 3,466	$ 3,650
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	$ 1,062	$ 1,301
Fair value of total plan assets by major asset category	6.00%	8.00%
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	$ 1,062	$ 1,301
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	$ 556	$ 672
Fair value of total plan assets by major asset category	2.00%	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	$ 556	$ 672
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	4.71%	4.90%
Rate of compensation increase	2.50%	2.50%
Long-term rate of return	6.75%	6.75%
Expected benefit payments for the plan [Abstract]
2024	$ 1,356,612
2025	1,338,497
2026	1,339,214
2027	1,325,656
2028	1,311,178
Years 2029-2033	$ 6,169,290

PROPERTY, EQUIPMENT AND FACILITIES (Tables)

12 Months Ended

Dec. 31, 2023

PROPERTY, EQUIPMENT AND FACILITIES [Abstract]

Property, Equipment and Facilities

Property, equipment and facilities consist of the following:

			At December 31,
	Useful life (years)		2023			2022
Land		-	$	52		$	52
Buildings and improvements (a)		1-25		101,541			86,031
Equipment, furniture and fixtures		1-7		80,214			82,585
Vehicles		3		1,592			751
Construction in progress (a)		-		7,620			888
				191,018			170,307
Less accumulated depreciation and amortization (a)				(140,161	)		(146,367	)
			$	50,857		$	23,940

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

STUDENT RECEIVABLES, Summary (Details)	12 Months Ended
STUDENT RECEIVABLES, Summary (Details)	Dec. 31, 2023
Student Receivables [Abstract]
Write off period for student receivable balance	150 days

FAIR VALUE

12 Months Ended

Dec. 31, 2023

FAIR VALUE [Abstract]

FAIR VALUE

15.	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, 2023, the Company had three treasury bills, with maturity date of three months or less, classified as cash equivalents. As of December 31, 2022, the Company had two treasury bills, one with a maturity date of three months or less, classified as cash equivalents. The second treasury bill had 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, 2023 and 2022.

	December 31, 2023
	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	$	9,037	$	9,037	$	-	$	-	$	9,037
Treasury bill		20,343		20,343		-		-		20,343
Total cash equivalents and short-term investments	$	29,380	$	29,380	$	-	$	-	$	29,380

	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

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

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

Dec. 31, 2023

Dec. 31, 2022

CURRENT ASSETS:

Accounts receivable, allowance for credit losses

$ 34,441

$ 28,560

PROPERTY, EQUIPMENT AND FACILITIES - accumulated depreciation and amortization

^[1]

140,161

146,367

OTHER ASSETS:

Noncurrent receivables, allowance for credit losses

$ 19,370

$ 6,810

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)

31,359,110

31,147,925

Common stock, shares outstanding (in shares)

31,359,110

31,147,925

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

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

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 185,008,538
Entity Common Stock, Shares Outstanding		31,759,322
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Morristown, New Jersey

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

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, 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
Granted		751,240			6.10
Cancelled		(37,941	)		6.15
Vested		(862,890	)		3.76
Nonvested restricted stock outstanding at December 31, 2023		1,398,675			5.16

Repurchases of Common Stock

The following table presents information about our repurchases of Common Stock, all of which were completed through open market purchases:

	Year Ended
	December 31,
(in thousands, except share data)	2023		2022
Total number of shares repurchased¹		165,064		1,572,414
Total cost of shares repurchased	$	891	$	9,445

¹ These shares were subsequently canceled and recorded as a reduction of Common Stock.

STUDENT RECEIVABLES

12 Months Ended

Dec. 31, 2023

STUDENT RECEIVABLES [Abstract]

STUDENT RECEIVABLES

5.	STUDENT RECEIVABLES

Student receivables represent funds owed to us in exchange for the educational services provided to a student. Student receivables are reflected net of an allowance for credit losses at the end of the reporting period. Student receivables, net, are reflected on our Consolidated Balance Sheets as components of both current and non-current assets.

Our students pay for their costs through a variety of funding sources, including federal loan and grant programs, institutional payment plans, Veterans Administration and other military funding and grants, private and institutional scholarships and cash payments. Cash receipts from government-related sources are typically received during the current academic term. Students who have not applied for any type of financial aid generally set up a payment plan with the institution and make payments on a monthly basis as per the terms of the payment plan. A student receivable balance is written off when deemed uncollectable, which is typically once a student is out of school and there has been no payment activity on the account for 150 days. If, however, the student does remit a payment during this time period, the 150-day policy for write-off starts again until the students either (1) continues making payments or (2) the student does not make any additional payments and is then subsequently written off after 150 days.

