Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2013 | Jul. 30, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'FIVE STAR QUALITY CARE INC | ' |
Entity Central Index Key | '0001159281 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-13 | ' |
Amendment Flag | 'true | ' |
Amendment Description | 'We are filing this Amendment No. 1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, or this Amended Quarterly Report, to amend and restate financial statements and other financial information in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, or our Quarterly Report, which was filed with the Securities and Exchange Commission, or the SEC, on July 31, 2013. As more fully described in Note 12 to the Notes to our Condensed Consolidated Financial Statements included in Item 1 of this Amended Quarterly Report, subsequent to the filing of our Quarterly Report our management and the Audit Committee of our Board of Directors, or our Audit Committee, concluded that our consolidated financial statements for the years ended December 31, 2012 and 2011 contained within our Annual Report on Form 10-K for the year ended December 31, 2012, or our 2012 Annual Report, and our condensed consolidated financial statements for the quarters ended March 31, 2013 and June 30, 2013 contained within our Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 and our Quarterly Report, respectively, should be restated, and that those financial statements previously filed with the SEC should no longer be relied upon. We are restating our condensed consolidated financial statements for the three and six months ended June 30, 2013 and 2012 contained within this Amended Quarterly Report to correct certain errors in the accounting for income taxes and other errors. Specifically, the accounting for income tax errors relate to, among other things, the measurement of deferred tax assets for net operating losses and tax credits and the measurement of deferred tax assets and liabilities for temporary differences related to fixed assets, intangible assets and investments. In addition, as part of the restatement we have corrected certain other errors related to insurance receivables, security deposits, accrual of fixed asset additions, classification of senior living operating expenses and certain other immaterial items. The net impact of correcting the errors resulted in an increase to our shareholders? equity of $7,031 and $6,749 at June 30, 2013 and December 31, 2012, respectively, a decrease to net income of $27 and an increase to net income of $178 for the three and six months ended June 30, 2013, respectively, and an increase to net income of $272 and $375 for the three and six months ended June 30, 2012, respectively. We corrected the presentation and disclosure of our consolidated statements of cash flows to separately identify the net cash flows from discontinued operations, by category and in total and reflect the correction of other errors in the separate disclosures of cash flows for continuing operations and discontinued operations. These corrections increased cash provided by operating activities by $1,602 and $1,050 for the six months ended June 30, 2013 and 2012, respectively. We have also corrected the footnote presentation of the classification of $11,656 and $11,550 as of June 30, 2013 and December 31, 2012, respectively, of our available for sale debt securities from Level 1 assets to Level 2 assets as defined in the fair value hierarchy and corrected the disclosure of the fair value of our mortgage notes payable which increased $9,469 and $9,947 as of June 30, 2013 and December 31, 2012, respectively. In the third quarter of 2013, in connection with entering into a purchase agreement with Senior Housing Properties Trust and certain unrelated parties, we reclassified our rehabilitation hospital business as discontinued operations and our rehabilitation hospital business is retrospectively presented as discontinued operations throughout this Amended Quarterly Report. Please see Note 12 to the Notes to our Condensed Consolidated Financial Statements included in Item 1 of this Amended Quarterly Report for more information regarding the effect of the retrospective adjustments to reflect discontinued operations and the correction of errors for the three and six months ended June 30, 2013 and 2012. As a result of the errors described above, we determined that our disclosure controls and procedures were not effective as of June 30, 2013. In addition, we reassessed the effectiveness of our internal control over financial reporting as of December 31, 2012 and determined that we had material weaknesses in our internal controls over accounting for income taxes, that we lacked sufficient personnel with requisite technical accounting competencies and that we had an insufficient level of oversight in the financial statement close process. As a result, we concluded that our internal control over financial reporting was ineffective at December 31, 2012. Those material weaknesses continued to exist as of June 30, 2013. Amendments to our Quarterly Report included in this Amended Quarterly Report The following sections of our Quarterly Report are amended and being filed in their entirety in this Amended Quarterly Report: Part I, Item 1. Condensed Consolidated Financial Statements; Part I, Item 2. Management?s Discussion and Analysis of Financial Condition and Results of Operations; Part I, Item 4. Controls and Procedures; and Part II, Item 6. Exhibits. This Amended Quarterly Report contains only the items and exhibits to our Quarterly Report that are being amended and restated, and unaffected items are not included herein. | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 48,271,522 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $19,311 | $24,638 |
Accounts receivable, net of allowance of $3,905 and $2,792 at June 30, 2013 and December 31, 2012, respectively | 44,440 | 39,205 |
Due from related persons | 5,810 | 6,881 |
Investments in available for sale securities, of which $3,699 and $3,684 are restricted at June 30, 2013 and December 31, 2012, respectively | 16,352 | 12,920 |
Restricted cash | 11,202 | 6,548 |
Prepaid expenses and other current assets | 28,522 | 38,318 |
Assets of discontinued operations | 20,205 | 30,100 |
Total current assets | 145,842 | 158,610 |
Property and equipment, net | 330,685 | 337,494 |
Equity investment in Affiliates Insurance Company | 5,703 | 5,629 |
Restricted cash | 11,196 | 12,166 |
Restricted investments in available for sale securities | 6,979 | 10,580 |
Goodwill and other intangible assets | 27,122 | 27,708 |
Other long term assets | 40,736 | 40,382 |
TOTAL ASSETS | 568,263 | 592,569 |
Current liabilities: | ' | ' |
Convertible senior notes | 24,872 | 24,872 |
Accounts payable | 24,737 | 38,035 |
Accrued expenses | 20,754 | 28,010 |
Accrued compensation and benefits | 38,346 | 35,302 |
Due to related persons | 19,790 | 19,484 |
Mortgage notes payable | 1,125 | 1,092 |
Accrued real estate taxes | 10,200 | 10,723 |
Security deposit liability | 8,754 | 9,057 |
Other current liabilities | 18,294 | 14,775 |
Liabilities of discontinued operations, of which $0 and $7,547 relate to mortgage notes payable at June 30, 2013 and December 31, 2012, respectively | 8,255 | 16,977 |
Total current liabilities | 175,127 | 198,327 |
Long term liabilities: | ' | ' |
Mortgage notes payable | 37,050 | 37,621 |
Continuing care contracts | 1,681 | 1,708 |
Accrued self-insurance obligations | 31,786 | 34,647 |
Other long term liabilities | 5,775 | 6,712 |
Total long term liabilities | 76,292 | 80,688 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, par value $.01; 75,000,000 shares authorized, 48,271,522 and 48,234,022 shares issued and outstanding at June 30, 2013 and December 31, 2012, respectively | 482 | 482 |
Additional paid in capital | 354,752 | 354,164 |
Accumulated deficit | -41,517 | -44,455 |
Accumulated other comprehensive income | 3,127 | 3,363 |
Total shareholders' equity | 316,844 | 313,554 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $568,263 | $592,569 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ' | ' |
Accounts receivable, allowance (in dollars) | $3,905 | $2,792 |
Investments in available for sale securities, restricted (in dollars) | 3,699 | 3,684 |
Liabilities of discontinued operations, relate to mortgage notes payable (in dollars) | $0 | $7,547 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 48,271,522 | 48,234,022 |
Common stock, shares outstanding | 48,271,522 | 48,234,022 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Senior living revenue | $268,827 | $269,093 | $538,067 | $535,898 |
Management fee revenue | 2,281 | 1,302 | 4,583 | 2,390 |
Reimbursed costs incurred on behalf of managed communities | 52,153 | 26,098 | 104,211 | 49,503 |
Total revenues | 323,261 | 296,493 | 646,861 | 587,791 |
Operating expenses: | ' | ' | ' | ' |
Senior living wages and benefits | 130,390 | 130,252 | 262,817 | 262,062 |
Other senior living operating expenses | 65,752 | 63,797 | 132,090 | 128,057 |
Costs incurred on behalf of managed communities | 52,153 | 26,098 | 104,211 | 49,503 |
Rent expense | 48,279 | 47,431 | 96,292 | 94,792 |
General and administrative | 15,451 | 15,434 | 30,583 | 30,933 |
Depreciation and amortization | 6,585 | 6,203 | 12,955 | 12,021 |
Gain on settlement | ' | -3,365 | ' | -3,365 |
Total operating expenses | 318,610 | 285,850 | 638,948 | 574,003 |
Operating income | 4,651 | 10,643 | 7,913 | 13,788 |
Interest, dividend and other income | 211 | 234 | 408 | 439 |
Interest and other expense | -1,355 | -1,605 | -2,811 | -3,031 |
Acquisition related costs | -41 | ' | -41 | ' |
Gain on early extinguishment of debt | ' | 45 | ' | 45 |
Loss on sale of available for sale securities reclassified from other comprehensive income | -117 | ' | -30 | -1 |
Income from continuing operations before income taxes and equity in earnings of Affiliates Insurance Company | 3,349 | 9,317 | 5,439 | 11,240 |
Provision for income taxes | -1,131 | -3,817 | -356 | -4,618 |
Equity in earnings of Affiliates Insurance Company | 79 | 76 | 155 | 121 |
Income from continuing operations | 2,297 | 5,576 | 5,238 | 6,743 |
Loss from discontinued operations | -1,499 | -666 | -3,902 | -2,411 |
Net income | $798 | $4,910 | $2,938 | $5,382 |
Weighted average shares outstanding - basic (in shares) | 48,253 | 47,914 | 48,244 | 47,906 |
Weighted average shares outstanding - diluted (in shares) | 50,166 | 49,953 | 50,157 | 50,360 |
Basic income per share from: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.05 | $0.12 | $0.11 | $0.14 |
Discontinued operations (in dollars per share) | ($0.03) | ($0.02) | ($0.05) | ($0.03) |
Net income per share - basic (in dollars per share) | $0.02 | $0.10 | $0.06 | $0.11 |
Diluted income per share from: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.05 | $0.11 | $0.11 | $0.14 |
Discontinued operations (in dollars per share) | ($0.03) | ($0.01) | ($0.05) | ($0.03) |
Net income per share - diluted (in dollars per share) | $0.02 | $0.10 | $0.06 | $0.11 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net income | $798 | $4,910 | $2,938 | $5,382 |
Other comprehensive income | ' | ' | ' | ' |
Unrealized (loss) gain on investments in available for sale securities, net of tax | -233 | 56 | -173 | 168 |
Unrealized loss on equity investment in Affiliates Insurance Company | -73 | -3 | -81 | -4 |
Realized loss on investments in available for sale securities reclassified and included in net income, net of tax | -70 | 0 | -18 | -1 |
Other comprehensive (loss) income | -236 | 53 | -236 | 165 |
Comprehensive income | $562 | $4,963 | $2,702 | $5,547 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $2,938 | $5,382 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization | 12,955 | 12,021 |
Gain on early extinguishment of debt | ' | -45 |
Loss from discontinued operations | 3,902 | 2,411 |
Loss on sale of available for sale securities | 30 | 1 |
Equity in earnings of Affiliates Insurance Company | -155 | -121 |
Stock-based compensation | 588 | 579 |
Provision for losses on receivables | 2,740 | 1,828 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -7,975 | -1,883 |
Prepaid expenses and other assets | 9,560 | 3,443 |
Accounts payable and accrued expenses | -15,750 | 1,865 |
Accrued compensation and benefits | 3,044 | 4,800 |
Due from (to) related persons, net | 1,377 | -2,622 |
Other current and long term liabilities | -1,132 | 775 |
Cash provided by operating activities | 12,122 | 28,434 |
Cash flows from investing activities: | ' | ' |
Acquisition of property and equipment | -23,712 | -25,288 |
Payments from restricted cash and investment accounts, net | -3,684 | -3,890 |
Purchase of available for sale securities | -5,333 | -4,554 |
Proceeds from disposition of property and equipment held for sale | 13,334 | 11,067 |
Proceeds from sale of available for sale securities | 5,213 | 772 |
Cash used in investing activities | -14,182 | -21,893 |
Cash flows from financing activities: | ' | ' |
Proceeds from borrowings on credit facilities | 20,000 | 47,500 |
Repayments of borrowings on credit facilities | -20,000 | -10,000 |
Repayments of borrowings on bridge loan from Senior Housing Properties Trust | ' | -38,000 |
Purchase and retirement of convertible senior notes | ' | -12,038 |
Repayments of mortgage notes payable | -538 | -506 |
Cash used in financing activities | -538 | -13,044 |
Cash flows from discontinued operations: | ' | ' |
Net cash (used in) provided by operating activities | -3,822 | 2,125 |
Net cash provided by (used in) investing activities | 8,627 | -291 |
Net cash used in financing activities | -7,534 | -70 |
Net cash (used in) provided by discontinued operations | -2,729 | 1,764 |
Change in cash and cash equivalents during the period | -5,327 | -4,739 |
Cash and cash equivalents at beginning of period | 24,638 | 28,374 |
Cash and cash equivalents at end of period | 19,311 | 23,635 |
Supplemental cash flow information: | ' | ' |
Cash paid for interest | 1,788 | 2,751 |
Cash paid for income taxes | $1,394 | $1,235 |
Basis_of_Presentation_and_Orga
Basis of Presentation and Organization | 6 Months Ended |
Jun. 30, 2013 | |
Basis of Presentation and Organization | ' |
Basis of Presentation and Organization | ' |
Note 1. Basis of Presentation and Organization | |
General | |
The accompanying condensed consolidated financial statements of Five Star Quality Care, Inc. and its subsidiaries, which we refer to as we, us or our, have been prepared without audit. Certain information and disclosures required by U.S. generally accepted accounting principles for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying financial statements should be read in conjunction with the financial statements and notes contained in our Amendment No. 1 to our Annual Report on Form 10-K/A for the year ended December 31, 2012, or our Amended 2012 Annual Report. In the opinion of our management, all adjustments, which include only normal recurring adjustments, considered necessary for a fair presentation have been included. All material intercompany transactions and balances have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. Reclassifications have been made to the prior year’s condensed consolidated financial statements to conform to the current year’s presentation. | |
We operate senior living communities, including independent living communities, assisted living communities and skilled nursing facilities, or SNFs. As of June 30, 2013, we operated 250 senior living communities (excluding those senior living communities we have classified as discontinued operations) located in 31 states containing 29,698 living units, including 219 primarily independent and assisted living communities with 26,876 living units and 31 SNFs with 2,822 living units. As of June 30, 2013, we owned and operated 30 communities (2,946 living units), we leased and operated 181 communities (20,074 living units) and we managed 39 communities (6,678 living units). These 250 senior living communities included 10,319 independent living apartments, 14,190 assisted living suites and 5,189 skilled nursing units. We have classified as discontinued operations one assisted living community owned and operated by us containing 32 living units as well as seven SNFs and four assisted living communities we lease from Senior Housing Properties Trust or its subsidiaries, or SNH, and operate containing 824 living units. | |
As of June 30, 2013, we also leased and operated two rehabilitation hospitals with 321 beds that provide inpatient rehabilitation services to patients at the two hospitals and at three satellite locations. In addition, as of that date, we leased and operated 13 outpatient clinics affiliated with these rehabilitation hospitals. In the third quarter of 2013, in connection with entering into a purchase agreement with SNH and certain unrelated parties, we reclassified our rehabilitation hospital business as discontinued operations and our rehabilitation hospital business is retrospectively presented as discontinued operations throughout this Amendment No. 1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, or this Amended Quarterly Report. | |
Restatement of Previously Issued Financial Statements | |
As discussed further in Note 12, we are restating our condensed consolidated financial statements for the three and six months ended June 30, 2013 and 2012 contained within our Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, or our Quarterly Report, to correct certain errors in the accounting for income taxes. In addition, as part of the restatement we have corrected certain other errors related to insurance receivables, security deposits, accrual of fixed asset additions, classification of senior living operating expenses and certain other immaterial items. We corrected the presentation and disclosure of our consolidated statements of cash flows to separately identify the net cash flows from discontinued operations, by category and in total. We have also corrected the footnote presentation of certain of our available for sale debt securities from Level 1 assets to Level 2 assets as defined in the fair value hierarchy and corrected the disclosure of the fair value of our mortgage notes payable. | |
Recently Issued Accounting Pronouncements | |
In April 2014, the FASB issued Accounting Standards Update 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, or ASU 2014-08. ASU 2014-08 changes the criteria for reporting a discontinued operation. Under the new pronouncement, a disposal of a part of an organization that has a major effect on its operations and financial results is a discontinued operation. We are required to adopt ASU 2014-08 prospectively for all disposals or components of our business classified as held for sale during fiscal periods beginning after December 15, 2014 and are currently evaluating what impact, if any, its adoption will have to the presentation of our condensed consolidated financial statements. | |
Segment Information | |
We have three operating segments: senior living communities, rehabilitation and wellness and rehabilitation hospitals. In the senior living community segment, we operate for our own account or manage for the account of SNH independent living communities, assisted living communities and SNFs that are subject to centralized oversight and provide housing and services to elderly residents. Our rehabilitation and wellness operating segment does not meet any of the quantitative thresholds of a reportable segment as prescribed under Financial Accounting Standards Board, or FASB, Accounting Standards CodificationTM, or ASC, Topic 280, and as discussed further in Note 10, our rehabilitation hospital operating segment has been reclassified as discontinued operations. After the reclassification of our rehabilitation hospital business as discontinued operations, our business is comprised of one reportable segment, senior living. | |
Property_and_Equipment
Property and Equipment | 6 Months Ended | |||||||
Jun. 30, 2013 | ||||||||
Property and Equipment | ' | |||||||
Property and Equipment | ' | |||||||
Note 2. Property and Equipment | ||||||||
Property and equipment, at cost, consists of the following: | ||||||||
June 30, | December 31, | |||||||
2013 | 2012 | |||||||
(Restated) | (Restated) | |||||||
Land | $ | 21,714 | $ | 21,714 | ||||
Buildings and improvements | 274,215 | 277,330 | ||||||
Furniture, fixtures and equipment | 108,573 | 103,707 | ||||||
404,502 | 402,751 | |||||||
Accumulated depreciation | (73,817 | ) | (65,257 | ) | ||||
$ | 330,685 | $ | 337,494 | |||||
We recorded depreciation expense of $6,298 and $5,193 for the three months ended June 30, 2013 and 2012, respectively, and $12,382 and $10,995 for the six months ended June 30, 2013 and 2012, respectively, relating to our property and equipment. | ||||||||
As of June 30, 2013, we had $5,199 of assets included in our property and equipment that we currently expect to request that SNH purchase from us for an increase in future rent pursuant to the terms of our leases with SNH; however, we are not obligated to make these sales and SNH is not obligated to purchase these assets. | ||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 6 Months Ended | ||||||||||
Jun. 30, 2013 | |||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||
Note 3. Accumulated Other Comprehensive Income | |||||||||||
The following table details the changes in accumulated other comprehensive income for the six months ended June 30, 2013: | |||||||||||
Equity Investment | Investments in | Accumulated Other | |||||||||
in Affiliates | Available for | Comprehensive | |||||||||
Insurance | Sale Securities | Income | |||||||||
Company | (Restated) | (Restated) | |||||||||
Balance at January 1, 2013 | $ | 99 | $ | 3,264 | $ | 3,363 | |||||
Unrealized (loss) gain on investments, net of tax | (8 | ) | 60 | 52 | |||||||
Reclassification adjustment: | |||||||||||
Realized gain on investments, net of tax | — | (52 | ) | (52 | ) | ||||||
Balance at March 31, 2013 | 91 | 3,272 | 3,363 | ||||||||
Unrealized (loss) gain on investments, net of tax | (73 | ) | (233 | ) | (306 | ) | |||||
Reclassification adjustment: | |||||||||||
Realized loss on investments, net of tax | — | 70 | 70 | ||||||||
Balance at June 30, 2013 | $ | 18 | $ | 3,109 | $ | 3,127 | |||||
Accumulated other comprehensive income represents the net unrealized appreciation of investments and our share of other comprehensive income of Affiliates Insurance Company, or AIC. | |||||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2013 | |
Income Taxes | ' |
Income Taxes | ' |
Note 4. Income Taxes | |
For the six months ended June 30, 2013, we recognized tax expense from continuing operations of $356, which includes a tax benefit of $1,468 relating to a work opportunity tax credit program that expired in 2012 and which was retroactively reinstated on January 3, 2013 and extended by the American Taxpayer Relief Act of 2012, which was enacted on January 2, 2013. As prescribed by FASB ASC Topic 740, Accounting for Income Taxes, the effects of tax law changes are recognized in the period in which new legislation is enacted; and the total effect of the reinstatement of the work opportunity tax credit program relating to 2012 employee wages is recorded as a component of income tax expense in continuing operations during the first quarter of 2013. For the six months ended June 30, 2013, we recognized a tax benefit from discontinued operations of $1,602. As of December 31, 2012, our federal net operating loss carry forward, which begins to expire in 2026 if unused, was approximately $70,765, and our tax credit carry forward, which begins to expire in 2022 if unused, was approximately $11,729. Our net operating loss carry forwards and tax credit carry forwards are subject to audit and adjustments by the Internal Revenue Service. | |
We maintain a partial valuation allowance against certain deferred tax assets related to impaired investments. When we believe that we will more likely than not realize the benefit of these deferred tax assets, we will record deferred tax assets as an income tax benefit in our condensed consolidated statements of income, which will affect our results of operations. | |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||||
Jun. 30, 2013 | ||||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||
Note 5. Earnings Per Share | ||||||||||||||||||
