Select Medical (SEM) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 01, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	SELECT MEDICAL HOLDINGS CORP
Entity Central Index Key	1,320,414
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,723,794,194
Entity Common Stock, Shares Outstanding		131,282,798
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 14,435	$ 3,354
Accounts receivable, net of allowance for doubtful accounts of $46,425 and $61,133 at 2014 and 2015, respectively	603,558	444,269
Current deferred tax asset	28,688	15,991
Prepaid income taxes	16,694	17,888
Other current assets	85,779	46,142
Total Current Assets	749,154	527,644
Property and equipment, net	864,124	542,310
Goodwill	2,314,624	1,642,083
Other identifiable intangibles, net	318,675	72,519
Other assets	180,089	140,253
Total Assets	4,426,666	2,924,809
Current Liabilities:
Bank overdrafts	28,615	21,746
Current portion of long-term debt and notes payable	233,570	10,874
Accounts payable	137,409	108,532
Accrued payroll	120,989	97,090
Accrued vacation	73,977	63,132
Accrued interest	9,401	10,674
Accrued other	133,728	82,376
Total Current Liabilities	737,689	394,424
Long-term debt, net of current portion	2,190,314	1,542,102
Non-current deferred tax liability	218,705	109,203
Other non-current liabilities	133,220	92,855
Total Liabilities	$ 3,279,928	$ 2,138,584
Commitments and contingencies (Note 15)
Redeemable non-controlling interests	$ 238,221	$ 10,985
Stockholders' Equity:
Common stock of Holdings, $0.001 par value, 700,000,000 shares authorized, 131,233,308 and 131,282,798 shares issued and outstanding at 2014 and 2015, respectively	131	131
Common stock of Select, $0.01 par value, 100 shares issued and outstanding	131	131
Capital in excess of par	424,506	413,706
Retained earnings (accumulated deficit)	434,616	325,678
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	859,253	739,515
Non-controlling interests	49,264	35,725
Total Equity	908,517	775,240
Total Liabilities and Equity	4,426,666	2,924,809
Select
Current Assets:
Cash and cash equivalents	14,435	3,354
Accounts receivable, net of allowance for doubtful accounts of $46,425 and $61,133 at 2014 and 2015, respectively	603,558	444,269
Current deferred tax asset	28,688	15,991
Prepaid income taxes	16,694	17,888
Other current assets	85,779	46,142
Total Current Assets	749,154	527,644
Property and equipment, net	864,124	542,310
Goodwill	2,314,624	1,642,083
Other identifiable intangibles, net	318,675	72,519
Other assets	180,089	140,253
Total Assets	4,426,666	2,924,809
Current Liabilities:
Bank overdrafts	28,615	21,746
Current portion of long-term debt and notes payable	233,570	10,874
Accounts payable	137,409	108,532
Accrued payroll	120,989	97,090
Accrued vacation	73,977	63,132
Accrued interest	9,401	10,674
Accrued other	133,728	82,376
Total Current Liabilities	737,689	394,424
Long-term debt, net of current portion	2,190,314	1,542,102
Non-current deferred tax liability	218,705	109,203
Other non-current liabilities	133,220	92,855
Total Liabilities	$ 3,279,928	$ 2,138,584
Commitments and contingencies (Note 15)
Redeemable non-controlling interests	$ 238,221	$ 10,985
Stockholders' Equity:
Common stock of Holdings, $0.001 par value, 700,000,000 shares authorized, 131,233,308 and 131,282,798 shares issued and outstanding at 2014 and 2015, respectively	0	0
Common stock of Select, $0.01 par value, 100 shares issued and outstanding	0	0
Capital in excess of par	904,375	885,407
Retained earnings (accumulated deficit)	(45,122)	(145,892)
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	859,253	739,515
Non-controlling interests	49,264	35,725
Total Equity	908,517	775,240
Total Liabilities and Equity	$ 4,426,666	$ 2,924,809

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 61,133	$ 46,425
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	700,000,000	700,000,000
Common stock, shares issued	131,282,798	131,233,308
Common stock, shares outstanding	131,282,798	131,233,308
Select
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 61,133	$ 46,425
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	100	100
Common stock, shares outstanding	100	100

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net operating revenues	$ 3,742,736	$ 3,065,017	$ 2,975,648
Costs and expenses:
Cost of services	3,211,541	2,582,340	2,495,476
General and administrative	92,052	85,247	76,921
Bad debt expense	59,372	44,600	37,423
Depreciation and amortization	104,981	68,354	64,392
Total costs and expenses	3,467,946	2,780,541	2,674,212
Income (loss) from operations	274,790	284,476	301,436
Other income and expense:
Loss on early retirement of debt		(2,277)	(18,747)
Equity in earnings of unconsolidated subsidiaries	16,811	7,044	2,476
Gain on sale of equity investment	29,647
Interest expense	(112,816)	(85,446)	(87,364)
Income before income taxes	208,432	203,797	197,801
Income tax expense	72,436	75,622	74,792
Net income	135,996	128,175	123,009
Less: Net income attributable to non-controlling interests	5,260	7,548	8,619
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	$ 130,736	$ 120,627	$ 114,390
Income per common share:
Basic (in dollars per share)	$ 1	$ 0.91	$ 0.82
Diluted (in dollars per share)	0.99	0.91	0.82
Dividends paid per share	$ 0.10	$ 0.40	$ 0.30
Weighted average shares outstanding:
Basic	127,478	129,026	136,879
Diluted	127,752	129,465	137,047
Select
Net operating revenues	$ 3,742,736	$ 3,065,017	$ 2,975,648
Costs and expenses:
Cost of services	3,211,541	2,582,340	2,495,476
General and administrative	92,052	85,247	76,921
Bad debt expense	59,372	44,600	37,423
Depreciation and amortization	104,981	68,354	64,392
Total costs and expenses	3,467,946	2,780,541	2,674,212
Income (loss) from operations	274,790	284,476	301,436
Other income and expense:
Loss on early retirement of debt		(2,277)	(17,788)
Equity in earnings of unconsolidated subsidiaries	16,811	7,044	2,476
Gain on sale of equity investment	29,647
Interest expense	(112,816)	(85,446)	(84,954)
Income before income taxes	208,432	203,797	201,170
Income tax expense	72,436	75,622	75,971
Net income	135,996	128,175	125,199
Less: Net income attributable to non-controlling interests	5,260	7,548	8,619
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	$ 130,736	$ 120,627	$ 116,580

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity and Income - USD ($) $ in Thousands	Comprehensive IncomeSelect	Comprehensive Income	Common StockSelect	Common Stock	Capital in Excess of ParSelect	Capital in Excess of Par	Retained Earnings (Accumulated Deficit)Select	Retained Earnings (Accumulated Deficit)	Non-controlling InterestsSelect	Non-controlling Interests	Select	Total
Balance at Dec. 31, 2012			$ 0	$ 141	$ 859,839	$ 473,697	$ 21,478	$ 243,210	$ 28,430	$ 28,430	$ 909,747	$ 745,478
Balance (in shares) at Dec. 31, 2012			0	140,589,000
Increase (Decrease) in Stockholders' Equity
Net income	$ 122,136	$ 119,946					116,580	114,390	5,556	5,556	122,136	119,946
Net income (loss) attributable to redeemable non-controlling interests	3,063	3,063										(3,063)
Total comprehensive income	125,199	123,009
Federal tax benefit of losses contributed by Holdings					1,179						1,179
Net change in dividends payable to Holdings							5,239				5,239
Additional investment by Holdings					1,525						1,525
Dividends declared and paid to Holdings							(226,621)				(226,621)
Dividends paid to common stockholders								(41,961)				(41,961)
Contribution related to restricted stock awards and stock option issuances by Holdings					7,033						7,033
Issuance and vesting of restricted stock						6,220						6,220
Issuance and vesting of restricted stock (in shares)				953,000
Repurchase of common shares				$ (1)		(7,524)		(4,256)				(11,781)
Repurchase of common shares (in shares)				(1,447,000)
Stock option expense						811						811
Exercise of stock options						1,525						$ 1,525
Exercise of stock options (in shares)				166,000								166,600
Distributions to non-controlling interests									(1,839)	(1,839)	(1,839)	$ (1,839)
Purchase of non-controlling interests									261	261	261	261
Other							(18)	(18)			(18)	(18)
Balance at Dec. 31, 2013			$ 0	$ 140	869,576	474,729	(83,342)	311,365	32,408	32,408	818,642	818,642
Balance (in shares) at Dec. 31, 2013			0	140,261,000
Increase (Decrease) in Stockholders' Equity
Net income	126,765	126,765					120,627	120,627	6,138	6,138	126,765	126,765
Net income (loss) attributable to redeemable non-controlling interests	1,410	1,410										(1,410)
Total comprehensive income	128,175	128,175
Additional investment by Holdings					7,355						7,355
Dividends declared and paid to Holdings							(184,100)				(184,100)
Dividends paid to common stockholders								(53,366)				(53,366)
Contribution related to restricted stock awards and stock option issuances by Holdings					12,778						12,778
Issuance and vesting of restricted stock				$ 2		12,078						12,080
Issuance and vesting of restricted stock (in shares)				1,586,000
Tax benefit from stock based awards					3,119	3,119					3,119	3,119
Repurchase of common shares				$ (12)		(76,851)		(53,871)				(130,734)
Repurchase of common shares (in shares)				(11,589,000)
Stock option expense						698						698
Exercise of stock options				$ 1		7,354						$ 7,355
Exercise of stock options (in shares)				975,000								974,969
Distributions to non-controlling interests									(2,893)	(2,893)	(2,893)	$ (2,893)
Issuance of non-controlling interest									1,693	1,693	1,693	1,693
Purchase of non-controlling interests					(7,421)	(7,421)			(1,360)	(1,360)	(8,781)	(8,781)
Other							923	923	(261)	(261)	662	662
Balance at Dec. 31, 2014			$ 0	$ 131	885,407	413,706	(145,892)	325,678	35,725	35,725	775,240	775,240
Balance (in shares) at Dec. 31, 2014			0	131,233,000
Increase (Decrease) in Stockholders' Equity
Net income	138,186	138,186					130,736	130,736	7,450	7,450	138,186	138,186
Net income (loss) attributable to redeemable non-controlling interests	(2,190)	(2,190)										2,190
Total comprehensive income	$ 135,996	$ 135,996
Additional investment by Holdings					1,649						1,649
Dividends declared and paid to Holdings							(28,956)				(28,956)
Dividends paid to common stockholders								(13,129)				(13,129)
Contribution related to restricted stock awards and stock option issuances by Holdings					13,969						13,969
Issuance and vesting of restricted stock						13,916						13,916
Issuance and vesting of restricted stock (in shares)				1,385,000
Tax benefit from stock based awards					1,846	1,846					1,846	1,846
Repurchase of common shares				$ 0		(8,168)		(7,659)				(15,827)
Repurchase of common shares (in shares)				(1,441,000)
Stock option expense						53						53
Exercise of stock options				$ 0		1,649						$ 1,649
Exercise of stock options (in shares)				183,000								183,450
Distributions to non-controlling interests									(9,732)	(9,732)	(9,732)	$ (9,732)
Non-controlling interests acquired in business combination									2,888	2,888	2,888	2,888
Issuance of non-controlling interest					1,689	1,689			12,880	12,880	14,569	14,569
Purchase of non-controlling interests					(194)	(194)			(25)	(25)	(219)	(219)
Other				$ 0	9	9	(1,010)	(1,010)	78	78	(923)	(923)
Balance at Dec. 31, 2015			$ 0	$ 131	$ 904,375	$ 424,506	$ (45,122)	$ 434,616	$ 49,264	$ 49,264	$ 908,517	$ 908,517
Balance (in shares) at Dec. 31, 2015			0	131,360,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net income	$ 135,996	$ 128,175	$ 123,009
Adjustments to reconcile net income to net cash provided by operating activities:
Distributions from unconsolidated subsidiaries	13,969	11,954
Depreciation and amortization	104,981	68,354	64,392
Provision for bad debts	59,372	44,600	37,423
Equity in earnings of unconsolidated subsidiaries	(16,811)	(7,044)	(2,476)
Loss on early retirement of debt		2,277	18,747
Gain on sale of assets and businesses	(1,098)	(1,048)	(581)
Gain on sale of equity investment	(29,647)
Stock compensation expense	14,985	11,186	7,033
Amortization of debt discount, premium and issuance costs	9,543	7,553	8,433
Deferred income taxes	(2,058)	14,311	7,032
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Accounts receivable	(92,572)	(97,802)	(67,145)
Other current assets	(2,503)	(1,729)	(8,167)
Other assets	4,713	(103)	(3,484)
Accounts payable	2,345	5,997	(1,283)
Accrued expenses	7,200	(16,039)	9,590
Net cash provided by operating activities	208,415	170,642	192,523
Investing activities
Purchases of property and equipment	(182,642)	(95,246)	(73,660)
Proceeds from sale of assets	1,767		2,912
Investment in businesses	(2,347)	(4,634)	(34,893)
Proceeds from sale of equity investment	33,096
Acquisition of businesses, net of cash acquired	(1,061,628)	(1,211)	(1,665)
Net cash used in investing activities	(1,211,754)	(101,091)	(107,306)
Financing activities
Borrowings on revolving facilities	1,135,000	910,000	690,000
Payments on revolving facilities	(895,000)	(870,000)	(800,000)
Proceeds from term loans, net of discount	646,875		298,500
Payments on Select term loans	(29,134)	(33,994)	(596,720)
Issuance of 6.375% senior notes, includes premium		111,650	600,000
Repurchase of senior floating rate notes			(167,300)
Repurchase of 7 5/8% senior subordinated notes			(70,000)
Borrowings of other debt	13,374	9,076	15,310
Principle payments on other debt	(18,136)	(14,673)	(10,834)
Debt issuance costs	(23,300)	(4,434)	(18,914)
Proceeds from (repayment of) bank overdrafts	6,869	9,240	(5,330)
Purchase of non-controlling interests	(1,095)	(9,961)
Proceeds from issuance of non-controlling interests	217,065	185
Dividends paid to common stockholders	(13,129)	(53,366)	(41,961)
Tax benefit from stock based awards	1,846	3,119
Repurchase of common stock	(15,827)	(130,734)	(11,781)
Proceeds from issuance of common stock	1,649	7,355	1,525
Distributions to non-controlling interests	(12,637)	(3,979)	(3,537)
Net cash provided by (used in) financing activities	1,014,420	(70,516)	(121,042)
Net increase (decrease) in cash and cash equivalents	11,081	(965)	(35,825)
Cash and cash equivalents at beginning of period	3,354	4,319	40,144
Cash and cash equivalents at end of period	14,435	3,354	4,319
Supplemental Cash Flow Information
Cash paid for interest	103,166	78,812	89,061
Cash paid for taxes	79,420	77,771	64,963
Select
Operating activities
Net income	135,996	128,175	125,199
Adjustments to reconcile net income to net cash provided by operating activities:
Distributions from unconsolidated subsidiaries	13,969	11,954
Depreciation and amortization	104,981	68,354	64,392
Provision for bad debts	59,372	44,600	37,423
Equity in earnings of unconsolidated subsidiaries	(16,811)	(7,044)	(2,476)
Loss on early retirement of debt		2,277	17,788
Gain on sale of assets and businesses	(1,098)	(1,048)	(581)
Gain on sale of equity investment	(29,647)
Stock compensation expense	14,985	11,186	7,033
Amortization of debt discount, premium and issuance costs	9,543	7,553	8,344
Deferred income taxes	(2,058)	14,311	7,032
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Accounts receivable	(92,572)	(97,802)	(67,145)
Other current assets	(2,503)	(1,729)	(8,167)
Other assets	4,713	(103)	(3,484)
Accounts payable	2,345	5,997	(1,283)
Accrued expenses	7,200	(16,039)	14,027
Net cash provided by operating activities	208,415	170,642	198,102
Investing activities
Purchases of property and equipment	(182,642)	(95,246)	(73,660)
Proceeds from sale of assets	1,767		2,912
Investment in businesses	(2,347)	(4,634)	(34,893)
Proceeds from sale of equity investment	33,096
Acquisition of businesses, net of cash acquired	(1,061,628)	(1,211)	(1,665)
Net cash used in investing activities	(1,211,754)	(101,091)	(107,306)
Financing activities
Borrowings on revolving facilities	1,135,000	910,000	690,000
Payments on revolving facilities	(895,000)	(870,000)	(800,000)
Proceeds from term loans, net of discount	646,875		298,500
Payments on Select term loans	(29,134)	(33,994)	(596,720)
Issuance of 6.375% senior notes, includes premium		111,650	600,000
Repurchase of 7 5/8% senior subordinated notes			(70,000)
Borrowings of other debt	13,374	9,076	15,310
Principle payments on other debt	(18,136)	(14,673)	(10,834)
Debt issuance costs	(23,300)	(4,434)	(18,914)
Proceeds from (repayment of) bank overdrafts	6,869	9,240	(5,330)
Purchase of non-controlling interests	(1,095)	(9,961)
Proceeds from issuance of non-controlling interests	217,065	185
Equity investment by Holdings	1,649	7,355	1,525
Dividends paid to Holdings	(28,956)	(184,100)	(226,621)
Tax benefit from stock based awards	1,846	3,119
Distributions to non-controlling interests	(12,637)	(3,979)	(3,537)
Net cash provided by (used in) financing activities	1,014,420	(70,516)	(126,621)
Net increase (decrease) in cash and cash equivalents	11,081	(965)	(35,825)
Cash and cash equivalents at beginning of period	3,354	4,319	40,144
Cash and cash equivalents at end of period	14,435	3,354	4,319
Supplemental Cash Flow Information
Cash paid for interest	103,166	78,812	83,482
Cash paid for taxes	$ 79,420	$ 77,771	$ 64,963

