Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2013 |
Accounting Policies, by Policy (Policies) [Line Items] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
Nature of Operations |
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National HealthCare Corporation ("NHC" or "the Company") operates, manages or provides services to skilled nursing facilities and associated assisted living centers, retirement centers and home health care programs located in 10 Southeastern, Northeastern and Midwestern states in the United States. The most significant part of our business relates to skilled and intermediate nursing care in which setting we provide assisted living and retirement services, rehabilitative therapy services, and home health care. We also have a non-controlling ownership interest in a hospice care business that services NHC owned health care centers and others. The long-term health care environment has continually undergone changes with regard to Federal and state reimbursement programs and other payor sources, compliance regulations, competition among other health care providers and patient care litigation issues. We continually monitor these industry developments as well as other factors that affect our business. |
Basis of Accounting, Policy [Policy Text Block] | ' |
Principles of Consolidation and Basis of Presentation |
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The consolidated financial statements which are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) include our wholly owned and controlled subsidiaries and affiliates. Variable interest entities (“VIEs”) in which we have an interest have been consolidated when we have been identified as the primary beneficiary. Investments in ventures in which we have the ability to exercise significant influence but do not have control over are accounted for using the equity method. Equity method investments are initially recorded at cost and subsequently are adjusted for our share of the venture’s earnings or losses and cash distributions. Our most significant equity method investment is a 75.1% non-controlling ownership interest in Caris Healthcare, LP (“Caris”), a business that specializes in hospice care services. Investments in entities in which we lack the ability to exercise significant influence are included in the consolidated financial statements at cost unless there has been a decline in the market value of our investment that is deemed to be other than temporary. All material intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates |
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The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
New Accounting Pronouncements |
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In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2013–02, which is included in Codification under ASC 220, “Comprehensive Income”. The objective of this updated standard is to improve the reporting of reclassifications out of accumulated other comprehensive income. The standard states that disclosure of reclassification amounts required by U.S. GAAP to be reclassified out of accumulated other comprehensive income to net income in their entirety in the same reporting period, should be provided in one location, by component of other comprehensive income. Presentation of such amounts is permitted on either the face of the financial statement where net income is presented or as a separate tabular disclosure in the notes to the financial statements, and should be disclosed by respective line item of net income affected. This accounting standard update became effective beginning in our first quarter of fiscal 2013. The adoption of this accounting standard update resulted in financial statement presentation changes only. The Company has reclassified realized gains on the sale of marketable securities out of accumulated other comprehensive income; as such, these investment gains are classified as "non-operating income" in our consolidated statements of income. |
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In July 2012, the FASB issued ASU No. 2012–01, which is included in the Codification under ASC subtopic 954-430, “Health Care Entities—Deferred Revenue”. This revised standard is intended to clarify the accounting for refundable advance fees (“refundable entrance fees”) received by a continuing care retirement community. The guidance states that refundable portion of entrance fees should be accounted for as deferred revenue when the refund of the fee is contingent upon the resale of the contract holder’s unit, limited to the proceeds received by the resale, and the legal environment and management’s policy and practice support the withholding of refunds under said conditions. In the event the refund is contingent upon reoccupancy, but not limited to the proceeds of the resale, then the fees should be accounted for and reported as a liability. This accounting standard update became effective beginning in our first quarter of fiscal 2013. The adoption of this accounting standard resulted in a change of accounting principle which was applied retrospectively, including the cumulative effect of this change recognized through beginning retained earnings. See the beginning of Note 1 under “Change in Accounting Principle” for further discussion on the adoption of ASU No. 2012-01. |
Revenue Recognition, Policy [Policy Text Block] | ' |