We computed basic earnings per common share, or EPS, for the three and six months ended June 30, 2013 and 2012 using the weighted average number of shares outstanding during the periods. Diluted EPS reflects the more dilutive earnings per common share amount calculated using the two-class method or the treasury stock method. The treasury stock method reflects dilutive potential common shares related to the Notes that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income applicable to common shareholders that would result from their assumed issuance. For the six months ended June 30, 2013, the effect of our convertible senior notes due in 2026, or the Notes, was not included in the computation of diluted EPS because to do so would have been antidilutive. Diluted EPS for the three months ended June 30, 2013 and for the three and six months ended June 30, 2012 reflects additional shares of our common stock, $.01 par value per share, or our common shares, related to the Notes that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income applicable to common shareholders that would result from their assumed issuance. The weighted average shares outstanding used to calculate basic and diluted EPS include 540 and 556 unvested common shares as of June 30, 2013 and 2012, respectively, issued to our officers and others under our equity compensation plan, or the Share Award Plan. Unvested shares issued under the Share Award Plan are deemed participating securities because they participate equally in earnings with all of our other common shares. | ||||||||||||||||||
The following table provides a reconciliation of income from continuing operations to diluted loss from discontinued operations and a reconciliation of the number of common shares used in the computations of EPS from continuing operations to diluted EPS from continuing operations and diluted loss per share from discontinued operations: | ||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(Restated) | (Restated) | |||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||
(loss) | (loss) | |||||||||||||||||
Income from continuing operations | $ | 2,297 | 48,253 | $ | 0.05 | $ | 5,576 | 47,914 | $ | 0.12 | ||||||||
Effect of the Notes | 159 | 1,913 | 157 | 2,039 | ||||||||||||||
Diluted income from continuing operations | $ | 2,297 | 50,166 | $ | 0.05 | $ | 5,737 | 49,953 | $ | 0.11 | ||||||||
Diluted loss from discontinued operations | $ | (1,499 | ) | 50,166 | $ | (0.03 | ) | $ | (666 | ) | 49,953 | $ | (0.01 | ) | ||||
Six Months Ended June 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(Restated) | (Restated) | |||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||
(loss) | (loss) | |||||||||||||||||
Income from continuing operations | $ | 5,238 | 48,244 | $ | 0.11 | $ | 6,743 | 47,906 | $ | 0.14 | ||||||||
Effect of the Notes | 331 | — | 379 | 2,454 | ||||||||||||||
Diluted income from continuing operations | $ | 5,238 | 50,157 | $ | 0.11 | $ | 6,743 | 50,360 | $ | 0.14 | ||||||||
Diluted loss from discontinued operations | $ | (2,300 | ) | 50,157 | $ | (0.05 | ) | $ | (1,361 | ) | 50,360 | $ | (0.03 | ) | ||||
Fair_Values_of_Assets_and_Liab
Fair Values of Assets and Liabilities | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2013 | ||||||||||||||||||||||||||
Fair Values of Assets and Liabilities | ' | |||||||||||||||||||||||||
Fair Values of Assets and Liabilities | ' | |||||||||||||||||||||||||
Note 6. Fair Values of Assets and Liabilities | ||||||||||||||||||||||||||
Our assets recorded at fair value have been categorized based upon a fair value hierarchy in accordance with ASC Topic 820. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels. | ||||||||||||||||||||||||||
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. | ||||||||||||||||||||||||||
Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and quoted prices in inactive markets. | ||||||||||||||||||||||||||
Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. | ||||||||||||||||||||||||||
The table below presents the assets measured at fair value at June 30, 2013 and December 31, 2012 categorized by the level of inputs used in the valuation of each asset. | ||||||||||||||||||||||||||
As of June 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||
Description | Total | Quoted Prices | Significant | Significant | Total | Quoted | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | Prices in | Other | Unobservable | |||||||||||||||||||||
Markets for | Observable | Inputs | Active | Observable | Inputs | |||||||||||||||||||||
Identical | Inputs | (Level 3) | Markets for | Inputs | (Level 3) | |||||||||||||||||||||
Assets | (Level 2) | Identical | (Level 2) | |||||||||||||||||||||||
(Level 1) | (Restated) | Assets | (Restated) | |||||||||||||||||||||||
(Restated) | (Level 1) | |||||||||||||||||||||||||
(Restated) | ||||||||||||||||||||||||||
Cash equivalents (1) | $ | 19,603 | $ | 19,603 | $ | — | $ | — | $ | 22,149 | $ | 22,149 | $ | — | $ | — | ||||||||||
Available for sale securities: (2) | ||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
Financial services industry | 3,860 | 3,860 | — | — | 6,025 | 6,025 | — | — | ||||||||||||||||||
Non-equity investment instrument | 536 | 536 | — | — | — | — | — | — | ||||||||||||||||||
REIT industry | 576 | 576 | — | — | 484 | 484 | — | — | ||||||||||||||||||
Utilities industry | 484 | 484 | — | — | — | — | — | — | ||||||||||||||||||
Other | 1,637 | 1,637 | — | — | 775 | 775 | — | — | ||||||||||||||||||
Total equity securities | 7,093 | 7,093 | — | — | 7,284 | 7,284 | — | — | ||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||
International bond fund (3) | 2,308 | — | 2,308 | — | 2,345 | — | 2,345 | — | ||||||||||||||||||
High yield fund (4) | 2,191 | — | 2,191 | — | 2,168 | — | 2,168 | — | ||||||||||||||||||
Industrial bonds | 3,893 | — | 3,893 | — | 5,186 | — | 5,186 | — | ||||||||||||||||||
Government bonds | 4,871 | 4,582 | 289 | — | 4,666 | 4,666 | — | — | ||||||||||||||||||
Financial bonds | 964 | — | 964 | — | 982 | — | 982 | — | ||||||||||||||||||
Other | 2,011 | — | 2,011 | — | 869 | — | 869 | — | ||||||||||||||||||
Total debt securities | 16,238 | 4,582 | 11,656 | — | 16,216 | 4,666 | 11,550 | — | ||||||||||||||||||
Total available for sale securities | 23,331 | 11,675 | 11,656 | — | 23,500 | 11,950 | 11,550 | — | ||||||||||||||||||
Total | $ | 42,934 | $ | 31,278 | $ | 11,656 | $ | — | $ | 45,649 | $ | 34,099 | $ | 11,550 | $ | — | ||||||||||
(1) Cash equivalents, consisting of money market funds held principally for obligations arising from our self-insurance programs. | ||||||||||||||||||||||||||
(2) Investments in available for sale securities are reported on our balance sheet as current and long term investments in available for sale securities and are reported at fair value of $16,352 and $6,979, respectively, at June 30, 2013 and $12,920 and $10,580, respectively, at December 31, 2012. We estimate the fair value of our available for sale securities by reviewing each security’s current market price, the ratings of the security, the financial condition of the issuer and our intent and ability to retain the investment during temporary market price fluctuations or until maturity. In evaluating the factors described above, we presume a decline in value to be an “other than temporary impairment” if the quoted market price of the security is below the security’s cost basis for an extended period. However, this presumption may be overcome if there is persuasive evidence indicating the value decline is temporary in nature, such as when the operating performance of the obligor is strong or if the market price of the security is historically volatile. Additionally, there may be instances in which impairment losses are recognized even if the decline in value does not fall within the criteria described above, such as if we plan to sell the security in the near term and the fair value is below our cost basis. When we believe that a change in fair value of an available for sale security is temporary, we record a corresponding credit or charge to other comprehensive income for any unrealized gains and losses. When we determine that an impairment in the fair value of an available for sale security is an “other than temporary impairment”, we record a charge to earnings. | ||||||||||||||||||||||||||
(3) The investment strategy of this fund is to invest principally in fixed income securities. The fund invests in such securities or investment vehicles as it considers appropriate to achieve the fund’s investment objective, which is to provide an above average rate of total return while attempting to limit investment risk by investing in a diversified portfolio of U.S. dollar investment grade fixed income securities. There are no unfunded commitments and the investment can be redeemed weekly. | ||||||||||||||||||||||||||
(4) The investment strategy of this fund is to invest principally in fixed income securities. The fund invests in such securities or investment vehicles as it considers appropriate to achieve the fund’s investment objective, which is to provide an above average rate of total return while attempting to limit investment risk by investing in a diversified portfolio of primarily fixed income securities issued by companies with below investment grade ratings. There are no unfunded commitments and the investment can be redeemed weekly. | ||||||||||||||||||||||||||
Our investments in available for sale securities had amortized costs of $21,812 and $21,720 as of June 30, 2013 and December 31, 2012, respectively, had unrealized gains of $1,850 and $2,050 as of June 30, 2013 and December 31, 2012, respectively, and had unrealized losses of $331 and $270 as of June 30, 2013 and December 31, 2012, respectively. At June 30, 2013, 47 of the securities we hold, with a fair value of $7,448, have been in a loss position for less than 12 months. At June 30, 2013, three of the debt securities we hold, with a fair value of $2,181, have been in a loss position for 12 months or longer. The amount of the unrealized losses for these investments was approximately $68. We do not believe these securities are impaired primarily because the financial conditions of the issuers of these securities remain strong with solid fundamentals, we intend to hold these securities until recovery and other factors that support our conclusion that the loss is temporary. During the six months ended June 30, 2013 and 2012, we received gross proceeds of $5,213 and $772, respectively, in connection with the sales of available for sale securities and recorded gross realized gains totaling $264 and $2, respectively, and gross realized losses totaling $294 and $3, respectively. We record gains and losses on the sales of our available for sale securities using the specific identification method. | ||||||||||||||||||||||||||
During the six months ended June 30, 2013, we did not change the type of inputs used to determine the fair value of any of our assets and liabilities that we measure at fair value; however as described in Note 12, we did correct the classification of $11,656 and $11,550 as of June 30, 2013 and December 31, 2012, respectively, of our available for sale debt securities from Level 1 assets to Level 2 assets and corrected the disclosure of the fair value of our mortgage notes payable which increased $9,469 and $9,947 as of June 30, 2013 and December 31, 2012, respectively. There were no transfers of assets or liabilities between levels of the fair value hierarchy during the six months ended June 30, 2013. | ||||||||||||||||||||||||||
The carrying values of accounts receivable and accounts payable approximate fair value as of June 30, 2013 and December 31, 2012. The carrying value and fair value of the Notes were $24,872 and $24,879, respectively, as of June 30, 2013 and $24,872 and $24,623, respectively, as of December 31, 2012 and are categorized in Level 2 of the fair value hierarchy in their entirety. We estimate the fair value of the Notes using an average of the bid and ask prices of our then outstanding Notes on or about June 30, 2013. The carrying value and fair value of our mortgage notes payable were $38,175 and $42,158, respectively, as of June 30, 2013 and $46,260 and $53,115, respectively, as of December 31, 2012 and are categorized in Level 3 of the fair value hierarchy in their entirety. We estimate the fair values of our mortgage notes payable by using discounted cash flow analyses and currently prevailing market terms as of the measurement date. Because these Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value. We measured the fair value of our equity investment in AIC, which is an Indiana insurance company that we currently own in equal proportion as each of the other seven shareholders of that company (see Note 9), and categorized that investment in Level 2 of the fair value hierarchy in its entirety, by considering, among other things, the individual assets and liabilities held by AIC, AIC’s overall financial condition and earning trends, and the financial condition and prospects for the insurance industry generally. | ||||||||||||||||||||||||||
Indebtedness
Indebtedness | 6 Months Ended |
Jun. 30, 2013 | |
Indebtedness | ' |
Indebtedness | ' |
Note 7. Indebtedness | |
We have a $35,000 revolving secured line of credit, or our Credit Agreement, that is available for general business purposes, including acquisitions. The maturity date of our Credit Agreement is March 18, 2016. Borrowings under our Credit Agreement typically bear interest at LIBOR plus a premium of 250 basis points, or 2.69% as of June 30, 2013. We may draw, repay and redraw funds under our Credit Agreement until maturity, and no principal repayment is due until maturity. We made no borrowings under our Credit Agreement during the three and six months ended June 30, 2013 and 2012. As of June 30, 2013 and July 30, 2013, we had $0 outstanding under our Credit Agreement. We incurred facility costs related to our Credit Agreement of $90 and $287 for the three months ended June 30, 2013 and 2012, respectively, and $242 and $463 for the six months ended June 30, 2013 and 2012, respectively. | |
We are the borrower under our Credit Agreement and certain of our subsidiaries guarantee our obligations under our Credit Agreement, which is secured by our and our guarantor subsidiaries’ accounts receivable and related collateral. Our Credit Agreement provides for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, including a change of control of us and the termination of our business management and shared services agreement, or our business management agreement, with Reit Management & Research LLC, or RMR. | |
We also have a $150,000 secured revolving credit facility, or our Credit Facility, that is available for general business purposes, including acquisitions. The maturity date of our Credit Facility is April 13, 2015, and, subject to the payment of extension fees and meeting certain other conditions, includes options for us to extend the stated maturity date of our Credit Facility for two one-year periods. Borrowings under our Credit Facility typically bear interest at LIBOR plus a premium of 250 basis points, or 2.69% as of June 30, 2013. We may draw, repay and redraw funds under our Credit Facility until maturity, and no principal repayment is due until maturity. The weighted average interest rate for borrowings under our Credit Facility was 4.75% for the six months ended June 30, 2013. We made no borrowings under our Credit Facility during the three and six months ended June 30, 2012. As of June 30, 2013 and July 30, 2013, we had $0 and $10,000, respectively, outstanding under our Credit Facility. We incurred interest expense and other associated costs related to our Credit Facility of $433 and $416 for the three months ended June 30, 2013 and 2012, respectively, and $900 and $416 for the six months ended June 30, 2013 and 2012, respectively. | |
We are the borrower under our Credit Facility, and certain of our subsidiaries guarantee our obligations under our Credit Facility, which is secured by real estate mortgages on 15 senior living communities with 1,549 living units owned by our guarantor subsidiaries and our guarantor subsidiaries’ accounts receivable and related collateral. Our Credit Facility provides for acceleration of payment of all amounts payable upon the occurrence and continuation of certain events of default, including a change of control of us. | |
Our Credit Agreement and our Credit Facility contain a number of financial and other covenants, including covenants that restrict our ability to incur indebtedness or to pay dividends or make other distributions under certain circumstances and require us to maintain financial ratios and a minimum net worth. | |
In October 2006, we issued $126,500 principal amount of the Notes. Our net proceeds from this issuance were approximately $122,600. The Notes bore interest at a rate of 3.75% per annum and were convertible into our common shares at any time. The conversion rate, which was subject to adjustment, was 76.9231 common shares per $1 principal amount of the Notes, which represented a conversion price of $13.00 per share. The Notes were guaranteed by certain of our wholly owned subsidiaries. The Notes were scheduled to mature on October 15, 2026. We could prepay the Notes at any time and the holders had rights to require us to purchase all or a portion of these Notes on each of October 15, 2013, 2016 and 2021 at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus any accrued and unpaid interest. As of June 30, 2013 and December 31, 2012, we had $24,872 principal amount of the Notes outstanding, which are classified as current liabilities in our condensed consolidated balance sheets. We incurred interest expense and other associated costs related to the Notes of $245 and $264 for the three months ended June 30, 2013 and 2012, respectively, and $490 and $631 for the six months ended June 30, 2013 and 2012. We issued these Notes pursuant to an indenture which contained various customary covenants. As of June 30, 2013, we believe we were in compliance with all applicable covenants of this indenture. On July 8, 2013, we redeemed all of the $24,872 principal amount of the Notes outstanding at a redemption price equal to the principal amount thereof, plus accrued and unpaid interest. We will record a loss on early extinguishment of debt, net of unamortized issuance costs, of $599 in the third quarter of 2013. | |
At June 30, 2013, four of our senior living communities were encumbered by mortgage notes with an aggregate outstanding principal balance of $38,175: (1) one of our communities was encumbered by a Federal National Mortgage Association, or FNMA, mortgage note and; (2) three of our communities were encumbered by Federal Home Loan Mortgage Corporation, or FMCC, mortgage notes. These mortgages contain FNMA and FMCC, respectively, standard mortgage covenants. We recorded a mortgage premium in connection with our assumption of the FNMA and FMCC mortgage notes as part of our acquisitions of the encumbered communities in order to record the assumed mortgage notes at their estimated fair value. We are amortizing the mortgage premiums as a reduction of interest expense until the maturity of the respective mortgage notes. The weighted average interest rate on these four notes was 6.91% as of June 30, 2013. Payments of principal and interest are due monthly until maturities at varying dates ranging from June 2023 to September 2032. We incurred mortgage interest expense, net of premium amortization, of $1,145 and $708 for the three months ended June 30, 2013 and 2012, respectively, and $1,844 and $1,425 for the six months ended June 30, 2013 and 2012, respectively, including some interest expense recorded in discontinued operations. Our mortgages require monthly payments into escrows for taxes, insurance and property replacement funds; withdrawals from these escrows require applicable FNMA and FMCC approval. As of June 30, 2013, we believe we were in compliance with all applicable covenants under these mortgages. | |
In May 2011, we entered into a bridge loan, or the Bridge Loan, agreement with SNH under which SNH agreed to lend us up to $80,000 to fund a part of the purchase price for our acquisitions of certain assets of six senior living communities located in Indiana, or the Indiana Communities. During 2011, we completed our acquisitions of the assets of the Indiana Communities and, in connection with the acquisitions, borrowed $80,000 under the Bridge Loan. During 2011, we repaid $42,000 of this advance with proceeds from a public offering of our common shares, or the Public Offering, and cash generated by operations. In April 2012, we repaid in full the principal amount then outstanding under the Bridge Loan, resulting in termination of the Bridge Loan. We funded the April 2012 repayment of the Bridge Loan with borrowings under our Credit Facility and cash on hand. We incurred interest expense and other associated costs related to the Bridge Loan of $39 and $314 for the three and six months ended June 30, 2012. | |
Off_Balance_Sheet_Arrangements
Off Balance Sheet Arrangements | 6 Months Ended |
Jun. 30, 2013 | |
Off Balance Sheet Arrangements | ' |
Off Balance Sheet Arrangements | ' |
Note 8. Off Balance Sheet Arrangements | |
We have pledged our accounts receivable and certain other assets, with a carrying value, as of June 30, 2013, of $12,719 arising from our operation of 26 properties owned by SNH and leased to us to secure SNH’s borrowings from its lender, FNMA. As of June 30, 2013, we had no other off balance sheet arrangements that have had or that we expect would be reasonably likely to have a future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. | |
Related_Person_Transactions
Related Person Transactions | 6 Months Ended |
Jun. 30, 2013 | |
Related Person Transactions | ' |
Related Person Transactions | ' |
Note 9. Related Person Transactions | |
We were formerly a 100% owned subsidiary of SNH, SNH is our largest landlord and our largest stockholder and we manage senior living communities for SNH. In 2001, SNH distributed substantially all of our then outstanding common shares to its shareholders. As of June 30, 2013, SNH owned 4,235 of our common shares, or approximately 8.8% of our outstanding common shares. One of our Managing Directors, Mr. Barry Portnoy, is a managing trustee of SNH. Mr. Barry Portnoy’s son, Mr. Adam Portnoy, also serves as a managing trustee of SNH. | |
As of June 30, 2013, we leased 188 senior living communities (including 11 senior living communities that we have classified as discontinued operations) and two rehabilitation hospitals (which we have classified as discontinued operations) from SNH. Under our leases with SNH, we pay SNH minimum rent plus percentage rent based on increases in gross revenues at certain properties. Our total minimum annual rent payable to SNH as of June 30, 2013 was $198,984, excluding percentage rent. Our total rent expense under all of our leases with SNH, net of lease inducement amortization, was $50,866 and $49,920 for the three months ended June 30, 2013 and 2012, respectively, and $101,466 and $99,723 for the six months ended June 30, 2013 and 2012, respectively. As of June 30, 2013 and 2012, we had outstanding rent due and payable to SNH of $17,883 and $17,522, respectively. During the six months ended June 30, 2013, pursuant to the terms of our leases with SNH, we sold $15,901 of improvements made to properties leased from SNH, and, as a result, our annual rent payable to SNH increased by approximately $1,272. As of June 30, 2013, our property and equipment and assets in our discontinued operations included $5,679 for similar improvements we have made to properties we lease from SNH that we currently expect to request that SNH purchase from us for an increase in future rent; however, we are not obligated to make these sales and SNH is not obligated to purchase those assets. | |
As of June 30, 2013, we managed 39 senior living communities for the account of SNH. We manage these SNH communities pursuant to long term management agreements on substantially similar terms. In connection with the management agreements, we and SNH have entered into three pooling agreements, two pooling agreements which pool our management agreements with SNH for communities that include assisted living units, or the AL Pooling Agreements, and a third pooling agreement, which pools our management agreements with SNH for communities that include only independent living units, or the IL Pooling Agreement. One of our AL Pooling Agreements includes 20 identified communities. The second AL Pooling Agreement includes the management agreements for the remaining communities that include assisted living units that we currently manage for SNH (other than with respect to the senior living community in New York described below). Each of the AL Pooling Agreements and the IL Pooling Agreement aggregates the determinations of fees and expenses of the various communities that are subject to the applicable pooling agreement, including determinations of our incentive fees. | |