Consolidated Statements of Cas7

Consolidated Statements of Cash Flows (Parenthetical)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
7 5/8% senior subordinated notes
Long-term debt and notes payable
Interest rate of debt (as a percent)	7.625%	7.625%	7.625%
6.375% senior notes
Long-term debt and notes payable
Interest rate of debt (as a percent)	6.375%	6.375%	6.375%

Organization and Significant Ac

Organization and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Organization and Significant Accounting Policies
Organization and Significant Accounting Policies	1. Organization and Significant Accounting Policies Business Description Select Medical Corporation ("Select") was formed in December 1996 and commenced operations during February 1997 upon the completion of its first acquisition. Select Medical Holdings Corporation ("Holdings") was formed in October 2004 for the purpose of affecting a leveraged buyout of Select, which was a publicly traded entity. On February 24, 2005, Select merged with a subsidiary of Holdings, which resulted in Select becoming a wholly owned subsidiary of Holdings (the "Merger"). On September 30, 2009 Holdings completed its initial public offering of common stock. At the time of the transaction, generally accepted accounting principles ("GAAP") required that any amounts recorded or incurred (such as goodwill and compensation expense) by the parent as a result of the Merger or for the benefit of the subsidiary be "pushed down" and recorded in Select's consolidated financial statements. Holdings and Select and their subsidiaries are collectively referred to as the "Company." The consolidated financial statements of Holdings include the accounts of its wholly owned subsidiary Select. Holdings conducts substantially all of its business through Select and its subsidiaries. The Company is managed through three business segments; specialty hospitals, outpatient rehabilitation, and, as of June 1, 2015, the Concentra segment. Through the specialty hospitals segment, the Company provides long term acute care hospital services and inpatient acute rehabilitative hospital care. The specialty hospitals segment consists of hospitals designed to serve the needs of long term stay acute patients and hospitals designed to serve patients that require intensive medical rehabilitation care. Patients are typically admitted to the Company's specialty hospitals from general acute care hospitals. These patients have specialized needs, and serious and often complex medical conditions such as respiratory failure, neuromuscular disorders, traumatic brain and spinal cord injuries, strokes, non-healing wounds, cardiac disorders, renal disorders, and cancer. The Company operated 123, 129, and 127 specialty hospitals at December 31, 2013, 2014 and 2015, respectively. The Company's outpatient rehabilitation segment consists of clinics and contract services that provide physical, occupational, and speech rehabilitation services. The Company's outpatient rehabilitation patients are typically diagnosed with musculoskeletal impairments that restrict their ability to perform normal activities of daily living. At December 31, 2013, 2014 and 2015, the Company operated 1,006, 1,023, and 1,038 outpatient clinics, respectively. The Company's Concentra segment consists of medical centers and contract services provided at employer worksites and Department of Veterans Affairs community-based outpatient clinics, or "CBOCs", that deliver occupational medicine, consumer health, physical therapy, and veteran's healthcare services. At December 31, 2015, the Company operated 300 medical centers, 138 medical facilities located at the workplaces of Concentra's employer customers, and 33 Department of Veterans Affairs CBOCs. At December 31, 2015, the Company had operations in 46 states and the District of Columbia. Principles of Consolidation The consolidated financial statements include the accounts of the Company, its majority owned subsidiaries, limited liability companies, and limited partnerships the Company and its subsidiaries control through ownership of general and limited partnership or membership interests. All intercompany balances and transactions are eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and amounts of revenue and expenses recognized during the period. Actual results could differ materially from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents are stated at cost which approximates market value. Accounts Receivable and Allowance for Doubtful Accounts The Company reports accounts receivable at estimated net realizable values. Substantially all of the Company's accounts receivable are related to providing healthcare services to patients whose costs are primarily paid by federal and state governmental authorities, managed care health plans, commercial insurance companies, and workers' compensation programs. Collection of these accounts receivable is the Company's primary source of cash and is critical to its operating performance. The Company's primary collection risks relate to non-governmental payors who insure these patients and deductibles, co-payments, and amounts owed by the patient. Deductibles, co-payments, and amounts owed by the patient are an immaterial portion of the Company's net accounts receivable balance and accounted for approximately 0.2% and 1.2% of the net accounts receivable balance before doubtful accounts at December 31, 2014 and 2015, respectively. The Company's general policy is to verify insurance coverage prior to the date of admission for a patient admitted to the Company's hospitals, or in the case of the Company's outpatient rehabilitation clinics and Concentra medical centers, the Company verifies insurance coverage prior to their first visit. The Company's estimate for the allowance for doubtful accounts is calculated by providing a reserve allowance based upon the age of an account balance. Generally the Company has reserved as uncollectible all governmental accounts over 365 days and non-governmental accounts over 180 days from discharge. This method is monitored based on historical cash collections experience. Collections are impacted by the effectiveness of the Company's collection efforts with non-governmental payors and regulatory or administrative disruptions with the fiscal intermediaries that pay the Company's governmental receivables. Uncollected accounts are written off the balance sheet when they are turned over to an outside collection agency, or when management determines that the balance is uncollectible, whichever occurs first. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Direct internal and external costs of developing software for internal use, including programming and enhancements, are capitalized and depreciated over the estimated useful lives once the software is placed in service. Capitalized software costs are included within furniture and equipment. Software training costs, maintenance, and repairs are expensed as incurred. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or the term of the lease, as appropriate. The general range of useful lives is as follows: Leasehold improvements 5 - 15 years Furniture and equipment 3 - 20 years Buildings 40 years Building improvements 5 - 25 years Land improvements 2 - 25 years The Company reviews the realizability of long-lived assets whenever events or circumstances occur which indicate recorded costs may not be recoverable. Gains or losses related to the retirement or disposal of property and equipment are reported as a component of income from operations. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash balances and trade receivables. The Company invests its excess cash with large financial institutions. The Company grants unsecured credit to its patients, most of who reside in the service area of the Company's facilities and are insured under third-party payor agreements. Because of the geographic diversity of the Company's facilities and non-governmental third-party payors, Medicare represents the Company's only significant concentration of credit risk. Income Taxes Deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between the book and tax basis of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. As part of the process of preparing its consolidated financial statements, the Company estimates income taxes based on its actual current tax exposure together with assessing temporary differences resulting from differing treatment of items for book and tax purposes. The Company also recognizes as deferred tax assets the future tax benefits from net operating loss carry forwards. The Company evaluates the realizability of these deferred tax assets by assessing their valuation allowances and by adjusting the amount of such allowances, if necessary. Among the factors used to assess the likelihood of realization are projections of future taxable income streams, the expected timing of the reversals of existing temporary differences, and the impact of tax planning strategies that could be implemented to avoid the potential loss of future tax benefits. Reserves for uncertain tax positions are established for exposure items related to various federal and state tax matters. Income tax reserves are recorded when an exposure is identified and when, in the opinion of management, it is more likely than not that a tax position will not be sustained and the amount of the liability can be estimated. Intangible Assets and Liabilities Finite-lived intangible assets and liabilities are amortized based on the pattern in which the economic benefits are consumed or otherwise depleted. If such a pattern cannot be reliably determined, other intangible assets are amortized on a straight-line basis over their estimated lives. Goodwill and certain other indefinite-lived intangible assets are not amortized, but instead are subject to periodic impairment evaluations. In performing the quantitative periodic impairment tests, the fair value of the reporting unit is compared to its carrying value, including goodwill and other intangible assets. If the carrying value exceeds the fair value and an impairment condition exists, an impairment loss would be recognized. To determine the fair value of its reporting units, the Company uses a discounted cash flow approach. Included in this analysis are assumptions regarding revenue growth rate, future Adjusted EBITDA margin estimates, future general and administrative expense rates, and the industry's weighted average cost of capital and industry specific market comparable Adjusted EBITDA multiples. The Company also must estimate residual values at the end of the forecast period and future capital expenditure requirements. Each of these assumptions requires the Company to use its knowledge of (1) its industry, (2) its recent transactions, and (3) reasonable performance expectations for its operations. If any one of the above assumptions changes or fails to materialize, the resulting decline in the Company's estimated fair value could result in a material impairment charge to the goodwill associated with any one of the reporting units. Impairment tests are required to be conducted at least annually, or when events or conditions occur that might suggest a possible impairment. These events or conditions include, but are not limited to, a significant adverse change in the business environment, regulatory environment or legal factors; a current period operating or cash flow loss combined with a history of such losses or a projection of continuing losses; or a sale or disposition of a significant portion of a reporting unit. The occurrence of one of these events or conditions could significantly impact an impairment assessment, necessitating an impairment charge. For purposes of goodwill impairment assessment, the Company has defined its reporting units as specialty hospitals, Concentra, outpatient rehabilitation clinics, and contract therapy. Goodwill has been allocated among reporting units based on the relative fair value of those divisions when the Merger occurred in 2005 and based on subsequent acquisitions and dispositions. The Company's most recent impairment assessment was completed during the fourth quarter of 2015 utilizing financial information as of October 1, 2015 and indicated that there was no impairment with respect to goodwill or other recorded intangible assets. Identifiable assets and liabilities acquired in connection with business combinations accounted for under the purchase method are recorded at their respective fair values. Deferred income taxes have been recorded to the extent of differences between the fair value and the tax basis of the assets acquired and liabilities assumed. Company management has allocated the intangible assets between identifiable intangibles and goodwill. At December 31, 2015, intangible assets other than goodwill consist of the values assigned to trademarks, certificates of need, accreditations, customer relationships, and leasehold interests. Management believes that the estimated useful lives established are reasonable based on the economic factors applicable to each of the intangible assets. The approximate useful life of each class of intangible assets and liabilities is as follows: Trademarks Indefinite Certificates of need Indefinite Accreditations Indefinite Customer relationships 9 - 17 years Leasehold interests 2 - 10 years The Company reviews the realizability of intangible assets whenever events or circumstances occur which indicate recorded amounts may not be recoverable. If the expected future cash flows (undiscounted) are less than the carrying amount of such assets, the Company recognizes an impairment loss for the difference between the carrying amount of the assets and their estimated fair value. Deferred Financing Costs The Company has incurred debt issuance costs related to indebtedness which are recognized as other assets in the consolidated balance sheet. Debt issuance costs are subsequently amortized and recognized as interest expense using the effective interest method over the term of the related indebtedness. Whenever indebtedness is modified from its original terms an evaluation is made whether an accounting modification or accounting extinguishment has occurred in order to determine the accounting treatment. Due to Third-Party Payors Due to third-party payors represents the difference between amounts received under interim payment plans from Medicare and Medicaid for services rendered and amounts estimated to be reimbursed by those third-party payors upon settlement of cost reports. Insurance Risk Programs Under a number of the Company's insurance programs, which include the Company's employee health insurance program, its workers' compensation and professional malpractice liability insurance programs, the Company is liable for a portion of its losses. In these situations the Company accrues for its losses under an occurrence-based approach whereby the Company estimates the losses that will be incurred in a respective accounting period and accrues that estimated liability using actuarial methods. These programs are monitored quarterly and estimates are revised as necessary to take into account additional information. Provisions for losses for professional liability risks retained by the Company at December 31, 2014 and 2015 have been discounted at 3%. At December 31, 2014 and 2015, respectively, the Company had recorded a liability of $101.9 million and $157.4 million related to these programs. If the Company did not discount the provisions for losses for professional liability risks, the aggregate liability for all of the insurance risk programs would be approximately $105.5 million and $165.8 million at December 31, 2014 and 2015, respectively. Equity Method Investments Investments in equity method investees are accounted for using the equity method based upon the level of ownership and/or the Company's ability to exercise significant influence over the operating and financial policies of the investee. Investments of this nature are recorded at original cost and adjusted periodically to recognize the Company's proportionate share of the investees' net income or losses after the date of investment. When net losses from an investment accounted for under the equity method exceeds its carrying amount, the investment balance is reduced to zero. The Company resumes accounting for the investment under the equity method if the entity subsequently reports net income and the Company's share of that net income exceeds the share of the net losses not recognized during the period the equity method was suspended. Investments are written down only when there is clear evidence that a decline in value that is other than temporary has occurred. The Company evaluates its investments in companies accounted for using the equity method for impairment when there is evidence or indicators that a decrease in value may be other than temporary. The Company's Other Assets are primarily composed of equity method investments of $99.6 million and $101.4 million as of December 31, 2014 and 2015, respectively. The Company's equity method investments consist principally of non-consolidating interests in inpatient and outpatient rehabilitation businesses. These rehabilitation businesses include a 49.0% interest in BIR, JV, LLP; a 49.0% interest in OHRH, LLC, a 49.0% interest in GlobalRehab—Scottsdale, LLC, a 50.0% interest in Rehabilitation Institute of Denton, LLC, and a 49.0% interest in ES Rehabilitation, LLC as of December 31, 2014 and 2015. The Company's equity method investments had equity in earnings of unconsolidated subsidiaries of $2.5 million, $7.0 million and $16.8 million for the years ended December 31, 2013, 2014 and 2015, respectively. Non-Controlling Interests The ownership interests held by other parties in subsidiaries, limited liability companies and limited partnerships controlled by the Company are classified as non-controlling interests. Non-controlling interests' which are reported in the stockholders' equity section of the Company's consolidated balance sheets, were $35.7 million and $49.3 million as of December 31, 2014 and 2015, respectively. Some of our non-controlling ownership interests consist of outside parties that have certain redemption rights that, if exercised, require the Company to purchase the parties ownership interest. These interests are classified and reported as redeemable non-controlling interests and they have been adjusted to their approximate redemption values. The redeemable non-controlling interests' balances reported on the Company's consolidated balance sheets were $11.0 million and $238.2 million as of December 31, 2014 and 2015, respectively. As of December 31, 2014 and 2015, the Company believes the redemption amounts of these ownership interests approximates the fair value of those interests. The changes in the redeemable non-controlling interests amounts for the years ended December 31, 2014 and 2015 are as follows: Balance at January 1, 2014 $ Changes in the redemption amounts ) Net income Distributions ) ​ ​ ​ ​ ​ Balance at December 