Net Patient Revenues and Accounts Receivable |
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Revenues are derived from services rendered to patients for long-term care, including skilled and intermediate nursing, rehabilitation therapy, hospice, assisted living and retirement and home health care services. |
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Revenues are recorded when services are provided based on established rates adjusted to amounts expected to be received under governmental programs and other third-party contractual arrangements based on contractual terms. These revenues and receivables are stated at amounts estimated by management to be at their net realizable value. |
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For private pay patients in skilled nursing, assisted living and independent living facilities, the Company bills one month in advance for room and board charges, with the remittance being due on receipt of the statement and generally by the 10th day of the month the services are performed. A portion of the episodic Medicare payments for home health services are also received in advance of the services being rendered. All advance billings are initially deferred and then are recognized as revenue when the services are performed. |
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We receive payments from the Medicare program under a prospective payment system ("PPS"). For skilled nursing services, Medicare pays a fixed fee per Medicare patient per day, based on the acuity level of the patient, to cover all post-hospital extended care routine service costs, ancillary costs and capital related costs. |
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Medicaid program payments for long-term care services are generally based on fixed per diem rates subject to program cost ceilings. |
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For homecare services, Medicare pays based on the acuity level of the patient and based on episodes of care. An episode of care is defined as a length of care up to 60 days with multiple continuous episodes allowed. The services covered by the episode payment include all disciplines of care, in addition to medical supplies, within the scope of the home health benefit. We are allowed to make a request for anticipated payment at the start of care equal to 60% of the expected payment for the initial episode. The remaining balance due is paid following the submission of the final claim at the end of the episode. Revenues are recognized when services are provided based on the number of days of service rendered in the episode. Deferred revenue is recorded for payments received for which the related services have not yet been provided. |
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Laws and regulations governing the Medicare and Medicaid programs are complex and subject to interpretation. Noncompliance with such laws and regulations can be subject to regulatory actions including fines, penalties, and exclusion from the Medicare and Medicaid programs. We believe that we are in material compliance with all applicable laws and regulations. |
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Medicare program revenues, as well as certain Medicaid program revenues, are subject to audit and retroactive adjustment by government representatives. The Medicare PPS methodology requires that patients be assigned to Resource Utilization Groups ("RUGs") based on the acuity level of the patient to determine the amount paid to us for patient services. The assignment of patients to the various RUG categories is subject to post-payment review by Medicare intermediaries or their agents. In our opinion, adequate provision has been made for any adjustments that may result from these reviews. Retroactive adjustments are estimated in the recording of revenues in the period the related services are rendered. Any differences between our original estimates of reimbursements and subsequent revisions are reflected in operations in the period in which the revisions are made often due to final determination or the period of payment no longer being subject to audit or review. We believe currently that any differences between the net revenues recorded and final determination will not materially affect the consolidated financial statements. We have made provisions of approximately $21,619,000 and $19,267,000 as of December 31, 2013 and 2012, respectively, for various Medicare and Medicaid current and prior year cost reports and claims reviews. |
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Approximately 65% of our net patient revenues are derived from participation in Medicare and Medicaid programs and other government programs. |
Revenue Recognition for Alternative Revenue Programs, Policy [Policy Text Block] | ' |
Other Revenues |