We earned management fees from SNH of $2,281 and $4,576 for the three and six months ended June 30, 2013, respectively, and $1,080 and $2,148 for the three and six months ended June 30, 2012, respectively, with respect to the communities we manage. We expect that we may enter additional management arrangements with SNH for senior living communities that SNH may acquire in the future on terms similar to those management arrangements we currently have with SNH. For example, on April 16, 2013, SNH entered an agreement to acquire a senior living community located in Georgia with 93 assisted living units; on July 15, 2013, SNH entered an agreement to acquire a senior living community located in Tennessee with 60 assisted living units; and on July 29, 2013, SNH entered an agreement to acquire two senior living communities located in Georgia with a total of 153 assisted living units. If these acquisitions are completed, we expect to manage these senior living communities pursuant to separate long term management agreements with SNH on terms similar to those management arrangements that we currently have with SNH for senior living communities that include assisted living units and that these management agreements would be added to the second AL Pooling Agreement. Each of these acquisitions is subject to due diligence and other conditions and there can be no assurance that any of these acquisitions will be completed or that we will manage any of these communities. | |
We manage a portion of a senior living community in New York that is not subject to the requirements of New York healthcare licensing laws, consisting of 198 living units, pursuant to a long term management agreement with SNH. The terms of this management agreement are substantially consistent with the terms of our other management agreements with SNH for communities that include assisted living units, except that the management fee payable to us is equal to 5% of the gross revenues realized at that portion of the community, and there is no incentive fee payable to us under this management agreement. In order to accommodate certain requirements of New York healthcare licensing laws, SNH subleases a portion of this senior living community that is subject to those requirements, consisting of 111 living units, to an entity, D&R Yonkers LLC, which is owned by SNH’s President and Chief Operating Officer and its Treasurer and Chief Financial Officer. We manage this portion of the community pursuant to a long term management agreement with D&R Yonkers LLC. Pursuant to that management agreement, D&R Yonkers LLC pays us a management fee equal to 3% of the gross revenues realized at that portion of the community and we are not entitled to any incentive fee under that agreement. | |
We and SNH have agreed that SNH will offer for sale 10 senior living communities we lease from SNH, which we have classified as discontinued operations. Our rent payable to SNH will be reduced if and as these sales may occur pursuant to our leases with SNH. We can provide no assurance these communities will be sold or what the terms of any sale may provide. As of June 30, 2013, we and SNH had entered an agreement to sell one of these communities, a SNF with 112 living units, for a sales price of $2,550. This sale is subject to conditions and may not occur, may be delayed or the terms may change. If and when this SNF is sold, our annual minimum rent payable to SNH will decrease by 10% of the net proceeds of the sale to SNH, in accordance with the terms of our applicable lease with SNH. | |
As discussed above in Note 7, in May 2011, we and SNH entered into the Bridge Loan, under which SNH lent to us $80,000. In April 2012, we repaid in full the then outstanding principal amount under the Bridge Loan, resulting in the termination of the Bridge Loan. We incurred interest expense and other associated costs on the Bridge Loan of $39 and $314 for the three and six months ended June 30, 2012, respectively. | |
RMR provides business management and shared services to us pursuant to our business management agreement. RMR also provides management services to SNH. One of our Managing Directors, Mr. Barry Portnoy, is Chairman, majority owner and an employee of RMR. Mr. Barry Portnoy’s son, Mr. Adam Portnoy, is an owner of RMR and serves as President, Chief Executive Officer and a director of RMR. Our other Managing Director, Mr. Gerard Martin, is a director of RMR. Mr. Bruce Mackey, our President and Chief Executive Officer, is an Executive Vice President of RMR and Mr. Paul Hoagland, our Treasurer and Chief Financial Officer, is a Senior Vice President of RMR. SNH’s executive officers are officers of RMR and SNH’s President and Chief Operating Officer is a director of RMR. Our Independent Directors also serve as independent directors or independent trustees of other public companies to which RMR provide management services. Mr. Barry Portnoy serves as a managing director or managing trustee of those companies, including SNH, and Mr. Adam Portnoy serves as a managing trustee of a majority of those companies, including SNH. In addition, officers of RMR serve as officers of those companies. | |
Pursuant to our business management agreement with RMR, we recognized aggregate business management, administrative and information system service fees of $3,829 and $3,285 for the three months ended June 30, 2013 and 2012, respectively, and $7,161 and $6,578 for the six months ended June 30, 2013 and 2012, respectively. These amounts are included in general and administrative expenses in our condensed consolidated statements of income. We also lease our headquarters from an affiliate of RMR for annual rent as of July 2013 of approximately $767, which amount is subject to fixed increases. Our rent expense for our headquarters, which included our utilities and real estate taxes that we are required to pay as additional rent, under this lease, was $347 and $355 for the three months ended June 30, 2013 and 2012, respectively, and $694 and $709 for the six months ended June 30, 2013 and 2012, respectively. | |
We, RMR, SNH and five other companies to which RMR provides management services each currently own 12.5% of AIC, an Indiana insurance company. All of our Directors, all of the trustees and directors of the other publicly held AIC shareholders and nearly all of the directors of RMR currently serve on the board of directors of AIC. RMR provides management and administrative services to AIC pursuant to a management and administrative services agreement with AIC. | |
As of June 30, 2013, we have invested $5,209 in AIC since its formation in November 2008. Although we own less than 20% of AIC, we use the equity method to account for this investment because we believe that we have significant influence over AIC because all of our Directors are also directors of AIC. Our investment in AIC had a carrying value of $5,703 and $5,629 as of June 30, 2013 and December 31, 2012, respectively. We recognized income of $79 and $76 for the three months ended June 30, 2013 and 2012, respectively, and $155 and $121 for the six months ended June 30, 2013 and 2012, respectively, related to our investment in AIC. We and the other shareholders of AIC have purchased property insurance providing $500,000 of coverage pursuant to an insurance program arranged by AIC and with respect to which AIC is a reinsurer of certain coverage amounts. This program was modified and extended in June 2013 for a one year term, and we expect to pay a premium, including taxes and fees, of $5,428 in connection with that renewal, which amount may be adjusted from time to time as we acquire or dispose of properties that are included in this program. We periodically consider the possibilities for expanding our insurance relationships with AIC to include other types of insurance and may in the future participate in additional insurance offerings AIC may provide or arrange. We may invest additional amounts in AIC in the future if the expansion of this insurance business requires additional capital, but we are not obligated to do so. By participating in this insurance business with RMR and the other companies to which RMR provides management services, we expect that we may benefit financially by possibly reducing our insurance expenses or by realizing our pro rata share of any profits of this insurance business. | |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | |||||||||||||
Jun. 30, 2013 | ||||||||||||||
Discontinued Operations | ' | |||||||||||||
Discontinued Operations | ' | |||||||||||||
Note 10. Discontinued Operations | ||||||||||||||
In 2011, we decided to offer for sale two SNFs we owned located in Michigan with a total of 271 living units. On April 30, 2013, we completed the sale of these two SNFs for an aggregate sales price of $8,000, which included as part of the sales price the prepayment by the buyer of the then outstanding $7,510 of United States Department of Housing and Urban Development mortgage debt that encumbered these SNFs. | ||||||||||||||
In August 2011, we agreed with SNH that SNH should sell one assisted living community we lease from SNH located in Pennsylvania with 103 living units. We and SNH are in the process of offering this assisted living community for sale and, if sold, our annual minimum rent payable to SNH will decrease by 9.0% of the net proceeds of the sale to SNH, in accordance with the terms of our applicable lease with SNH. | ||||||||||||||
In September 2012, we completed the sale of our pharmacy business to Omnicare. We received $34,298 in sale proceeds from Omnicare, including $3,789 in working capital and excluding transaction costs and taxes. We recorded a pre-tax capital gain on the sale of the pharmacy business of $23,347. In connection with the sale, Omnicare did not acquire the real estate we owned associated with one pharmacy located in South Carolina. We intend to sell this real estate and we recorded a $350 asset impairment charge during the third quarter of 2012 to reduce the carrying value of this property to its estimated fair value less costs to sell. The fair value of assets held for sale is determined based upon the use of appraisals, input from market participants, and our experience selling similar assets. | ||||||||||||||
In June 2013, we agreed with SNH that SNH will offer for sale 10 senior living communities we lease from SNH with 721 living units. Seven of these 10 communities with 578 living units are SNFs and three of these 10 communities with 143 living units are assisted living communities. As of June 30, 2013, we and SNH had entered an agreement to sell one of the 10 communities, a SNF with 112 living units, for a sales price of $2,550. This sale is subject to conditions and may not occur, may be delayed or the terms may change. If and when this SNF is sold, our annual minimum rent payable to SNH will decrease by 10% of the net proceeds of the sale to SNH, in accordance with the terms of our applicable lease with SNH. We are in the process of offering the other nine communities for sale, and if sold, our annual minimum rent payable to SNH will decrease between 8.75% and 10% of the net proceeds of the sales to SNH, in accordance with the terms of our applicable leases with SNH. We recorded a $1,231 asset impairment charge during the second quarter of 2013 to reduce the assets we own relating to these 10 communities to their estimated fair market values. | ||||||||||||||
Also in June 2013, we decided to offer for sale one assisted living community we own with 32 living units. We are in the process of offering this community for sale but we can provide no assurance that a sale of this community will occur. | ||||||||||||||
In August 2013, we and SNH entered into a purchase agreement with certain unrelated parties, pursuant to which SNH agreed to sell the real estate associated with two rehabilitation hospitals and certain related assets, and in connection with such sale, we agreed to transfer the operations of those hospitals and several leased in-patient and out-patient clinics that are affiliated with those hospitals to those third parties. We and SNH completed the sale and transfer of our rehabilitation hospital business on December 31, 2013. Our rehabilitation hospital business, which we classified as discontinued operations during the third quarter of 2013, is retrospectively accounted for as discontinued operations throughout this Amended Quarterly Report. | ||||||||||||||
We have reclassified the condensed consolidated balance sheets, the condensed consolidated statements of income and the consolidated statement of cash flows for all periods presented to show the financial position, results of operations and cash flows of our pharmacies, our rehabilitation hospital business and the communities that have been sold or are expected to be sold as discontinued. Below is a summary of the operating results of these discontinued operations included in the condensed consolidated financial statements for the three and six months ended June 30, 2013 and 2012: | ||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(Restated) | (Restated) | (Restated) | (Restated) | |||||||||||
Revenues | $ | 38,055 | $ | 57,976 | $ | 80,134 | $ | 118,127 | ||||||
Expenses | (39,264 | ) | (59,112 | ) | (82,805 | ) | (120,538 | ) | ||||||
Impairment of long-lived assets | (1,231 | ) | — | (1,231 | ) | — | ||||||||
Benefit for income taxes | 941 | 470 | 1,602 | 1,050 | ||||||||||
Net loss | $ | (1,499 | ) | $ | (666 | ) | $ | (2,300 | ) | $ | (1,361 | ) | ||
Litigation_Settlement
Litigation Settlement | 6 Months Ended |
Jun. 30, 2013 | |
Litigation Settlement | ' |
Litigation Settlement | ' |
Note 11. Litigation Settlement | |
On May 29, 2012, we entered into a settlement agreement, or the Settlement Agreement, with subsidiaries of Sunrise Senior Living, Inc., or Sunrise, pursuant to which we agreed to settle our long running litigation with Sunrise, involving amounts charged by Sunrise to us for certain insurance programs for senior living communities previously managed by Sunrise for us. Pursuant to the Settlement Agreement, Sunrise paid us $4,000 in cash and we recorded a gain of $3,365, net of legal fees, in our condensed consolidated statements of income. | |
Restatement_of_Previously_Issu
Restatement of Previously Issued Financial Statements | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2013 | ||||||||||||||||||||||||||||||||
Restatement of Previously Issued Financial Statements | ' | |||||||||||||||||||||||||||||||
Restatement of Previously Issued Financial Statements | ' | |||||||||||||||||||||||||||||||
Note 12. Restatement of Previously Issued Financial Statements | ||||||||||||||||||||||||||||||||
Subsequent to the issuance of our Quarterly Report, we identified certain errors primarily related to the accounting for income taxes. The Audit Committee of our Board of Directors, or our Audit Committee, after consideration of relevant facts and circumstances and after consultation with our management, concluded that our consolidated financial statements for the years ended December 31, 2012 and 2011 contained within our 2012 Annual Report, and our condensed consolidated financial statements for the quarters ended March 31, 2013 and June 30, 2013 contained within our Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 and our Quarterly Report, respectively, should be restated, and that those financial statements previously filed with the SEC should no longer be relied upon. | ||||||||||||||||||||||||||||||||
Our condensed consolidated financial statements for the three and six months ended June 30, 2013 and 2012 are restated to correct certain errors related to the accounting for income taxes and other errors. We have corrected our condensed consolidated balance sheets as of June 30, 2013 and December 31, 2012 to reflect the effects of the restatement of our 2011 and 2012 annual financial statements. The accounting for income tax errors relate to, among other things, the measurement of deferred tax assets for net operating losses and tax credits and the measurement of deferred tax assets and liabilities for temporary differences related to fixed assets, intangible assets and investments. | ||||||||||||||||||||||||||||||||
Prior to 2011, we recognized a valuation allowance for most of our net deferred tax assets; therefore, errors in the measurement of our deferred tax assets and liabilities for years prior to 2011 were substantially offset by corresponding errors in the valuation allowance, with minimal net impact to our consolidated financial statements. We have corrected the errors relating to the quarter ended June 30, 2013 by decreasing the income tax provision by $133 and $277 for the three and six months ended June 30, 2013, respectively. We have corrected the errors for the three and six months ended June 30, 2012 by decreasing the income tax provision by $255 and $336, respectively. | ||||||||||||||||||||||||||||||||
In addition, as part of the restatement, our condensed consolidated financial statements for the three and six months ended June 30, 2013 and 2012 also have been adjusted to correct certain other errors in those periods, including: | ||||||||||||||||||||||||||||||||
· In 2013, we discovered certain errors relating to our security deposit liability. We have corrected the errors relating to 2013 by decreasing senior living revenues by $256 and $407 for the three and six months ended June 30, 2013, respectively. We have corrected the errors relating to the three and six months ended June 30, 2012 by increasing senior living revenues by $54 and $125, respectively. | ||||||||||||||||||||||||||||||||
· In the fourth quarter of 2013, we determined that certain assets acquired and placed into service as of June 30, 2013 and December 31, 2012 were not recorded in the proper time period. We have corrected the balance sheet error by recording $126 and $5,622 of fixed asset additions and related accrued liabilities as of June 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||||
· We made certain other immaterial corrections that impacted our condensed consolidated statements of income, including adjustments to general and administrative and depreciation expense, and made other balance sheet classification changes that are not material, individually or in aggregate, in the restated condensed consolidated financial statements included herein. | ||||||||||||||||||||||||||||||||
The net impact of correcting the errors resulted in an increase to our shareholders’ equity of $7,031 and $6,749 at June 30, 2013 and December 31, 2012, respectively, and a decrease to net income of $27 and an increase to net income of $178 for the three and six months ended June 30, 2013, respectively, and an increase of $272 and $375 for the three and six months ended June 30, 2012, respectively. | ||||||||||||||||||||||||||||||||
We corrected the presentation and disclosure of our consolidated statements of cash flows to separately identify the net cash flows from discontinued operations, by category and in total, and corrected certain other immaterial errors in cash flow presentation. These corrections increased cash provided by operating activities by $1,602 and $1,050 for the six months ended June 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
We have also corrected the footnote presentation in Note 6 of the classification of $11,656 and $11,550 as of June 30, 2013 and December 31, 2012, respectively, of our available for sale debt securities from Level 1 assets to Level 2 assets as defined in the fair value hierarchy and corrected the disclosure of the fair value of our mortgage notes payable which increased $9,469 and $9,947 as of June 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||||
In the third quarter of 2013, in connection with entering into a purchase agreement with SNH and certain unrelated parties, we reclassified our rehabilitation hospital business as discontinued operations and our rehabilitation hospital business is retrospectively presented as discontinued operations throughout the financial statements. These reclassifications to discontinued operations had no impact upon our shareholders’ equity or net income but these reclassifications decreased our income from continuing operations by $626 and $866, and decreased our loss from discontinued operations by those same amounts for the three and six months ended June 30, 2013, respectively. These reclassifications decreased our income from continuing operations by $26 and $143, and decreased our loss from discontinued operations by those same amounts for the three and six months ended June 30, 2012, respectively. | ||||||||||||||||||||||||||||||||
The financial information included in the financial statements and the Notes thereto reflect the effects of the corrections and retrospective adjustments described above. | ||||||||||||||||||||||||||||||||
The following tables summarize the effect of the retrospective adjustments to reflect discontinued operations and the correction of errors by financial statement line item for the three and six months ended June 30, 2013 and 2012, and as of December 31, 2012: | ||||||||||||||||||||||||||||||||
As of June 30, 2013 | ||||||||||||||||||||||||||||||||
Error Corrections | Retrospective | |||||||||||||||||||||||||||||||
As Reported | Income | Insurance | Other Errors | Asset | Presentation | Total Error | As Corrected | Adjustments | As Restated | |||||||||||||||||||||||
Taxes | Claims | Additions and | and | Corrections | for | |||||||||||||||||||||||||||
Related | Classification | Discontinued | ||||||||||||||||||||||||||||||
Accruals | Operations | |||||||||||||||||||||||||||||||
Consolidated Balance Sheet data: | ||||||||||||||||||||||||||||||||
Accounts receivable | $ | 56,763 | $ | — | $ | — | $ | (62 | ) | $ | — | $ | 1,612 | $ | 1,550 | $ | 58,313 | $ | (13,873 | ) | $ | 44,440 | ||||||||||
Prepaid expenses and other current assets | 19,382 | 10,450 | (1,763 | ) | — | — | 1,045 | 9,732 | 29,114 | (592 | ) | 28,522 | ||||||||||||||||||||
Assets of discontinued operations | 4,978 | — | — | — | 1 | — | 1 | 4,979 | 15,226 | 20,205 | ||||||||||||||||||||||
Total current assets | 133,798 | 10,450 | (1,763 | ) | (62 | ) | 1 | 2,657 | 11,283 | 145,081 | 761 | 145,842 | ||||||||||||||||||||
Property and equipment, net | 331,172 | — | — | 149 | 125 | — | 274 | 331,446 | (761 | ) | 330,685 | |||||||||||||||||||||
Other long term assets | 42,916 | (2,180 | ) | — | — | — | — | (2,180 | ) | 40,736 | — | 40,736 | ||||||||||||||||||||
Total assets | 558,886 | 8,270 | (1,763 | ) | 87 | 126 | 2,657 | 9,377 | 568,263 | — | 568,263 | |||||||||||||||||||||
Accounts payable | 23,553 | — | — | — | — | 2,340 | 2,340 | 25,893 | (1,156 | ) | 24,737 | |||||||||||||||||||||
Accrued expenses | 20,792 | (277 | ) | — | — | 125 | 317 | 165 | 20,957 | (203 | ) | 20,754 | ||||||||||||||||||||
Accrued compensation and benefits | 43,059 | — | — | — | — | — | — | 43,059 | (4,713 | ) | 38,346 | |||||||||||||||||||||
Due to related persons | 18,840 | — | — | — | — | 950 | 950 | 19,790 | — | 19,790 | ||||||||||||||||||||||
Accrued real estate taxes | 11,175 | — | — | — | — | (950 | ) | (950 | ) | 10,225 | (25 | ) | 10,200 | |||||||||||||||||||
Security deposits | 8,997 | — | — | (243 | ) | — | — | (243 | ) | 8,754 | — | 8,754 | ||||||||||||||||||||
Liabilities of discontinued operations | 2,175 | — | — | (18 | ) | 1 | — | (17 | ) | 2,158 | 6,097 | 8,255 | ||||||||||||||||||||
Total current liabilities | 172,882 | (277 | ) | — | (261 | ) | 126 | 2,657 | 2,245 | 175,127 | — | 175,127 | ||||||||||||||||||||
Other long term liabilities | 5,674 | 101 | — | — | — | — | 101 | 5,775 | — | 5,775 | ||||||||||||||||||||||
Total long term liabilities | 76,191 | 101 | — | — | — | — | 101 | 76,292 | — | 76,292 | ||||||||||||||||||||||
Additional paid in capital | 354,671 | — | — | 81 | — | 81 | 354,752 | — | 354,752 | |||||||||||||||||||||||
Accumulated deficit | (46,877 | ) | 6,856 | (1,763 | ) | 267 | — | — | 5,360 | (41,517 | ) | — | (41,517 | ) | ||||||||||||||||||
Cumulative other comprehensive income | 1,537 | 1,590 | — | — | — | — | 1,590 | 3,127 | — | 3,127 | ||||||||||||||||||||||
Total shareholders’ equity | 309,813 | 8,446 | (1,763 | ) | 348 | — | — | 7,031 | 316,844 | — | 316,844 | |||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 558,886 | $ | 8,270 | $ | (1,763 | ) | $ | 87 | $ | 126 | $ | 2,657 | $ | 9,377 | $ | 568,263 | $ | — | $ | 568,263 | |||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||
Error Corrections | Retrospective | |||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
for | ||||||||||||||||||||||||||||||||