31, 2014 $ Issuance of ownership interests in Concentra Ownership interests acquired in business combination Repurchase of ownership interests ) Changes in the redemption amounts Net loss ) Distributions ) ​ ​ ​ ​ ​ Balance at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) of entities controlled by the Company that are less than wholly owned require attribution of net income (loss) amounts to each non-controlling ownership interest and to the Company in the consolidated statement of operations and comprehensive income. The net income (loss) attributable to non controlling interests for the years ended December 31, 2013, 2014, and 2015 are as follows: For the Year Ended December 31, 2013 2014 2015 (in thousands) Net income (loss) attributable to non-controlling interests classified as redeemable non-controlling interests $ $ $ ) Net income attributable to non-controlling interests classified as equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue Recognition Net operating revenues consists primarily of patient service revenues and revenues generated from therapy services provided to healthcare institutions under contractual arrangements and are recognized as services are rendered. Patient service revenue is reported net of provisions for contractual allowances from third-party payors and patients. The Company has agreements with third-party payors that provide for payments to the Company at amounts different from its established billing rates. The differences between the estimated program reimbursement rates and the standard billing rates are accounted for as contractual adjustments, which are deducted from gross revenues to arrive at net operating revenues. Payment arrangements include prospectively determined rates per discharge, reimbursed costs, discounted charges, per diem, and per visit payments. Retroactive adjustments are accrued on an estimated basis in the period the related services are rendered and adjusted in future periods as final settlements are determined. Accounts receivable resulting from such payment arrangements are recorded net of contractual allowances. A significant portion of the Company's net operating revenues are generated directly from the Medicare program. Net operating revenues generated directly from the Medicare program represented approximately 46%, 45% and 36% of the Company's net operating revenues for the years ended December 31, 2013, 2014 and 2015, respectively. Approximately 32% and 24% of the Company's accounts receivable (after allowances for contractual adjustments but before doubtful accounts) are from Medicare at December 31, 2014 and 2015. As a provider of services to the Medicare program, the Company is subject to extensive regulations. The inability of any of the Company's specialty hospitals or outpatient clinics to comply with regulations can result in significant changes in that specialty hospital's or outpatient clinic's net operating revenues generated from the Medicare program. Revenues generated under contractual arrangements are comprised primarily of billings for services rendered to nursing homes, hospitals, schools and other third parties. Stock Based Compensation The Company measures the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognizes the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements comprise both stock options and restricted share plans. Employee stock options are valued using the Black-Scholes option valuation method which uses assumptions that relate to the expected volatility of the Company's common stock, the expected dividend yield of the Company's stock, the expected life of the options and the risk free interest rate. Such compensation amounts are amortized over the respective vesting periods or periods of service of the option grant. The Company values restricted stock grants by using the closing market price of its stock on the date of grant. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, which supersedes most of the current revenue recognition requirements. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. New disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. The original standard was effective for fiscal years beginning after December 15, 2016; however, in July 2015, the FASB approved a one-year deferral of this standard, with a new effective date for fiscal years beginning after December 15, 2017. The Company is currently evaluating the standard to determine the impact it will have on its consolidated financial statements. In April and August 2015, the FASB issued ASU No. 2015-03 and ASU No. 2015-15, Interest—Imputation of Interest, respectively, to simplify the presentation of debt issuance costs. The standard requires debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. The FASB clarified that debt issuance costs related to line-of-credit arrangements can be presented as an asset and amortized over the term of the arrangement. The guidance is effective for annual fiscal periods beginning after December 15, 2015. The Company will adopt the standard in 2016. As of December 31, 2015, we had approximately $38.0 million in debt issuance costs included in other assets that would be a direct deduction of the debt liability under the new standard. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement—Period Adjustments, which changes the reporting requirement for retrospective adjustments to provisional amounts in the measurement period. The amendments in this update require an entity to present separately on the face of the income statement or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The revised guidance is effective for annual fiscal periods beginning after December 15, 2015. Early adoption is permitted and the Company intends to prospectively adopt ASU No. 2015-16. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, which changes the presentation of deferred income taxes. The intent is to simplify the presentation of deferred income taxes through the requirement that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The revised guidance is effective for annual fiscal periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the standard to determine the impact it will have on its consolidated financial statements.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2015
Acquisitions
Acquisitions	2. Acquisitions Concentra Acquistion On June 1, 2015, MJ Acquisition Corporation, a joint venture that Select created with Welsh, Carson, Anderson & Stowe XII, L.P. ("WCAS"), consummated the acquisition of Concentra, the indirect operating subsidiary of Concentra Group Holdings, LLC ("Group Holdings"), and its subsidiaries. Pursuant to the terms of the stock purchase agreement, dated as of March 22, 2015, by and among MJ Acquisition Corporation, Concentra and Humana Inc. ("Humana"), MJ Acquisition Corporation acquired 100% of the issued and outstanding equity securities of Concentra from Humana for $1,047.2 million, net of $3.8 million of cash acquired. MJ Acquisition Corporation entered into the Concentra credit facilities, see Note 6, to fund a portion of the purchase price for all of the issued and outstanding stock of Concentra. Concentra, as the surviving entity of the merger between MJ Acquisition Corporation and Concentra, became the borrower under the Concentra credit facilities. Select entered into a Subscription Agreement (the "Subscription Agreement"), by and among Select, WCAS, Group Holdings and the other members of Group Holdings. Pursuant to the Subscription Agreement, Select purchased Class A equity interests of Group Holdings for an aggregate purchase price of $217.9 million, representing a majority (50.1%) of the voting equity interests in Group Holdings. WCAS and the other members purchased redeemable non-controlling Class A interests of Group Holdings for an aggregate purchase price of $217.1 million, representing a 49.9% share of the voting equity interests of Group Holdings. Group Holdings contributed cash of $435.0 million, to MJ Acquisition Corporation. MJ Acquisition Corporation used the cash, together with $650.0 million in borrowings under the Concentra credit facilities, to pay the purchase price, and fees and expenses. Concentra, formed in 1979, is one of the largest providers of occupational medicine, consumer health, physical therapy and veteran's healthcare services in the United States based on the number of facilities. As of December 31, 2015, Concentra operated 300 medical centers in 38 states, 138 medical facilities located at the workplaces of Concentra's employer customers and 33 Department of Veterans Affairs CBOCs. Concentra's financial results are consolidated with Select's as of June 1, 2015. The Concentra acquisition was accounted for under the provisions of Accounting Standards Codification ("ASC") 805, Business Combinations. The Company allocated the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. During the fourth quarter of the year ended December 31, 2015, the Company finalized the purchase price allocation to identifiable intangible assets, fixed assets, non-controlling interests, and certain pre-acquisition contingencies. The Company is in the process of completing the accounting for certain deferred tax matters. The Company expects to complete the purchase price allocation during the second quarter of 2016. The following table summarizes the allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed, in accordance with the acquisition method of accounting (in thousands): Cash and cash equivalents $ Identifiable tangible assets, excluding cash and cash equivalents Identifiable intangible assets Goodwill ​ ​ ​ ​ ​ Total assets ​ ​ ​ ​ ​ Total current liabilities Total non-current liabilities ​ ​ ​ ​ ​ Total liabilities ​ ​ ​ ​ ​ Acquired non-controlling interests ​ ​ ​ ​ ​ Net assets acquired Less: Cash and cash equivalents acquired ​ ​ ​ ​ ​ Net cash paid $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The fair value assigned to intangible assets were determined through the use of the income approach, specifically the relief from royalty and the multi-period excess earnings methods. Both valuation methods rely on management judgment, including expected future cash flows resulting from existing customer relationships, customer attrition rates, contributory effects of other assets utilized in the business, peer group cost of capital and royalty rates, and other factors. Useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to future cash flows. The valuation of tangible assets was derived using a combination of the income, market, and cost approaches. Significant judgments used in valuing tangible assets include estimated reproduction or replacement cost, useful lives of assets, estimated selling prices, costs to complete, and reasonable profit. The fair value assigned to non-controlling interests were determined through the use of a market multiple approach. Intangible assets acquired consisted of the following: Amount Weighted Average Amortization Period (in thousands) (in years) Trademarks $ Indefinite Customer relationships 10.2 Leasehold interests 6.3 ​ ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ Intangible liabilities acquired included unfavorable leasehold interests of $3.3 million with a weighted average amortization period of 4.4 years. The customer relationships are being amortized on a straight-line basis over their expected useful lives. Leasehold interests are being amortized over their remaining lease terms at time of acquisition. Goodwill of $646.5 million was recognized in the transaction, representing the excess of the purchase price over the value of the tangible and intangible assets acquired and liabilities assumed. The factors considered in determining the goodwill that resulted from the Concentra purchase price included Concentra's future earnings potential and the value of Concentra's assembled workforce. The goodwill is allocated to the Concentra segment and is not deductible for tax purposes. However, prior to its acquisition by MJ Acquisition Corporation, Concentra completed certain acquisitions that resulted in goodwill with an estimated value of $23.9 million that is deductible for tax purposes, which the Company will deduct through 2025. For the period of June 1, 2015 through December 31, 2015, Concentra contributed net revenue of $585.2 million and a net loss of approximately $12.2 million which is reflected in the Company's consolidated statement of operations. The Company incurred $4.7 million of acquisition costs in the year ended December 31, 2015. Acquisition costs consisted of legal, advisory, and due diligence fees and expenses. The following pro forma unaudited results of operations have been prepared assuming the acquisition of Concentra occurred January 1, 2014. These results are not necessarily indicative of results of future operations nor of the results that would have actually occurred had the acquisition been consummated January 1, 2014. December 31, 2014 2015 (in thousands, except per share amounts) Net revenue $ $ Net income Income per common share: Basic $ $ Diluted $ $ The pro forma financial information is based on the allocation of the purchase price and therefore subject to adjustment upon finalizing the purchase price allocation, as described above, during the measurement period. The net income tax impact was calculated at a statutory rate, as if Concentra had been a subsidiary of the Company as of January 1, 2014. Pro forma results for the year ended December 31, 2015 were adjusted to include approximately $19.8 million of interest expense, an income tax benefit of approximately $11.4 million, approximately $4.8 million in net income attributable to non-controlling interests, approximately $1.8 million of rent expense, and approximately $1.2 million of depreciation expense. Results for the same period were also adjusted to exclude seller costs of $6.0 million, Concentra acquisition costs of $4.7 million, and amortization expense of approximately $0.8 million. Pro forma results for the year ended December 31, 2014 were adjusted to include approximately $48.1 million of interest expense, an income tax benefit of approximately $15.5 million, approximately $8.3 million of net loss attributable to non-controlling interests, $4.7 million of Concentra acquisition costs, approximately $4.0 million of rent expense, and approximately $3.0 million of depreciation expense. Results for the same period were also adjusted to exclude amortization expense of approximately $2.3 million. Other Acquistions For the year ended December 31, 2013, the Company provided total consideration of $5.6 million to acquire businesses, consisting of cash amounting to $1.7 million (net of cash acquired) and the issuance of non controlling interests, for identifiable tangible net assets consisting principally of accounts receivable, and property and equipment with an aggregate fair value of $3.5 million and goodwill of $2.1 million. For the year ended December 31, 2014, the Company provided total consideration of $3.2 million to acquire businesses, consisting of cash amounting to $1.1 million (net of cash acquired) and non controlling interests, for identifiable tangible net assets consisting principally of accounts receivable, and property and equipment with an aggregate fair value of $1.3 million and goodwill of $1.9 million. In addition to the acquisition of Concentra, during the year ended December 31, 2015, the Company acquired interests in several businesses, consisting principally of inpatient and outpatient rehabilitation businesses. The Company provided total consideration of $30.2 million, consisting of cash amounting to $14.4 million (net of cash acquired) and the issuance of non controlling interests in the amount of $14.7 million, for identifiable tangible net assets consisting principally of accounts receivable, and property and equipment with an aggregate fair value of $4.1 million. These acquisitions resulted in recognition of goodwill of $21.9 million and $4.2 million in the specialty hospitals segment and Concentra segment, respectively.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2015
Property and Equipment
Property and Equipment	3. Property and Equipment Property and equipment consists of the following: December 31, 2014 2015 (in thousands) Land $ $ Leasehold improvements Buildings Furniture and equipment Construction-in-progress ​ ​ ​ ​ ​ ​ ​ ​ Total property and equipment Accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation expense was $63.9 million, $67.9 million, and $96.1 million for the years ended December 31, 2013, 2014 and 2015, respectively.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2015
Intangible Assets and Liabilities
Intangible Assets and Liabilities	4. Intangible Assets and Liabilities The net carrying value of the Company's goodwill and identifiable intangible assets consist of the following: December 31, 2014 2015 (in thousands) Goodwill $ $ Identifiable intangibles—Indefinite lived assets: Trademarks Certificates of need Accreditations Identifiable intangibles—Finite lived assets: Customer relationships — Favorable leasehold interests — ​ ​ ​ ​ ​ ​ ​ ​ Total identifiable intangibles $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company's customer relationship assets amortize over their estimated useful lives. Amortization expense for the Company's customer relationships was $8.5 million for the year ended December 31, 2015. Estimated amortization expense of the Company's customer relationships for each of the five succeeding years is $14.6 million. In addition, the Company has recognized unfavorable leasehold interests which are recorded as liabilities. The net carrying value of unfavorable leasehold interests was $3.0 million as of December 31, 2015. The Company's favorable leasehold assets and unfavorable leasehold liabilities are amortized to rent expense over the remaining term of their respective leases to reflect a market rent per period based upon the market conditions present at the acquisition date. The effect of this amortization increased rent expense by $0.3 million for the year ended December 31, 2015. The Company's accreditations and trademarks have renewal terms. The costs to renew these intangibles are expensed as incurred. At December 31, 2015, the accreditations and trademarks have a weighted average time until next renewal of 1.5 years and 3.8 years, respectively. The changes in the carrying amount of goodwill for the Company's reportable segments for the years ended December 31, 2014 and 2015 are as follows: Specialty Hospitals Outpatient Rehabilitation Concentra Total (in thousands) Balance as of January 1, 2014 $ $ $ Goodwill acquired during year Goodwill allocated to contributed business — ) ) Purchase accounting adjustment ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2014 $ $ $ — $ Goodwill acquired during year — Measurement period adjustment ) — ) ) Disposal of business — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2015 $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See Note 2 for details of the goodwill acquired during the period.

