The author analyzes differences in student performance in an economics course offered face to face (F2F) and online over a period of four semesters at a comprehensive public university. Apart from mode of delivery, the characteristics of the course stayed nearly identical throughout. Exam and homework assignment scores are used as measures of performance. Although mean comparisons and basic regressions indicate that online students outperform F2F students on exams, once self-selection is addressed, online students no more outperform F2F students. Furthermore, according to assessments that gauge higher levels of learning, there is evidence that online students underperform compared with F2F students.