As Reported | Income | Other Errors | Total Error | As Corrected | Discontinued | As Restated | ||||||||||||||||||||||||||
Taxes | Corrections | Operations | ||||||||||||||||||||||||||||||
Consolidated Statement of Income data: | ||||||||||||||||||||||||||||||||
Senior living revenue | $ | 269,081 | $ | — | $ | (253 | ) | $ | (253 | ) | $ | 268,828 | $ | (1 | ) | $ | 268,827 | |||||||||||||||
Rehabilitation hospital revenue | 28,343 | — | — | — | 28,343 | (28,343 | ) | — | ||||||||||||||||||||||||
Total revenues | 351,858 | — | (253 | ) | (253 | ) | 351,605 | (28,344 | ) | 323,261 | ||||||||||||||||||||||
Senior living wages and benefits | 130,466 | — | (76 | ) | (76 | ) | 130,390 | — | 130,390 | |||||||||||||||||||||||
Rehabilitation hospital expense | 24,710 | — | — | — | 24,710 | (24,710 | ) | — | ||||||||||||||||||||||||
Rent expense | 50,936 | — | — | — | 50,936 | (2,657 | ) | 48,279 | ||||||||||||||||||||||||
Depreciation and amortization | 6,651 | — | (20 | ) | (20 | ) | 6,631 | (46 | ) | 6,585 | ||||||||||||||||||||||
Total operating expenses | 346,119 | — | (96 | ) | (96 | ) | 346,023 | (27,413 | ) | 318,610 | ||||||||||||||||||||||
Operating income | 5,739 | — | (157 | ) | (157 | ) | 5,582 | (931 | ) | 4,651 | ||||||||||||||||||||||
Income from continuing operations before income taxes and equity in earnings of Affiliates Insurance Company | 4,437 | — | (157 | ) | (157 | ) | 4,280 | (931 | ) | 3,349 | ||||||||||||||||||||||
Provision for income taxes | (1,854 | ) | 418 | — | 418 | (1,436 | ) | 305 | (1,131 | ) | ||||||||||||||||||||||
Income from continuing operations | 2,662 | 418 | (157 | ) | 261 | 2,923 | (626 | ) | 2,297 | |||||||||||||||||||||||
Loss from discontinued operations | (1,837 | ) | (285 | ) | (3 | ) | (288 | ) | (2,125 | ) | 626 | (1,499 | ) | |||||||||||||||||||
Net income | $ | 825 | $ | 133 | $ | (160 | ) | $ | (27 | ) | $ | 798 | $ | — | $ | 798 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||||||||||
Basic income per share from: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.06 | $ | 0.06 | $ | 0.05 | ||||||||||||||||||||||||||
Discontinued operations | (0.04 | ) | (0.04 | ) | (0.03 | ) | ||||||||||||||||||||||||||
Net income per share - basic | $ | 0.02 | $ | 0.02 | $ | 0.02 | ||||||||||||||||||||||||||
Diluted income per share from: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.06 | $ | 0.06 | $ | 0.05 | ||||||||||||||||||||||||||
Discontinued operations | (0.04 | ) | (0.04 | ) | (0.03 | ) | ||||||||||||||||||||||||||
Net income per share - diluted | $ | 0.02 | $ | 0.02 | $ | 0.02 | ||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||
As Reported | Error | As Restated | ||||||||||||||||||||||||||||||
Corrections | ||||||||||||||||||||||||||||||||
Consolidated Statement of Comprehensive Income: | ||||||||||||||||||||||||||||||||
Net income | $ | 825 | $ | (27 | ) | $ | 798 | |||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrealized gain on investments in available for sale securities, net of tax | (390 | ) | 157 | (233 | ) | |||||||||||||||||||||||||||
Realized loss (gain) on investments in available for sale securities reclassified and included in net income, net of tax | 117 | (47 | ) | 70 | ||||||||||||||||||||||||||||
Unrealized gains on equity investment in Affiliates Insurance Company | (73 | ) | — | (73 | ) | |||||||||||||||||||||||||||
Other comprehensive income (loss) | (346 | ) | 110 | (236 | ) | |||||||||||||||||||||||||||
Comprehensive income | $ | 479 | $ | 83 | $ | 562 | ||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||
Error Corrections | Retrospective | |||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
for | ||||||||||||||||||||||||||||||||
As Reported | Income | Other Errors | Total Error | As Corrected | Discontinued | As Restated | ||||||||||||||||||||||||||
Taxes | Corrections | Operations | ||||||||||||||||||||||||||||||
Consolidated Statement of Income data: | ||||||||||||||||||||||||||||||||
Senior living revenue | $ | 538,471 | $ | — | $ | (404 | ) | $ | (404 | ) | $ | 538,067 | $ | — | $ | 538,067 | ||||||||||||||||
Rehabilitation hospital revenue | 55,824 | — | — | — | 55,824 | (55,824 | ) | — | ||||||||||||||||||||||||
Total revenues | 703,089 | — | (404 | ) | (404 | ) | 702,685 | (55,824 | ) | 646,861 | ||||||||||||||||||||||
Senior living wages and benefits | 263,086 | — | (269 | ) | (269 | ) | 262,817 | — | 262,817 | |||||||||||||||||||||||
Rehabilitation hospital expense | 49,604 | — | — | — | 49,604 | (49,604 | ) | — | ||||||||||||||||||||||||
Rent expense | 101,129 | — | — | — | 101,129 | (4,837 | ) | 96,292 | ||||||||||||||||||||||||
Depreciation and amortization | 13,089 | — | (39 | ) | (39 | ) | 13,050 | (95 | ) | 12,955 | ||||||||||||||||||||||
Total operating expenses | 693,792 | — | (308 | ) | (308 | ) | 693,484 | (54,536 | ) | 638,948 | ||||||||||||||||||||||
Operating income | 9,297 | — | (96 | ) | (96 | ) | 9,201 | (1,288 | ) | 7,913 | ||||||||||||||||||||||
Income from continuing operations before income taxes and equity in earnings of Affiliates Insurance Company | 6,823 | — | (96 | ) | (96 | ) | 6,727 | (1,288 | ) | 5,439 | ||||||||||||||||||||||
Provision for income taxes | (850 | ) | 72 | — | 72 | (778 | ) | 422 | (356 | ) | ||||||||||||||||||||||
Income from continuing operations | 6,128 | 72 | (96 | ) | (24 | ) | 6,104 | (866 | ) | 5,238 | ||||||||||||||||||||||
Loss from discontinued operations | (3,368 | ) | 205 | (3 | ) | 202 | (3,166 | ) | 866 | (2,300 | ) | |||||||||||||||||||||
Net income | $ | 2,760 | $ | 277 | $ | (99 | ) | $ | 178 | $ | 2,938 | $ | — | $ | 2,938 | |||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||||||||||
Basic income per share from: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.13 | $ | 0.13 | $ | 0.11 | ||||||||||||||||||||||||||
Discontinued operations | (0.07 | ) | (0.07 | ) | (0.05 | ) | ||||||||||||||||||||||||||
Net income per share - basic | $ | 0.06 | $ | 0.06 | $ | 0.06 | ||||||||||||||||||||||||||
Diluted income per share from: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.13 | $ | 0.14 | $ | 0.11 | ||||||||||||||||||||||||||
Discontinued operations | (0.07 | ) | (0.08 | ) | (0.05 | ) | ||||||||||||||||||||||||||
Net income per share - diluted | $ | 0.06 | $ | 0.06 | $ | 0.06 | ||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||
As Reported | Error | As Restated | ||||||||||||||||||||||||||||||
Corrections | ||||||||||||||||||||||||||||||||
Consolidated Statement of Comprehensive Income: | ||||||||||||||||||||||||||||||||
Net income | $ | 2,760 | $ | 178 | $ | 2,938 | ||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrealized gain on investments in available for sale securities, net of tax | (289 | ) | 116 | (173 | ) | |||||||||||||||||||||||||||
Realized loss (gain) on investments in available for sale securities reclassified and included in net income, net of tax | 30 | (12 | ) | 18 | ||||||||||||||||||||||||||||
Unrealized gains on equity investment in Affiliates Insurance Company | (81 | ) | — | (81 | ) | |||||||||||||||||||||||||||
Other comprehensive income (loss) | (340 | ) | 104 | (236 | ) | |||||||||||||||||||||||||||
Comprehensive income | $ | 2,420 | $ | 282 | $ | 2,702 | ||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||
Retrospective | ||||||||||||||||||||||||||||||||
Error Corrections | Adjustments | |||||||||||||||||||||||||||||||
Presentation | for | |||||||||||||||||||||||||||||||
Income | and | Total Error | Discontinued | |||||||||||||||||||||||||||||
As Reported | Taxes | Other Errors | Classification | Corrections | As Corrected | Operations | As Restated | |||||||||||||||||||||||||
Consolidated Statement of Cash Flows data: | ||||||||||||||||||||||||||||||||
Net income | 2,760 | 277 | (99 | ) | — | 178 | 2,938 | — | 2,938 | |||||||||||||||||||||||
Depreciation and amortization | 13,089 | — | (39 | ) | — | (39 | ) | 13,050 | (95 | ) | 12,955 | |||||||||||||||||||||
(Gain) loss from discontinued operations | 3,368 | — | 3 | 1,819 | 1,822 | 5,190 | (1,288 | ) | 3,902 | |||||||||||||||||||||||
Provision for losses on recievables | 2,842 | — | 683 | — | 683 | 3,525 | (785 | ) | 2,740 | |||||||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||||||||||||||
Accounts receivable | (9,719 | ) | — | (269 | ) | (221 | ) | (490 | ) | (10,209 | ) | 2,234 | (7,975 | ) | ||||||||||||||||||
Prepaid expenses and other assets | 9,377 | (544 | ) | — | 636 | 92 | 9,469 | 91 | 9,560 | |||||||||||||||||||||||
Accounts payable and accrued expenses | (15,623 | ) | 267 | — | (415 | ) | (148 | ) | (15,771 | ) | 21 | (15,750 | ) | |||||||||||||||||||
Accrued compensation and benefits | 3,088 | — | — | — | — | 3,088 | (44 | ) | 3,044 | |||||||||||||||||||||||
Due to related persons, net | 1,315 | — | — | 62 | 62 | 1,377 | — | 1,377 | ||||||||||||||||||||||||
Other current and long term liabilities | (1,473 | ) | — | 404 | (62 | ) | 342 | (1,131 | ) | (1 | ) | (1,132 | ) | |||||||||||||||||||
Cash provided by operating activities | 9,487 | — | 683 | 1,819 | 2,502 | 11,989 | 133 | 12,122 | ||||||||||||||||||||||||
Acquisition of property and equipment | (26,255 | ) | — | — | — | — | (26,255 | ) | 2,543 | (23,712 | ) | |||||||||||||||||||||
Proceeds from disposition of property and equipment held for sale | 15,901 | — | — | — | — | 15,901 | (2,567 | ) | 13,334 | |||||||||||||||||||||||
Cash used in investing activities | (14,158 | ) | — | — | — | — | (14,158 | ) | (24 | ) | (14,182 | ) | ||||||||||||||||||||
Repayments of mortgage notes payable | (575 | ) | — | — | 37 | 37 | (538 | ) | — | (538 | ) | |||||||||||||||||||||
Cash used in financing activities | (575 | ) | — | — | 37 | 37 | (538 | ) | — | (538 | ) | |||||||||||||||||||||
Net cash used in operating activities of discontinued operations | (81 | ) | — | — | (3,608 | ) | (3,608 | ) | (3,689 | ) | (133 | ) | (3,822 | ) | ||||||||||||||||||
Net cash provided by investing activities of discontinued operations | — | — | — | 8,603 | 8,603 | 8,603 | 24 | 8,627 | ||||||||||||||||||||||||
Net cash used in financing activities of discontinued operations | — | — | — | (7,534 | ) | (7,534 | ) | (7,534 | ) | — | (7,534 | ) | ||||||||||||||||||||
Net cash used in discontinued operations | (81 | ) | — | — | (2,539 | ) | (2,539 | ) | (2,620 | ) | (109 | ) | (2,729 | ) | ||||||||||||||||||
For the Three Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||||
Retrospective | ||||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
Error Corrections | for | |||||||||||||||||||||||||||||||
Income | Total Error | Discontinued | ||||||||||||||||||||||||||||||
As Reported | Taxes | Other Errors | Corrections | As Corrected | Operations | As Restated | ||||||||||||||||||||||||||
Consolidated Statement of Income data: | ||||||||||||||||||||||||||||||||
Senior living revenue | $ | 269,040 | $ | — | $ | 53 | $ | 53 | $ | 269,093 | $ | — | $ | 269,093 | ||||||||||||||||||
Rehabilitation hospital revenue | 26,386 | — | — | — | 26,386 | (26,386 | ) | — | ||||||||||||||||||||||||
Total revenues | 322,826 | — | 53 | 53 | 322,879 | (26,386 | ) | 296,493 | ||||||||||||||||||||||||
Senior living wages and benefits | 130,240 | — | 12 | 12 | 130,252 | — | 130,252 | |||||||||||||||||||||||||
Rehabilitation hospital expense | 23,872 | — | — | — | 23,872 | (23,872 | ) | — | ||||||||||||||||||||||||
Rent expense | 49,849 | — | — | — | 49,849 | (2,418 | ) | 47,431 | ||||||||||||||||||||||||
General and administrative | 15,389 | — | 45 | 45 | 15,434 | — | 15,434 | |||||||||||||||||||||||||
Depreciation and amortization | 6,276 | — | (20 | ) | (20 | ) | 6,256 | (53 | ) | 6,203 | ||||||||||||||||||||||
Total operating expenses | 312,156 | — | 37 | 37 | 312,193 | (26,343 | ) | 285,850 | ||||||||||||||||||||||||
Operating income | 10,670 | — | 16 | 16 | 10,686 | (43 | ) | 10,643 | ||||||||||||||||||||||||
Income from continuing operations before income taxes and equity in earnings of Affiliates Insurance Company | 9,344 | — | 16 | 16 | 9,360 | (43 | ) | 9,317 | ||||||||||||||||||||||||
Provision for income taxes | (4,108 | ) | 274 | — | 274 | (3,834 | ) | 17 | (3,817 | ) | ||||||||||||||||||||||
Income from continuing operations | 5,312 | 274 | 16 | 290 | 5,602 | (26 | ) | 5,576 | ||||||||||||||||||||||||
Income from discontinued operations | (674 | ) | (19 | ) | 1 | (18 | ) | (692 | ) | 26 | (666 | ) | ||||||||||||||||||||
Net income | 4,638 | 255 | 17 | 272 | 4,910 | — | 4,910 | |||||||||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||||||||||
Basic income per share from: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.1 | $ | 0.12 | $ | 0.12 | ||||||||||||||||||||||||||
Discontinued operations | (0.01 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||||||||||||||
Net income per share - basic | $ | 0.09 | $ | 0.1 | $ | 0.1 | ||||||||||||||||||||||||||
Diluted income per share from: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.1 | $ | 0.12 | $ | 0.11 | ||||||||||||||||||||||||||
Discontinued operations | (0.01 | ) | (0.02 | ) | (0.01 | ) | ||||||||||||||||||||||||||
Net income per share - diluted | $ | 0.09 | $ | 0.1 | $ | 0.1 | ||||||||||||||||||||||||||
For the Three Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||||
As Reported | Error | As Restated | ||||||||||||||||||||||||||||||
Corrections | ||||||||||||||||||||||||||||||||
Consolidated Statement of Comprehensive Income: | ||||||||||||||||||||||||||||||||
Net income | 4,638 | 272 | 4,910 | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrealized gain on investments in available for sale securities, net of tax | 94 | (38 | ) | 56 | ||||||||||||||||||||||||||||
Realized loss (gain) on investments in available for sale securities reclassified and included in net income, net of tax | — | — | — | |||||||||||||||||||||||||||||
Unrealized gains on equity investment in Affiliates Insurance Company | (3 | ) | — | (3 | ) | |||||||||||||||||||||||||||
Other comprehensive income (loss) | 91 | (38 | ) | 53 | ||||||||||||||||||||||||||||
Comprehensive income | 4,729 | 234 | 4,963 | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||||
Error Corrections | Retrospective | |||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
for | ||||||||||||||||||||||||||||||||
As Reported | Income | Other Errors | Total Error | As Corrected | Discontinued | As Restated | ||||||||||||||||||||||||||
Taxes | Corrections | Operations | ||||||||||||||||||||||||||||||
Consolidated Statement of Income data: | ||||||||||||||||||||||||||||||||
Senior living revenue | $ | 535,775 | $ | — | $ | 123 | $ | 123 | $ | 535,898 | $ | — | $ | 535,898 | ||||||||||||||||||
Rehabilitation hospital revenue | 53,173 | — | — | — | 53,173 | (53,173 | ) | — | ||||||||||||||||||||||||
Total revenues | 640,842 | — | 123 | 123 | 640,965 | (53,174 | ) | 587,791 | ||||||||||||||||||||||||
Senior living wages and benefits | 262,026 | — | 36 | 36 | 262,062 | — | 262,062 | |||||||||||||||||||||||||
General and administrative | 30,844 | — | 89 | 89 | 30,933 | — | 30,933 | |||||||||||||||||||||||||
Rehabilitation hospital expense | 47,991 | — | — | — | 47,991 | (47,991 | ) | — | ||||||||||||||||||||||||
Rent expense | 99,628 | — | — | — | 99,628 | (4,836 | ) | 94,792 | ||||||||||||||||||||||||
Depreciation and amortization | 12,165 | — | (39 | ) | (39 | ) | 12,126 | (105 | ) | 12,021 | ||||||||||||||||||||||
Total operating expenses | 626,850 | — | 86 | 86 | 626,936 | (52,933 | ) | 574,003 | ||||||||||||||||||||||||
Operating income | 13,992 | — | 37 | 37 | 14,029 | (241 | ) | 13,788 | ||||||||||||||||||||||||
Income from continuing operations before income taxes and equity in earnings of Affiliates Insurance Company | 11,444 | — | 37 | 37 | 11,481 | (241 | ) | 11,240 | ||||||||||||||||||||||||
Provision for income taxes | (5,063 | ) | 347 | — | 347 | (4,716 | ) | 98 | (4,618 | ) | ||||||||||||||||||||||
Income from continuing operations | 6,502 | 347 | 37 | 384 | 6,886 | (143 | ) | 6,743 | ||||||||||||||||||||||||
Income from discontinued operations | (1,495 | ) | (11 | ) | 2 | (9 | ) | (1,504 | ) | 143 | (1,361 | ) | ||||||||||||||||||||
Net income | 5,007 | 336 | 39 | 375 | 5,382 | — | 5,382 | |||||||||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||||||||||
Basic income per share from: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.14 | $ | 0.14 | $ | 0.14 | ||||||||||||||||||||||||||
Discontinued operations | (0.03 | ) | (0.03 | ) | (0.03 | ) | ||||||||||||||||||||||||||
Net income per share - basic | $ | 0.11 | $ | 0.11 | $ | 0.11 | ||||||||||||||||||||||||||
Diluted income per share from: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.14 | $ | 0.14 | $ | 0.14 | ||||||||||||||||||||||||||
Discontinued operations | (0.03 | ) | (0.03 | ) | (0.03 | ) | ||||||||||||||||||||||||||
Net income per share - diluted | $ | 0.11 | $ | 0.11 | $ | 0.11 | ||||||||||||||||||||||||||
For the Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||||
As Reported | Error | As Restated | ||||||||||||||||||||||||||||||
Corrections | ||||||||||||||||||||||||||||||||
Consolidated Statement of Comprehensive Income: | ||||||||||||||||||||||||||||||||
Net income | 5,007 | 375 | 5,382 | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrealized gain on investments in available for sale securities, net of tax | 281 | (113 | ) | 168 | ||||||||||||||||||||||||||||
Realized loss (gain) on investments in available for sale securities reclassified and included in net income, net of tax | 1 | — | 1 | |||||||||||||||||||||||||||||
Unrealized gains on equity investment in Affiliates Insurance Company | (4 | ) | — | (4 | ) | |||||||||||||||||||||||||||
Other comprehensive income (loss) | 278 | (113 | ) | 165 | ||||||||||||||||||||||||||||
Comprehensive income | 5,285 | 262 | 5,547 | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||||
Error Corrections | Retrospective | |||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
As Reported | Income | Other Errors | Presentation | Total Error | As Corrected | for | As Restated | |||||||||||||||||||||||||
Taxes | and | Corrections | Discontinued | |||||||||||||||||||||||||||||
Classification | Operations | |||||||||||||||||||||||||||||||
Consolidated Statement of Cash Flows data: | ||||||||||||||||||||||||||||||||
Net income | 5,007 | 336 | 39 | — | 375 | 5,382 | — | 5,382 | ||||||||||||||||||||||||
Depreciation and amortization | 12,165 | — | (39 | ) | — | (39 | ) | 12,126 | (105 | ) | 12,021 | |||||||||||||||||||||
Loss from discontinued operations | 1,495 | — | (2 | ) | 1,159 | 1,157 | 2,652 | (241 | ) | 2,411 | ||||||||||||||||||||||
Stock-based compensation | 490 | — | 89 | — | 89 | 579 | — | 579 | ||||||||||||||||||||||||
Provision for losses on receivables | 2,153 | — | — | — | — | 2,153 | (325 | ) | 1,828 | |||||||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||||||||||||||
Accounts receivable | (1,722 | ) | — | 36 | 90 | 126 | (1,596 | ) | (287 | ) | (1,883 | ) | ||||||||||||||||||||
Prepaid expenses and other assets | 3,515 | (389 | ) | — | 292 | (97 | ) | 3,418 | 25 | 3,443 | ||||||||||||||||||||||
Accounts payable and accrued expenses | 2,140 | 53 | — | (1,433 | ) | (1,380 | ) | 760 | 1,105 | 1,865 | ||||||||||||||||||||||
Accrued compensation and benefits | 5,101 | — | — | — | — | 5,101 | (301 | ) | 4,800 | |||||||||||||||||||||||
Due to related persons, net | (2,703 | ) | — | — | 81 | 81 | (2,622 | ) | — | (2,622 | ) | |||||||||||||||||||||
Other current and long term liabilities | 984 | — | (123 | ) | 970 | 847 | 1,831 | (1,056 | ) | 775 | ||||||||||||||||||||||
Cash provided by operating activities | 28,460 | — | — | 1,159 | 1,159 | 29,619 | (1,185 | ) | 28,434 | |||||||||||||||||||||||
Acquisition of property and equipment | (27,770 | ) | — | — | — | — | (27,770 | ) | 2,482 | (25,288 | ) | |||||||||||||||||||||
Proceeds from disposition of property and equipment held for sale | 13,967 | — | — | — | — | 13,967 | (2,900 | ) | 11,067 | |||||||||||||||||||||||
Cash used in investing activities | (21,475 | ) | — | — | — | — | (21,475 | ) | (418 | ) | (21,893 | ) | ||||||||||||||||||||
Repayments of mortgage notes payable | (576 | ) | — | — | 70 | 70 | (506 | ) | — | (506 | ) | |||||||||||||||||||||
Cash used in financing activities | (13,114 | ) | — | — | 70 | 70 | (13,044 | ) | — | (13,044 | ) | |||||||||||||||||||||
Net provided by operating activities of discontinued operations | 1,390 | — | — | (450 | ) | (450 | ) | 940 | 1,185 | 2,125 | ||||||||||||||||||||||
Net cash used in investing activities of discontinued operations | — | — | — | (709 | ) | (709 | ) | (709 | ) | 418 | (291 | ) | ||||||||||||||||||||
Net cash used in financing activities of discontinued operations | — | — | — | (70 | ) | (70 | ) | (70 | ) | — | (70 | ) | ||||||||||||||||||||
Net cash provided by discontinued operations | 1,390 | — | — | (1,229 | ) | (1,229 | ) | 161 | 1,603 | 1,764 | ||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||
Error Corrections | Retrospective | |||||||||||||||||||||||||||||||
As Reported | Income | Insurance | Other Errors | Asset | Presentation | Total Error | As | Adjustments | As Restated | |||||||||||||||||||||||
Taxes | Claims | Additions and | and | Corrections | Corrected | for | ||||||||||||||||||||||||||
Related | Classification | Discontinued | ||||||||||||||||||||||||||||||
Accruals | Operations | |||||||||||||||||||||||||||||||
Consolidated Balance Sheet data: | ||||||||||||||||||||||||||||||||
Accounts receivable | $ | 53,134 | $ | — | $ | — | $ | (331 | ) | $ | — | $ | 1,391 | $ | 1,060 | $ | 54,194 | $ | (14,989 | ) | $ | 39,205 | ||||||||||
Due from related persons | — | — | — | — | — | 6,881 | 6,881 | 6,881 | — | 6,881 | ||||||||||||||||||||||
Prepaid and other current assets | 29,644 | 9,507 | (1,763 | ) | — | — | 1,681 | 9,425 | 39,069 | (751 | ) | 38,318 | ||||||||||||||||||||
Assets of discontinued operations | 10,430 | — | — | — | 693 | — | 693 | 11,123 | 18,977 | 30,100 | ||||||||||||||||||||||
Total current assets | 137,314 | 9,507 | (1,763 | ) | (331 | ) | 693 | 9,953 | 18,059 | 155,373 | 3,237 | 158,610 | ||||||||||||||||||||
Property and equipment, net | 335,612 | — | — | 110 | 4,929 | — | 5,039 | 340,651 | (3,157 | ) | 337,494 | |||||||||||||||||||||
Goodwill and other intangible assets | 27,788 | — | — | — | — | — | — | 27,788 | (80 | ) | 27,708 | |||||||||||||||||||||
Other long term assets | 42,267 | (1,885 | ) | — | — | — | — | (1,885 | ) | 40,382 | — | 40,382 | ||||||||||||||||||||
Total assets | 571,356 | 7,622 | (1,763 | ) | (221 | ) | 5,622 | 9,953 | 21,213 | 592,569 | — | 592,569 | ||||||||||||||||||||
Accounts payable | 36,920 | — | — | — | — | 2,768 | 2,768 | 39,688 | (1,653 | ) | 38,035 | |||||||||||||||||||||
Accrued expenses | 22,996 | (544 | ) | — | — | 4,929 | 827 | 5,212 | 28,208 | (198 | ) | 28,010 | ||||||||||||||||||||
Accrued compensation and benefits | 40,986 | — | — | — | — | — | — | 40,986 | (5,684 | ) | 35,302 | |||||||||||||||||||||
Due to related persons | 11,715 | — | — | — | — | 7,769 | 7,769 | 19,484 | — | 19,484 | ||||||||||||||||||||||
Accrued real estate taxes | 11,905 | — | — | — | — | (888 | ) | (888 | ) | 11,017 | (294 | ) | 10,723 | |||||||||||||||||||
Security deposits | 9,727 | — | — | (647 | ) | — | — | (647 | ) | 9,080 | (23 | ) | 9,057 | |||||||||||||||||||
Other current liabilities | 15,299 | — | — | — | — | (523 | ) | (523 | ) | 14,776 | (1 | ) | 14,775 | |||||||||||||||||||
Liabilities of discontinued operations | 8,448 | — | — | (21 | ) | 693 | — | 672 | 9,120 | 7,857 | 16,977 | |||||||||||||||||||||
Total current liabilities | 183,960 | (544 | ) | — | (668 | ) | 5,622 | 9,953 | 14,363 | 198,323 | 4 | 198,327 | ||||||||||||||||||||
Other long term liabilities | 6,615 | 101 | — | — | — | — | 101 | 6,716 | (4 | ) | 6,712 | |||||||||||||||||||||
Total long term liabilities | 80,591 | 101 | — | — | — | — | 101 | 80,692 | (4 | ) | 80,688 | |||||||||||||||||||||
Additional paid in capital | 354,083 | — | — | 81 | — | — | 81 | 354,164 | — | 354,164 | ||||||||||||||||||||||
Accumulated deficit | (49,637 | ) | 6,579 | (1,763 | ) | 366 | — | — | 5,182 | (44,455 | ) | — | (44,455 | ) | ||||||||||||||||||
Cumulative other comprehensive income | 1,877 | 1,486 | — | — | — | — | 1,486 | 3,363 | — | 3,363 | ||||||||||||||||||||||
Total shareholders’ equity | 306,805 | 8,065 | (1,763 | ) | 447 | — | — | 6,749 | 313,554 | — | 313,554 | |||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 571,356 | $ | 7,622 | $ | (1,763 | ) | $ | (221 | ) | $ | 5,622 | $ | 9,953 | $ | 21,213 | $ | 592,569 | $ | — | $ | 592,569 |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | |||||||
Jun. 30, 2013 | ||||||||
Property and Equipment | ' | |||||||
Schedule of property and equipment, at cost | ' | |||||||
June 30, | December 31, | |||||||
2013 | 2012 | |||||||
(Restated) | (Restated) | |||||||
Land | $ | 21,714 | $ | 21,714 | ||||
Buildings and improvements | 274,215 | 277,330 | ||||||
