With earnings after the close, Grand Canyon Education (NASDAQ: LOPE) announced that its Board of Directors has formed a committee of independent directors to explore options aimed at enhancing stockholder value.

The Board chose to form the committee after the University's management expressed a desire to explore the possibility of effecting a conversion of the University to a nonprofit entity. Such a transaction would enable the University to conduct itself in the future as a traditional nonprofit university on a level playing field with the other traditional universities with which the University competes and in a manner consistent with which it operated for 55 years prior to financial challenges which forced it to convert to a for-profit entity in 2004 as a means to solicit investment capital and remain in operation.