Shares of controversial Bridgepoint Education are down 4.36% this morning (Nov. 5) following the for-profit university company's release of weak third quarter earnings. Third quarter net income dropped to $31.4 million from $43.8 million in the same period of 2011. Per share earnings dropped to 56 cents from 78 cents in the same period last year. For the nine months, earnings per share dropped to $2.13 from $2.85 a year earlier. Gregory Geoffrey, president emeritus of Iowa State University, was elected chairman of Bridgepoint's Ashford University, which accounts for the overwhelming percentage of its student body.