Furniture, fixtures and equipment | 108,573 | 103,707 | ||||||
404,502 | 402,751 | |||||||
Accumulated depreciation | (73,817 | ) | (65,257 | ) | ||||
$ | 330,685 | $ | 337,494 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2013 | |||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||
Schedule of changes in accumulated other comprehensive income | ' | ||||||||||
Equity Investment | Investments in | Accumulated Other | |||||||||
in Affiliates | Available for | Comprehensive | |||||||||
Insurance | Sale Securities | Income | |||||||||
Company | (Restated) | (Restated) | |||||||||
Balance at January 1, 2013 | $ | 99 | $ | 3,264 | $ | 3,363 | |||||
Unrealized (loss) gain on investments, net of tax | (8 | ) | 60 | 52 | |||||||
Reclassification adjustment: | |||||||||||
Realized gain on investments, net of tax | — | (52 | ) | (52 | ) | ||||||
Balance at March 31, 2013 | 91 | 3,272 | 3,363 | ||||||||
Unrealized (loss) gain on investments, net of tax | (73 | ) | (233 | ) | (306 | ) | |||||
Reclassification adjustment: | |||||||||||
Realized loss on investments, net of tax | — | 70 | 70 | ||||||||
Balance at June 30, 2013 | $ | 18 | $ | 3,109 | $ | 3,127 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2013 | ||||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||
Schedule of reconciliation of income from continuing operations to diluted loss from discontinued operations and the number of common shares used in the computations of EPS from continuing operations to diluted EPS from continuing operations and diluted loss per share from discontinued operations | ' | |||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(Restated) | (Restated) | |||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||
(loss) | (loss) | |||||||||||||||||
Income from continuing operations | $ | 2,297 | 48,253 | $ | 0.05 | $ | 5,576 | 47,914 | $ | 0.12 | ||||||||
Effect of the Notes | 159 | 1,913 | 157 | 2,039 | ||||||||||||||
Diluted income from continuing operations | $ | 2,297 | 50,166 | $ | 0.05 | $ | 5,737 | 49,953 | $ | 0.11 | ||||||||
Diluted loss from discontinued operations | $ | (1,499 | ) | 50,166 | $ | (0.03 | ) | $ | (666 | ) | 49,953 | $ | (0.01 | ) | ||||
Six Months Ended June 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(Restated) | (Restated) | |||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||
(loss) | (loss) | |||||||||||||||||
Income from continuing operations | $ | 5,238 | 48,244 | $ | 0.11 | $ | 6,743 | 47,906 | $ | 0.14 | ||||||||
Effect of the Notes | 331 | — | 379 | 2,454 | ||||||||||||||
Diluted income from continuing operations | $ | 5,238 | 50,157 | $ | 0.11 | $ | 6,743 | 50,360 | $ | 0.14 | ||||||||
Diluted loss from discontinued operations | $ | (2,300 | ) | 50,157 | $ | (0.05 | ) | $ | (1,361 | ) | 50,360 | $ | (0.03 | ) | ||||
Fair_Values_of_Assets_and_Liab1
Fair Values of Assets and Liabilities (Tables) | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2013 | ||||||||||||||||||||||||||
Fair Values of Assets and Liabilities | ' | |||||||||||||||||||||||||
Schedule of assets measured at fair value on a recurring and non recurring basis, categorized by the level of inputs used in the valuation of each asset | ' | |||||||||||||||||||||||||
As of June 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||
Description | Total | Quoted Prices | Significant | Significant | Total | Quoted | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | Prices in | Other | Unobservable | |||||||||||||||||||||
Markets for | Observable | Inputs | Active | Observable | Inputs | |||||||||||||||||||||
Identical | Inputs | (Level 3) | Markets for | Inputs | (Level 3) | |||||||||||||||||||||
Assets | (Level 2) | Identical | (Level 2) | |||||||||||||||||||||||
(Level 1) | (Restated) | Assets | (Restated) | |||||||||||||||||||||||
(Restated) | (Level 1) | |||||||||||||||||||||||||
(Restated) | ||||||||||||||||||||||||||
Cash equivalents (1) | $ | 19,603 | $ | 19,603 | $ | — | $ | — | $ | 22,149 | $ | 22,149 | $ | — | $ | — | ||||||||||
Available for sale securities: (2) | ||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
Financial services industry | 3,860 | 3,860 | — | — | 6,025 | 6,025 | — | — | ||||||||||||||||||
Non-equity investment instrument | 536 | 536 | — | — | — | — | — | — | ||||||||||||||||||
REIT industry | 576 | 576 | — | — | 484 | 484 | — | — | ||||||||||||||||||
Utilities industry | 484 | 484 | — | — | — | — | — | — | ||||||||||||||||||
Other | 1,637 | 1,637 | — | — | 775 | 775 | — | — | ||||||||||||||||||
Total equity securities | 7,093 | 7,093 | — | — | 7,284 | 7,284 | — | — | ||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||
International bond fund (3) | 2,308 | — | 2,308 | — | 2,345 | — | 2,345 | — | ||||||||||||||||||
High yield fund (4) | 2,191 | — | 2,191 | — | 2,168 | — | 2,168 | — | ||||||||||||||||||
Industrial bonds | 3,893 | — | 3,893 | — | 5,186 | — | 5,186 | — | ||||||||||||||||||
Government bonds | 4,871 | 4,582 | 289 | — | 4,666 | 4,666 | — | — | ||||||||||||||||||
Financial bonds | 964 | — | 964 | — | 982 | — | 982 | — | ||||||||||||||||||
Other | 2,011 | — | 2,011 | — | 869 | — | 869 | — | ||||||||||||||||||
Total debt securities | 16,238 | 4,582 | 11,656 | — | 16,216 | 4,666 | 11,550 | — | ||||||||||||||||||
Total available for sale securities | 23,331 | 11,675 | 11,656 | — | 23,500 | 11,950 | 11,550 | — | ||||||||||||||||||
Total | $ | 42,934 | $ | 31,278 | $ | 11,656 | $ | — | $ | 45,649 | $ | 34,099 | $ | 11,550 | $ | — | ||||||||||
(1) Cash equivalents, consisting of money market funds held principally for obligations arising from our self-insurance programs. | ||||||||||||||||||||||||||
(2) Investments in available for sale securities are reported on our balance sheet as current and long term investments in available for sale securities and are reported at fair value of $16,352 and $6,979, respectively, at June 30, 2013 and $12,920 and $10,580, respectively, at December 31, 2012. We estimate the fair value of our available for sale securities by reviewing each security’s current market price, the ratings of the security, the financial condition of the issuer and our intent and ability to retain the investment during temporary market price fluctuations or until maturity. In evaluating the factors described above, we presume a decline in value to be an “other than temporary impairment” if the quoted market price of the security is below the security’s cost basis for an extended period. However, this presumption may be overcome if there is persuasive evidence indicating the value decline is temporary in nature, such as when the operating performance of the obligor is strong or if the market price of the security is historically volatile. Additionally, there may be instances in which impairment losses are recognized even if the decline in value does not fall within the criteria described above, such as if we plan to sell the security in the near term and the fair value is below our cost basis. When we believe that a change in fair value of an available for sale security is temporary, we record a corresponding credit or charge to other comprehensive income for any unrealized gains and losses. When we determine that an impairment in the fair value of an available for sale security is an “other than temporary impairment”, we record a charge to earnings. | ||||||||||||||||||||||||||
(3) The investment strategy of this fund is to invest principally in fixed income securities. The fund invests in such securities or investment vehicles as it considers appropriate to achieve the fund’s investment objective, which is to provide an above average rate of total return while attempting to limit investment risk by investing in a diversified portfolio of U.S. dollar investment grade fixed income securities. There are no unfunded commitments and the investment can be redeemed weekly. | ||||||||||||||||||||||||||
(4) The investment strategy of this fund is to invest principally in fixed income securities. The fund invests in such securities or investment vehicles as it considers appropriate to achieve the fund’s investment objective, which is to provide an above average rate of total return while attempting to limit investment risk by investing in a diversified portfolio of primarily fixed income securities issued by companies with below investment grade ratings. There are no unfunded commitments and the investment can be redeemed weekly. | ||||||||||||||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2013 | ||||||||||||||
Discontinued Operations | ' | |||||||||||||
Summary of the operating results of discontinued operations included in the financial statements | ' | |||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(Restated) | (Restated) | (Restated) | (Restated) | |||||||||||
Revenues | $ | 38,055 | $ | 57,976 | $ | 80,134 | $ | 118,127 | ||||||
Expenses | (39,264 | ) | (59,112 | ) | (82,805 | ) | (120,538 | ) | ||||||
Impairment of long-lived assets | (1,231 | ) | — | (1,231 | ) | — | ||||||||
Benefit for income taxes | 941 | 470 | 1,602 | 1,050 | ||||||||||
Net loss | $ | (1,499 | ) | $ | (666 | ) | $ | (2,300 | ) | $ | (1,361 | ) |
Restatement_of_Previously_Issu1
Restatement of Previously Issued Financial Statements (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2013 | ||||||||||||||||||||||||||||||||
Restatement of Previously Issued Financial Statements | ' | |||||||||||||||||||||||||||||||
Schedule of effect of the restatement by financial statement line item | ' | |||||||||||||||||||||||||||||||
As of June 30, 2013 | ||||||||||||||||||||||||||||||||
Error Corrections | Retrospective | |||||||||||||||||||||||||||||||
As Reported | Income | Insurance | Other Errors | Asset | Presentation | Total Error | As Corrected | Adjustments | As Restated | |||||||||||||||||||||||
Taxes | Claims | Additions and | and | Corrections | for | |||||||||||||||||||||||||||
Related | Classification | Discontinued | ||||||||||||||||||||||||||||||
Accruals | Operations | |||||||||||||||||||||||||||||||
Consolidated Balance Sheet data: | ||||||||||||||||||||||||||||||||
Accounts receivable | $ | 56,763 | $ | — | $ | — | $ | (62 | ) | $ | — | $ | 1,612 | $ | 1,550 | $ | 58,313 | $ | (13,873 | ) | $ | 44,440 | ||||||||||
Prepaid expenses and other current assets | 19,382 | 10,450 | (1,763 | ) | — | — | 1,045 | 9,732 | 29,114 | (592 | ) | 28,522 | ||||||||||||||||||||
Assets of discontinued operations | 4,978 | — | — | — | 1 | — | 1 | 4,979 | 15,226 | 20,205 | ||||||||||||||||||||||
Total current assets | 133,798 | 10,450 | (1,763 | ) | (62 | ) | 1 | 2,657 | 11,283 | 145,081 | 761 | 145,842 | ||||||||||||||||||||
Property and equipment, net | 331,172 | — | — | 149 | 125 | — | 274 | 331,446 | (761 | ) | 330,685 | |||||||||||||||||||||
Other long term assets | 42,916 | (2,180 | ) | — | — | — | — | (2,180 | ) | 40,736 | — | 40,736 | ||||||||||||||||||||
Total assets | 558,886 | 8,270 | (1,763 | ) | 87 | 126 | 2,657 | 9,377 | 568,263 | — | 568,263 | |||||||||||||||||||||
Accounts payable | 23,553 | — | — | — | — | 2,340 | 2,340 | 25,893 | (1,156 | ) | 24,737 | |||||||||||||||||||||
Accrued expenses | 20,792 | (277 | ) | — | — | 125 | 317 | 165 | 20,957 | (203 | ) | 20,754 | ||||||||||||||||||||
Accrued compensation and benefits | 43,059 | — | — | — | — | — | — | 43,059 | (4,713 | ) | 38,346 | |||||||||||||||||||||
Due to related persons | 18,840 | — | — | — | — | 950 | 950 | 19,790 | — | 19,790 | ||||||||||||||||||||||
Accrued real estate taxes | 11,175 | — | — | — | — | (950 | ) | (950 | ) | 10,225 | (25 | ) | 10,200 | |||||||||||||||||||
Security deposits | 8,997 | — | — | (243 | ) | — | — | (243 | ) | 8,754 | — | 8,754 | ||||||||||||||||||||
Liabilities of discontinued operations | 2,175 | — | — | (18 | ) | 1 | — | (17 | ) | 2,158 | 6,097 | 8,255 | ||||||||||||||||||||
Total current liabilities | 172,882 | (277 | ) | — | (261 | ) | 126 | 2,657 | 2,245 | 175,127 | — | 175,127 | ||||||||||||||||||||
Other long term liabilities | 5,674 | 101 | — | — | — | — | 101 | 5,775 | — | 5,775 | ||||||||||||||||||||||
Total long term liabilities | 76,191 | 101 | — | — | — | — | 101 | 76,292 | — | 76,292 | ||||||||||||||||||||||
Additional paid in capital | 354,671 | — | — | 81 | — | 81 | 354,752 | — | 354,752 | |||||||||||||||||||||||
Accumulated deficit | (46,877 | ) | 6,856 | (1,763 | ) | 267 | — | — | 5,360 | (41,517 | ) | — | (41,517 | ) | ||||||||||||||||||
Cumulative other comprehensive income | 1,537 | 1,590 | — | — | — | — | 1,590 | 3,127 | — | 3,127 | ||||||||||||||||||||||
Total shareholders’ equity | 309,813 | 8,446 | (1,763 | ) | 348 | — | — | 7,031 | 316,844 | — | 316,844 | |||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 558,886 | $ | 8,270 | $ | (1,763 | ) | $ | 87 | $ | 126 | $ | 2,657 | $ | 9,377 | $ | 568,263 | $ | — | $ | 568,263 | |||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||
Error Corrections | Retrospective | |||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
for | ||||||||||||||||||||||||||||||||
As Reported | Income | Other Errors | Total Error | As Corrected | Discontinued | As Restated | ||||||||||||||||||||||||||
Taxes | Corrections | Operations | ||||||||||||||||||||||||||||||
Consolidated Statement of Income data: | ||||||||||||||||||||||||||||||||
Senior living revenue | $ | 269,081 | $ | — | $ | (253 | ) | $ | (253 | ) | $ | 268,828 | $ | (1 | ) | $ | 268,827 | |||||||||||||||
Rehabilitation hospital revenue | 28,343 | — | — | — | 28,343 | (28,343 | ) | — | ||||||||||||||||||||||||
Total revenues | 351,858 | — | (253 | ) | (253 | ) | 351,605 | (28,344 | ) | 323,261 | ||||||||||||||||||||||
Senior living wages and benefits | 130,466 | — | (76 | ) | (76 | ) | 130,390 | — | 130,390 | |||||||||||||||||||||||
Rehabilitation hospital expense | 24,710 | — | — | — | 24,710 | (24,710 | ) | — | ||||||||||||||||||||||||
Rent expense | 50,936 | — | — | — | 50,936 | (2,657 | ) | 48,279 | ||||||||||||||||||||||||
Depreciation and amortization | 6,651 | — | (20 | ) | (20 | ) | 6,631 | (46 | ) | 6,585 | ||||||||||||||||||||||
Total operating expenses | 346,119 | — | (96 | ) | (96 | ) | 346,023 | (27,413 | ) | 318,610 | ||||||||||||||||||||||
Operating income | 5,739 | — | (157 | ) | (157 | ) | 5,582 | (931 | ) | 4,651 | ||||||||||||||||||||||
Income from continuing operations before income taxes and equity in earnings of Affiliates Insurance Company | 4,437 | — | (157 | ) | (157 | ) | 4,280 | (931 | ) | 3,349 | ||||||||||||||||||||||
Provision for income taxes | (1,854 | ) | 418 | — | 418 | (1,436 | ) | 305 | (1,131 | ) | ||||||||||||||||||||||
Income from continuing operations | 2,662 | 418 | (157 | ) | 261 | 2,923 | (626 | ) | 2,297 | |||||||||||||||||||||||
Loss from discontinued operations | (1,837 | ) | (285 | ) | (3 | ) | (288 | ) | (2,125 | ) | 626 | (1,499 | ) | |||||||||||||||||||
Net income | $ | 825 | $ | 133 | $ | (160 | ) | $ | (27 | ) | $ | 798 | $ | — | $ | 798 | ||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||||||||||
Basic income per share from: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.06 | $ | 0.06 | $ | 0.05 | ||||||||||||||||||||||||||
Discontinued operations | (0.04 | ) | (0.04 | ) | (0.03 | ) | ||||||||||||||||||||||||||
Net income per share - basic | $ | 0.02 | $ | 0.02 | $ | 0.02 | ||||||||||||||||||||||||||
Diluted income per share from: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.06 | $ | 0.06 | $ | 0.05 | ||||||||||||||||||||||||||
Discontinued operations | (0.04 | ) | (0.04 | ) | (0.03 | ) | ||||||||||||||||||||||||||
Net income per share - diluted | $ | 0.02 | $ | 0.02 | $ | 0.02 | ||||||||||||||||||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||
As Reported | Error | As Restated | ||||||||||||||||||||||||||||||
Corrections | ||||||||||||||||||||||||||||||||
Consolidated Statement of Comprehensive Income: | ||||||||||||||||||||||||||||||||
Net income | $ | 825 | $ | (27 | ) | $ | 798 | |||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrealized gain on investments in available for sale securities, net of tax | (390 | ) | 157 | (233 | ) | |||||||||||||||||||||||||||
Realized loss (gain) on investments in available for sale securities reclassified and included in net income, net of tax | 117 | (47 | ) | 70 | ||||||||||||||||||||||||||||
Unrealized gains on equity investment in Affiliates Insurance Company | (73 | ) | — | (73 | ) | |||||||||||||||||||||||||||
Other comprehensive income (loss) | (346 | ) | 110 | (236 | ) | |||||||||||||||||||||||||||
Comprehensive income | $ | 479 | $ | 83 | $ | 562 | ||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||
Error Corrections | Retrospective | |||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
for | ||||||||||||||||||||||||||||||||
As Reported | Income | Other Errors | Total Error | As Corrected | Discontinued | As Restated | ||||||||||||||||||||||||||
Taxes | Corrections | Operations | ||||||||||||||||||||||||||||||
Consolidated Statement of Income data: | ||||||||||||||||||||||||||||||||
Senior living revenue | $ | 538,471 | $ | — | $ | (404 | ) | $ | (404 | ) | $ | 538,067 | $ | — | $ | 538,067 | ||||||||||||||||
Rehabilitation hospital revenue | 55,824 | — | — | — | 55,824 | (55,824 | ) | — | ||||||||||||||||||||||||
Total revenues | 703,089 | — | (404 | ) | (404 | ) | 702,685 | (55,824 | ) | 646,861 | ||||||||||||||||||||||
Senior living wages and benefits | 263,086 | — | (269 | ) | (269 | ) | 262,817 | — | 262,817 | |||||||||||||||||||||||
Rehabilitation hospital expense | 49,604 | — | — | — | 49,604 | (49,604 | ) | — | ||||||||||||||||||||||||
Rent expense | 101,129 | — | — | — | 101,129 | (4,837 | ) | 96,292 | ||||||||||||||||||||||||
Depreciation and amortization | 13,089 | — | (39 | ) | (39 | ) | 13,050 | (95 | ) | 12,955 | ||||||||||||||||||||||
Total operating expenses | 693,792 | — | (308 | ) | (308 | ) | 693,484 | (54,536 | ) | 638,948 | ||||||||||||||||||||||
Operating income | 9,297 | — | (96 | ) | (96 | ) | 9,201 | (1,288 | ) | 7,913 | ||||||||||||||||||||||
Income from continuing operations before income taxes and equity in earnings of Affiliates Insurance Company | 6,823 | — | (96 | ) | (96 | ) | 6,727 | (1,288 | ) | 5,439 | ||||||||||||||||||||||
Provision for income taxes | (850 | ) | 72 | — | 72 | (778 | ) | 422 | (356 | ) | ||||||||||||||||||||||
Income from continuing operations | 6,128 | 72 | (96 | ) | (24 | ) | 6,104 | (866 | ) | 5,238 | ||||||||||||||||||||||
Loss from discontinued operations | (3,368 | ) | 205 | (3 | ) | 202 | (3,166 | ) | 866 | (2,300 | ) | |||||||||||||||||||||
Net income | $ | 2,760 | $ | 277 | $ | (99 | ) | $ | 178 | $ | 2,938 | $ | — | $ | 2,938 | |||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||||||||||
Basic income per share from: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.13 | $ | 0.13 | $ | 0.11 | ||||||||||||||||||||||||||
Discontinued operations | (0.07 | ) | (0.07 | ) | (0.05 | ) | ||||||||||||||||||||||||||
Net income per share - basic | $ | 0.06 | $ | 0.06 | $ | 0.06 | ||||||||||||||||||||||||||
Diluted income per share from: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.13 | $ | 0.14 | $ | 0.11 | ||||||||||||||||||||||||||
Discontinued operations | (0.07 | ) | (0.08 | ) | (0.05 | ) | ||||||||||||||||||||||||||
Net income per share - diluted | $ | 0.06 | $ | 0.06 | $ | 0.06 | ||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||
As Reported | Error | As Restated | ||||||||||||||||||||||||||||||
Corrections | ||||||||||||||||||||||||||||||||
Consolidated Statement of Comprehensive Income: | ||||||||||||||||||||||||||||||||
Net income | $ | 2,760 | $ | 178 | $ | 2,938 | ||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrealized gain on investments in available for sale securities, net of tax | (289 | ) | 116 | (173 | ) | |||||||||||||||||||||||||||
Realized loss (gain) on investments in available for sale securities reclassified and included in net income, net of tax | 30 | (12 | ) | 18 | ||||||||||||||||||||||||||||
Unrealized gains on equity investment in Affiliates Insurance Company | (81 | ) | — | (81 | ) | |||||||||||||||||||||||||||
Other comprehensive income (loss) | (340 | ) | 104 | (236 | ) | |||||||||||||||||||||||||||
Comprehensive income | $ | 2,420 | $ | 282 | $ | 2,702 | ||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||
Retrospective | ||||||||||||||||||||||||||||||||
Error Corrections | Adjustments | |||||||||||||||||||||||||||||||
Presentation | for | |||||||||||||||||||||||||||||||
Income | and | Total Error | Discontinued | |||||||||||||||||||||||||||||
As Reported | Taxes | Other Errors | Classification | Corrections | As Corrected | Operations | As Restated | |||||||||||||||||||||||||
Consolidated Statement of Cash Flows data: | ||||||||||||||||||||||||||||||||
Net income | 2,760 | 277 | (99 | ) | — | 178 | 2,938 | — | 2,938 | |||||||||||||||||||||||
Depreciation and amortization | 13,089 | — | (39 | ) | — | (39 | ) | 13,050 | (95 | ) | 12,955 | |||||||||||||||||||||
(Gain) loss from discontinued operations | 3,368 | — | 3 | 1,819 | 1,822 | 5,190 | (1,288 | ) | 3,902 | |||||||||||||||||||||||
Provision for losses on recievables | 2,842 | — | 683 | — | 683 | 3,525 | (785 | ) | 2,740 | |||||||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||||||||||||||
Accounts receivable | (9,719 | ) | — | (269 | ) | (221 | ) | (490 | ) | (10,209 | ) | 2,234 | (7,975 | ) | ||||||||||||||||||
Prepaid expenses and other assets | 9,377 | (544 | ) | — | 636 | 92 | 9,469 | 91 | 9,560 | |||||||||||||||||||||||
Accounts payable and accrued expenses | (15,623 | ) | 267 | — | (415 | ) | (148 | ) | (15,771 | ) | 21 | (15,750 | ) | |||||||||||||||||||
Accrued compensation and benefits | 3,088 | — | — | — | — | 3,088 | (44 | ) | 3,044 | |||||||||||||||||||||||
Due to related persons, net | 1,315 | — | — | 62 | 62 | 1,377 | — | 1,377 | ||||||||||||||||||||||||
Other current and long term liabilities | (1,473 | ) | — | 404 | (62 | ) | 342 | (1,131 | ) | (1 | ) | (1,132 | ) | |||||||||||||||||||
Cash provided by operating activities | 9,487 | — | 683 | 1,819 | 2,502 | 11,989 | 133 | 12,122 | ||||||||||||||||||||||||
Acquisition of property and equipment | (26,255 | ) | — | — | — | — | (26,255 | ) | 2,543 | (23,712 | ) | |||||||||||||||||||||
Proceeds from disposition of property and equipment held for sale | 15,901 | — | — | — | — | 15,901 | (2,567 | ) | 13,334 | |||||||||||||||||||||||
Cash used in investing activities | (14,158 | ) | — | — | — | — | (14,158 | ) | (24 | ) | (14,182 | ) | ||||||||||||||||||||
Repayments of mortgage notes payable | (575 | ) | — | — | 37 | 37 | (538 | ) | — | (538 | ) | |||||||||||||||||||||
Cash used in financing activities | (575 | ) | — | — | 37 | 37 | (538 | ) | — | (538 | ) | |||||||||||||||||||||
Net cash used in operating activities of discontinued operations | (81 | ) | — | — | (3,608 | ) | (3,608 | ) | (3,689 | ) | (133 | ) | (3,822 | ) | ||||||||||||||||||
Net cash provided by investing activities of discontinued operations | — | — | — | 8,603 | 8,603 | 8,603 | 24 | 8,627 | ||||||||||||||||||||||||
Net cash used in financing activities of discontinued operations | — | — | — | (7,534 | ) | (7,534 | ) | (7,534 | ) | — | (7,534 | ) | ||||||||||||||||||||
Net cash used in discontinued operations | (81 | ) | — | — | (2,539 | ) | (2,539 | ) | (2,620 | ) | (109 | ) | (2,729 | ) | ||||||||||||||||||
For the Three Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||||
Retrospective | ||||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
Error Corrections | for | |||||||||||||||||||||||||||||||
Income | Total Error | Discontinued | ||||||||||||||||||||||||||||||
As Reported | Taxes | Other Errors | Corrections | As Corrected | Operations | As Restated | ||||||||||||||||||||||||||
Consolidated Statement of Income data: | ||||||||||||||||||||||||||||||||
Senior living revenue | $ | 269,040 | $ | — | $ | 53 | $ | 53 | $ | 269,093 | $ | — | $ | 269,093 | ||||||||||||||||||
Rehabilitation hospital revenue | 26,386 | — | — | — | 26,386 | (26,386 | ) | — | ||||||||||||||||||||||||
Total revenues | 322,826 | — | 53 | 53 | 322,879 | (26,386 | ) | 296,493 | ||||||||||||||||||||||||
Senior living wages and benefits | 130,240 | — | 12 | 12 | 130,252 | — | 130,252 | |||||||||||||||||||||||||
Rehabilitation hospital expense | 23,872 | — | — | — | 23,872 | (23,872 | ) | — | ||||||||||||||||||||||||
Rent expense | 49,849 | — | — | — | 49,849 | (2,418 | ) | 47,431 | ||||||||||||||||||||||||
General and administrative | 15,389 | — | 45 | 45 | 15,434 | — | 15,434 | |||||||||||||||||||||||||
Depreciation and amortization | 6,276 | — | (20 | ) | (20 | ) | 6,256 | (53 | ) | 6,203 | ||||||||||||||||||||||
Total operating expenses | 312,156 | — | 37 | 37 | 312,193 | (26,343 | ) | 285,850 | ||||||||||||||||||||||||
Operating income | 10,670 | — | 16 | 16 | 10,686 | (43 | ) | 10,643 | ||||||||||||||||||||||||
