Grand Canyon Education Inc. said its normalized net income for the fourth quarter was 83 cents per share, compared with the S&P Capital IQ consensus estimate of 79 cents per share.

EPS increased 17.1% year over year from 71 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $39.4 million, a gain of 17.7% from $33.4 million in the year-earlier period.

The normalized profit margin rose to 18.2% from 17.6% in the year-earlier period.

Total revenue rose 13.7% year over year to $216.0 million from $190.0 million, and total operating expenses climbed 12.0% year over year to $152.8 million from $136.4 million.

Reported net income rose 16.2% year over year to $38.3 million, or 81 cents per share, from $33.0 million, or 70 cents per share.

For the year, the company's normalized net income totaled $2.78 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $2.76.

EPS rose 16.2% from $2.39 in the prior year.

Normalized net income was $131.2 million, an increase of 16.8% from $112.3 million in the prior year.

Full-year total revenue rose 12.6% on an annual basis to $778.2 million from $691.1 million, and total operating expenses rose 11.3% year over year to $567.8 million from $510.2 million.

The company said reported net income grew 18.0% year over year to $131.4 million, or $2.78 per share, in the full year, from $111.4 million, or $2.37 per share.