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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1162315	Ambassadors Group Inc	EPAX	Services-Educational Services (8200)	911957010

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1399386	Bandera Partners Llc	50 Broad Street, Suite 1820 New York NY 10004	No	No	Yes	No
1427289	Gregory Bylinsky	50 Broad Street, Suite 1820 New York NY 10004	No	No	Yes	No
1427290	Jefferson Gramm	50 Broad Street, Suite 1820 New York NY 10004	No	No	Yes	No
1483607	Andrew Shpiz	50 Broad Street, Suite 1820 New York NY 10004	No	No	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock, Par Value $0.01	Acquisiton	2012-06-11	5,532	$5.00	2,510,648	No	4	P	Indirect	See footnote
Common Stock, Par Value $0.01	Acquisiton	2012-06-12	22,900	$4.98	2,533,548	No	4	P	Indirect	See footnote
Common Stock, Par Value $0.01	Acquisiton	2012-06-13	22,433	$4.98	2,555,981	No	4	P	Indirect	See footnote

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	See footnote
No	4	P	Indirect	See footnote
No	4	P	Indirect	See footnote

Footnotes

The shares of Common Stock reported herein as indirectly beneficially owned by Bandera Partners LLC, Gregory Bylinsky, Jefferson Gramm and Andrew Shpiz (the "Master Fund Shares") are directly owned by Bandera Master Fund L.P., a Cayman Islands exempted limited partnership ("Bandera Master Fund"). Bandera Partners LLC is the investment manager of Bandera Master Fund and may be deemed to have beneficial ownership of the Master Fund Shares by virtue of the sole and exclusive authority granted to Bandera Partners LLC by Bandera Master Fund to vote and dispose of the Master Fund Shares. Mr. Bylinsky, Mr. Gramm and Mr. Shpiz may be deemed to have beneficial ownership of the Master Fund Shares in their capacities as Managing Partners, Managing Directors and Portfolio Managers of Bandera Partners LLC. (continued in footnote 2)
Indirect beneficial ownership of the Master Fund Shares has not been allocated to the Reporting Persons on a proportional basis. Each of Bandera Partners LLC, Mr. Bylinsky, Mr. Gramm and Mr. Shpiz disclaims beneficial ownership of the Master Fund Shares except to the extent of its or his pecuniary interest therein pursuant to Rule 16a-1(a)(2).