Investments in Unconsolidated S

Investments in Unconsolidated Subsidiaries	12 Months Ended
	Dec. 31, 2015
Investments in Unconsolidated Subsidiaries
Investments in Unconsolidated Subsidiaries	5. Investments in Unconsolidated Subsidiaries During the year ended December 31, 2015, the Company sold an equity investment in an unconsolidated subsidiary of a start-up healthcare company for $33.1 million, which resulted in a gain on the sale of an equity investment of $29.6 million. The gain on sale of the equity investment was classified as non-operating income in the condensed consolidated statements of operations for the year ended December 31, 2015. The proceeds of $33.1 million were classified as cash provided from an investing activity in the condensed consolidated statements of cash flows for the year ended December 31, 2015.

Long-Term Debt and Notes Payabl

Long-Term Debt and Notes Payable	12 Months Ended
	Dec. 31, 2015
Long-Term Debt and Notes Payable
Long-Term Debt and Notes Payable	6. Long-Term Debt and Notes Payable For purposes of this indebtedness footnote, references to Select exclude Concentra, because the Concentra credit facilities are non-recourse to Holdings and Select. The components of long-term debt and notes payable are shown in the following tables: December 31, 2014 2015 (in thousands) Select 6.375% senior notes (1) $ $ Select credit facilities: Select revolving facility Select term loans (2) Other—Select ​ ​ ​ ​ ​ ​ ​ ​ Total Select debt Less: Select current maturities ​ ​ ​ ​ ​ ​ ​ ​ Select long-term debt maturities $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concentra credit facilities: Concentra revolving facility $ Concentra term loans (3) Other—Concentra ​ ​ ​ ​ ​ ​ ​ ​ Total Concentra debt Less: Concentra current maturities ​ ​ ​ ​ ​ ​ ​ ​ Concentra long-term debt maturities $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current maturities $ $ Total long-term debt maturities ​ ​ ​ ​ ​ ​ ​ ​ Total debt $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Includes unamortized premium of $1.5 million and $1.2 million at December 31, 2014 and 2015, respectively. (2) Includes unamortized discounts of $4.2 million and $2.8 million at December 31, 2014 and 2015, respectively. (3) Includes unamortized discounts of $2.9 million at December 31, 2015. Select Credit Facilities On June 1, 2011, Select entered into its existing senior secured credit agreement that originally provided for $1.15 billion in senior secured credit facilities. The following discussion summarizes amendments and significant transactions affecting the term loan facilities (collectively, the "Select term loans") and the revolving credit facility (the "Select revolving facility" and together with the Select term loans, the "Select credit facilities"). On August 13, 2012, Select entered into an additional credit extension amendment to the Select credit facilities providing for a $275.0 million series A term loan at the same interest rate and with the same term as the original term loan. On February 20, 2013, Select entered into a credit extension amendment to the Select credit facilities providing for a $300.0 million series B term loan. Select used the borrowings under the series B term loan to redeem all of its outstanding 7 5 / 8 % senior subordinated notes due 2015 on March 22, 2013, to finance Holdings' redemption of all of its senior floating rate notes due 2015 on March 22, 2013 and to repay a portion of the balance outstanding under the Select revolving facility. On May 28, 2013, Select issued and sold $600.0 million aggregate principal amount of 6.375% senior notes due June 1, 2021. Select used the proceeds of the 6.375% senior notes to pay a portion of the amounts then outstanding on the original term loan and the series A term loan and to pay related fees and expenses. On June 3, 2013, Select amended the Select credit facilities in order to, among other things: (i) extend the maturity date on $293.3 million of its $300.0 million revolving facility from June 1, 2016 to March 1, 2018; (ii) convert the remaining original term loan and series A term loan to a new series C term loan, and lower the interest rate payable on the series C term loan from Adjusted LIBO plus 3.75%, or Alternate Base Rate plus 2.75%, to Adjusted LIBO plus 3.00%, or Alternate Base Rate plus 2.00%, and amend the provision of the series C term loan from providing that Adjusted LIBO will at no time be less than 1.75% to providing that Adjusted LIBO will at no time be less than 1.00%; (iii) lower the interest rate payable on the series B term loan from Adjusted LIBO plus 3.75%, or Alternate Base Rate plus 2.75%, to Adjusted LIBO plus 3.25%, or Alternate Base Rate plus 2.25%; (iv) amend the restrictive covenants governing the Select credit facilities in order to allow for unlimited restricted payments so long as there is no event of default under the credit facilities and the total pro forma ratio of total indebtedness to Consolidated EBITDA (as defined in the credit facilities) is less than or equal to 2.75 to 1.00; and (v) amend the definition of "Available Amount" in a manner the effect of which was to increase the amount available for investments, restricted payments and payment of specified indebtedness. On March 4, 2014, Select made a principal prepayment of $34.0 million associated with the Select term loans in accordance with the provision in the Select credit facilities that requires mandatory prepayments of term loans resulting from excess cash flow as defined in the Select credit facilities. On March 4, 2014, Select amended the Select credit facilities in order to, among other things: (i) convert the remaining series B term loan to a new series D term loan, and lower the interest rate payable on the series D term loan from Adjusted LIBO plus 3.25%, or Alternate Base Rate plus 2.25%, to Adjusted LIBO plus 2.75%, or Alternate Base Rate plus 1.75%; (ii) set the maturity date of the series D term loan at December 20, 2016; (iii) convert the remaining series C term loan to a new series E term loan, and lower the interest rate payable on the series E term loan from Adjusted LIBO plus 3.00% (subject to an Adjusted LIBO rate floor of 1.00%), or Alternate Base Rate plus 2.00%, to Adjusted LIBO plus 2.75% (subject to an Adjusted LIBO rate floor of 1.00%), or Alternate Base Rate plus 1.75%; (iv) set the maturity date of the series E term loan at June 1, 2018; (v) beginning with the quarter ending March 31, 2014, increase the quarterly compliance threshold set forth in the leverage ratio financial maintenance covenant to a level of 5.00 to 1.00 from 4.50 to 1.00; (vi) provide for a prepayment premium of 1.00% if the Select credit facilities are amended at any time prior to March 4, 2015 in the case of the series E term loans and such amendment reduces the yield applicable to such loans; and (vii) amend the definition of "Available Amount" in a manner the effect of which was to increase the amount available for investments, restricted payments and the payment of specified indebtedness. On October 23, 2014, Select entered into two additional credit extension amendments, one of which extended the maturity date on $6.75 million in aggregate principal of revolving commitments from June 1, 2016 to March 1, 2018, the second of which added $50.0 million in incremental revolving commitments that mature on March 1, 2018. On March 4, 2015, Select made a principal prepayment of $26.9 million associated with the series D term loan and series E term loan in accordance with the provision in the Select credit facilities that requires mandatory prepayments of term loans as a result of annual excess cash flow as defined in the Select credit facilities. On May 20, 2015 Select entered into an additional credit extension amendment of the Select revolving facility to obtain $100.0 million of incremental revolving commitments. The revolving commitments mature on March 1, 2018. On December 11, 2015, Select amended the Select credit facilities in order to, among other things: (i) convert $56.2 million of its series D term loan into series E term loan, which have a maturity date of June 1, 2018; (ii) increase the interest rate payable on the series E term loan from Adjusted LIBO plus 2.75% (subject to an Adjusted LIBO rate floor of 1.00%), or Alternative Base Rate plus 1.75%, to Adjusted LIBO plus 4.00% (subject to an Adjusted LIBO rate floor of 1.00%), or Alternative Base Rate plus 3.00%; (iii) beginning with the quarter ending December 31, 2015, increase the quarterly compliance threshold set forth in the leverage ratio financial maintenance covenant to a level of 5.75 to 1.00 from 5.00 to 1.00; (iv) increase the capacity for incremental extensions of credit to $450.0 million; and (v) amend the definition of "Consolidated EBITDA" to add back certain specialty hospital start-up losses. At December 31, 2015, Select's credit facilities provided for senior secured financing consisting of a $450.0 million revolving facility which matures on March 1, 2018, including a $75.0 million sublimit for the issuance of standby letters of credit and a $25.0 million sublimit for swingline loans; a $218.6 million series D term loan, maturing on December 20, 2016; and $534.7 million series E term loan, maturing on June 1, 2018. The Select term loans amortize quarterly in the amount of 0.25% of the aggregate principal amount, subject to mandatory prepayment provisions. All borrowings under Select's credit facilities are subject to the satisfaction of required conditions, including the absence of a default at the time of and after giving effect to such borrowing and the accuracy of the representations and warranties of the borrowers. The interest rates per annum applicable to borrowings under Select's credit facilities are, at its option, equal to either an Alternate Base Rate or an Adjusted LIBO rate for a one, two, three or six month interest period, or a nine or twelve month period if available, in each case, plus an applicable margin percentage. The Alternate Base Rate is the greatest of (i) JPMorgan Chase Bank, N.A.'s prime rate, (ii) one-half of 1% over the weighted average of rates on overnight Federal funds as published by the Federal Reserve Bank of New York and (iii) the Adjusted LIBO rate from time to time for an interest period of one month, plus 1.00%. The Adjusted LIBO rate is, with respect to any interest period, the London interbank offered rate for such interest period, adjusted for any applicable statutory reserve requirements. Borrowings under the series D term loan bear interest at a rate equal to Adjusted LIBO plus 2.75%, or Alternate Base Rate plus 1.75%. Borrowings under the series E term loan bear interest at a rate equal to Adjusted LIBO plus 4.00%, or Alternate Base Rate plus 3.00%. The Adjusted LIBO for the series E term loan will at no time be less than 1.00%. Borrowings under the revolving facility bear interest at a rate equal to Adjusted LIBO plus a percentage ranging from 2.75% to 3.75%, or Alternate Base Rate plus a percentage ranging from 1.75% to 2.75%, in each case based on Select's ratio of total indebtedness to Consolidated EBITDA (as defined in the Select credit facilities). On the last day of each calendar quarter Select is required to pay each lender a commitment fee in respect of any unused commitments under the revolving facility, which is currently 0.50% per annum subject to adjustment based upon the ratio of Select's total indebtedness to Consolidated EBITDA (as defined in the Select credit facilities). Subject to exceptions, the Select credit facilities require mandatory prepayments of Select term loans in amounts equal to: • 50% (as may be reduced based on Select's ratio of total indebtedness to Consolidated EBITDA (as defined in the Select credit facilities)) of Select's annual excess cash flow; • 100% of the net cash proceeds from non-ordinary course asset sales or other dispositions, or as a result of a casualty or condemnation event, subject to reinvestment rights and certain other exceptions; and • 100% of the net cash proceeds from certain incurrences of debt. Select's credit facilities are guaranteed by Holdings, Select and substantially all of its current wholly owned subsidiaries, and will be guaranteed by substantially all of Select's future subsidiaries and secured by substantially all of Select's existing and future property and assets and by a pledge of its capital stock and the capital stock of its subsidiaries. Select's credit facilities require that it comply on a quarterly basis with certain financial covenants, including a maximum leverage ratio test. In addition, Select's credit facilities include negative covenants, subject to significant exceptions, restricting or limiting its ability and the ability of Holdings and Select's restricted subsidiaries, to, among other things: • incur, assume, permit to exist or guarantee additional debt and issue or sell or permit any subsidiary to issue or sell preferred stock; • amend, modify or waiver any rights under the certificate of indebtedness, credit agreements, certificate of incorporation, bylaws or other organizational documents which would be materially adverse to the creditors; • pay dividends or other distributions on, redeem, repurchase, retire or cancel capital stock; • purchase or acquire any debt or equity securities of, make any loans or advances to, guarantee any obligation of, or make any other investment in, any other company; • incur or permit to exist certain liens on property or assets owned or accrued or assign or sell any income or revenues with respect to such property or assets; • sell or otherwise transfer property or assets to, purchase or otherwise receive property or assets from, or otherwise enter into transactions with affiliates; • merge, consolidate or amalgamate with another company or permit any subsidiary to merge, consolidate or amalgamate with another company; • sell, transfer, lease or otherwise dispose of assets, including any equity interests; • repay, redeem, repurchase, retire or cancel any subordinated debt; • incur capital expenditures; • engage to any material extent in any business other than business of the type currently conducted by Select or reasonably related businesses; and • incur obligations that restrict the ability of its subsidiaries to incur or permit to exist any liens on Select's property or assets or to make dividends or other payments to Select. The Select credit facilities also contain certain representations and warranties, affirmative covenants and events of default. The events of default include payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to certain indebtedness, certain events of bankruptcy, certain events under ERISA, material judgments, actual or asserted failure of any guaranty or security document supporting Select's credit facilities to be in full force and effect and any change of control. If such an event of default occurs, the lenders under the Select credit facilities will be entitled to take various actions, including the acceleration of amounts due under the Select credit facilities and all actions permitted to be taken by a secured creditor. At December 31, 2015, Select had outstanding borrowings under the Select