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As discussed in Note 4 other revenues include revenues from the provision of insurance, management and accounting services to other long-term care providers, and rental income. Our insurance revenues consist of premiums that are generally paid in advance and then amortized into income as earned over the related policy period. We charge for management services based on a percentage of net revenues. We charge for accounting services based on a monthly fee or a fixed fee per bed of the long-term care center under contract. We generally record other revenues on the accrual basis based on the terms of our contractual arrangements. However, with respect to management and accounting services revenue from certain long-term care providers, including but not limited to National Health Corporation ("National") as discussed in Note 4, where collection is not reasonably assured based on insufficient historical collections and the lack of expected future collections, our policy is to recognize income only in the period in which collection is assured and the amounts at question are believed by management to be fixed and determined. |
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Certain management contracts, including, but not limited to contracts with National, subordinate the payment of management fees earned under those contracts to other expenditures of the long-term care center and to the availability of cash provided by the facility’s operations. Revenues from management services provided to the facilities that generate insufficient cash flow to pay the management fee, as prioritized under the contractual arrangement, are not recognized until such time as the amount of revenue earned is fixed or determinable and collectability is reasonably assured. This recognition policy could cause our reported revenues and net income from management services to vary significantly from period to period. |
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We recognize rental income based on the terms of our operating leases. Under certain of our leases, we receive contingent rent, which is based on the increase in revenues of a lessee over a base year. We recognize contingent rent annually or monthly, as applicable, when, based on the actual revenue of the lessee, receipt of such income is assured. We identify leased real estate properties as nonperforming if a required payment is not received within 30 days of the date it is due. Our policy related to rental income on non-performing leased real estate properties is to recognize rental income in the period when the income is received. |
Non-Operating Income [Policy Text Block] | ' |
Non-Operating Income |
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As discussed in Note 5, non-operating income includes equity in earnings of unconsolidated investments, dividends and realized gains on securities, interest income, and other miscellaneous non-operating income. |
Premiums Receivable, Allowance for Doubtful Accounts, Estimation Methodology, Policy [Policy Text Block] | ' |
Provision for Doubtful Accounts |
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We evaluate the collectability of our accounts receivable based on factors such as payor type, historical collection trends and aging categories. We review these factors and determine an estimated provision for doubtful accounts. Historically, bad debts have resulted primarily from uncollectible private balances or from uncollectible coinsurance and deductibles. Receivables that are deemed to be uncollectible are written off against the allowance. The allowance for doubtful accounts balance is assessed on a quarterly basis, with changes in estimated losses being recorded in the consolidated statements of income in the period first identified. |
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The Company includes provisions for doubtful accounts in operating expenses in its consolidated statements of income. The provisions for doubtful accounts were $5,226,000, $2,455,000, and $2,430,000 for 2013, 2012 and 2011, respectively. |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Property and Equipment |
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Property and equipment are recorded at cost. Depreciation is provided by the straight-line method over the expected useful lives of the assets estimated as follows: buildings and improvements, 20-40 years and equipment and furniture, 3-15 years. Leasehold improvements are amortized over periods that do not exceed the non-cancelable respective lease terms using the straight-line method. |
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Expenditures for repairs and maintenance are charged against income as incurred. Betterments, which significantly extend the useful life, are capitalized. We remove the costs and related allowances for accumulated depreciation or amortization from the accounts for properties sold or retired, and any resulting gains or losses are included in income. |
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In accordance with Accounting Standards Codification ("ASC") Topic 360, Property, Plant, and Equipment, we evaluate the recoverability of the carrying values of our properties on a property by property basis. We review our properties for recoverability when events or circumstances, including significant physical changes in the property, significant adverse changes in general economic conditions, and significant deteriorations of the underlying cash flows of the property, indicate that the carrying amount of the property may not be recoverable. The need to recognize an impairment is based on estimated future undiscounted cash flows from a property over the remaining useful life compared to the carrying value of that property. If recognition of an impairment is necessary, it is measured as the amount by which the carrying amount of the property exceeds the estimated fair value of the property. |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | ' |
