Subject to the requirements just mentioned, we expect quarterly dividend payments will be an integral and growing part of our balanced capital allocation strategy and generally expect to review quarterly dividend amounts on an annual basis. Our balanced capital allocation strategy also prioritizes investments in organic projects, in particular, technology-related initiatives designed to benefit our students and maintaining a strong balance sheet, while also evaluating diverse strategies to enhance stockholder value including acquisitions and share repurchases. In line with that strategy, we are pleased to announce that the Board has approved a new stock repurchase program commencing March 1, 2024, which replaces our existing repurchase program.
This new program authorizes the company to repurchase up to $50 million of the company’s outstanding stock. Now, let us discuss our outlook for 2024. We expect full year 2024 adjusted operating income to range between $170 million and $190 million. This compares to an adjusted operating income of $174.9 million in 2023. Adjusted earnings per diluted share is expected to range between $2.04 and $2.26 versus $2.10 in 2023. This outlook reflects our current belief that the high levels of student retention and engagement we experienced in the second half of 2023, partly supported by the positive impact from various student — federal student aid initiatives will continue to persist into 2024. Full year revenue is expected to be lower than 2023 due to the impact of the academic calendar redesign at CTU, resulting in lower revenue days.
As a reminder, CTU’s academic calendar redesign may impact the comparability of revenue earning days and enrollment results in any given quarter but not necessarily in the same magnitude or direction. At AIU Systems, revenue is expected to be lower in 2024 due to the lag impact of lower beginning total enrollments at AIU system. However, for 2024, AIU is expected to experience double-digit and total enrollment growth as compared to year-end 2023, primarily due to normalized levels of marketing and admission spend as well as organic growth, driven by higher levels of student retention and engagement. We also expect CTU to experience total enrollment growth for the year end 2024, primarily driven by higher levels of student retention and engagement as well as continued growth from their corporate engagement program.
For the first quarter of 2024, we expect adjusted operating income to be in the range of $43 million to $45 million as compared to $53.1 million in the prior year quarter, with adjusted earnings per diluted share to range between $0.53 and $0.55 per diluted share versus $0.58 in the first quarter of 2023. Please note that the academic calendar redesign at CTU will disproportionately impact the first half of 2024 as compared to the prior year. Also, the lag impact from lower beginning total enrollments at AIU System will be experienced more acutely in the first half of 2014. As a result, we expect the 2024 first half adjusted operating income to be lower as compared to the first half 2023, while the second half is expected to show growth as compared to the 2023.
As disclosed in our Form 10-K filed today, the Department of Education has recently gone through and is going through additional negotiated rule-making processes, while also updating interpretations and providing new guidance surrounding various other topics. While we continue to monitor and evaluate these rule-making initiatives as well as new or updated guidance coming from the department, any further operational changes that are necessary to ensure compliance with the department’s rules and interpretations could have an impact on the outlook I just presented. Our 2024 outlook also assumes ongoing investments in technology, data analytics, academic and student support processes. We believe these investments have been successful in positively impacting academic outcomes and student experiences.
Additionally, we will also continue to increase the size of our institutions’ corporate engagement teams. Please refer to our earnings release filed today for important information about key assumptions and factors underlying the discussion from today’s call as well as the GAAP to non-GAAP reconciliations. With that, I will turn the call back over to Todd for his closing remarks. Todd?
Todd Nelson: Thank you, Ashish. In closing, I am proud of the way our company executed throughout 2023 and I’m pleased with the progress we are bringing into the new year. Our academic institutions remain focused on serving and educating students, and our investments will continue to [Indiscernible] our student experiences and academic outcomes. I’d like to once again thank all of our students and staff with our hard work and education and thank you again for joining us today.
End of Q&A: Thank you. And that does conclude today’s presentation. Thank you for your participation. You may now disconnect.