credit facilities of $753.3 million of the Select term loans (excluding unamortized original issue discounts of $2.8 million) and borrowings of $295.0 million (excluding letters of credit) under the Select revolving facility. Select had $116.1 million of availability under the Select revolving facility (after giving effect to $38.9 million of outstanding letters of credit) at December 31, 2015. The applicable margin percentage for borrowings under the Select revolving facility is subject to change based upon the ratio of Select's leverage ratio (as defined in the Select credit facilities). The applicable interest rate for revolving loans as of December 31, 2015 was (1) Alternate Base plus 2.75% for alternate base rate loans and (2) LIBO plus 3.75% for adjusted LIBO rate loans. The Select credit facilities require it to maintain certain leverage ratios (as defined in the Select credit facilities). For the three fiscal quarters ended March 31, 2015, June 30, 2015, and September 30, 2015, Select was required to maintain its leverage ratio (its ratio of total indebtedness to consolidated EBITDA) at less than 5.00 to 1.00. For the quarter ended December 31, 2015, Select was required to maintain its leverage ratio at less than 5.75 to 1.00. Select's leverage ratio was 4.78 to 1.00 as of December 31, 2015. Additionally, the Select credit facilities will require a prepayment of borrowings of 50% of excess cash flow, which will result in a prepayment of approximately $10.2 million. Select expects to have the borrowing capacity and intends to use borrowings under its revolving facility to make the required prepayment during the first quarter ended March 31, 2016. Senior Notes On March 11, 2014, Select issued and sold $110.0 million aggregate principal amount of additional 6.375% senior notes due June 1, 2021 (the "Additional Notes"), at 101.50% of the aggregate principal amount resulting in gross proceeds of $111.7 million. The notes were issued as additional notes under the indenture pursuant to which it previously issued $600.0 million of 6.375% senior notes due June 1, 2021 (the "Existing Notes" and, together with the Additional Notes, the "Notes"). The Additional Notes are treated as a single series with the Existing Notes and have the same terms as those of the Existing Notes. Interest on the Notes accrues at the rate of 6.375% per annum and is payable semi-annually in cash in arrears on June 1 and December 1 of each year. The Notes are Select's senior unsecured obligations and rank equally in right of payment with all of its other existing and future senior unsecured indebtedness and senior in right of payment to all of its existing and future subordinated indebtedness. The Notes are fully and unconditionally guaranteed by all of Select's wholly owned subsidiaries. The Notes are guaranteed, jointly and severally, by Select's direct or indirect existing and future domestic restricted subsidiaries other than certain non-guarantor subsidiaries. Select may redeem some or all of the Notes prior to June 1, 2016 by paying a "make-whole" premium. Select may redeem some or all of the Notes on or after June 1, 2016 at specified redemption prices. In addition, prior to June 1, 2016, Select may redeem up to 35% of the Notes with the net proceeds of certain equity offerings at a price of 106.375% plus accrued and unpaid interest, if any. Select is obligated to offer to repurchase the Notes at a price of 101% of their principal amount plus accrued and unpaid interest, if any, as a result of certain change of control events. These restrictions and prohibitions are subject to certain qualifications and exceptions. The indenture relating to the Notes contains covenants that, among other things, limit Select's ability and the ability of certain of its subsidiaries to (i) grant liens on its assets, (ii) make dividend payments, other distributions or other restricted payments, (iii) incur restrictions on the ability of Select's restricted subsidiaries to pay dividends or make other payments, (iv) enter into sale and leaseback transactions, (v) merge, consolidate, transfer or dispose of substantially all of their assets, (vi) incur additional indebtedness, (vii) make investments, (viii) sell assets, including capital stock of subsidiaries, (ix) use the proceeds from sales of assets, including capital stock of restricted subsidiaries, and (x) enter into transactions with affiliates. In addition, the Indenture requires, among other things, Select to provide financial and current reports to holders of the Notes or file such reports electronically with the SEC. These covenants are subject to a number of exceptions, limitations and qualifications set forth in the Indenture. Concentra credit facilities Concentra first lien credit agreement On June 1, 2015, MJ Acquisition Corporation, as the initial borrower, entered into a first lien credit agreement (the "Concentra first lien credit agreement"). Concentra, as the surviving entity of the merger between MJ Acquisition Corporation and Concentra, became the borrower. The Concentra first lien credit agreement provides for $500.0 million in first lien loans comprised of a $450.0 million, seven-year term loan ("Concentra first lien term loan") and a $50.0 million, five-year revolving credit facility ("Concentra revolving facility"). The borrowings under the Concentra first lien credit agreement are guaranteed, on a first lien basis, by Concentra Holdings, Inc., the direct parent of Concentra. Select and Holdings are not parties to the Concentra first lien credit agreement and are not obligors with respect to Concentra's debt under such agreement. Borrowings under the Concentra first lien credit agreement bear interest at a rate equal to: (i) in the case of the Concentra first lien term loan, Adjusted LIBO (as defined in the Concentra first lien credit agreement) plus 3.00% (subject to an Adjusted LIBO floor of 1.00%), or Alternate Base Rate (as defined in the Concentra first lien credit agreement) plus 2.00% (subject to an Alternate Base Rate floor of 2.00%); and (ii) in the case of the Concentra revolving facility, Adjusted LIBO plus a percentage ranging from 2.75% to 3.00%, or Alternate Base Rate plus a percentage ranging from 1.75% to 2.00%, in each case based on Concentra's leverage ratio. The Concentra first lien term loan amortizes in equal quarterly installments, in aggregate annual amounts equal to 0.25% of the original principal amount of the first lien term loan commencing on September 30, 2015. The balance of the Concentra first lien term loan will be payable on June 1, 2022. The Concentra revolving facility matures on June 1, 2020. Concentra second lien credit agreement On June 1, 2015, MJ Acquisition Corporation, as the initial borrower, entered into a second lien credit agreement (the "Concentra second lien credit agreement" and, together with the Concentra first lien credit agreement, the "Concentra credit facilities"). Concentra, as the surviving entity of the merger between MJ Acquisition Corporation and Concentra, became the borrower. The Concentra second lien credit agreement provides for a $200.0 million eight-year second lien term loan ("Concentra second lien term loan" and, together with the Concentra first lien term loans, the "Concentra term loans"). The borrowings under the Concentra second lien credit agreement are guaranteed, on a second lien basis, by Concentra Holdings, Inc., the direct parent of Concentra. Select and Holdings are not parties to the Concentra second lien credit agreement and are not obligors with respect to Concentra's debt under such agreement. Borrowings under the Concentra second lien term loan bear interest at a rate equal to Adjusted LIBO Rate (as defined in the Concentra second lien credit agreement) plus 8.00% (subject to an Adjusted LIBO floor of 1.00%), or Alternate Base Rate (as defined in the Concentra second lien credit agreement) plus 7.00% (subject to an Alternate Base Rate floor of 2.00%). In the event that, on or prior to June 1, 2016, Concentra prepays any of the Concentra second lien term loan, Concentra shall pay a premium of 2.00% of the aggregate principal amount of the Concentra second lien term loan prepaid and if Concentra prepays any of the Concentra second lien term loan on or prior to June 1, 2017, Concentra shall pay a premium of 1.00% of the aggregate principal amount of the Concentra second lien term loan prepaid. The Concentra second lien term loan will be payable on June 1, 2023. Maturities of Long-Term Debt and Notes Payable Maturities of the Company's long-term debt for the years after 2015 are approximately as follows and are presented including the discounts on Select term loans and premium on Select's senior notes, and including the discounts on Concentra credit facilities: Select Concentra Total (in thousands) 2016 $ $ $ 2017 2018 2019 2020 2021 and beyond ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on Early Retirement of Debt On February 20, 2013, Select entered into a credit extension amendment, the proceeds of which were used to redeem all of its outstanding 7 5 / 8 % senior subordinated notes, to finance Holdings' redemption of all of its 10% senior floating rate, and to repay a portion of the balance outstanding under Select's revolving facility. Additionally, on May 28, 2013, Select issued and sold $600.0 million aggregate principal amount of its 6.375% senior notes due 2021, the proceeds of which were used to pay a portion of Select term loans then outstanding and to pay related fees and expenses. A loss on early retirement of debt of $18.7 million and $17.8 million for Holdings and Select, respectively, was recognized for the year ended December 31, 2013, which included the write off of unamortized debt issuance costs. During the year ended December 31, 2014, Select amended the Select term loans under the Select credit facilities and recognized a loss $2.3 million for unamortized debt issuance costs, unamortized original issue discount, and certain fees incurred related to term loan modifications.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity
Stockholders' Equity	7. Stockholders' Equity Common Stock Holdings' board of directors has authorized a common stock repurchase program to repurchase up to $500.0 million worth of shares of its common stock. The program will remain in effect until December 31, 2016, unless extended or earlier terminated by the board of directors. Stock repurchases under this program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as Holdings deems appropriate. Holdings is funding this program with cash on hand and borrowings under the Select revolving facility. For the years ended December 31, 2013, 2014 and 2015, respectively, Holdings repurchased 1,115,691 shares at a cost of $10.0 million, 11,285,714 shares at a cost of $127.5 million, and 1,032,334 shares at a cost of $13.6 million, which includes transaction costs. During the year ended December 31, 2014, the shares were repurchased from Welsh, Carson, Anderson & Stowe IX, L.P. and WCAS Capital Partners IV, L.P. pursuant to stock purchase agreements dated February 26, 2014 and May 5, 2014. Two of the Company's directors are affiliated with these entities. The common stock repurchase program has available capacity of $185.2 million as of December 31, 2015. Holdings granted 952,500 shares, 1,585,775 shares, and 1,384,954 shares of restricted stock for the years ended December 31, 2013, 2014 and 2015, respectively and issued 166,600 shares, 974,969 shares, and 183,450 shares of common stock related to the exercise of stock options and for the years ended December 31, 2013, 2014 and 2015, respectively. Also, 331,697 shares, 302,690 shares, and 486,580 shares of stock were forfeited for the years ended December 31, 2013, 2014 and 2015, respectively.

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 2015
Stock-based Compensation
Stock-based Compensation	8. Stock-based Compensation On February 25, 2005, Holdings adopted the Select Medical Holdings Corporation 2005 Equity Incentive Plan. On May 13, 2011, the Select Medical Holdings Corporation 2005 Equity Incentive Plan was frozen and Holdings adopted the 2011 Select Medical Holdings Corporation 2011 Equity Incentive Plan. The Select Medical Holdings Corporation 2005 Equity Incentive Plan and the Select Medical Holdings Corporation 2011 Equity Incentive Plan are referred to as the "Plans." The Plans provide for grants of restricted stock and stock options of Holdings. On November 8, 2005 the board of directors of Holdings adopted a director equity incentive plan ("Director Plan") and on August 12, 2009, the board of directors and stockholders of Holdings approved an amendment and restatement of the Director Plan. This amendment authorized Holdings to issue under the Director Plan options to purchase up to 75,000 shares of its common stock and restricted stock awards covering up to 150,000 shares of its common stock. All of the aforementioned equity plans allow for the use of unissued shares or treasury shares to be used to satisfy share-based awards. The options under the Plans and Director Plan generally vest over five years and have an option term not to exceed ten years. The fair value of the options granted was estimated using the Black-Scholes option pricing model. There were no options granted under the Plans or Director Plan during the year ended December 31, 2015. Transactions and other information related to restricted stock awards are as follows: Shares Weighted Average Grant Date Fair Value (share amounts in thousands) Unvested Balance, January 1, 2015 $ Granted Vested ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ Unvested Balance, December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The weighted average grant date fair value of restricted stock awards granted for the years ended December 31, 2013, 2014, and 2015 was $8.48, $13.61, and $13.94, respectively. The total weighted average grant date fair value of restricted stock awards vested for the years ended December 31, 2013, 2014, and 2015 was $4.6 million, $7.4 million, and $9.0 million, respectively. As of December 31, 2015 there were 743,000 stock options outstanding and 728,000 stock options exercisable under the Plans and Director Plans. The outstanding and exercisable shares have a weighted average exercise price of $8.85 and a weighted average remaining contractual life of 2.87 years. The total intrinsic value of options exercised under the Plans and Director Plans for the years ended December 31, 2013, 2014, and 2015 was $0.2 million, $6.0 million, and $1.0 million, respectively. The aggregate intrinsic value of options outstanding and options exercisable under the Plans and Director Plans at December 31, 2015 was $2.3 million. Stock compensation expense recognized by the Company was as follows: For the Year Ended December 31, 2013 2014 2015 (in thousands) Stock compensation expense: Included in general and administrative $ $ $ Included in cost of services ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock compensation expense based on current share-based awards for each of the next five years is estimated to be as follows: 2016 2017 2018 2019 2020 (in thousands) Stock compensation expense $ $ $ $ $