Mortgage and Other Notes Receivable |
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In accordance with ASC Topic 310, Receivables, NHC evaluates the carrying values of its mortgage and other notes receivable on an instrument by instrument basis. On a quarterly basis, NHC reviews its notes receivable for recoverability when events or circumstances, including the non-receipt of contractual principal and interest payments, significant deteriorations of the financial condition of the borrower and significant adverse changes in general economic conditions, indicate that the carrying amount of the note receivable may not be recoverable. If necessary, an impairment is measured as the amount by which the carrying amount exceeds the discounted cash flows expected to be received under the note receivable or, if foreclosure is probable, the fair value of the collateral securing the note receivable. |
Marketable Securities, Policy [Policy Text Block] | ' |
Investments in Marketable Securities and Restricted Marketable Securities |
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Our investments in marketable securities and restricted marketable securities include available for sale securities, which are recorded at fair value. Unrealized gains and losses on available for sale securities that are deemed temporary are recorded as a separate component of stockholders’ equity. If any adjustment to fair value reflects a significant decline in the value of the security, we consider all available evidence to evaluate the extent to which the decline is "other than temporary". Credit losses are identified when we do not expect to receive cash flows sufficient to recover the amortized cost basis of a security. In the event of a credit loss, only the amount associated with the credit loss is recognized in earnings, with the amount of loss relating to other factors recorded as a separate component of stockholders’ equity. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' |
Goodwill |
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The Company accounts for goodwill under ASC Topic 350, Intangibles – Goodwill and Other. Under the provisions of this guidance, goodwill and intangible assets with indefinite useful lives are not amortized but are subject to impairment tests based on their estimated fair value. Unamortized goodwill is continually reviewed for impairment in accordance with ASC. The Company performs its annual impairment assessment on the first day of the fourth quarter. |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes |
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We utilize ASC Topic 740, Income Taxes, which requires an asset and liability approach for financial accounting and reporting for income taxes. Under this guidance, deferred tax assets and liabilities are determined based upon differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax laws that will be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. See Note 13 for further discussion of our accounting for income taxes. |
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Also under ASC Topic 740, Income Taxes, tax positions are evaluated for recognition using a more-than-likely-than-not threshold, and those tax positions requiring recognition are measured at the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Liabilities for income tax matters include amounts for income taxes, applicable penalties, and interest thereon and are the result of the potential alternative interpretations of tax laws and the judgmental nature of the timing of recognition of taxable income. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' |
Concentration of Credit Risks |
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Our credit risks primarily relate to cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, marketable securities, restricted marketable securities and notes receivable. Cash and cash equivalents are primarily held in bank accounts and overnight investments. Restricted cash and cash equivalents is primarily invested in commercial paper and certificates of deposit with financial institutions and other interest bearing accounts. Accounts receivable consist primarily of amounts due from patients (funded through Medicare, Medicaid, other contractual programs and through private payors) and from other health care companies for management, accounting and other services. We perform continual credit evaluations of our clients and maintain allowances for doubtful accounts on these accounts receivable. Marketable securities and restricted marketable securities are held primarily in accounts with brokerage institutions. Notes receivable relate primarily to secured loans with health care facilities (recorded as notes receivable in the consolidated balance sheets) as discussed in Note 11. |
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At any point in time we have funds in our operating accounts and restricted cash accounts that are with third party financial institutions. These balances in the U.S. may exceed the Federal Deposit Insurance Corporation (FDIC) insurance limits. While we monitor the cash balances in our operating accounts, these cash and restricted cash balances could be impacted if the underlying financial institutions fail or could be subject to other adverse conditions in the financial markets. |