Income from continuing operations before income taxes and equity in earnings of Affiliates Insurance Company | 9,344 | — | 16 | 16 | 9,360 | (43 | ) | 9,317 | ||||||||||||||||||||||||
Provision for income taxes | (4,108 | ) | 274 | — | 274 | (3,834 | ) | 17 | (3,817 | ) | ||||||||||||||||||||||
Income from continuing operations | 5,312 | 274 | 16 | 290 | 5,602 | (26 | ) | 5,576 | ||||||||||||||||||||||||
Income from discontinued operations | (674 | ) | (19 | ) | 1 | (18 | ) | (692 | ) | 26 | (666 | ) | ||||||||||||||||||||
Net income | 4,638 | 255 | 17 | 272 | 4,910 | — | 4,910 | |||||||||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||||||||||
Basic income per share from: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.1 | $ | 0.12 | $ | 0.12 | ||||||||||||||||||||||||||
Discontinued operations | (0.01 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||||||||||||||
Net income per share - basic | $ | 0.09 | $ | 0.1 | $ | 0.1 | ||||||||||||||||||||||||||
Diluted income per share from: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.1 | $ | 0.12 | $ | 0.11 | ||||||||||||||||||||||||||
Discontinued operations | (0.01 | ) | (0.02 | ) | (0.01 | ) | ||||||||||||||||||||||||||
Net income per share - diluted | $ | 0.09 | $ | 0.1 | $ | 0.1 | ||||||||||||||||||||||||||
For the Three Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||||
As Reported | Error | As Restated | ||||||||||||||||||||||||||||||
Corrections | ||||||||||||||||||||||||||||||||
Consolidated Statement of Comprehensive Income: | ||||||||||||||||||||||||||||||||
Net income | 4,638 | 272 | 4,910 | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrealized gain on investments in available for sale securities, net of tax | 94 | (38 | ) | 56 | ||||||||||||||||||||||||||||
Realized loss (gain) on investments in available for sale securities reclassified and included in net income, net of tax | — | — | — | |||||||||||||||||||||||||||||
Unrealized gains on equity investment in Affiliates Insurance Company | (3 | ) | — | (3 | ) | |||||||||||||||||||||||||||
Other comprehensive income (loss) | 91 | (38 | ) | 53 | ||||||||||||||||||||||||||||
Comprehensive income | 4,729 | 234 | 4,963 | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||||
Error Corrections | Retrospective | |||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
for | ||||||||||||||||||||||||||||||||
As Reported | Income | Other Errors | Total Error | As Corrected | Discontinued | As Restated | ||||||||||||||||||||||||||
Taxes | Corrections | Operations | ||||||||||||||||||||||||||||||
Consolidated Statement of Income data: | ||||||||||||||||||||||||||||||||
Senior living revenue | $ | 535,775 | $ | — | $ | 123 | $ | 123 | $ | 535,898 | $ | — | $ | 535,898 | ||||||||||||||||||
Rehabilitation hospital revenue | 53,173 | — | — | — | 53,173 | (53,173 | ) | — | ||||||||||||||||||||||||
Total revenues | 640,842 | — | 123 | 123 | 640,965 | (53,174 | ) | 587,791 | ||||||||||||||||||||||||
Senior living wages and benefits | 262,026 | — | 36 | 36 | 262,062 | — | 262,062 | |||||||||||||||||||||||||
General and administrative | 30,844 | — | 89 | 89 | 30,933 | — | 30,933 | |||||||||||||||||||||||||
Rehabilitation hospital expense | 47,991 | — | — | — | 47,991 | (47,991 | ) | — | ||||||||||||||||||||||||
Rent expense | 99,628 | — | — | — | 99,628 | (4,836 | ) | 94,792 | ||||||||||||||||||||||||
Depreciation and amortization | 12,165 | — | (39 | ) | (39 | ) | 12,126 | (105 | ) | 12,021 | ||||||||||||||||||||||
Total operating expenses | 626,850 | — | 86 | 86 | 626,936 | (52,933 | ) | 574,003 | ||||||||||||||||||||||||
Operating income | 13,992 | — | 37 | 37 | 14,029 | (241 | ) | 13,788 | ||||||||||||||||||||||||
Income from continuing operations before income taxes and equity in earnings of Affiliates Insurance Company | 11,444 | — | 37 | 37 | 11,481 | (241 | ) | 11,240 | ||||||||||||||||||||||||
Provision for income taxes | (5,063 | ) | 347 | — | 347 | (4,716 | ) | 98 | (4,618 | ) | ||||||||||||||||||||||
Income from continuing operations | 6,502 | 347 | 37 | 384 | 6,886 | (143 | ) | 6,743 | ||||||||||||||||||||||||
Income from discontinued operations | (1,495 | ) | (11 | ) | 2 | (9 | ) | (1,504 | ) | 143 | (1,361 | ) | ||||||||||||||||||||
Net income | 5,007 | 336 | 39 | 375 | 5,382 | — | 5,382 | |||||||||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||||||||||
Basic income per share from: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.14 | $ | 0.14 | $ | 0.14 | ||||||||||||||||||||||||||
Discontinued operations | (0.03 | ) | (0.03 | ) | (0.03 | ) | ||||||||||||||||||||||||||
Net income per share - basic | $ | 0.11 | $ | 0.11 | $ | 0.11 | ||||||||||||||||||||||||||
Diluted income per share from: | ||||||||||||||||||||||||||||||||
Continuing operations | $ | 0.14 | $ | 0.14 | $ | 0.14 | ||||||||||||||||||||||||||
Discontinued operations | (0.03 | ) | (0.03 | ) | (0.03 | ) | ||||||||||||||||||||||||||
Net income per share - diluted | $ | 0.11 | $ | 0.11 | $ | 0.11 | ||||||||||||||||||||||||||
For the Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||||
As Reported | Error | As Restated | ||||||||||||||||||||||||||||||
Corrections | ||||||||||||||||||||||||||||||||
Consolidated Statement of Comprehensive Income: | ||||||||||||||||||||||||||||||||
Net income | 5,007 | 375 | 5,382 | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrealized gain on investments in available for sale securities, net of tax | 281 | (113 | ) | 168 | ||||||||||||||||||||||||||||
Realized loss (gain) on investments in available for sale securities reclassified and included in net income, net of tax | 1 | — | 1 | |||||||||||||||||||||||||||||
Unrealized gains on equity investment in Affiliates Insurance Company | (4 | ) | — | (4 | ) | |||||||||||||||||||||||||||
Other comprehensive income (loss) | 278 | (113 | ) | 165 | ||||||||||||||||||||||||||||
Comprehensive income | 5,285 | 262 | 5,547 | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||||
Error Corrections | Retrospective | |||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
As Reported | Income | Other Errors | Presentation | Total Error | As Corrected | for | As Restated | |||||||||||||||||||||||||
Taxes | and | Corrections | Discontinued | |||||||||||||||||||||||||||||
Classification | Operations | |||||||||||||||||||||||||||||||
Consolidated Statement of Cash Flows data: | ||||||||||||||||||||||||||||||||
Net income | 5,007 | 336 | 39 | — | 375 | 5,382 | — | 5,382 | ||||||||||||||||||||||||
Depreciation and amortization | 12,165 | — | (39 | ) | — | (39 | ) | 12,126 | (105 | ) | 12,021 | |||||||||||||||||||||
Loss from discontinued operations | 1,495 | — | (2 | ) | 1,159 | 1,157 | 2,652 | (241 | ) | 2,411 | ||||||||||||||||||||||
Stock-based compensation | 490 | — | 89 | — | 89 | 579 | — | 579 | ||||||||||||||||||||||||
Provision for losses on receivables | 2,153 | — | — | — | — | 2,153 | (325 | ) | 1,828 | |||||||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||||||||||||||
Accounts receivable | (1,722 | ) | — | 36 | 90 | 126 | (1,596 | ) | (287 | ) | (1,883 | ) | ||||||||||||||||||||
Prepaid expenses and other assets | 3,515 | (389 | ) | — | 292 | (97 | ) | 3,418 | 25 | 3,443 | ||||||||||||||||||||||
Accounts payable and accrued expenses | 2,140 | 53 | — | (1,433 | ) | (1,380 | ) | 760 | 1,105 | 1,865 | ||||||||||||||||||||||
Accrued compensation and benefits | 5,101 | — | — | — | — | 5,101 | (301 | ) | 4,800 | |||||||||||||||||||||||
Due to related persons, net | (2,703 | ) | — | — | 81 | 81 | (2,622 | ) | — | (2,622 | ) | |||||||||||||||||||||
Other current and long term liabilities | 984 | — | (123 | ) | 970 | 847 | 1,831 | (1,056 | ) | 775 | ||||||||||||||||||||||
Cash provided by operating activities | 28,460 | — | — | 1,159 | 1,159 | 29,619 | (1,185 | ) | 28,434 | |||||||||||||||||||||||
Acquisition of property and equipment | (27,770 | ) | — | — | — | — | (27,770 | ) | 2,482 | (25,288 | ) | |||||||||||||||||||||
Proceeds from disposition of property and equipment held for sale | 13,967 | — | — | — | — | 13,967 | (2,900 | ) | 11,067 | |||||||||||||||||||||||
Cash used in investing activities | (21,475 | ) | — | — | — | — | (21,475 | ) | (418 | ) | (21,893 | ) | ||||||||||||||||||||
Repayments of mortgage notes payable | (576 | ) | — | — | 70 | 70 | (506 | ) | — | (506 | ) | |||||||||||||||||||||
Cash used in financing activities | (13,114 | ) | — | — | 70 | 70 | (13,044 | ) | — | (13,044 | ) | |||||||||||||||||||||
Net provided by operating activities of discontinued operations | 1,390 | — | — | (450 | ) | (450 | ) | 940 | 1,185 | 2,125 | ||||||||||||||||||||||
Net cash used in investing activities of discontinued operations | — | — | — | (709 | ) | (709 | ) | (709 | ) | 418 | (291 | ) | ||||||||||||||||||||
Net cash used in financing activities of discontinued operations | — | — | — | (70 | ) | (70 | ) | (70 | ) | — | (70 | ) | ||||||||||||||||||||
Net cash provided by discontinued operations | 1,390 | — | — | (1,229 | ) | (1,229 | ) | 161 | 1,603 | 1,764 | ||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||
Error Corrections | Retrospective | |||||||||||||||||||||||||||||||
As Reported | Income | Insurance | Other Errors | Asset | Presentation | Total Error | As | Adjustments | As Restated | |||||||||||||||||||||||
Taxes | Claims | Additions and | and | Corrections | Corrected | for | ||||||||||||||||||||||||||
Related | Classification | Discontinued | ||||||||||||||||||||||||||||||
Accruals | Operations | |||||||||||||||||||||||||||||||
Consolidated Balance Sheet data: | ||||||||||||||||||||||||||||||||
Accounts receivable | $ | 53,134 | $ | — | $ | — | $ | (331 | ) | $ | — | $ | 1,391 | $ | 1,060 | $ | 54,194 | $ | (14,989 | ) | $ | 39,205 | ||||||||||
Due from related persons | — | — | — | — | — | 6,881 | 6,881 | 6,881 | — | 6,881 | ||||||||||||||||||||||
Prepaid and other current assets | 29,644 | 9,507 | (1,763 | ) | — | — | 1,681 | 9,425 | 39,069 | (751 | ) | 38,318 | ||||||||||||||||||||
Assets of discontinued operations | 10,430 | — | — | — | 693 | — | 693 | 11,123 | 18,977 | 30,100 | ||||||||||||||||||||||
Total current assets | 137,314 | 9,507 | (1,763 | ) | (331 | ) | 693 | 9,953 | 18,059 | 155,373 | 3,237 | 158,610 | ||||||||||||||||||||
Property and equipment, net | 335,612 | — | — | 110 | 4,929 | — | 5,039 | 340,651 | (3,157 | ) | 337,494 | |||||||||||||||||||||
Goodwill and other intangible assets | 27,788 | — | — | — | — | — | — | 27,788 | (80 | ) | 27,708 | |||||||||||||||||||||
Other long term assets | 42,267 | (1,885 | ) | — | — | — | — | (1,885 | ) | 40,382 | — | 40,382 | ||||||||||||||||||||
Total assets | 571,356 | 7,622 | (1,763 | ) | (221 | ) | 5,622 | 9,953 | 21,213 | 592,569 | — | 592,569 | ||||||||||||||||||||
Accounts payable | 36,920 | — | — | — | — | 2,768 | 2,768 | 39,688 | (1,653 | ) | 38,035 | |||||||||||||||||||||
Accrued expenses | 22,996 | (544 | ) | — | — | 4,929 | 827 | 5,212 | 28,208 | (198 | ) | 28,010 | ||||||||||||||||||||
Accrued compensation and benefits | 40,986 | — | — | — | — | — | — | 40,986 | (5,684 | ) | 35,302 | |||||||||||||||||||||
Due to related persons | 11,715 | — | — | — | — | 7,769 | 7,769 | 19,484 | — | 19,484 | ||||||||||||||||||||||
Accrued real estate taxes | 11,905 | — | — | — | — | (888 | ) | (888 | ) | 11,017 | (294 | ) | 10,723 | |||||||||||||||||||
Security deposits | 9,727 | — | — | (647 | ) | — | — | (647 | ) | 9,080 | (23 | ) | 9,057 | |||||||||||||||||||
Other current liabilities | 15,299 | — | — | — | — | (523 | ) | (523 | ) | 14,776 | (1 | ) | 14,775 | |||||||||||||||||||
Liabilities of discontinued operations | 8,448 | — | — | (21 | ) | 693 | — | 672 | 9,120 | 7,857 | 16,977 | |||||||||||||||||||||
Total current liabilities | 183,960 | (544 | ) | — | (668 | ) | 5,622 | 9,953 | 14,363 | 198,323 | 4 | 198,327 | ||||||||||||||||||||
Other long term liabilities | 6,615 | 101 | — | — | — | — | 101 | 6,716 | (4 | ) | 6,712 | |||||||||||||||||||||
Total long term liabilities | 80,591 | 101 | — | — | — | — | 101 | 80,692 | (4 | ) | 80,688 | |||||||||||||||||||||
Additional paid in capital | 354,083 | — | — | 81 | — | — | 81 | 354,164 | — | 354,164 | ||||||||||||||||||||||
Accumulated deficit | (49,637 | ) | 6,579 | (1,763 | ) | 366 | — | — | 5,182 | (44,455 | ) | — | (44,455 | ) | ||||||||||||||||||
Cumulative other comprehensive income | 1,877 | 1,486 | — | — | — | — | 1,486 | 3,363 | — | 3,363 | ||||||||||||||||||||||
Total shareholders’ equity | 306,805 | 8,065 | (1,763 | ) | 447 | — | — | 6,749 | 313,554 | — | 313,554 | |||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 571,356 | $ | 7,622 | $ | (1,763 | ) | $ | (221 | ) | $ | 5,622 | $ | 9,953 | $ | 21,213 | $ | 592,569 | $ | — | $ | 592,569 |
Basis_of_Presentation_and_Orga1
Basis of Presentation and Organization (Details) | 6 Months Ended | |||||||||||||
Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | 31-May-11 | Jun. 30, 2013 | Jun. 30, 2013 | |
item | Senior Living Communities | Rehabilitation hospitals | Independent and assisted living communities | SNF | Independent living apartment | Assisted living suites | Skilled nursing units | Outpatient clinics | Assisted living communities | SNH | SNH | SNH | SNH | |
unit | property | unit | property | unit | unit | unit | unit | unit | Senior Living Communities | Senior Living Communities | Rehabilitation hospitals | Assisted living communities | ||
state | hospital | property | unit | property | property | property | property | property | ||||||
property | satellite | unit | ||||||||||||
bed | ||||||||||||||
Real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties operated | ' | 250 | ' | 219 | 31 | ' | ' | ' | ' | ' | ' | 6 | ' | ' |
Number of states in which real estate properties are located | ' | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of living units in properties operated | ' | 29,698 | ' | 26,876 | 2,822 | 10,319 | 14,190 | 5,189 | ' | ' | ' | ' | ' | ' |
Number of properties owned and operated | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of living units in properties owned and operated | ' | 2,946 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties leased and operated | ' | 181 | 2 | ' | ' | ' | ' | ' | ' | ' | 188 | ' | 2 | ' |
Number of units in properties leased and operated | ' | 20,074 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties managed | ' | 39 | ' | ' | ' | ' | ' | ' | ' | ' | 39 | ' | ' | ' |
Number of units in properties managed | ' | 6,678 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties classified as discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 11 | ' | 2 | 4 |
Number of units in real estate property classified as discontinued operations | ' | ' | ' | 824 | 7 | ' | ' | ' | ' | 32 | 112 | ' | ' | ' |
Number of units in properties leased and operated | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' | ' | ' | ' |
Number of beds used to provide inpatient rehabilitation services to patients | ' | ' | 321 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hospital locations where inpatient rehabilitation services are provided | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of satellite locations where inpatient rehabilitation services are provided | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segment | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 |
Property and Equipment | ' | ' | ' | ' | ' |
Property and equipment, gross | $404,502 | ' | $404,502 | ' | $402,751 |
Accumulated depreciation | -73,817 | ' | -73,817 | ' | -65,257 |
Property and equipment, net | 330,685 | ' | 330,685 | ' | 337,494 |
Depreciation expense | 6,298 | 5,193 | 12,382 | 10,995 | ' |
SNH | ' | ' | ' | ' | ' |
Property and Equipment | ' | ' | ' | ' | ' |
Assets held for sale for increased rent pursuant to the terms of leases with SNH | 5,199 | ' | 5,199 | ' | ' |
Land | ' | ' | ' | ' | ' |
Property and Equipment | ' | ' | ' | ' | ' |
Property and equipment, gross | 21,714 | ' | 21,714 | ' | 21,714 |
Building and Improvements | ' | ' | ' | ' | ' |
Property and Equipment | ' | ' | ' | ' | ' |
Property and equipment, gross | 274,215 | ' | 274,215 | ' | 277,330 |
Furniture, fixtures and equipment | ' | ' | ' | ' | ' |
Property and Equipment | ' | ' | ' | ' | ' |
Property and equipment, gross | $108,573 | ' | $108,573 | ' | $103,707 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 | Jun. 30, 2013 |
Changes in accumulated other comprehensive income | ' | ' |
Balance at the beginning of the period | $3,363 | $3,363 |
Unrealized (loss) gain on investments, net of tax | 52 | -306 |
Reclassification adjustment: Realized (gain) loss on investments, net of tax | -52 | 70 |
Balance at the end of the period | 3,363 | 3,127 |
Equity Investment in Affiliates Insurance Company | ' | ' |
Changes in accumulated other comprehensive income | ' | ' |
Balance at the beginning of the period | 99 | 99 |
Unrealized (loss) gain on investments, net of tax | -8 | -73 |
Balance at the end of the period | 91 | 18 |
Investments in Available for Sale Securities (Restated) | ' | ' |
Changes in accumulated other comprehensive income | ' | ' |
Balance at the beginning of the period | 3,264 | 3,264 |
Unrealized (loss) gain on investments, net of tax | 60 | -233 |
Reclassification adjustment: Realized (gain) loss on investments, net of tax | -52 | 70 |
Balance at the end of the period | $3,272 | $3,109 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 |
Income Taxes | ' | ' | ' | ' | ' |
Tax expense recognized from continuing operations | ' | ' | $356 | ' | ' |
Tax benefit relating to a work opportunity tax credit program | ' | ' | 1,468 | ' | ' |
Tax benefit recognized from discontinued operations | 941 | 470 | 1,602 | 1,050 | ' |
Income Taxes | ' | ' | ' | ' | ' |
Tax credit carry forward, which begins to expire in 2022 if unused | ' | ' | ' | ' | 11,729 |
Federal | ' | ' | ' | ' | ' |
Income Taxes | ' | ' | ' | ' | ' |
Net operating loss carry forward, which begins to expire in 2025 if unused | ' | ' | ' | ' | $70,765 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 |
Earnings Per Share | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
Unvested common shares included in calculation of weighted average shares outstanding | 540 | 556 | 540 | 556 | ' |
Income (loss) | ' | ' | ' | ' | ' |
Income from continuing operations | $2,297 | $5,576 | $5,238 | $6,743 | ' |
Effect of the Notes | 159 | 157 | 331 | 379 | ' |
Diluted income from continuing operations | 2,297 | 5,737 | 5,238 | 6,743 | ' |
Diluted loss from discontinued operations | ($1,499) | ($666) | ($3,902) | ($2,411) | ' |
Shares | ' | ' | ' | ' | ' |
Income from continuing operations (in shares) | 48,253 | 47,914 | 48,244 | 47,906 | ' |
Effect of the Notes (in shares) | 1,913 | 2,039 | ' | 2,454 | ' |
Diluted income from continuing operations (in shares) | 50,166 | 49,953 | 50,157 | 50,360 | ' |
Diluted loss from discontinued operations (in shares) | 50,166 | 49,953 | 50,157 | 50,360 | ' |
Per Share | ' | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.05 | $0.12 | $0.11 | $0.14 | ' |
Diluted income from continuing operations (in dollars per share) | $0.05 | $0.11 | $0.11 | $0.14 | ' |
Diluted loss from discontinued operations (in dollars per share) | ($0.03) | ($0.01) | ($0.05) | ($0.03) | ' |
Fair_Values_of_Assets_and_Liab2
Fair Values of Assets and Liabilities (Details) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 |
item | |||
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities, current | $16,352 | ' | $12,920 |
Long term investments in available for sale securities | 6,979 | ' | 10,580 |
Amortized cost of available for sale securities | 21,812 | ' | 21,720 |
Unrealized gains on available for sale securities | 1,850 | ' | 2,050 |
Unrealized losses on available for sale securities | 331 | ' | 270 |
Number of available for sale securities in a loss position less than 12 months | 47 | ' | ' |
Fair value of securities which is in loss position for less than 12 months | 7,448 | ' | ' |
Number of available for sale securities in a loss position 12 months or longer | 3 | ' | ' |
Fair value of securities which is in loss position for 12 months or longer | 2,181 | ' | ' |
Unrealized losses on available for sale securities in a loss position greater than 12 months | 68 | ' | ' |
Gross proceeds from sale of available for sale securities | 5,213 | 772 | ' |
Gross realized gains recorded on sale of available for sale securities | 264 | 2 | ' |
Gross realized losses recorded on sale of available for sale securities | 294 | 3 | ' |
International bond fund | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Unfunded commitments | 0 | ' | ' |
High yield bonds | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Unfunded commitments | 0 | ' | ' |
Total | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Cash equivalents | 19,603 | ' | 22,149 |
Available for sale securities | 23,331 | ' | 23,500 |
Total | 42,934 | ' | 45,649 |
Total | Equity securities | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 7,093 | ' | 7,284 |
Total | Financial services industry | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 3,860 | ' | 6,025 |
Total | Non-equity investment instrument | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 536 | ' | ' |
Total | REIT industry | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 576 | ' | 484 |
Total | Utilities industry | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 484 | ' | ' |
Total | Other | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 1,637 | ' | 775 |
Total | Debt securities | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 16,238 | ' | 16,216 |
Total | International bond fund | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 2,308 | ' | 2,345 |
Total | High yield bonds | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 2,191 | ' | 2,168 |
Total | Industrial bonds | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 3,893 | ' | 5,186 |
Total | Government bonds | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 4,871 | ' | 4,666 |
Total | Financial bonds | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 964 | ' | 982 |
Total | Other | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 2,011 | ' | 869 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Cash equivalents | 19,603 | ' | 22,149 |
Available for sale securities | 11,675 | ' | 11,950 |
Total | 31,278 | ' | 34,099 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 7,093 | ' | 7,284 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Financial services industry | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 3,860 | ' | 6,025 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-equity investment instrument | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 536 | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | REIT industry | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 576 | ' | 484 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Utilities industry | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 484 | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 1,637 | ' | 775 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Debt securities | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 4,582 | ' | 4,666 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Government bonds | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 4,582 | ' | 4,666 |
Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 11,656 | ' | 11,550 |
Total | 11,656 | ' | 11,550 |
Significant Other Observable Inputs (Level 2) | Debt securities | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 11,656 | ' | 11,550 |
Significant Other Observable Inputs (Level 2) | International bond fund | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 2,308 | ' | 2,345 |
Significant Other Observable Inputs (Level 2) | High yield bonds | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 2,191 | ' | 2,168 |
Significant Other Observable Inputs (Level 2) | Industrial bonds | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 3,893 | ' | 5,186 |
Significant Other Observable Inputs (Level 2) | Government bonds | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 289 | ' | ' |
Significant Other Observable Inputs (Level 2) | Financial bonds | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | 964 | ' | 982 |
Significant Other Observable Inputs (Level 2) | Other | ' | ' | ' |
Fair Values of Assets and Liabilities | ' | ' | ' |
Available for sale securities | $2,011 | ' | $869 |
Fair_Values_of_Assets_and_Liab3
Fair Values of Assets and Liabilities (Details 2) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying value and fair value | ' | ' |
Transfers of assets between Level 1 to Level 2 | $0 | ' |
Transfers of liabilities between Level 1 to Level 2 | 0 | ' |
Transfers of assets between Level 2 to Level 1 | 0 | ' |
Transfers of liabilities between Level 2 to Level 1 | 0 | ' |
Mortgage notes payable | 37,050 | 37,621 |