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Taxes
Income Taxes	9. Income Taxes Significant components of the Company's tax provision for the years ended December 31, 2013, 2014, and 2015 are as follows: Holdings Select For the Year Ended December 31, For the Year Ended December 31, 2013 2014 2015 2013 2014 2015 (in thousands) (in thousands) Current: Federal $ $ $ $ $ $ State and local ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current Deferred ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income tax provision $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The differences between the expected income tax provision and income taxes computed at the federal statutory rate of 35% were as follows: Holdings Select For the Year Ended December 31, For the Year Ended December 31, 2013 2014 2015 2013 2014 2015 Expected federal tax rate % % % % % % State and local taxes, net of federal benefit Other permanent differences Valuation allowance ) ) ) ) ) ) Uncertain tax positions ) ) ) ) ) ) IRS audit settlements — ) ) — ) ) Non-controlling interest ) ) ) ) ) ) Other ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total % % % % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ During 2015, the Company settled with the Internal Revenue Service a tax liability relating to the 2011 settlement of a lawsuit under the qui tam provisions of the federal False Claims Act and reversed through the income tax provision the remaining excess tax reserves. During 2009, the Company settled with the Internal Revenue Service a refund of previously paid federal income taxes that resulted from the acceleration of tax amortization in years prior to the Merger. Tax reserves related to this dispute were released in 2014 resulting in the abatement of penalties and interest. A summary of the components of deferred tax assets and liabilities is as follows: December 31, 2014 December 31, 2015 Total Current Non-Current Total Current Non-Current (in thousands) Deferred tax assets Allowance for doubtful accounts $ $ $ — $ $ $ — Compensation and benefit related accruals Professional malpractice liability insurance Restructuring reserve — — — — Deferred revenue ) ) — ) ) — State net operating loss carryforwards Other — Stock options — — Equity investments — — Uncertain tax positions — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax assets Deferred tax liabilities Deferred income ) ) ) ) ) ) Investment in unconsolidated affiliates ) — ) ) — ) Other ) ) ) ) ) ) Depreciation and amortization ) — ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax liabilities ) ) ) ) ) ) Net deferred taxes before valuation allowance ) ) ) ) Valuation allowance ) ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net deferred taxes $ ) $ $ ) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The valuation allowance as of December 31, 2015 is primarily attributable to the uncertainty regarding the realization of state net operating losses and other net deferred tax assets of loss entities. The state net deferred tax assets have a full valuation allowance recorded for entities that have a cumulative history of pre-tax losses (current year in addition to the two prior years). The net deferred tax liabilities at December 31, 2014 and 2015 of approximately $93.2 million and $190.0 million, respectively, consist of items which have been recognized for tax reporting purposes, but which will increase tax on returns to be filed in the future, and include the use of net operating loss carryforwards. The Company has performed the required assessment of positive and negative evidence regarding the realization of the net deferred tax assets. This assessment included a review of legal entities with three years of cumulative losses, estimates of projected future taxable income, generation of income from the turning of existing deferred tax liabilities and the impact of tax planning strategies that management would and could implement in order to keep deferred tax assets from expiring unused. Although realization is not assured, based on the Company's assessment, it has concluded that it is more likely than not that such assets, net of the determined valuation allowance, will be realized. The total state net operating losses are approximately $465.6 million. State net operating loss carry forwards expire and are subject to valuation allowances as follows: State Net Operating Losses Gross Valuation Allowance (in thousands) 2016 $ $ 2017 2018 2019 Thereafter through 2035 Reserves for Uncertain Tax Positions: The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. Significant judgment is required in evaluating the Company's tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when it is believed that certain positions might be challenged despite the Company's belief that its tax return positions are fully supportable. The Company adjusts these reserves in light of changing facts and circumstances, such as the outcome of a tax audit. The provision for income taxes includes the impact of reserve provisions and changes to reserves that have resulted from resolution of the tax position or expirations of statutes of limitations. The reconciliation of the Company's unrecognized tax benefits is as follows (in thousands): Gross tax contingencies—January 1, 2013 $ Reductions for tax positions taken in prior periods due primarily to statute expiration ) Additions for existing tax positions taken ​ ​ ​ ​ ​ Gross tax contingencies—December 31, 2013 Reductions for tax positions taken in prior periods due primarily to statute expiration ) Additions for existing tax positions taken ​ ​ ​ ​ ​ Gross tax contingencies—December 31, 2014 Reductions for tax positions taken in prior periods due primarily to statute expiration ) Reductions for settlements with taxing authorities ) Additions for existing tax positions taken Reductions for existing tax positions taken ) ​ ​ ​ ​ ​ Gross tax contingencies—December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2014 and 2015, the Company had $10.7 million and $5.6 million of unrecognized tax benefits, respectively, all of which, if fully recognized, would affect the Company's effective income tax rate. As of December 31, 2015, approximately $2.6 million of gross unrecognized tax benefits, including interest, will be eligible for release in the next 12 months due to the expiration of statutes of limitations. The Company's policy is to include interest related to income taxes in income tax expense. As of December 31, 2014 and December 31, 2015, the Company has accrued interest related to income taxes of $1.9 million and $0.6 million, net of federal income taxes, respectively. Interest recognized for each of the years ended December 31, 2013, 2014 and 2015 was $0.5 million, $0.5 million, and $0.3 million, net of federal income tax benefits, respectively. The federal statute of limitations remains open for tax years 2013 through 2015. State jurisdictions generally have statutes of limitations for tax returns ranging from three to five years. The state impact of any federal income tax changes remains subject to examination for a period of up to one year after formal notification to the states. Currently, the Company has one state income tax return under examination.

Retirement Savings Plan

Retirement Savings Plan	12 Months Ended
	Dec. 31, 2015
Retirement Savings Plan
Retirement Savings Plan	10. Retirement Savings Plan Select sponsors a defined contribution retirement savings plan for substantially all of its employees. Employees who are not classified as HCE's (highly compensated employees) may contribute up to 30% of their salary; HCE's may contribute up to 7% of their salary. The plan provides a discretionary company match which is determined annually. Currently, Select matches 25% of the first 6% of compensation employees contribute to the plan. The employees vest in the employer contributions over a three-year period beginning on the employee's hire date. The expense incurred by Select related to this plan was $8.7 million, $9.3 million and $10.0 million during the years ended December 31, 2013, 2014 and 2015, respectively. Concentra sponsored a separate defined contribution retirement savings plan and incurred expenses related to this plan of $8.8 million for the period June 1, 2015 through December 31, 2015. Beginning in January 2016, Concentra's employees will participate in the defined contribution retirement savings plan sponsored by Select.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2015
Segment Information
Segment Information	11. Segment Information The Company's reportable segments consist of: (i) specialty hospitals, (ii) outpatient rehabilitation, and (iii) Concentra. Other activities include the Company's corporate services and certain other non-consolidating joint ventures and minority investments in other healthcare related businesses. The outpatient rehabilitation reportable segment has two operating segments: outpatient rehabilitation clinics and contract therapy. These operating segments are aggregated for reporting purposes as they have common economic characteristics and provide a similar service to a similar patient base. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance of the segments based on Adjusted EBITDA. Adjusted EBITDA is defined as net income before interest, income taxes, depreciation and amortization, gain (loss) on early retirement of debt, stock compensation expense, Concentra acquisition costs, equity in earnings (losses) of unconsolidated subsidiaries, and gain on sale of equity investment. The following tables summarize selected financial data for the Company's reportable segments. The segment results of Holdings are identical to those of Select. Year Ended December 31, 2013 Specialty Hospitals Outpatient Rehabilitation Concentra (2) Other Total (in thousands) Net revenue $ $ $ $ Adjusted EBITDA ) Total assets (1) : Capital expenditures Year Ended December 31, 2014 Specialty Hospitals Outpatient Rehabilitation Concentra (2) Other Total (in thousands) Net revenue $ $ $ $ Adjusted EBITDA ) Total assets (1) : Capital expenditures Year Ended December 31, 2015 Specialty Hospitals Outpatient Rehabilitation Concentra (2) Other Total (in thousands) Net revenue $ $ $ $ $ Adjusted EBITDA ) Total assets (1) : Capital expenditures A reconciliation of Adjusted EBITDA to income before income taxes is as follows: Year Ended December 31, 2013 Specialty Hospitals Outpatient Rehabilitation Concentra Other (in thousands) Adjusted EBITDA $ $ $ ) Depreciation and amortization ) ) ) Stock compensation expense — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Holdings Select Income (loss) from operations $ $ $ ) $ $ Loss on early retirement of debt ) ) Equity in earnings of unconsolidated subsidiaries Interest expense ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income taxes $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2014 Specialty Hospitals Outpatient Rehabilitation Concentra Other (in thousands) Adjusted EBITDA $ $ $ ) Depreciation and amortization ) ) ) Stock compensation expense — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Holdings Select Income (loss) from operations $ $ $ ) $ $ Loss on early retirement of debt ) ) Equity in earnings of unconsolidated subsidiaries Interest expense ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income taxes $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2015 Specialty Hospitals Outpatient Rehabilitation Concentra (2) Other (in thousands) Adjusted EBITDA $ $ $ $ ) Depreciation and amortization ) ) ) ) Stock compensation expense — — ) ) Concentra acquisition costs — — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Holdings Select Income (loss) from operations $ $ $ $ ) $ $ Gain on sale of equity investment Equity in earnings of unconsolidated subsidiaries Interest expense ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income taxes $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The specialty hospitals segment includes $2.7 million in real estate assets held for sale on December 31, 2013, 2014 and 2015. (2) The selected financial data for the Company's Concentra segment for the periods presented begins as of June 1, 2015, which is the date the Concentra acquisition was consummated.

Income per Share

Income per Share	12 Months Ended
	Dec. 31, 2015
Income per Share
Income per Share	12. Income per Share The Company applies the two-class method for calculating and presenting income per common share. The two-class method is an earnings allocation formula that determines earnings per share for each class of stock participation rights in undistributed earnings. Under the two class method: (a) Net income attributable to Select Medical Holdings Corporation is reduced by any contractual amount of dividends in the current period for each class of stock. There were no contractual dividends for the years ended December 31, 2013, 2014 and 2015. (b) The remaining income is allocated to common stock and unvested restricted stock to the extent that each security may share in income, as if all of the earnings for the period had been distributed. The total income allocated to each security is determined by adding together the amount allocated for dividends in (a) above and the amount allocated for participation features. (c) The income allocated to common stock is then divided by the weighted average number of outstanding shares to which the earnings are allocated to determine the income per share for common stock. In applying the two-class method, the Company determined that undistributed earnings should be allocated equally on a per share basis between the common stock and unvested restricted stock due to the equal participation rights of the common stock and unvested restricted stock (i.e., the voting conversion rights). The following table sets forth for the periods indicated the calculation of income per share in the Company's consolidated statement of operations and the differences between basic weighted average shares outstanding and diluted weighted average shares outstanding used to compute basic and diluted earnings per share, respectively: For the Year Ended December 31, 2013 2014 2015 (in thousands, except per share amounts) Numerator: Net income attributable to Select Medical Holdings Corporation $ $ $ Less: Earnings allocated to unvested restricted stockholders ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income available to common stockholders $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: Weighted average shares—basic Effect of dilutive securities: Stock options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares—diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic income per common share: $ $ $ Diluted income per common share: $ $ $ The following amounts are shown here for informational and comparative purposes only since their inclusion would be anti-dilutive: For the Year Ended December 31, 2013 2014 2015 (in thousands) Stock options —

