The Chronicle Index of For-Profit Higher Education.

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THIS INDEX tracks the performance of eight publicly traded higher-education companies. The index was developed for The Chronicle by the Center for Research in Security Prices at the University of Chicago's Graduate School of Business.

• In May Corinthian Colleges Inc. reported that it had been ordered to repay $776,241 to the U.S. Department of Education and others for loans and grants that it received as a result of its violations of federal student-aid procedures on the San Jose, Calif., campus of its Bryman College.
• DeVry Inc. announced in May that it would be laying off 134 full-time and part-time employees. The moves, designed to cut overall expenses and better align personnel with the company's needs, came after two previously announced staff reductions within the past year.
• In June ITT Educational Services Inc. announced that the U.S. Department of Justice had closed its criminal investigation into all areas of the company's operations and its senior officers with no findings of wrongdoing. ITT said it would cooperate with any continuing investigation of lower-level employees.
• In June the Career Education Corporation disclosed that the Department of Education had frozen action on approving applications for new campuses, pending its appraisal of the company's financial statements and the department's own continuing reviews of compliance with financial-aid requirements at several campuses.
• In June Career Education reported that its Brooks College, with campuses in Long Beach and Sunnyvale, Calif., had been removed from probation by its accreditor, the Western Association of Schools and Colleges.
• Laureate Education Inc. said in June that it had merged its National Technological University into Walden University, where it is to be known as the NTU School of Engineering and Applied Science.
• In July an arbitrator ruled in favor of Corinthian Colleges in dismissing a lawsuit filed against the company by a former student at its Florida Metropolitan University. The arbitrator said the company had clearly disclosed that it did not guarantee that credits earned at the institution would be transferable.
• A California consumer-protection agency in July imposed restrictions on the operations of Career Education's Brooks Institute of Photography, after finding that it misled students about their job prospects after graduation. The "conditional" approval to operate from the Bureau for Private Postsecondary and Vocational Education requires the photography institute to take several steps, including informing current and prospective students of graduates' job-placement rates and devising a plan for providing "equitable restitution to all students enrolled from May 4, 1999, to the present." Career Education has requested a hearing before an administrative judge to contest the action.

Apollo Group                      Full time: 1,500
                                  Part time: 17,763
                                  (as of August 31, 2004
Career Education Corporation      Full time (approx.): 2,200
                                  Part time (approx.): 4,200
Corinthian Colleges               Full time: 1,462
                                  Part time: 3,259
DeVry                             Full time: 1,150
                                  Part time: 1,100
Education Management Corporation  Full time: 1,774
                                  Part time: 1,757
ITT Educational Services          Full time: 967
                                  Part time: 2,193
Laureate Education                Total: 13,550
                                  (Company would not release
                                    further details.)
Strayer Education                 Full time: 148
                                  Part time: 724
                                  (as of December 31, 2004)

GRAPH: For-Profit Higher Education Index, weekly

GRAPH: Apollo Group Inc.

GRAPH: Career Education Corp.

GRAPH: Corinthian Colleges Inc.

GRAPH: DeVry Inc.

GRAPH: Education Management

GRAPH: ITT Educational Services Inc.

GRAPH: Laureate Education Inc.

GRAPH: Strayer Education Inc.