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Our financial instruments, principally our notes receivable, are subject to the possibility of loss of the carrying values as a result of the failure of other parties to perform according to their contractual obligations. We obtain various collateral and other protective rights, and continually monitor these rights in order to reduce such possibilities of loss. We evaluate the need to provide reserves for potential losses on our financial instruments based on management's periodic review of the portfolio on an instrument by instrument basis. See Note 11 for additional information on the notes receivable. |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash and Cash Equivalents |
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Cash equivalents include highly liquid investments with an original maturity of three months or less when purchased. |
Cash and Restricted Cash and Cash Equivalents and Restricted Marketable Securities [Policy Text Block] | ' |
Restricted Cash and Cash Equivalents and Restricted Marketable Securities |
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Restricted cash and cash equivalents and restricted marketable securities primarily represent assets that are held by our wholly-owned limited purpose insurance companies for workers' compensation and professional liability claims. |
Inventory, Policy [Policy Text Block] | ' |
Inventories |
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Inventories consist generally of food and supplies and are valued at the lower of cost or market, with cost determined on a first-in, first-out (FIFO) basis. |
Other Current Liabilities [Policy Text Block] | ' |
Other Current Liabilities |
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Other current liabilities primarily represent accruals for current federal and state income taxes, real estate taxes and other current liabilities. |
Liability Reserve Estimate, Policy [Policy Text Block] | ' |
Accrued Risk Reserves |
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We are principally self-insured for risks related to employee health insurance and utilize wholly-owned limited purpose insurance companies for workers’ compensation and professional liability claims. Accrued risk reserves primarily represent the accrual for risks associated with employee health insurance, workers’ compensation and professional liability claims. The accrued risk reserves include a liability for unpaid reported claims and estimates for incurred but unreported claims. Our policy with respect to a significant portion of our workers’ compensation and professional and general liability claims is to use an actuary to estimate our exposure for claims obligation (for both asserted and unasserted claims). Our health insurance reserve is based on our known claims incurred and an estimate of incurred but unreported claims determined by our analysis of historical claims paid. We reassess our accrued risk reserves on a quarterly basis, with changes in estimated losses being recorded in the consolidated statements of income in the period first identified. |
Continuing Care Retirement Communities, Advance Fees, Policy [Policy Text Block] | ' |
Continuing Care Contracts and Refundable Entrance Fees |
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We have one continuing care retirement center (“CCRC”) within our operations. Residents at this retirement center may enter into continuing care contracts with us. The contract provides that 10% of the resident entry fee becomes non-refundable upon occupancy, and the remaining refundable portion of the entry fee is calculated using the lessor of the price at which the apartment is re-assigned or 90% of the original entry fee, plus 40% of any appreciation if the apartment exceeds the original resident’s entry fee. In each case, we amortize the non-refundable part of these fees into revenue over the actuarially determined remaining life of the resident, which is the expected period of occupancy by the resident. We pay the refundable portion of our entry fees when residents relocate from our community and the apartment is re-occupied. Refundable entrance fees are classified as non-current liabilities and non-refundable entrance fees are classified as deferred revenue in the Company's consolidated balance sheets. The balances of refundable entrance fees as of December 31, 2013 and December 31, 2012 were $10,720,000 and $10,680,000, respectively. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' |
Stock-Based Compensation |
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Stock-based awards granted include stock options, restricted stock units, and stock purchased under our employee stock purchase plan. Stock-based compensation cost is measured at the grant date, based on the fair value of the awards, and is recognized as expense over the requisite service period only for those equity awards expected to vest. |