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2015
Fair Value
Fair Value	13. Fair Value Financial instruments include cash and cash equivalents, notes payable and long-term debt. The carrying amount of cash and cash equivalents approximates fair value because of the short-term maturity of these instruments. The carrying value of the Select credit facilities was $836.0 million and $1,045.5 million at December 31, 2014 and 2015, respectively. The fair value of the Select credit facilities was $816.6 million and $1,023.6 million at December 31, 2014 and 2015, respectively. The fair value of the Select credit facilities was based on quoted market prices for this debt in the syndicated loan market. The carrying value of Select's 6.375% senior notes was $711.5 million and $711.2 million at December 31, 2014 and 2015, respectively. The fair value of Select's 6.375% senior notes was $722.4 million and $623.9 million at December 31, 2014 and 2015, respectively. The fair value of this debt was based on quoted market prices. The carrying value of the Concentra credit facilities was $649.9 million at December 31, 2015. The fair value of the Concentra credit facilities was $645.4 million at December 31, 2015. The fair value of the Concentra credit facilities was based on quoted market prices for this debt in the syndicated loan market. The Company considers the inputs in the valuation process to be Level 2 in the fair value hierarchy. Level 2 in the fair value hierarchy is defined as inputs that are observable for the asset or liability, either directly or indirectly, which includes quoted prices for identical assets or liabilities in markets that are not active.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions
Related Party Transactions	14. Related Party Transactions The Company rents its corporate office space from related parties affiliated through common ownership or management. The Company made payments for office rent, leasehold improvements and miscellaneous expenses aggregating $4.2 million, $4.4 million and $4.7 million for the years ended December 31, 2013, 2014 and 2015, respectively, to the affiliated companies. As of December 31, 2015, future rental commitments under outstanding agreements with the affiliated companies are approximately as follows (in thousands): 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ During the year ended December 31, 2014, common shares were repurchased from Welsh, Carson, Anderson & Stowe IX, L.P. and WCAS Capital Partners IV, L.P. pursuant to stock purchase agreements dated February 26, 2014 and May 5, 2014. Two of the Company's directors are affiliated with these entities (Note 7). The Company provides contracted services, principally employee leasing services and charges management fees to related parties affiliated through its equity investments. Net operating revenues generated from the provision of contracted services and management fees to related parties through equity investments are as follows: For the Year Ended December 31, 2013 2014 2015 (in thousands) BIR JV, LLP $ $ $ Rehabilitation Institute of Denton, LLC OHRH, LLC Global Rehab—Scottsdale, LLC Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitment and Contingencies.
Commitment and Contingencies	15. Commitments and Contingencies Leases The Company leases facilities and equipment from unrelated parties under operating leases. Minimum future lease obligations on long-term non-cancelable operating leases in effect at December 31, 2015 are approximately as follows (in thousands): Select Concentra Total (in thousands) 2016 $ $ $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total rent expense for operating leases, including cancelable leases, for the years ended December 31, 2013, 2014 and 2015 was $164.6 million, $169.1 million, and $212.9 million (including $34. 9 million for Concentra), respectively. Property rent expense to unrelated parties for the years ended December 31, 2013, 2014 and 2015 was $119.5 million, $124.4 million, and $163.4 million (including $32.9 million for Concentra), respectively. Construction Commitments At December 31, 2015, the Company had outstanding commitments under construction contracts related to new construction, improvements and renovations at the Company's long term acute care properties and inpatient rehabilitation facilities, and Concentra facilities totaling approximately $15.7 million. Other A subsidiary of the Company has entered into a naming, promotional and sponsorship agreement with an NFL team for the team's headquarters complex that requires a payment of $3.1 million in 2016. Each successive annual payment increases by 2.3% through 2025. The naming, promotional and sponsorship agreement is in effect until 2025. Litigation The Company is a party to various legal actions, proceedings and claims (some of which are not insured), and regulatory and other governmental audits and investigations in the ordinary course of its business. The Company cannot predict the ultimate outcome of pending litigation, proceedings and regulatory and other governmental audits and investigations. These matters could potentially subject the Company to sanctions, damages, recoupments, fines and other penalties. CMS or other federal and state enforcement and regulatory agencies may conduct additional investigations related to the Company's businesses in the future that may, either individually or in the aggregate, have a material adverse effect on the Company's business, financial position, results of operations and liquidity. To address claims arising out of the Company's operations, the Company maintains professional malpractice liability insurance and general liability insurance, subject to self-insured retention of $2.0 million per medical incident for professional liability claims and $2.0 million per occurrence for general liability claims. The Company also maintains umbrella liability insurance covering claims which, due to their nature or amount, are not covered by or not fully covered by the Company's other insurance policies. These insurance policies also do not generally cover punitive damages and are subject to various deductibles and policy limits. Significant legal actions, as well as the cost and possible lack of available insurance, could subject the Company to substantial uninsured liabilities. In the Company's opinion, the outcome of these actions, individually or in the aggregate, will not have a material adverse effect on its financial position, results of operations, or cash flows. Healthcare providers are subject to lawsuits under the qui tam provisions of the federal False Claims Act. Qui tam lawsuits typically remain under seal (hence, usually unknown to the defendant) for some time while the government decides whether or not to intervene on behalf of a private qui tam plaintiff (known as a relator) and take the lead in the litigation. These lawsuits can involve significant monetary damages and penalties and award bounties to private plaintiffs who successfully bring the suits. The Company is and has been a defendant in these cases in the past, and may be named as a defendant in similar cases from time to time in the future. On October 19, 2015, the plaintiff-relators filed a Second Amended Complaint in United States of America, ex rel. Tracy Conroy, Pamela Schenk and Lisa Wilson v. Select Medical Corporation, Select Specialty Hospital—Evansville, LLC ("SSH-Evansville"), Select Employment Services, Inc., and Dr. Richard Sloan. The case is a civil action filed in the United States District Court for the Southern District of Indiana by private plaintiff-relators on behalf of the United States under the federal False Claims Act. The plaintiff-relators are the former CEO and two former case managers at SSH-Evansville, and the defendants currently include the Company, SSH-Evansville, a subsidiary of the Company serving as common paymaster for its employees, and a physician who practices at SSH-Evansville. The plaintiff-relators allege that that SSH-Evansville discharged patients too early or held patients too long, improperly discharged patients to and readmitted them from short stay hospitals, up-coded diagnoses at admission, and admitted patients for whom long-term acute care was not medically necessary. They also allege that the defendants engaged in retaliation in violation of federal and state law. The Second Amended Complaint replaces a prior complaint that was filed under seal on September 28, 2012 and served on the Company on February 15, 2013, after a federal magistrate judge unsealed it on January 8, 2013. All deadlines in the case had been stayed after the seal was lifted in order to allow the government time to complete its investigation and to decide whether or not to intervene. On June 19, 2015, the U.S. Department of Justice notified the court of its decision not to intervene in the case, and the court thereafter approved a case management plan imposing certain deadlines. The plaintiff-relators filed a Second Amended Complaint in October 2015, and defendants filed a Motion to Dismiss such Complaint in December 2015. The Company intends to vigorously defend this action, but at this time the Company is unable to predict the timing and outcome of this matter. On July 13, 2015, the federal District Court for the Eastern District of Tennessee unsealed a qui tam Complaint in Armes v. Garman, et al, No. 3:14-cv-00172-TAV-CCS, which named as defendants Select, Select Specialty Hospital—Knoxville, Inc. ("SSH-Knoxville"), Select Specialty Hospital—North Knoxville, Inc. and ten current or former employees of these facilities. The Complaint was unsealed after the United States and the State of Tennessee notified the Court on July 13, 2015 that each had decided not to intervene in the case. The Complaint is a civil action that was filed under seal on April 29, 2014 by a respiratory therapist formerly employed at SSH-Knoxville. The Complaint alleges violations of the federal False Claims Act and the Tennessee Medicaid False Claims Act based on extending patient stays to increase reimbursement and to increase average length of stay; artificially prolonging the lives of patients to increase Medicare reimbursements and decrease inspections; admitting patients who do not require medically necessary care; performing unnecessary procedures and services; and delaying performance of procedures to increase billing. The Complaint was served on some of the defendants during October 2015. The defendants filed a Motion to Dismiss such Complaint in November 2015. The Company intends to vigorously defend this action if the relators pursue it, but at this time the Company is unable to predict the timing and outcome of this matter.

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	12 Months Ended
	Dec. 31, 2015
Supplemental Disclosures of Cash Flow Information
Supplemental Disclosures of Cash Flow Information	16. Supplemental Disclosures of Cash Flow Information The following table summarizes non cash investing and financing activities for both Holdings and Select at December 31, 2013, 2014, and 2015: For the Year Ended December 31, 2013 2014 2015 (in thousands) Notes issued with acquisitions $ $ $ Liabilities assumed with acquisitions Contingent consideration related to acquisitions — — Liability for property and equipment — Notes issued to acquire non-consolidating interest — —

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events
Subsequent Events	17. Subsequent Events On January 25, 2016, Select announced that it has entered into an Agreement and Plan of Merger, dated as of January 22, 2016 with Grip Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Select, Physiotherapy Associates Holdings, Inc., a Delaware corporation ("Physiotherapy"), and KHR Physio, LLC, a Delaware limited liability company, solely in its capacity as the Holder Representative (as defined in the merger agreement). Pursuant to the terms of the merger agreement, Select will acquire Physiotherapy for $400.0 million in cash, subject to certain adjustments in accordance with the terms set forth in the merger agreement, through the merger of Grip Merger Sub, Inc. with and into Physiotherapy, with Physiotherapy continuing as the surviving corporation under its present name as a wholly owned subsidiary of Select. Select expects to finance the transaction and related expenses using a combination of cash on hand and the proceeds from a proposed $400.0 million senior secured incremental term facility under its existing credit facility, for which JP Morgan Chase, N.A. has provided Select with a debt commitment letter. Should the merger agreement be terminated by Physiotherapy under specified conditions, including circumstances where Select is required to close the transaction under the merger agreement and there is a failure of the debt financing to be funded in accordance with its terms, a reverse termination fee of $24.0 million would be payable by Select to Physiotherapy. The transaction, which is expected to close in the first half of 2016, is subject to a number of closing conditions.