Error Corrections | ' | ' |
Carrying value and fair value | ' | ' |
Mortgage notes payable | 9,469 | 9,947 |
Available for sale debt securities | Error Corrections | ' | ' |
Carrying value and fair value | ' | ' |
Transfers of assets between Level 1 to Level 2 | 11,656 | 11,550 |
AIC | ' | ' |
Carrying value and fair value | ' | ' |
Number of other current shareholders of the related party | 5 | ' |
Level two | AIC | ' | ' |
Carrying value and fair value | ' | ' |
Number of other current shareholders of the related party | 7 | ' |
Carrying value | Level two | ' | ' |
Carrying value and fair value | ' | ' |
Convertible senior notes | 24,872 | 24,872 |
Carrying value | Level three | ' | ' |
Carrying value and fair value | ' | ' |
Mortgage notes payable | 38,175 | 46,260 |
Fair value | Level two | ' | ' |
Carrying value and fair value | ' | ' |
Convertible senior notes | 24,879 | 24,623 |
Fair value | Level three | ' | ' |
Carrying value and fair value | ' | ' |
Mortgage notes payable | $42,158 | $53,115 |
Indebtedness_Details
Indebtedness (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | 31-May-11 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jul. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jul. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Oct. 31, 2006 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 08, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | 31-May-11 |
Senior Living Communities | SNH | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Credit Facility | Notes | Notes | Notes | Notes | Notes | Notes | Notes | Notes | Mortgage notes | Mortgage notes | Mortgage notes | Mortgage notes | Mortgage notes | Mortgage notes | Mortgage notes | Bridge Loan | Bridge Loan | Bridge Loan | Bridge Loan | |||||
property | Senior Living Communities | LIBOR | item | Senior Living Communities | LIBOR | Forecast | Subsequent event | FNMA | FMCC | Senior Living Communities | SNH | SNH | SNH | SNH | ||||||||||||||||||||||||
property | item | item | item | item | Maximum | |||||||||||||||||||||||||||||||||
unit | ||||||||||||||||||||||||||||||||||||||
Indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | $35,000 | ' | $35,000 | ' | ' | ' | $150,000 | ' | $150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of extensions to maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension period available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread (as a percent) | ' | ' | ' | ' | ' | ' | 2.50% | ' | 2.50% | ' | ' | ' | 2.50% | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at period end (as a percent) | ' | ' | ' | ' | ' | ' | 2.69% | ' | 2.69% | ' | ' | ' | 2.69% | ' | 2.69% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal repayment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount borrowed during the period | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding under credit facility | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense and other associated costs incurred | ' | ' | ' | ' | ' | ' | 90 | 287 | 242 | 463 | ' | ' | 433 | 416 | 900 | 416 | ' | ' | ' | ' | 245 | 264 | 490 | 631 | ' | ' | ' | 1,145 | 708 | 1,844 | 1,425 | ' | ' | ' | 39 | 314 | ' | ' |
Amount of notes outstanding redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,872 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected loss on early extinguishment of debt, net of unamortized issuance costs | 45 | 45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 599 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount borrowed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 | ' |
Number of real estate properties mortgaged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 3 | 4 | ' | ' | ' | ' |
Number of real estate properties securing borrowings on the new credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units in real estate properties securing borrowings on the new credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,549 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issue of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio, number of common shares per $1,000 principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76.9231 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial conversion price of shares (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13 | ' | $13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount at which notes may be required to be repurchased in event of fundamental change | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of notes outstanding | ' | ' | 24,872 | 24,872 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,872 | ' | 24,872 | ' | 24,872 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage notes, total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,175 | ' | ' | ' | ' |
Weighted average interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | ' | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.91% | ' | 6.91% | ' | ' | ' | ' | ' | ' | ' | ' |
Amount agreed to be lent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 |
Number of properties operated | ' | ' | ' | ' | 250 | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of borrowing | ' | $38,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $42,000 | ' |
Off_Balance_Sheet_Arrangements1
Off Balance Sheet Arrangements (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 |
property | |
Off Balance Sheet Arrangements | ' |
Carrying value of accounts receivable pledged | $12,719 |
Number of properties leased from SNH on which pledge arises | 26 |
Off balance sheet arrangements, asset | 0 |
Off balance sheet arrangements, liability | $0 |
Related_Person_Transactions_De
Related Person Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Apr. 16, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Jul. 29, 2013 | Jul. 15, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
AL Pooling Agreements | D&R Yonkers LLC | Senior Living Communities | Rehabilitation hospitals | SNH | SNH | SNH | SNH | SNH | SNH | SNH | SNH | SNH | SNH | SNH | SNH | SNH | |||||
property | property | property | item | Georgia | New York | Bridge Loan | Bridge Loan | Subsequent event | Subsequent event | D&R Yonkers LLC | Senior Living Communities | Rehabilitation hospitals | |||||||||
property | property | Georgia | Tennessee | property | property | property | |||||||||||||||
property | property | unit | |||||||||||||||||||
Related person transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage by former parent | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares owned | ' | ' | ' | ' | ' | ' | ' | ' | 4,235 | ' | 4,235 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding common shares owned | ' | ' | ' | ' | ' | ' | ' | ' | 8.80% | ' | 8.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties leased | ' | ' | ' | ' | ' | ' | 181 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 188 | 2 |
Number of real estate properties classified as discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 2 |
Total minimum annual rent payable | ' | ' | ' | ' | ' | ' | ' | ' | $198,984 | ' | $198,984 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense under leases, net of lease inducement amortization | ' | ' | ' | ' | ' | ' | ' | ' | 50,866 | 49,920 | 101,466 | 99,723 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding rent due and payable | ' | ' | ' | ' | ' | ' | ' | ' | 17,883 | 17,522 | 17,883 | 17,522 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate improvements sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,901 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) in annual lease rent payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,272 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets held for sale including discontinued operation assets for increased rent pursuant to the terms of leases with SNH | ' | ' | ' | ' | ' | ' | ' | ' | 5,679 | ' | 5,679 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties managed | ' | ' | ' | ' | 20 | ' | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39 | ' |
Number of pooling agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of pooling agreement for communities that include assisted living units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fee revenue | 2,281 | 1,302 | 4,583 | 2,390 | ' | ' | ' | ' | 2,281 | 1,080 | 4,576 | 2,148 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units that the entity agreed to manage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93 | 198 | ' | ' | 153 | 60 | 111 | ' | ' |
Number of properties acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Management fees receivable under property management agreement as a percentage of gross revenues | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive fee payable under the management agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties offered for sale classified as discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' |
Number of units in real estate property offered for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112 | ' |
Sales price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,550 | ' |
Decrease in annual lease rent payable (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' |
Interest expense and other associated costs incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $39 | $314 | ' | ' | ' | ' | ' |
Related_Person_Transactions_De1
Related Person Transactions (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Jul. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 |
RMR | RMR | RMR | RMR | RMR | AIC | AIC | AIC | AIC | AIC | AIC | AIC | ||||||
item | item | item | Maximum | ||||||||||||||
Related person transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business management fees | ' | ' | ' | ' | ' | ' | $3,829 | $3,285 | $7,161 | $6,578 | ' | ' | ' | ' | ' | ' | ' |
Annual rent expense under leases | ' | ' | ' | ' | ' | 767 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Utilities and real estate taxes | 48,279 | 47,431 | 96,292 | 94,792 | ' | ' | 347 | 355 | 694 | 709 | ' | ' | ' | ' | ' | ' | ' |
Number of other current shareholders of the related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 5 | ' | 5 | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | 12.50% | ' | 12.50% | ' | ' | 20.00% |
Amount invested in equity investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,209 | 5,209 | ' | 5,209 | ' | ' | ' |
Equity investment in Affiliates Insurance Company | 5,703 | ' | 5,703 | ' | 5,629 | ' | ' | ' | ' | ' | 5,703 | 5,703 | ' | 5,703 | ' | 5,629 | ' |
Income (loss) related to investment | 79 | 76 | 155 | 121 | ' | ' | ' | ' | ' | ' | ' | 79 | 76 | 155 | 121 | ' | ' |
Coverage of property insurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' |
Period for which property insurance program was extended | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' |
Annual premiums | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,428 | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 6 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Aug. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2011 | Jun. 30, 2013 | Aug. 30, 2011 | Aug. 31, 2011 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
SNH | SNH | SNF | SNF | Assisted living communities | Assisted living communities | Assisted living communities | Pharmacy business | Pharmacy business | Pharmacy business | Nine senior living communities | Nine senior living communities | Nine senior living communities | One senior living community | Ten senior living community | Seven senior living community | Three senior living community | ||||||
Rehabilitation hospitals | Subsequent event | Michigan | Michigan | unit | SNH | SNH | South Carolina | SNH | SNH | SNH | SNH | SNH | SNH | SNH | ||||||||
property | Rehabilitation hospitals | item | property | property | Pennsylvania | Pennsylvania | item | property | Minimum | Maximum | property | unit | property | unit | ||||||||
property | unit | property | unit | property | unit | property | ||||||||||||||||
unit | ||||||||||||||||||||||
Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties offered for sale | ' | ' | ' | ' | ' | 2 | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units in real estate property offered for sale | ' | ' | ' | ' | ' | ' | ' | ' | 271 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties sold | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale consideration | ' | ' | ' | ' | ' | ' | ' | $8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,550 | ' | ' | ' |
HUD mortgage debt to be prepaid by the buyer | 0 | ' | 0 | ' | 7,547 | ' | ' | 7,510 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairment charge | 1,231 | ' | 1,231 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties agreed to be sold by the related party | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | 1 | ' | ' | ' | 9 | ' | ' | 1 | 10 | 7 | 3 |
Number of properties to be sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of living units in property agreed to be sold by the related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103 | ' | ' | ' | ' | ' | ' | 112 | 721 | 578 | 143 |
Number of living units in property to be sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in annual lease rent payable (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | 8.75% | 10.00% | 10.00% | ' | ' | ' |
Proceeds from sale of pharmacy business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,298 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working capital included in proceeds from sale of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,789 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,347 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of pharmacies whose real estate was not acquired by Omnicare | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Summary of the operating results of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 38,055 | 57,976 | 80,134 | 118,127 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses | -39,264 | -59,112 | -82,805 | -120,538 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of long lived assets | -1,231 | ' | -1,231 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -350 | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit for income taxes | 941 | 470 | 1,602 | 1,050 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ($1,499) | ($666) | ($3,902) | ($2,411) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation_Settlement_Details
Litigation Settlement (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2012 | Jun. 30, 2012 | 29-May-12 |
Settlement Agreement with Sunrise for certain insurance programs | |||
Litigation Settlement | ' | ' | ' |
Cash received pursuant to the Settlement Agreement | ' | ' | $4,000 |
Gain on settlement, net of legal fees | ($3,365) | ($3,365) | $3,365 |
Restatement_of_Previously_Issu2
Restatement of Previously Issued Financial Statements (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2011 | Mar. 31, 2013 | Dec. 31, 2012 |
Transfers of assets between Level 1 to Level 2 | $0 | ' | $0 | ' | ' | ' | ' |
Mortgage notes payable | 37,050 | ' | 37,050 | ' | ' | ' | 37,621 |
Consolidated Balance Sheet data: | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | 44,440 | ' | 44,440 | ' | ' | ' | 39,205 |
Due from related persons | 5,810 | ' | 5,810 | ' | ' | ' | 6,881 |
Prepaid expenses and other current assets | 28,522 | ' | 28,522 | ' | ' | ' | 38,318 |
Assets of discontinued operations | 20,205 | ' | 20,205 | ' | ' | ' | 30,100 |
Total current assets | 145,842 | ' | 145,842 | ' | ' | ' | 158,610 |
Property and equipment, net | 330,685 | ' | 330,685 | ' | ' | ' | 337,494 |
Goodwill and other intangible assets | 27,122 | ' | 27,122 | ' | ' | ' | 27,708 |
Other long term assets | ' | ' | ' | ' | ' | ' | 36,214 |
Other long term assets | 40,736 | ' | 40,736 | ' | ' | ' | 40,382 |
Total assets | 568,263 | ' | 568,263 | ' | ' | ' | 592,569 |
Accounts payable | 24,737 | ' | 24,737 | ' | ' | ' | 38,035 |
Accrued expenses | 20,754 | ' | 20,754 | ' | ' | ' | 28,010 |
Accrued compensation and benefits | 38,346 | ' | 38,346 | ' | ' | ' | 35,302 |
Due to related persons | 19,790 | ' | 19,790 | ' | ' | ' | 19,484 |
Accrued real estate taxes | 10,200 | ' | 10,200 | ' | ' | ' | 10,723 |
Security deposits | 8,754 | ' | 8,754 | ' | ' | ' | 9,057 |
Other current liabilities | 18,294 | ' | 18,294 | ' | ' | ' | 14,775 |
Liabilities of discontinued operations | 8,255 | ' | 8,255 | ' | ' | ' | 16,977 |
Total current liabilities | 175,127 | ' | 175,127 | ' | ' | ' | 198,327 |
Other long term liabilities | 5,775 | ' | 5,775 | ' | ' | ' | 6,712 |
Total long term liabilities | 76,292 | ' | 76,292 | ' | ' | ' | 80,688 |
Additional paid in capital | 354,752 | ' | 354,752 | ' | ' | ' | 354,164 |
Accumulated deficit | -41,517 | ' | -41,517 | ' | ' | ' | -44,455 |
Cumulative other comprehensive income | 3,127 | ' | 3,127 | ' | ' | 3,363 | 3,363 |
Total shareholders' equity | 316,844 | ' | 316,844 | ' | ' | ' | 313,554 |
Total liabilities and shareholders' equity | 568,263 | ' | 568,263 | ' | ' | ' | 592,569 |
Consolidated Statement of Income data: | ' | ' | ' | ' | ' | ' | ' |
Senior living revenue | 268,827 | 269,093 | 538,067 | 535,898 | ' | ' | ' |
Total revenues | 323,261 | 296,493 | 646,861 | 587,791 | ' | ' | ' |
Senior living wages and benefits | 130,390 | 130,252 | 262,817 | 262,062 | ' | ' | ' |
Rent expense | 48,279 | 47,431 | 96,292 | 94,792 | ' | ' | ' |
General and administrative | 15,451 | 15,434 | 30,583 | 30,933 | ' | ' | ' |
Depreciation and amortization | 6,585 | 6,203 | 12,955 | 12,021 | ' | ' | ' |
Total operating expenses | 318,610 | 285,850 | 638,948 | 574,003 | ' | ' | ' |
Operating income | 4,651 | 10,643 | 7,913 | 13,788 | ' | ' | ' |
Income from continuing operations before income taxes and equity in earnings of Affiliates Insurance Company | 3,349 | 9,317 | 5,439 | 11,240 | ' | ' | ' |
Provision for income taxes | -1,131 | -3,817 | -356 | -4,618 | 50,554 | ' | ' |
Income from continuing operations | 2,297 | 5,576 | 5,238 | 6,743 | ' | ' | ' |
Loss from discontinued operations | -1,499 | -666 | -3,902 | -2,411 | ' | ' | ' |
Net income | 798 | 4,910 | 2,938 | 5,382 | ' | ' | ' |
Basic income per share from: | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.05 | $0.12 | $0.11 | $0.14 | ' | ' | ' |
Discontinued operations (in dollars per share) | ($0.03) | ($0.02) | ($0.05) | ($0.03) | ' | ' | ' |
Net income per share - basic (in dollars per share) | $0.02 | $0.10 | $0.06 | $0.11 | ' | ' | ' |
Diluted income per share from: | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.05 | $0.11 | $0.11 | $0.14 | ' | ' | ' |
Discontinued operations (in dollars per share) | ($0.03) | ($0.01) | ($0.05) | ($0.03) | ' | ' | ' |
Net income per share - diluted (in dollars per share) | $0.02 | $0.10 | $0.06 | $0.11 | ' | ' | ' |
Consolidated Statement of Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' |
Net income | 798 | 4,910 | 2,938 | 5,382 | ' | ' | ' |
Unrealized gain on investments in available for sale securities, net of tax | -233 | 56 | -173 | 168 | ' | ' | ' |
Realized loss (gain) on investments in available for sale securities reclassified and included in net income, net of tax | 70 | 0 | 18 | 1 | ' | ' | ' |
Unrealized gains on equity investment in Affiliates Insurance Company | -73 | -3 | -81 | -4 | ' | ' | ' |
Other comprehensive income (loss) | -236 | 53 | -236 | 165 | ' | ' | ' |
Comprehensive income | 562 | 4,963 | 2,702 | 5,547 | ' | ' | ' |
Consolidated Statement of Cash Flows data: | ' | ' | ' | ' | ' | ' | ' |
Net income | 798 | 4,910 | 2,938 | 5,382 | ' | ' | ' |
Depreciation and amortization | ' | ' | 12,955 | 12,021 | ' | ' | ' |
(Gain) loss from discontinued operations | 1,499 | 666 | 3,902 | 2,411 | ' | ' | ' |
Stock-based compensation | ' | ' | 588 | 579 | ' | ' | ' |
Provision for losses on receivables | ' | ' | 2,740 | 1,828 | ' | ' | ' |
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | -7,975 | -1,883 | ' | ' | ' |
Prepaid expenses and other assets | ' | ' | 9,560 | 3,443 | ' | ' | ' |
Accounts payable and accrued expenses | ' | ' | -15,750 | 1,865 | ' | ' | ' |
Accrued compensation and benefits | ' | ' | 3,044 | 4,800 | ' | ' | ' |
Due to related persons, net | ' | ' | 1,377 | -2,622 | ' | ' | ' |
Other current and long term liabilities | ' | ' | -1,132 | 775 | ' | ' | ' |
Cash provided by operating activities | ' | ' | 12,122 | 28,434 | ' | ' | ' |
Acquisition of property and equipment | ' | ' | -23,712 | -25,288 | ' | ' | ' |
Proceeds from disposition of property and equipment held for sale | ' | ' | 13,334 | 11,067 | ' | ' | ' |
Cash used in investing activities | ' | ' | -14,182 | -21,893 | ' | ' | ' |
Repayments of mortgage notes payable | ' | ' | -538 | -506 | ' | ' | ' |
Cash used in financing activities | ' | ' | -538 | -13,044 | ' | ' | ' |
Net cash used in operating activities of discontinued operations | ' | ' | -3,822 | 2,125 | ' | ' | ' |
Net cash provided by investing activities of discontinued operations | ' | ' | 8,627 | -291 | ' | ' | ' |
Net cash used in financing activities of discontinued operations | ' | ' | -7,534 | -70 | ' | ' | ' |
Net cash used in discontinued operations | ' | ' | -2,729 | 1,764 | ' | ' | ' |
As Reported | ' | ' | ' | ' | ' | ' | ' |
Consolidated Balance Sheet data: | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | 56,763 | ' | 56,763 | ' | ' | ' | 53,134 |
Prepaid expenses and other current assets | 19,382 | ' | 19,382 | ' | ' | ' | 29,644 |
Assets of discontinued operations | 4,978 | ' | 4,978 | ' | ' | ' | 10,430 |
Total current assets | 133,798 | ' | 133,798 | ' | ' | ' | 137,314 |
Property and equipment, net | 331,172 | ' | 331,172 | ' | ' | ' | 335,612 |
Goodwill and other intangible assets | ' | ' | ' | ' | ' | ' | 27,788 |
Other long term assets | ' | ' | ' | ' | ' | ' | 42,267 |
Other long term assets | 42,916 | ' | 42,916 | ' | ' | ' | ' |
Total assets | 558,886 | ' | 558,886 | ' | ' | ' | 571,356 |
Accounts payable | 23,553 | ' | 23,553 | ' | ' | ' | 36,920 |
Accrued expenses | 20,792 | ' | 20,792 | ' | ' | ' | 22,996 |
Accrued compensation and benefits | 43,059 | ' | 43,059 | ' | ' | ' | 40,986 |
Due to related persons | 18,840 | ' | 18,840 | ' | ' | ' | 11,715 |
Accrued real estate taxes | 11,175 | ' | 11,175 | ' | ' | ' | 11,905 |
Security deposits | 8,997 | ' | 8,997 | ' | ' | ' | 9,727 |
Other current liabilities | ' | ' | ' | ' | ' | ' | 15,299 |
Liabilities of discontinued operations | 2,175 | ' | 2,175 | ' | ' | ' | 8,448 |
Total current liabilities | 172,882 | ' | 172,882 | ' | ' | ' | 183,960 |
Other long term liabilities | 5,674 | ' | 5,674 | ' | ' | ' | 6,615 |
Total long term liabilities | 76,191 | ' | 76,191 | ' | ' | ' | 80,591 |
Additional paid in capital | 354,671 | ' | 354,671 | ' | ' | ' | 354,083 |
Accumulated deficit | -46,877 | ' | -46,877 | ' | ' | ' | -49,637 |
Cumulative other comprehensive income | 1,537 | ' | 1,537 | ' | ' | ' | 1,877 |
Total shareholders' equity | 309,813 | ' | 309,813 | ' | ' | ' | 306,805 |
Total liabilities and shareholders' equity | 558,886 | ' | 558,886 | ' | ' | ' | 571,356 |
Consolidated Statement of Income data: | ' | ' | ' | ' | ' | ' | ' |
Senior living revenue | 269,081 | 269,040 | 538,471 | 535,775 | ' | ' | ' |
Rehabilitation hospital revenue | 28,343 | 26,386 | 55,824 | 53,173 | ' | ' | ' |
Total revenues | 351,858 | 322,826 | 703,089 | 640,842 | ' | ' | ' |
Senior living wages and benefits | 130,466 | 130,240 | 263,086 | 262,026 | ' | ' | ' |
Rehabilitation hospital expense | 24,710 | 23,872 | 49,604 | 47,991 | ' | ' | ' |
Rent expense | 50,936 | 49,849 | 101,129 | 99,628 | ' | ' | ' |
General and administrative | ' | 15,389 | ' | 30,844 | ' | ' | ' |
Depreciation and amortization | 6,651 | 6,276 | 13,089 | 12,165 | ' | ' | ' |
Total operating expenses | 346,119 | 312,156 | 693,792 | 626,850 | ' | ' | ' |
Operating income | 5,739 | 10,670 | 9,297 | 13,992 | ' | ' | ' |
Income from continuing operations before income taxes and equity in earnings of Affiliates Insurance Company | 4,437 | 9,344 | 6,823 | 11,444 | ' | ' | ' |
Provision for income taxes | -1,854 | -4,108 | -850 | -5,063 | ' | ' | ' |
Income from continuing operations | 2,662 | 5,312 | 6,128 | 6,502 | ' | ' | ' |
Loss from discontinued operations | -1,837 | -674 | -3,368 | -1,495 | ' | ' | ' |
Net income | 825 | 4,638 | 2,760 | 5,007 | ' | ' | ' |
Basic income per share from: | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.06 | $0.10 | $0.13 | $0.14 | ' | ' | ' |
Discontinued operations (in dollars per share) | ($0.04) | ($0.01) | ($0.07) | ($0.03) | ' | ' | ' |
Net income per share - basic (in dollars per share) | $0.02 | $0.09 | $0.06 | $0.11 | ' | ' | ' |
Diluted income per share from: | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.06 | $0.10 | $0.13 | $0.14 | ' | ' | ' |