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The fair value of the restricted stock units is determined based on the stock price on the date of grant. We estimated the fair value of stock options and stock purchased under our employee stock purchase plan using the Black-Scholes model. This model utilizes the estimated fair value of common stock and requires that, at the date of grant, we use the expected term of the grant, the expected volatility of the price of our common stock, risk-free interest rates and expected dividend yield of our common stock. The fair value is amortized on a straight-line basis over the requisite service periods of the awards. |
Income Tax Uncertainties, Policy [Policy Text Block] | ' |
Other Noncurrent Liabilities |
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Other noncurrent liabilities include reserves primarily related to various uncertain income tax positions (see Note 13). |
Revenue Recognition, Deferred Revenue [Policy Text Block] | ' |
Deferred Revenue |
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Deferred revenue includes the deferred gain on the sale of assets to National (as discussed in Note 3) and entrance fees that have been and are currently being received upon reservation and occupancy in the independent living centers we operate. The non-refundable portion (10%) of the entrance fee is included in deferred revenue and is being recognized over the remaining life expectancies of the residents. |
Comprehensive Income, Policy [Policy Text Block] | ' |
Comprehensive Income |
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ASC Topic 220, Comprehensive Income, requires that changes in the amounts of certain items, including unrealized gains and losses on marketable securities, be shown in the consolidated financial statements as comprehensive income. We report comprehensive income in the consolidated statements of comprehensive income and also in the consolidated statements of stockholders’ equity. |
Segment Reporting, Policy [Policy Text Block] | ' |
Segment Disclosures |
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ASC Topic 280, Segment Reporting, establishes standards for the way that public business enterprises report information about operating segments in annual and interim financial reports issued to stockholders. Management believes that substantially all of our operations are part of the long-term health care industry segment. See Note 4 for a detail of other revenues provided within the long-term health care industry segment. Information about the costs and expenses associated with each of the components of other revenues is not separately identifiable. |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications |
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Certain prior period amounts have been reclassified to conform to the current financial statement presentation, with no effect on the Company’s consolidated financial position, results of operations, or cash flows. |
Refundable Advance Fees [Member] | ' |
Accounting Policies, by Policy (Policies) [Line Items] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Change in Accounting Principle |
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Effective January 1, 2013, the Company recorded the cumulative effect of a change in accounting principle related to the adoption of ASU No. 2012-01, Continuing Care Retirement Communities — Refundable Advance Fees. This standard is intended to clarify the accounting for advance fees (“entrance fees”) received by a continuing care retirement community (“CCRC”). The updated guidance states the estimated amount of entrance fees that are expected to be refunded to current CCRC residents under the terms of the resident agreements shall be accounted for and reported as a liability (“refundable entrance fees”). Previously, we accounted for both the 10% non-refundable and the refundable portions of the entrance fees as deferred revenue, amortizing the deferred revenue over the life expectancy of the resident and the estimated useful life of the building, respectively, in accordance with ASC Topic 954-430, Health Care Entities-Deferred Revenue. The Company believes recording the refundable entrance fees as a liability, which includes 90% of the original entry fee paid plus 40% of any estimated appreciation if the apartment exceeds the original resident’s entry fee, more clearly aligns how we have historically operated the CCRC. Also, with the adoption of ASU No. 2012-01, our future service obligation calculation for the CCRC was modified. Because the future service obligation calculation includes an offset for unamortized deferred revenue, the reclassification of refundable entrance fee amounts from deferred revenue to a liability has a direct impact on the future revenues input of the calculation. With the loss of deferred revenue, the present value of the CCRC’s expenses exceeds the present value of the CCRC’s revenues, which creates the recording of a future service obligation. |
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As described in the guidance for accounting changes, the comparative consolidated financial statements of prior periods are adjusted to apply the new accounting method retrospectively. The following tables present the effect on the consolidated financial statements of the accounting change that was retrospectively adopted on January 1, 2013: |
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Consolidated Balance Sheet | | | | | | | | | | | | | |
(in thousands) | | | | | | | | | | | | |
| | Year Ended December 31, 2012 | | | | | | | | | | | | | |
| | As Previously Reported | | | Effect of Accounting Change | | | As Adjusted | | | | | | | | | | | | | |
