The author uses data from two Principles of Microeconomics courses to examine differences in characteristics and performance of online versus face-to-face students. The analysis indicates that even in a traditional institution, the two delivery modes may be serving students with distinctly different backgrounds and characteristics. In terms of performance, students in the online section on average scored higher on assessments given at different points in the semester. The differential remains when accounting for potential selection bias arising from course choice and when using alternate models and measures of performance.