Discontinued operations (in dollars per share) | ($0.04) | ($0.01) | ($0.07) | ($0.03) | ' | ' | ' |
Net income per share - diluted (in dollars per share) | $0.02 | $0.09 | $0.06 | $0.11 | ' | ' | ' |
Consolidated Statement of Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' |
Net income | 825 | 4,638 | 2,760 | 5,007 | ' | ' | ' |
Unrealized gain on investments in available for sale securities, net of tax | -390 | 94 | -289 | 281 | ' | ' | ' |
Realized loss (gain) on investments in available for sale securities reclassified and included in net income, net of tax | 117 | 0 | 30 | 1 | ' | ' | ' |
Unrealized gains on equity investment in Affiliates Insurance Company | -73 | -3 | -81 | -4 | ' | ' | ' |
Other comprehensive income (loss) | -346 | 91 | -340 | 278 | ' | ' | ' |
Comprehensive income | 479 | 4,729 | 2,420 | 5,285 | ' | ' | ' |
Consolidated Statement of Cash Flows data: | ' | ' | ' | ' | ' | ' | ' |
Net income | 825 | 4,638 | 2,760 | 5,007 | ' | ' | ' |
Depreciation and amortization | ' | ' | 13,089 | 12,165 | ' | ' | ' |
(Gain) loss from discontinued operations | 1,837 | 674 | 3,368 | 1,495 | ' | ' | ' |
Stock-based compensation | ' | ' | ' | 490 | ' | ' | ' |
Provision for losses on receivables | ' | ' | 2,842 | 2,153 | ' | ' | ' |
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | -9,719 | -1,722 | ' | ' | ' |
Prepaid expenses and other assets | ' | ' | 9,377 | 3,515 | ' | ' | ' |
Accounts payable and accrued expenses | ' | ' | -15,623 | 2,140 | ' | ' | ' |
Accrued compensation and benefits | ' | ' | 3,088 | 5,101 | ' | ' | ' |
Due to related persons, net | ' | ' | 1,315 | -2,703 | ' | ' | ' |
Other current and long term liabilities | ' | ' | -1,473 | 984 | ' | ' | ' |
Cash provided by operating activities | ' | ' | 9,487 | 28,460 | ' | ' | ' |
Acquisition of property and equipment | ' | ' | -26,255 | -27,770 | ' | ' | ' |
Proceeds from disposition of property and equipment held for sale | ' | ' | 15,901 | 13,967 | ' | ' | ' |
Cash used in investing activities | ' | ' | -14,158 | -21,475 | ' | ' | ' |
Repayments of mortgage notes payable | ' | ' | -575 | -576 | ' | ' | ' |
Cash used in financing activities | ' | ' | -575 | -13,114 | ' | ' | ' |
Net cash used in operating activities of discontinued operations | ' | ' | -81 | 1,390 | ' | ' | ' |
Net cash used in discontinued operations | ' | ' | -81 | 1,390 | ' | ' | ' |
Error Corrections | ' | ' | ' | ' | ' | ' | ' |
Mortgage notes payable | 9,469 | ' | 9,469 | ' | ' | ' | 9,947 |
Consolidated Balance Sheet data: | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | 1,550 | ' | 1,550 | ' | ' | ' | 1,060 |
Due from related persons | ' | ' | ' | ' | ' | ' | 6,881 |
Prepaid expenses and other current assets | 9,732 | ' | 9,732 | ' | ' | ' | 9,425 |
Assets of discontinued operations | 1 | ' | 1 | ' | ' | ' | 693 |
Total current assets | 11,283 | ' | 11,283 | ' | ' | ' | 18,059 |
Property and equipment, net | 274 | ' | 274 | ' | ' | ' | 5,039 |
Other long term assets | -2,180 | ' | -2,180 | ' | ' | ' | -1,885 |
Total assets | 9,377 | ' | 9,377 | ' | ' | ' | 21,213 |
Accounts payable | 2,340 | ' | 2,340 | ' | ' | ' | 2,768 |
Accrued expenses | 165 | ' | 165 | ' | ' | ' | 5,212 |
Due to related persons | 950 | ' | 950 | ' | ' | ' | 7,769 |
Accrued real estate taxes | -950 | ' | -950 | ' | ' | ' | -888 |
Security deposits | -243 | ' | -243 | ' | ' | ' | -647 |
Other current liabilities | ' | ' | ' | ' | ' | ' | -523 |
Liabilities of discontinued operations | -17 | ' | -17 | ' | ' | ' | 672 |
Total current liabilities | 2,245 | ' | 2,245 | ' | ' | ' | 14,363 |
Other long term liabilities | 101 | ' | 101 | ' | ' | ' | 101 |
Total long term liabilities | 101 | ' | 101 | ' | ' | ' | 101 |
Additional paid in capital | 81 | ' | 81 | ' | ' | ' | 81 |
Accumulated deficit | 5,360 | ' | 5,360 | ' | ' | ' | 5,182 |
Cumulative other comprehensive income | 1,590 | ' | 1,590 | ' | ' | ' | 1,486 |
Total shareholders' equity | 7,031 | ' | 7,031 | ' | ' | ' | 6,749 |
Total liabilities and shareholders' equity | 9,377 | ' | 9,377 | ' | ' | ' | 21,213 |
Consolidated Statement of Income data: | ' | ' | ' | ' | ' | ' | ' |
Senior living revenue | -253 | 53 | -404 | 123 | ' | ' | ' |
Total revenues | -253 | 53 | -404 | 123 | ' | ' | ' |
Senior living wages and benefits | -76 | 12 | -269 | 36 | ' | ' | ' |
Rent expense | 48,279 | ' | 96,292 | ' | ' | ' | ' |
General and administrative | ' | 45 | ' | 89 | ' | ' | ' |
Depreciation and amortization | -20 | -20 | -39 | -39 | ' | ' | ' |
Total operating expenses | -96 | 37 | -308 | 86 | ' | ' | ' |
Operating income | -157 | 16 | -96 | 37 | ' | ' | ' |
Income from continuing operations before income taxes and equity in earnings of Affiliates Insurance Company | -157 | 16 | -96 | 37 | ' | ' | ' |
Provision for income taxes | -418 | 274 | -72 | 347 | ' | ' | ' |
Income from continuing operations | 261 | 290 | -24 | 384 | ' | ' | ' |
Loss from discontinued operations | -288 | -18 | -1,822 | -1,157 | ' | ' | ' |
Net income | -27 | 272 | 178 | 375 | ' | ' | ' |
Consolidated Statement of Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' |
Net income | -27 | 272 | 178 | 375 | ' | ' | ' |
Unrealized gain on investments in available for sale securities, net of tax | 157 | -38 | 116 | -113 | ' | ' | ' |
Realized loss (gain) on investments in available for sale securities reclassified and included in net income, net of tax | -47 | 0 | -12 | ' | ' | ' | ' |
Other comprehensive income (loss) | 110 | -38 | 104 | -113 | ' | ' | ' |
Comprehensive income | 83 | 234 | 282 | 262 | ' | ' | ' |
Consolidated Statement of Cash Flows data: | ' | ' | ' | ' | ' | ' | ' |
Net income | -27 | 272 | 178 | 375 | ' | ' | ' |
Depreciation and amortization | ' | ' | -39 | -39 | ' | ' | ' |
(Gain) loss from discontinued operations | 288 | 18 | 1,822 | 1,157 | ' | ' | ' |
Stock-based compensation | ' | ' | ' | 89 | ' | ' | ' |
Provision for losses on receivables | ' | ' | 683 | ' | ' | ' | ' |
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | -490 | 126 | ' | ' | ' |
Prepaid expenses and other assets | ' | ' | 92 | -97 | ' | ' | ' |
Accounts payable and accrued expenses | ' | ' | -148 | -1,380 | ' | ' | ' |
Due to related persons, net | ' | ' | 62 | 81 | ' | ' | ' |
Other current and long term liabilities | ' | ' | 342 | 847 | ' | ' | ' |
Cash provided by operating activities | ' | ' | 2,502 | 1,159 | ' | ' | ' |
Repayments of mortgage notes payable | ' | ' | 37 | 70 | ' | ' | ' |
Cash used in financing activities | ' | ' | 37 | -70 | ' | ' | ' |
Net cash used in operating activities of discontinued operations | ' | ' | -3,608 | -450 | ' | ' | ' |
Net cash provided by investing activities of discontinued operations | ' | ' | 8,603 | -709 | ' | ' | ' |
Net cash used in financing activities of discontinued operations | ' | ' | -7,534 | -70 | ' | ' | ' |
Net cash used in discontinued operations | ' | ' | -2,539 | -1,229 | ' | ' | ' |
Error Corrections | Available for sale debt securities | ' | ' | ' | ' | ' | ' | ' |
Transfers of assets between Level 1 to Level 2 | 11,656 | ' | 11,656 | ' | ' | ' | 11,550 |
As Corrected | ' | ' | ' | ' | ' | ' | ' |
Consolidated Balance Sheet data: | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | 58,313 | ' | 58,313 | ' | ' | ' | 54,194 |
Due from related persons | ' | ' | ' | ' | ' | ' | 6,881 |
Prepaid expenses and other current assets | 29,114 | ' | 29,114 | ' | ' | ' | 39,069 |
Assets of discontinued operations | 4,979 | ' | 4,979 | ' | ' | ' | 11,123 |
Total current assets | 145,081 | ' | 145,081 | ' | ' | ' | 155,373 |
Property and equipment, net | 331,446 | ' | 331,446 | ' | ' | ' | 340,651 |
Goodwill and other intangible assets | ' | ' | ' | ' | ' | ' | 27,788 |
Other long term assets | ' | ' | ' | ' | ' | ' | 40,382 |
Other long term assets | 40,736 | ' | 40,736 | ' | ' | ' | ' |
Total assets | 568,263 | ' | 568,263 | ' | ' | ' | 592,569 |
Accounts payable | 25,893 | ' | 25,893 | ' | ' | ' | 39,688 |
Accrued expenses | 20,957 | ' | 20,957 | ' | ' | ' | 28,208 |
Accrued compensation and benefits | 43,059 | ' | 43,059 | ' | ' | ' | 40,986 |
Due to related persons | 19,790 | ' | 19,790 | ' | ' | ' | 19,484 |
Accrued real estate taxes | 10,225 | ' | 10,225 | ' | ' | ' | 11,017 |
Security deposits | 8,754 | ' | 8,754 | ' | ' | ' | 9,080 |
Other current liabilities | ' | ' | ' | ' | ' | ' | 14,776 |
Liabilities of discontinued operations | 2,158 | ' | 2,158 | ' | ' | ' | 9,120 |
Total current liabilities | 175,127 | ' | 175,127 | ' | ' | ' | 198,323 |
Other long term liabilities | 5,775 | ' | 5,775 | ' | ' | ' | 6,716 |
Total long term liabilities | 76,292 | ' | 76,292 | ' | ' | ' | 80,692 |
Additional paid in capital | 354,752 | ' | 354,752 | ' | ' | ' | 354,164 |
Accumulated deficit | -41,517 | ' | -41,517 | ' | ' | ' | -44,455 |
Cumulative other comprehensive income | 3,127 | ' | 3,127 | ' | ' | ' | 3,363 |
Total shareholders' equity | 316,844 | ' | 316,844 | ' | ' | ' | 313,554 |
Total liabilities and shareholders' equity | 568,263 | ' | 568,263 | ' | ' | ' | 592,569 |
Consolidated Statement of Income data: | ' | ' | ' | ' | ' | ' | ' |
Senior living revenue | 268,828 | 269,093 | 538,067 | 535,898 | ' | ' | ' |
Rehabilitation hospital revenue | 28,343 | 26,386 | 55,824 | 53,173 | ' | ' | ' |
Total revenues | 351,605 | 322,879 | 702,685 | 640,965 | ' | ' | ' |
Senior living wages and benefits | 130,390 | 130,252 | 262,817 | 262,062 | ' | ' | ' |
Rehabilitation hospital expense | 24,710 | 23,872 | 49,604 | 47,991 | ' | ' | ' |
Rent expense | 50,936 | 49,849 | 101,129 | 99,628 | ' | ' | ' |
General and administrative | ' | 15,434 | ' | 30,933 | ' | ' | ' |
Depreciation and amortization | 6,631 | 6,256 | 13,050 | 12,126 | ' | ' | ' |
Total operating expenses | 346,023 | 312,193 | 693,484 | 626,936 | ' | ' | ' |
Operating income | 5,582 | 10,686 | 9,201 | 14,029 | ' | ' | ' |
Income from continuing operations before income taxes and equity in earnings of Affiliates Insurance Company | 4,280 | 9,360 | 6,727 | 11,481 | ' | ' | ' |
Provision for income taxes | -1,436 | -3,834 | 778 | -4,716 | ' | ' | ' |
Income from continuing operations | 2,923 | 5,602 | 6,104 | 6,886 | ' | ' | ' |
Loss from discontinued operations | -2,125 | -692 | -5,190 | -2,652 | ' | ' | ' |
Net income | 798 | 4,910 | 2,938 | 5,382 | ' | ' | ' |
Basic income per share from: | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.06 | $0.12 | $0.13 | $0.14 | ' | ' | ' |
Discontinued operations (in dollars per share) | ($0.04) | ($0.02) | ($0.07) | ($0.03) | ' | ' | ' |
Net income per share - basic (in dollars per share) | $0.02 | $0.10 | $0.06 | $0.11 | ' | ' | ' |
Diluted income per share from: | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.06 | $0.12 | $0.14 | $0.14 | ' | ' | ' |
Discontinued operations (in dollars per share) | ($0.04) | ($0.02) | ($0.08) | ($0.03) | ' | ' | ' |
Net income per share - diluted (in dollars per share) | $0.02 | $0.10 | $0.06 | $0.11 | ' | ' | ' |
Consolidated Statement of Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' |
Net income | 798 | 4,910 | 2,938 | 5,382 | ' | ' | ' |
Consolidated Statement of Cash Flows data: | ' | ' | ' | ' | ' | ' | ' |
Net income | 798 | 4,910 | 2,938 | 5,382 | ' | ' | ' |
Depreciation and amortization | ' | ' | 13,050 | 12,126 | ' | ' | ' |
(Gain) loss from discontinued operations | 2,125 | 692 | 5,190 | 2,652 | ' | ' | ' |
Stock-based compensation | ' | ' | ' | 579 | ' | ' | ' |
Provision for losses on receivables | ' | ' | 3,525 | 2,153 | ' | ' | ' |
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | -10,209 | -1,596 | ' | ' | ' |
Prepaid expenses and other assets | ' | ' | 9,469 | 3,418 | ' | ' | ' |
Accounts payable and accrued expenses | ' | ' | -15,771 | 760 | ' | ' | ' |
Accrued compensation and benefits | ' | ' | 3,088 | 5,101 | ' | ' | ' |
Due to related persons, net | ' | ' | 1,377 | -2,622 | ' | ' | ' |
Other current and long term liabilities | ' | ' | -1,131 | 1,831 | ' | ' | ' |
Cash provided by operating activities | ' | ' | 11,989 | 29,619 | ' | ' | ' |
Acquisition of property and equipment | ' | ' | -26,255 | -27,770 | ' | ' | ' |
Proceeds from disposition of property and equipment held for sale | ' | ' | 15,901 | 13,967 | ' | ' | ' |
Cash used in investing activities | ' | ' | -14,158 | -21,475 | ' | ' | ' |
Repayments of mortgage notes payable | ' | ' | -538 | -506 | ' | ' | ' |
Cash used in financing activities | ' | ' | -538 | 506 | ' | ' | ' |
Net cash used in operating activities of discontinued operations | ' | ' | -3,689 | 940 | ' | ' | ' |
Net cash provided by investing activities of discontinued operations | ' | ' | 8,603 | -709 | ' | ' | ' |
Net cash used in financing activities of discontinued operations | ' | ' | -7,534 | -70 | ' | ' | ' |
Net cash used in discontinued operations | ' | ' | -2,620 | 161 | ' | ' | ' |
Retrospective Adjustments for Discontinued Operations | ' | ' | ' | ' | ' | ' | ' |
Other current assets | ' | ' | ' | ' | ' | ' | -131 |
Consolidated Balance Sheet data: | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | -13,873 | ' | -13,873 | ' | ' | ' | -14,989 |
Prepaid expenses and other current assets | -592 | ' | -592 | ' | ' | ' | -751 |
Assets of discontinued operations | 15,226 | ' | 15,226 | ' | ' | ' | 18,977 |
Total current assets | 761 | ' | 761 | ' | ' | ' | 3,237 |
Property and equipment, net | -761 | ' | -761 | ' | ' | ' | -3,157 |
Goodwill and other intangible assets | ' | ' | ' | ' | ' | ' | -80 |
Accounts payable | -1,156 | ' | -1,156 | ' | ' | ' | -1,653 |
Accrued expenses | -203 | ' | -203 | ' | ' | ' | -198 |
Accrued compensation and benefits | -4,713 | ' | -4,713 | ' | ' | ' | -5,684 |
Due to related persons | ' | ' | ' | ' | ' | ' | 6,881 |
Accrued real estate taxes | -25 | ' | -25 | ' | ' | ' | -294 |
Security deposits | ' | ' | ' | ' | ' | ' | -23 |
Other current liabilities | ' | ' | ' | ' | ' | ' | -1 |
Liabilities of discontinued operations | 6,097 | ' | 6,097 | ' | ' | ' | 7,857 |
Total current liabilities | ' | ' | ' | ' | ' | ' | 4 |
Other long term liabilities | ' | ' | ' | ' | ' | ' | -4 |
Total long term liabilities | ' | ' | ' | ' | ' | ' | -4 |
Consolidated Statement of Income data: | ' | ' | ' | ' | ' | ' | ' |
Senior living revenue | -1 | ' | ' | ' | ' | ' | ' |
Rehabilitation hospital revenue | -28,343 | -26,386 | -55,824 | -53,173 | ' | ' | ' |
Total revenues | -28,344 | -26,386 | -55,824 | -53,174 | ' | ' | ' |
Rehabilitation hospital expense | -24,710 | -23,872 | -49,604 | -47,991 | ' | ' | ' |
Rent expense | -2,657 | -2,418 | -4,837 | -4,836 | ' | ' | ' |
Depreciation and amortization | -46 | -53 | -95 | -105 | ' | ' | ' |
Total operating expenses | -27,413 | -26,343 | -54,536 | -52,933 | ' | ' | ' |
Operating income | -931 | -43 | -1,288 | -241 | ' | ' | ' |
Income from continuing operations before income taxes and equity in earnings of Affiliates Insurance Company | -931 | -43 | -1,288 | -241 | ' | ' | ' |
Provision for income taxes | 305 | -17 | 422 | 98 | ' | ' | ' |
Income from continuing operations | -626 | -26 | -866 | -143 | ' | ' | ' |
Loss from discontinued operations | 626 | 26 | 1,288 | 241 | ' | ' | ' |
Consolidated Statement of Cash Flows data: | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | -95 | -105 | ' | ' | ' |
(Gain) loss from discontinued operations | -626 | -26 | -1,288 | -241 | ' | ' | ' |
Provision for losses on receivables | ' | ' | -785 | -325 | ' | ' | ' |
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | 2,234 | -287 | ' | ' | ' |
Prepaid expenses and other assets | ' | ' | 91 | 25 | ' | ' | ' |
Accounts payable and accrued expenses | ' | ' | 21 | 1,105 | ' | ' | ' |
Accrued compensation and benefits | ' | ' | -44 | -301 | ' | ' | ' |
Other current and long term liabilities | ' | ' | -1 | -1,056 | ' | ' | ' |
Cash provided by operating activities | ' | ' | 133 | -1,185 | ' | ' | ' |
Acquisition of property and equipment | ' | ' | 2,543 | 2,482 | ' | ' | ' |
Proceeds from disposition of property and equipment held for sale | ' | ' | -2,567 | -2,900 | ' | ' | ' |
Cash used in investing activities | ' | ' | -24 | -418 | ' | ' | ' |
Net cash used in operating activities of discontinued operations | ' | ' | -133 | 1,185 | ' | ' | ' |
Net cash provided by investing activities of discontinued operations | ' | ' | 24 | 418 | ' | ' | ' |
Net cash used in discontinued operations | ' | ' | -109 | 1,603 | ' | ' | ' |
Income Taxes | Error Corrections | ' | ' | ' | ' | ' | ' | ' |
Income taxes payable | ' | ' | ' | ' | ' | 133 | ' |
Other current assets | ' | ' | ' | ' | ' | ' | 1,266 |
Consolidated Balance Sheet data: | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | 3,008 |
Prepaid expenses and other current assets | 10,450 | ' | 10,450 | ' | ' | ' | 9,507 |
Assets of discontinued operations | ' | ' | ' | ' | ' | ' | 693 |
Total current assets | 10,450 | ' | 10,450 | ' | ' | ' | 9,507 |
Property and equipment, net | ' | ' | ' | ' | ' | ' | 5,039 |
Other long term assets | ' | ' | ' | ' | ' | ' | -1,885 |
Other long term assets | -2,180 | ' | -2,180 | ' | ' | ' | ' |
Total assets | 8,270 | ' | 8,270 | ' | ' | ' | 7,622 |
Accounts payable | ' | ' | ' | ' | ' | ' | 2,768 |
Accrued expenses | -277 | ' | -277 | ' | ' | ' | -544 |
Due to related persons | ' | ' | ' | ' | ' | ' | 888 |
Accrued real estate taxes | ' | ' | ' | ' | ' | ' | -888 |
Security deposits | ' | ' | ' | ' | ' | ' | -647 |
Liabilities of discontinued operations | ' | ' | ' | ' | ' | ' | 672 |
Total current liabilities | -277 | ' | -277 | ' | ' | ' | -544 |
Other long term liabilities | 101 | ' | 101 | ' | ' | ' | 101 |
Total long term liabilities | 101 | ' | 101 | ' | ' | ' | 101 |
Additional paid in capital | ' | ' | ' | ' | ' | ' | 81 |
Accumulated deficit | 6,856 | ' | 6,856 | ' | ' | ' | 6,579 |
Total shareholders' equity | 8,446 | ' | 8,446 | ' | ' | ' | 8,065 |
Total liabilities and shareholders' equity | 8,270 | ' | 8,270 | ' | ' | ' | 7,622 |
Consolidated Statement of Income data: | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | -39 | ' | ' | ' |
Provision for income taxes | 418 | 274 | 72 | 347 | ' | ' | ' |
Income from continuing operations | 418 | 274 | 72 | 347 | ' | ' | ' |
Loss from discontinued operations | -285 | -19 | ' | ' | ' | ' | ' |
Net income | 133 | 255 | 277 | 336 | ' | ' | ' |
Consolidated Statement of Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' |
Net income | 133 | 255 | 277 | 336 | ' | ' | ' |
Consolidated Statement of Cash Flows data: | ' | ' | ' | ' | ' | ' | ' |
Net income | 133 | 255 | 277 | 336 | ' | ' | ' |
(Gain) loss from discontinued operations | 285 | 19 | ' | ' | ' | ' | ' |
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other assets | ' | ' | -544 | -389 | ' | ' | ' |
Accounts payable and accrued expenses | ' | ' | 267 | 53 | ' | ' | ' |
Insurance Claims | Error Corrections | ' | ' | ' | ' | ' | ' | ' |
Consolidated Balance Sheet data: | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other current assets | -1,763 | ' | -1,763 | ' | ' | ' | -1,763 |
Total current assets | -1,763 | ' | -1,763 | ' | ' | ' | -1,763 |
Total assets | -1,763 | ' | -1,763 | ' | ' | ' | -1,763 |
Accumulated deficit | -1,763 | ' | -1,763 | ' | ' | ' | -1,763 |
Total shareholders' equity | -1,763 | ' | -1,763 | ' | ' | ' | -1,763 |
Total liabilities and shareholders' equity | -1,763 | ' | -1,763 | ' | ' | ' | -1,763 |
Other Errors | Error Corrections | ' | ' | ' | ' | ' | ' | ' |
Consolidated Balance Sheet data: | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | -62 | ' | -62 | ' | ' | ' | -331 |
Total current assets | -62 | ' | -62 | ' | ' | ' | -331 |
Property and equipment, net | 149 | ' | 149 | ' | ' | ' | 110 |
Total assets | 87 | ' | 87 | ' | ' | ' | -221 |
Security deposits | -243 | ' | -243 | ' | ' | ' | -647 |
Liabilities of discontinued operations | -18 | ' | -18 | ' | ' | ' | -21 |
Total current liabilities | -261 | ' | -261 | ' | ' | ' | ' |
Additional paid in capital | 81 | ' | 81 | ' | ' | ' | 81 |
Accumulated deficit | 267 | ' | 267 | ' | ' | ' | 366 |
Total shareholders' equity | 348 | ' | 348 | ' | ' | ' | 447 |
Total liabilities and shareholders' equity | 87 | ' | 87 | ' | ' | ' | -221 |
Consolidated Statement of Income data: | ' | ' | ' | ' | ' | ' | ' |
Senior living revenue | -253 | 53 | -404 | 123 | ' | ' | ' |
Total revenues | -253 | 53 | -404 | 123 | ' | ' | ' |
Senior living wages and benefits | -76 | 12 | -269 | 36 | ' | ' | ' |
General and administrative | ' | 45 | ' | 89 | ' | ' | ' |
Depreciation and amortization | -20 | -20 | -39 | -39 | ' | ' | ' |
Total operating expenses | -96 | 37 | -3,608 | 86 | ' | ' | ' |
Operating income | -157 | 16 | -96 | 37 | ' | ' | ' |
Income from continuing operations before income taxes and equity in earnings of Affiliates Insurance Company | -157 | 16 | -96 | 37 | ' | ' | ' |
Income from continuing operations | -157 | 16 | -96 | 37 | ' | ' | ' |
Loss from discontinued operations | -3 | 1 | -3 | 2 | ' | ' | ' |
Net income | -160 | 17 | -99 | 39 | ' | ' | ' |
Consolidated Statement of Comprehensive Income: | ' | ' | ' | ' | ' | ' | ' |
Net income | -160 | 17 | -99 | 39 | ' | ' | ' |
Consolidated Statement of Cash Flows data: | ' | ' | ' | ' | ' | ' | ' |
Net income | -160 | 17 | -99 | 39 | ' | ' | ' |
Depreciation and amortization | ' | ' | -39 | -39 | ' | ' | ' |
(Gain) loss from discontinued operations | 3 | -1 | 3 | -2 | ' | ' | ' |
Stock-based compensation | ' | ' | ' | 89 | ' | ' | ' |
Provision for losses on receivables | ' | ' | 683 | ' | ' | ' | ' |
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | -269 | 36 | ' | ' | ' |
Other current and long term liabilities | ' | ' | 404 | -123 | ' | ' | ' |
Cash provided by operating activities | ' | ' | 683 | ' | ' | ' | ' |
Security deposit liability | Error Corrections | ' | ' | ' | ' | ' | ' | ' |
Consolidated Statement of Income data: | ' | ' | ' | ' | ' | ' | ' |
Senior living revenue | -256 | 54 | -407 | 125 | ' | ' | ' |
Asset Additions and Related Accruals | Error Corrections | ' | ' | ' | ' | ' | ' | ' |
Consolidated Balance Sheet data: | ' | ' | ' | ' | ' | ' | ' |
Assets of discontinued operations | 1 | ' | 1 | ' | ' | ' | 693 |
Total current assets | 1 | ' | 1 | ' | ' | ' | 693 |
Property and equipment, net | 125 | ' | 125 | ' | ' | ' | 4,929 |
Total assets | 126 | ' | 126 | ' | ' | ' | 5,622 |
Accrued expenses | 125 | ' | 125 | ' | ' | ' | 4,929 |
Liabilities of discontinued operations | 1 | ' | 1 | ' | ' | ' | 693 |
Total current liabilities | 126 | ' | 126 | ' | ' | ' | 5,622 |
Total liabilities and shareholders' equity | 126 | ' | 126 | ' | ' | ' | 5,622 |
Presentation and Classification | Error Corrections | ' | ' | ' | ' | ' | ' | ' |
Increase in operating activities | ' | ' | 1,602 | 1,050 | ' | ' | ' |
Consolidated Balance Sheet data: | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | 1,612 | ' | 1,612 | ' | ' | ' | 1,391 |
Due from related persons | ' | ' | ' | ' | ' | ' | 6,881 |
Prepaid expenses and other current assets | 1,045 | ' | 1,045 | ' | ' | ' | 1,681 |
Total current assets | 2,657 | ' | 2,657 | ' | ' | ' | 9,953 |
Total assets | 2,657 | ' | 2,657 | ' | ' | ' | 9,953 |
Accounts payable | 2,340 | ' | 2,340 | ' | ' | ' | 2,768 |
Accrued expenses | 317 | ' | 317 | ' | ' | ' | 827 |
Due to related persons | 950 | ' | 950 | ' | ' | ' | 7,769 |
Accrued real estate taxes | -950 | ' | -950 | ' | ' | ' | -888 |
Other current liabilities | ' | ' | ' | ' | ' | ' | -523 |
Total current liabilities | 2,657 | ' | 2,657 | ' | ' | ' | 9,953 |
Total liabilities and shareholders' equity | 2,657 | ' | 2,657 | ' | ' | ' | 9,953 |
Consolidated Statement of Income data: | ' | ' | ' | ' | ' | ' | ' |
Loss from discontinued operations | ' | ' | -1,819 | -1,159 | ' | ' | ' |
Consolidated Statement of Cash Flows data: | ' | ' | ' | ' | ' | ' | ' |
(Gain) loss from discontinued operations | ' | ' | 1,819 | 1,159 | ' | ' | ' |
Changes in assets and liabilities: | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | -221 | 90 | ' | ' | ' |
Prepaid expenses and other assets | ' | ' | 636 | 292 | ' | ' | ' |
Accounts payable and accrued expenses | ' | ' | -415 | -1,433 | ' | ' | ' |
Due to related persons, net | ' | ' | 62 | 81 | ' | ' | ' |
Other current and long term liabilities | ' | ' | -62 | 970 | ' | ' | ' |
Cash provided by operating activities | ' | ' | 1,819 | 1,159 | ' | ' | ' |
Repayments of mortgage notes payable | ' | ' | 37 | 70 | ' | ' | ' |
Cash used in financing activities | ' | ' | 37 | -70 | ' | ' | ' |
Net cash used in operating activities of discontinued operations | ' | ' | -3,608 | -450 | ' | ' | ' |
Net cash provided by investing activities of discontinued operations | ' | ' | 8,603 | -709 | ' | ' | ' |
Net cash used in financing activities of discontinued operations | ' | ' | -7,534 | -70 | ' | ' | ' |
Net cash used in discontinued operations | ' | ' | ($2,539) | ($1,229) | ' | ' | ' |