Deferred income taxes | | $ | 10,564 | | | $ | 2,253 | | | $ | 12,817 | | | | | | | | | | | | | |
Total assets | | | 922,447 | | | | 2,253 | | | | 924,700 | | | | | | | | | | | | | |
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Refundable entrance fees | | | - | | | | 10,680 | | | | 10,680 | | | | | | | | | | | | | |
Deferred revenue | | | 10,124 | | | | (6,694 | ) | | | 3,430 | | | | | | | | | | | | | |
Obligation to provide future services | | | - | | | | 1,791 | | | | 1,791 | | | | | | | | | | | | | |
Retained earnings | | | 283,517 | | | | (3,524 | ) | | | 279,993 | | | | | | | | | | | | | |
Total stockholders' equity | | | 659,672 | | | | (3,524 | ) | | | 656,148 | | | | | | | | | | | | | |
Total liabilities and stockholders' equity | | $ | 922,447 | | | $ | 2,253 | | | $ | 924,700 | | | | | | | | | | | | | |
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Consolidated Statements of Income | | | | | | | | | | | | | |
(in thousands, except share and per share amounts) |
| | Year Ended December 31, 2012 | | | Year Ended December 31, 2011 | |
| | As Previously Reported | | | Effect of Accounting Change | | | As Adjusted | | | As Previously Reported | | | Effect of Accounting Change | | | As Adjusted | |
Other revenues | | $ | 55,876 | | | $ | (260 | ) | | $ | 55,616 | | | $ | 58,048 | | | $ | (295 | ) | | $ | 57,753 | |
Net operating revenues | | | 761,262 | | | | (260 | ) | | | 761,002 | | | | 773,537 | | | | (295 | ) | | | 773,242 | |
Other operating expenses | | | (198,691 | | | | 2,461 | | | | (196,230 | ) | | | (198,439 | ) | | | 1,800 | | | | (196,639 | ) |
Total costs and expenses | | | (695,227 | ) | | | 2,461 | | | | (692,766 | ) | | | (696,191 | ) | | | 1,800 | | | | (694,391 | ) |
Income Before Non-Operating Income | | | 66,035 | | | | 2,201 | | | | 68,236 | | | | 77,346 | | | | 1,505 | | | | 78,851 | |
Income Before Income Taxes | | | 91,280 | | | | 2,201 | | | | 93,481 | | | | 97,879 | | | | 1,505 | | | | 99,384 | |
Income Tax Provision | | | (33,323 | ) | | | (858 | ) | | | (34,181 | ) | | | (33,807 | ) | | | (587 | ) | | | (34,394 | ) |
Net Income | | | 57,957 | | | | 1,343 | | | | 59,300 | | | | 64,072 | | | | 918 | | | | 64,990 | |
Net Income Available to Common Shareholders | | $ | 49,286 | | | $ | 1,343 | | | $ | 50,629 | | | $ | 55,401 | | | $ | 918 | | | $ | 56,319 | |
Basic Earnings Per Share | | $ | 3.56 | | | $ | 0.09 | | | $ | 3.65 | | | $ | 4.02 | | | $ | 0.07 | | | $ | 4.09 | |
Diluted Earnings Per Share | | $ | 3.49 | | | $ | 0.08 | | | $ | 3.57 | | | $ | 3.9 | | | $ | 0.06 | | | $ | 3.96 | |
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Consolidated Statements of Comprehensive Income | |
(in thousands) |
| | Year Ended December 31, 2012 | | | Year Ended December 31, 2011 | |
| | As Previously Reported | | | Effect of Accounting Change | | | As Adjusted | | | As Previously Reported | | | Effect of Accounting Change | | | As Adjusted | |
Net Income | | $ | 57,957 | | | $ | 1,343 | | | $ | 59,300 | | | $ | 64,072 | | | $ | 918 | | | $ | 64,990 | |
Comprehensive Income | | $ | 72,063 | | | $ | 1,343 | | | $ | 73,406 | | | $ | 64,487 | | | $ | 918 | | | $ | 65,405 | |
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Consolidated Statements of Cash Flows | |
(in thousands) |
| | Year Ended December 31, 2012 | | | Year Ended December 31, 2011 | |
| | As Previously Reported | | | Effect of Accounting Change | | | As Adjusted | | | As Previously Reported | | | Effect of Accounting Change | | | As Adjusted | |
Cash Flows from Operating Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
Net Income | | $ | 57,957 | | | $ | 1,343 | | | $ | 59,300 | | | $ | 64,072 | | | $ | 918 | | | $ | 64,990 | |
Deferred income taxes | | | 558 | | | | 858 | | | | 1,416 | | | | 1,990 | | | | 587 | | | | 2,577 | |
Obligation to provide future services | | | - | | | | (2,461 | ) | | | (2,461 | ) | | | - | | | | (1,800 | ) | | | (1,800 | ) |
Deferred revenue | | | (31 | ) | | | (60 | ) | | | (91 | ) | | | (35 | ) | | | (171 | ) | | | (206 | ) |
Net cash provided by operating activities | | | 64,693 | | | | (320 | ) | | | 64,373 | | | | 82,824 | | | | (466 | ) | | | 82,358 | |
Cash Flows From Financing Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
Entrance fee refunds | | | (1,630 | ) | | | 320 | | | | (1,310 | ) | | | (2,170 | ) | | | 466 | | | | (1,704 | ) |
Net cash used in financing activities | | $ | (27,775 | ) | | $ | 320 | | | $ | (27,455 | ) | | $ | (18,548 | ) | | $ | 466 | | | $ | (18,082 | ) |
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Consolidated Statements of Stockholders' Equity | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | | | | | | | | | | | |
| | Years Ended December 31, 2012 and 2011 | | | | | | | | | | | | | |
| | As Previously Reported | | | Effect of Accounting Change | | | As Adjusted | | | | | | | | | | | | | |
Retained Earnings | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2011 | | $ | 226,114 | | | $ | (5,785 | ) | | $ | 220,329 | | | | | | | | | | | | | |
Net income | | | 64,072 | | | | 918 | | | | 64,990 | | | | | | | | | | | | | |
Balance at December 31, 2011 | | | 265,198 | | | | (4,867 | ) | | | 260,331 | | | | | | | | | | | | | |
Net income | | | 57,957 | | | | 1,343 | | | | 59,300 | | | | | | | | | | | | | |
Balance at December 31, 2012 | | $ | 283,517 | | | $ | (3,524 | ) | | $ | 279,993 | | | | | | | | | | | | | |