The Aspen Institute on Monday released a list  of 120 community colleges that made the cut to be considered for the second annual Aspen Prize for Community College Excellence, which comes with a $1 million payout . The institute changed its criteria for evaluating community college performance, and this year's list includes 40 different institutions, meaning one-third of last year's eligible colleges were bumped. The process is based on graduation rates, degrees awarded, student retention rates and "equity in student outcomes." Josh Wyner, executive director of the institute's College Excellence program, said the formula was tweaked to better reflect steady performance rather than short-term spikes in numbers. The institute plans to name 10 finalists in September.