Grand Canyon Education, Inc. 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Recent Sales of Unregistered Securities None. 28 Table of Contents Purchases of Equity Securities by the Issuer and Affiliated Purchasers The Board of Directors has authorized share repurchases of up to $2,545.0 million since the initiation of the Company’s stock repurchase program. The expiration date on the current repurchase authorization by our Board of Directors is March 1, 2027. Repurchases occur at the Company’s discretion and the Company may modify, suspend or discontinue the repurchase authorization at any time. Repurchases may be made in the open market or in privately negotiated transactions, pursuant to the applicable SEC rules. The amount and timing of future share repurchases, if any, will be made as market and business conditions warrant. During the six months ended June 30, 2026, 1,195,897 shares of common stock were repurchased by the Company. At June 30, 2026, there remains $148.7 million available under our share repurchase authorization . The following table sets forth our share repurchases of common stock and our share repurchases in lieu of taxes, which are not included in the repurchase plan totals as they were approved in conjunction with the restricted share awards, during each period in the second quarter of fiscal 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Number of ​ ​ Maximum Dollar ​ ​ ​ ​ ​ ​ ​ Shares Purchased as ​ Value of Shares ​ ​ ​ ​ Average ​ Part of Publicly ​ That May Yet Be ​ ​ Total Number of ​ Price Paid ​ Announced ​ Purchased Under Period ​ Shares Purchased ​ Per Share ​ Program ​ the Program Share Repurchases ​ ​ ​ ​ ​ ​ April 1, 2026 – April 30, 2026 213,854 ​ $ 169.45 213,854 ​ $ 187,700,000 May 1, 2026 – May 31, 2026 73,539 ​ $ 164.00 73,539 ​ $ 175,700,000 June 1, 2026 – June 30, 2026 184,096 ​ $ 146.56 184,096 ​ $ 148,700,000 Total 471,489 ​ $ 159.66 471,489 ​ $ 148,700,000 Tax Withholdings ​ ​ ​ ​ ​ ​ April 1, 2026 – April 30, 2026 — ​ $ — — ​ $ — May 1, 2026 – May 31, 2026 — ​ $ — — ​ $ — June 1, 2026 – June 30, 2026 — ​ $ — — ​ $ — Total — ​ $ — — ​ $ — ​ ​ Item 3. Defaults Upon Senior Securities None. Item 4. Mine Safety Disclosures None.