Students enrolled in the Company’s programs are provided with a variety of funding resources, including financial aid, grants, scholarships and private loans. After exhausting all fund options, if the student is still in need of additional financing, the Company may offer an institutional loan as a lender of last resort. Institutional loan terms are pre-determined at enrollment and are not typically restructured.

Our standard student receivable allowance is based on an estimate of lifetime expected credit losses on student receivables that considers vintages of receivables to determine a loss rate. In considering lifetime credit losses, if the expected life goes beyond the Company’s reasonable ability to forecast, the Company then reverts back to historical loss experience as an indicator of collections. In determining the expected credit losses for the period, student receivables were disaggregated and pooled into two different categories to refine the calculation. Other information considered included external factors outside the Company’s control, which included, but was not limited to, the effects of COVID-19. Given that collection history during the pandemic was not considered to be a reliable indicator of a student’s repayment history, the Company adjusted the historical loss calculation by normalizing the financial data relating to that time period. Our estimation methodology further considered a number of quantitative and qualitative factors that, based on our collection experience, we believe have an impact on our repayment risk and ability to collect student receivables. Changes in the trends in any of these factors may impact our estimate of the allowance for credit losses. These factors include, but are not limited to: internal repayment history, student status, changes in the current economic condition, legislative or regulatory environments, internal cash collection forecasts and the ability to complete the federal financial aid process with the student. These factors are monitored and assessed on a regular basis. Overall, our allowance estimation process for student receivables is validated by trending analysis and comparing estimated and actual performance.

Student Receivables

The Company has student receivables that are due greater than 12 months from the date of our Consolidated Balance Sheets. As of December 31, 2023, and December 31, 2022, the amount of non-current student receivables under payment plans that is longer than 12 months in duration, net of allowance for credit losses, was $17.5 million and $22.7 million, respectively. The following table presents the amortized cost basis of student receivables as of December 31, 2023 by year of origination.

	Year Ended
	December 31, 2023
	Student
Year	Receivables (1)		Write-Off’s (2)
2023	$	77,113	$	9,540
2022		12,548		19,731
2021		6,799		3,194
2020		3,036		727
2019		2,019		535
Thereafter		1,031		310
Total	$	102,546	$	34,037

*As the Company did not adopt ASC Topic 326 until January 1, 2023, no comparative information from the prior year is available.

(1)

(2)

Write-off amounts included only relate to the year ended December 31, 2023.

The Company does not utilize or maintain data pertaining to student credit information.

Allowance for Credit Losses

	Year Ended
	December 31, 2023
Balance, beginning of period	$	35,370
Cumulative effect of ASC Topic 326		10,841
Adjusted beginning of period balance		46,211
Provision for credit losses		41,637
Write-off’s		(34,037	)
Balance, at end of period	$	53,811

Fair Value Measurements

The carrying amount reported in our Consolidated Balance Sheets for the current portion of student receivables approximates fair value because of the nature of these financial instruments as they generally have short maturity periods. It is not practicable to estimate the fair value of the non-current portion of student receivables, since observable market data is not readily available, and no reasonable estimation methodology exists.

NET INCOME PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Numerator [Abstract]
Net income		$ 25,997	$ 12,634
Less: preferred stock dividend		0	(1,111)
Less: allocation to preferred stockholders		0	(1,753)
Less: allocation to restricted stockholders		0	(559)
Net income allocated to common stockholders		$ 25,997	$ 9,211
Denominator [Abstract]
Weighted average common shares outstanding (in shares)		30,105,194	25,879,483
Basic net income per share (in dollars per share)		$ 0.86	$ 0.36
Denominator [Abstract]
Dilutive shares outstanding (in shares)		30,540,628	25,879,483
Diluted income per share (in dollars per share)		$ 0.85	$ 0.36
Antidilutive Shares [Abstract]
Antidilutive shares excluded from computation of earnings (loss) per share (in shares)		0	516,233
Unvested Restricted Stock [Member]
Antidilutive Shares [Abstract]
Antidilutive shares excluded from computation of earnings (loss) per share (in shares)		0	516,233
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
Preferred stock, outstanding (in shares)	0
Shares converted (in shares)	(12,700)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands

Common Stock [Member]