On March 10, 2011, Senator Tom Harkin (D-Iowa) chaired a hearing of the Health, Education, Labor, and Pensions Committee that examined a case study of Ashford's parent company, which has experienced near-exponential profit growth in the last few years despite low graduation rates. Bridgepoint owns two universities that it purchased when both were near bankruptcy, Ashford University in Iowa and the University of the Rockies in Colorado. When it purchased Ashford University in 2005, it had fewer than 300 students but in 2010 it claimed to have over 78,000 students, 99% of which were online.