Financial Information for Subsi

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes	12 Months Ended
	Dec. 31, 2015
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes	18. Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes Select's 6.375% senior notes are fully and unconditionally guaranteed, except for customary limitations, on a senior basis by all of Select's wholly owned subsidiaries (the "Subsidiary Guarantors") which is defined as a subsidiary where Select or a subsidiary of Select holds all of the outstanding ownership interests. Certain of Select's subsidiaries did not guarantee the 6.375% senior notes (the "Non-Guarantor Subsidiaries," including Group Holdings and its subsidiaries, which were designated as Non-Guarantor subsidiaries by Select's board of directors at the closing of the Concentra acquisition, the "Non-Guarantor Concentra"). Select conducts a significant portion of its business through its subsidiaries. Presented below is condensed consolidating financial information for Select, the Subsidiary Guarantors, the Non-Guarantor Subsidiaries, and Non-Guarantor Concentra at December 31, 2014 and 2015 and for the years ended December 31, 2013, 2014 and 2015. Select conducts a significant portion of its business through its subsidiaries. Presented below is condensed consolidating financial information for Select, the Subsidiary Guarantors, the Non-Guarantor Subsidiaries, and Non-Guarantor Concentra During the year ended December 31, 2014, the Company purchased the remaining outstanding non-controlling interest in a specialty hospital business changing the entity from a non-guarantor subsidiary to a guarantor subsidiary. The year ended and as of December 31, 2013 has been retrospectively revised based on the guarantor structure that existed at December 31, 2014. Select Medical Corporation Condensed Consolidating Balance Sheet December 31, 2015 Select (Parent Company Only) Subsidiary Guarantors Non-Guarantor Subsidiaries Non-Guarantor Concentra Eliminations Consolidated Select Medical Corporation (in thousands) Assets Current Assets: Cash and cash equivalents $ $ $ $ $ — $ Accounts receivable, net — — Current deferred tax asset — Intercompany receivables — — (a) — Prepaid income taxes — — — Other current assets — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Current Assets ) Property and equipment, net — Investment in affiliates — — (b)(c) — Goodwill — — — Non-current deferred tax asset — — — (d) — Other identifiable intangibles — — — Other assets — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets $ $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Equity Current Liabilities: Bank overdrafts $ $ — $ — $ — $ — $ Current portion of long-term debt and notes payable — Accounts payable — Intercompany payables — — (a) — Accrued payroll — Accrued vacation — Accrued interest — — Accrued other — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Current Liabilities ) Long-term debt, net of current portion — Non-current deferred tax liability — (d) Other non-current liabilities — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Liabilities ) Redeemable non-controlling interests — — — Stockholder's Equity: Common stock — — — — Capital in excess of par — — — — Retained earnings (accumulated deficit) ) ) ) (c) ) Subsidiary investment — (b) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Select Medical Corporation Stockholder's Equity ) Non-controlling interests — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Liabilities and Equity $ $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of intercompany. (b) Elimination of investments in consolidated subsidiaries. (c) Elimination of investments in consolidated subsidiaries' earnings. (d) Reclass of non-current deferred tax asset to report net non-current deferred tax liability in consolidation. Select Medical Corporation Condensed Consolidating Statement of Operations For the Year Ended December 31, 2015 Select (Parent Company Only) Subsidiary Guarantors Non-Guarantor Subsidiaries Non-Guarantor Concentra Eliminations Consolidated Select Medical Corporation (in thousands) Net operating revenues $ $ $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses: Cost of services — General and administrative ) — — Bad debt expense — — Depreciation and amortization — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total costs and expenses — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations ) — Other income and expense: Intercompany interest and royalty fees ) — — — Intercompany management fees ) ) — — — Gain on sale of equity investment — — — — Equity in earnings of unconsolidated subsidiaries — — — Interest expense ) ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations before income taxes ) ) — Income tax expense (benefit) ) ) ) — Equity in earnings of subsidiaries — — (a) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ) ) Less: Net income attributable to non-controlling interests — — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to Select Medical Corporation $ $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of equity in earnings of subsidiaries. Select Medical Corporation Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 Select (Parent Company Only) Subsidiary Guarantors Non- Guarantor Subsidiaries Non- Guarantor Concentra Eliminations Consolidated Select Medical Corporation (in thousands) Operating activities Net income $ $ $ $ ) $ (a) $ Adjustments to reconcile net income to net cash provided by operating activities: Distributions from unconsolidated subsidiaries — — — Depreciation and amortization — Provision for bad debts — — Equity in earnings of unconsolidated subsidiaries — ) ) — — ) Loss (gain) on sale of assets and businesses — ) — ) Gain on sale of equity investment — ) — — — ) Stock compensation expense — — — Amortization of debt discount and issuance costs — — — Deferred income taxes ) — — — ) Changes in operating assets and liabilities, net of effects from acquisition of businesses: Equity in earnings of subsidiaries ) ) — — (a) — Accounts receivable — ) ) — ) Other current assets ) ) ) — ) Other assets ) — — Accounts payable ) — Accrued expenses ) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investing activities Purchases of property and equipment ) ) ) ) — ) Proceeds from sale of assets — — Investment in businesses — ) — — — ) Proceeds from sale of equity method investment — — — — Acquisition of businesses, net of cash acquired — — ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing activities Borrowings on revolving facilities — — — Payments on revolving facilities ) — — ) — ) Proceeds from term loans, net of discounts — — — — Payments on term loans ) — — ) — ) Borrowings of other debt — — Principal payments on other debt ) ) ) ) — ) Debt issuance costs — — — ) — ) Proceeds from bank overdrafts — — — — Equity investment by Holdings — — — — Dividends paid to Holdings ) — — — — ) Intercompany ) ) ) — — Purchase of non-controlling interests — — ) — — ) Proceeds from issuance of non-controlling interests — — — — Tax benefit from stock based awards — — — — Distributions to non-controlling interests — — ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) financing activities ) ) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net increase (decrease) in cash and cash equivalents ) — Cash and cash equivalents at beginning of period — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents at end of period $ $ $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of equity in earnings of consolidated subsidiaries. Select Medical Corporation Condensed Consolidating Balance Sheet December 31, 2014 Select (Parent Company Only) Subsidiary Guarantors Non- Guarantor Subsidiaries Eliminations Consolidated Select Medical Corporation (in thousands) Assets Current Assets: Cash and cash equivalents $ $ $ $ — $ Accounts receivable, net — — Current deferred tax asset — Prepaid income taxes — — — Intercompany receivables — )(a) — Other current assets — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Current Assets ) Property and equipment, net — Investment in affiliates — (b)(c) — Goodwill — — — Non-current deferred tax asset — — (d) — Other identifiable intangibles — — — Other assets — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Equity Current Liabilities: Bank overdrafts $ $ — $ — $ — $ Current portion of long-term debt and notes payable — Accounts payable — Intercompany payables — — )(a) — Accrued payroll — Accrued vacation — Accrued interest — Accrued other — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Current Liabilities ) Long-term debt, net of current portion — Non-current deferred tax liability — (d) Other non-current liabilities — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Liabilities ) Redeemable non-controlling interests — — — Stockholder's Equity: Common stock — — — Capital in excess of par — — — Retained earnings (accumulated deficit) ) (c) ) Subsidiary investment — (b) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Select Medical Corporation Stockholder's Equity ) Non-controlling interests — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Liabilities and Equity $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of intercompany. (b) Elimination of investments in consolidated subsidiaries. (c) Elimination of investments in consolidated subsidiaries' earnings. (d) Reclass of non-current deferred tax asset to report net non-current deferred tax liability in consolidation. Select Medical Corporation Condensed Consolidating Statement of Operations For the Year Ended December 31, 2014 Select (Parent Company Only) Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated Select Medical Corporation (in thousands) Net operating revenues $ $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses: Cost of services — General and administrative ) — — Bad debt expense — — Depreciation and amortization — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total costs and expenses — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations ) — Other income and expense: Intercompany interest and royalty fees ) — — Intercompany management fees ) ) — — Equity in earnings of unconsolidated subsidiaries — — Loss on early retirement of debt ) — — — ) Interest expense ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations before income taxes ) — Income tax expense (benefit) ) — Equity in earnings of subsidiaries — )(a) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ) Less: Net income attributable to non-controlling interests — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Select Medical Corporation $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of equity in earnings of subsidiaries. Select Medical Corporation Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2014 Select (Parent Company Only) Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated Select Medical Corporation (in thousands) Operating activities Net income $ $ $ $ )(a) $ Adjustments to reconcile net income to net cash provided by operating activities: Distributions from unconsolidated subsidiaries — Depreciation and amortization — Provision for bad debts — — Equity in earnings of unconsolidated subsidiaries — ) ) — ) Loss on early retirement of debt — — — Gain on disposal or sale of assets — ) — ) Stock compensation expense — — — Amortization of debt discount and issuance costs — — — Deferred income taxes — — — Changes in operating assets and liabilities, net of effects from acquisition of businesses: Equity in earnings of subsidiaries ) ) — (a) — Accounts receivable — ) ) — ) Other current assets ) — ) Other assets ) ) — ) Accounts payable — Accrued expenses ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investing activities Purchases of property and equipment ) ) ) — ) Investment in businesses — ) — — ) Acquisition of businesses, net of cash acquired — ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing activities Borrowings on revolving facilities — — — Payments on revolving facilities ) — — — ) Payments on term loans ) — — — ) Issuance of 6.375% senior notes — — — Borrowings of other debt — — Principal payments on other debt ) ) ) — ) Debt issuance costs ) — — — ) Proceeds from bank overdrafts — — — Purchase of non-controlling interests — ) — — ) Equity investment by Holdings — — — Dividends paid to Holdings ) — — — ) Intercompany ) — — Proceeds from issuance of non-controlling interests — — — Tax benefit from stock based awards — — — Distributions to non-controlling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in financing activities ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net decrease in cash and cash equivalents ) ) ) — ) Cash and cash equivalents at beginning of period — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents at end of period $ $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of equity in earnings of consolidated subsidiaries. Select Medical Corporation Condensed Consolidating Statement of Operations For the Year Ended December 31, 2013 Select Medical Corporation (Parent Company Only) Subsidiary Guarantors Non- Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net operating revenues $ $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses: Cost of services — General and administrative — — Bad debt expense — — Depreciation and amortization — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total costs and expenses — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations ) — Other income and expense: Intercompany interest and royalty fees ) — — Intercompany management fees ) ) — — Equity in earnings of unconsolidated subsidiaries — — Loss on early retirement of debt ) — — — ) Interest expense ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations before income taxes ) — Income tax expense (benefit) ) — Equity in earnings of subsidiaries — (a) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ) Less: Net income attributable to non-controlling interests — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Select Medical Corporation $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of equity in earnings of subsidiaries. Select Medical Corporation Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2013 Select Medical Corporation (Parent Company Only) Subsidiary Guarantors Non- Guarantor Subsidiaries Eliminations Consolidated (in thousands) Operating activities Net income $ $ $ $ (a) $ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization — Provision for bad debts — — Equity in earnings of unconsolidated subsidiaires — ) ) — ) Loss on early retirement of debt — — — Gain on disposal or sale of assets — ) ) — ) Stock compensation expense — — — Amortization of debt discount and issuance costs — — — Deferred income taxes — — — Changes in operating assets and liabilities, net of effects from acquisition of businesses: Equity in earnings of subsidiaries ) ) — (a) — Accounts receivable — ) ) — ) Other current assets ) ) — ) Other assets ) — ) Accounts payable ) — ) Due to third-party payors — ) — ) Accrued expenses ) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investing activities Purchases of property and equipment ) ) ) — ) Investment in businesses, net of distributions — ) — — ) Acquisition of businesses, net of cash acquired — ) — — ) Proceeds from sale of assets — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Select Medical Corporation Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2013 Select Medical Corporation (Parent Company Only) Subsidiary Guarantors Non- Guarantor Subsidiaries Eliminations Consolidated (in thousands) Financing activities Borrowings on revolving facilities — — — Payments on revolving facilities ) — — — ) Borrowings on term loans, net of discount — — — Payments on term loans ) — — — ) Issuance of 6.375% senior notes — — — Repurchase of 7 5 / 8 % senior subordinated notes, net of premiums ) — — — ) Borrowings of other debt — Principal payments on other debt ) ) ) — ) Debt issuance costs ) — — — ) Repayments of bank overdrafts ) — — — ) Equity investment by Holdings — — — Dividends paid to Holdings ) — — — ) Intercompany ) ) — — Distributions to non-controlling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in financing activities ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net decrease in cash and cash equivalents ) ) ) — ) Cash and cash equivalents at beginning of period — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents at end of period $ $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of equity in earnings of consolidated subsidiaries.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited)	19. Selected Quarterly Financial Data (Unaudited) The table below sets forth selected unaudited financial data for each quarter of the last two years. Holdings First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share amounts) Year ended December 31, 2014 Net operating revenues $ $ $ $ Income from operations Net income attributable to Select Medical Holdings Corporation $ $ $ $ Income per common share (1) : Basic $ $ $ $ Diluted $ $ $ $ Select First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands) Year ended December 31, 2014 Net operating revenues $ $ $ $ Income from operations Net income attributable to Select Medical Corporation $ $ $ $ Holdings First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share amounts) Year ended December 31, 2015 Net operating revenues $ $ $ $ Income from operations Net income attributable to Select Medical Holdings Corporation $ $ $ $ Income per common share (1) : Basic $ $ $ $ Diluted $ $ $ $ Select First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands) Year ended December 31, 2015 Net operating revenues $ $ $ $ Income from operations Net income attributable to Select Medical Corporation $ $ $ $ (1) Due to rounding, the summation of quarterly Income per share balances may not equal year to date equivalents.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2015
Schedule II - Valuation and Qualifying Accounts
Schedule II - Valuation and Qualifying Accounts	Schedule II—Valuation and Qualifying Accounts Description Balance at Beginning of Year Charged to Cost and Expenses Deductions (1) Balance at End of Year Allowance for Doubtful Accounts Year ended December 31, 2015 $ $ $ ) $ Year ended December 31, 2014 $ $ $ ) $ Year ended December 31, 2013 $ $ $ ) $ Income Tax Valuation Allowance Year ended December 31, 2015 $ $ ) $ — $ Year ended December 31, 2014 $ $ ) $ — $ Year ended December 31, 2013 $ $ ) $ — $ (1) Allowance for doubtful accounts deductions represent write-offs against the reserve for 2013, 2014 and 2015.

Organization and Significant 28

Organization and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Organization and Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, its majority owned subsidiaries, limited liability companies, and limited partnerships the Company and its subsidiaries control through ownership of general and limited partnership or membership interests. All intercompany balances and transactions are eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and amounts of revenue and expenses recognized during the period. Actual results could differ materially from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents are stated at cost which approximates market value.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts The Company reports accounts receivable at estimated net realizable values. Substantially all of the Company's accounts receivable are related to providing healthcare services to patients whose costs are primarily paid by federal and state governmental authorities, managed care health plans, commercial insurance companies, and workers' compensation programs. Collection of these accounts receivable is the Company's primary source of cash and is critical to its operating performance. The Company's primary collection risks relate to non-governmental payors who insure these patients and deductibles, co-payments, and amounts owed by the patient. Deductibles, co-payments, and amounts owed by the patient are an immaterial portion of the Company's net accounts receivable balance and accounted for approximately 0.2% and 1.2% of the net accounts receivable balance before doubtful accounts at December 31, 2014 and 2015, respectively. The Company's general policy is to verify insurance coverage prior to the date of admission for a patient admitted to the Company's hospitals, or in the case of the Company's outpatient rehabilitation clinics and Concentra medical centers, the Company verifies insurance coverage prior to their first visit. The Company's estimate for the allowance for doubtful accounts is calculated by providing a reserve allowance based upon the age of an account balance. Generally the Company has reserved as uncollectible all governmental accounts over 365 days and non-governmental accounts over 180 days from discharge. This method is monitored based on historical cash collections experience. Collections are impacted by the effectiveness of the Company's collection efforts with non-governmental payors and regulatory or administrative disruptions with the fiscal intermediaries that pay the Company's governmental receivables. Uncollected accounts are written off the balance sheet when they are turned over to an outside collection agency, or when management determines that the balance is uncollectible, whichever occurs first.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Direct internal and external costs of developing software for internal use, including programming and enhancements, are capitalized and depreciated over the estimated useful lives once the software is placed in service. Capitalized software costs are included within furniture and equipment. Software training costs, maintenance, and repairs are expensed as incurred. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or the term of the lease, as appropriate. The general range of useful lives is as follows: Leasehold improvements 5 - 15 years Furniture and equipment 3 - 20 years Buildings 40 years Building improvements 5 - 25 years Land improvements 2 - 25 years The Company reviews the realizability of long-lived assets whenever events or circumstances occur which indicate recorded costs may not be recoverable. Gains or losses related to the retirement or disposal of property and equipment are reported as a component of income from operations.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash balances and trade receivables. The Company invests its excess cash with large financial institutions. The Company grants unsecured credit to its patients, most of who reside in the service area of the Company's facilities and are insured under third-party payor agreements. Because of the geographic diversity of the Company's facilities and non-governmental third-party payors, Medicare represents the Company's only significant concentration of credit risk.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between the book and tax basis of recorded assets and liabilities. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. As part of the process of preparing its consolidated financial statements, the Company estimates income taxes based on its actual current tax exposure together with assessing temporary differences resulting from differing treatment of items for book and tax purposes. The Company also recognizes as deferred tax assets the future tax benefits from net operating loss carry forwards. The Company evaluates the realizability of these deferred tax assets by assessing their valuation allowances and by adjusting the amount of such allowances, if necessary. Among the factors used to assess the likelihood of realization are projections of future taxable income streams, the expected timing of the reversals of existing temporary differences, and the impact of tax planning strategies that could be implemented to avoid the potential loss of future tax benefits. Reserves for uncertain tax positions are established for exposure items related to various federal and state tax matters. Income tax reserves are recorded when an exposure is identified and when, in the opinion of management, it is more likely than not that a tax position will not be sustained and the amount of the liability can be estimated.
Intangible Assets and Liabilities	Intangible Assets and Liabilities Finite-lived intangible assets and liabilities are amortized based on the pattern in which the economic benefits are consumed or otherwise depleted. If such a pattern cannot be reliably determined, other intangible assets are amortized on a straight-line basis over their estimated lives. Goodwill and certain other indefinite-lived intangible assets are not amortized, but instead are subject to periodic impairment evaluations. In performing the quantitative periodic impairment tests, the fair value of the reporting unit is compared to its carrying value, including goodwill and other intangible assets. If the carrying value exceeds the fair value and an impairment condition exists, an impairment loss would be recognized. To determine the fair value of its reporting units, the Company uses a discounted cash flow approach. Included in this analysis are assumptions regarding revenue growth rate, future Adjusted EBITDA margin estimates, future general and administrative expense rates, and the industry's weighted average cost of capital and industry specific market comparable Adjusted EBITDA multiples. The Company also must estimate residual values at the end of the forecast period and future capital expenditure requirements. Each of these assumptions requires the Company to use its knowledge of (1) its industry, (2) its recent transactions, and (3) reasonable performance expectations for its operations. If any one of the above assumptions changes or fails to materialize, the resulting decline in the Company's estimated fair value could result in a material impairment charge to the goodwill associated with any one of the reporting units. Impairment tests are required to be conducted at least annually, or when events or conditions occur that might suggest a possible impairment. These events or conditions include, but are not limited to, a significant adverse change in the business environment, regulatory environment or legal factors; a current period operating or cash flow loss combined with a history of such losses or a projection of continuing losses; or a sale or disposition of a significant portion of a reporting unit. The occurrence of one of these events or conditions could significantly impact an impairment assessment, necessitating an impairment charge. For purposes of goodwill impairment assessment, the Company has defined its reporting units as specialty hospitals, Concentra, outpatient rehabilitation clinics, and contract therapy. Goodwill has been allocated among reporting units based on the relative fair value of those divisions when the Merger occurred in 2005 and based on subsequent acquisitions and dispositions. The Company's most recent impairment assessment was completed during the fourth quarter of 2015 utilizing financial information as of October 1, 2015 and indicated that there was no impairment with respect to goodwill or other recorded intangible assets. Identifiable assets and liabilities acquired in connection with business combinations accounted for under the purchase method are recorded at their respective fair values. Deferred income taxes have been recorded to the extent of differences between the fair value and the tax basis of the assets acquired and liabilities assumed. Company management has allocated the intangible assets between identifiable intangibles and goodwill. At December 31, 2015, intangible assets other than goodwill consist of the values assigned to trademarks, certificates of need, accreditations, customer relationships, and leasehold interests. Management believes that the estimated useful lives established are reasonable based on the economic factors applicable to each of the intangible assets. The approximate useful life of each class of intangible assets and liabilities is as follows: Trademarks Indefinite Certificates of need Indefinite Accreditations Indefinite Customer relationships 9 - 17 years Leasehold interests 2 - 10 years The Company reviews the realizability of intangible assets whenever events or circumstances occur which indicate recorded amounts may not be recoverable. If the expected future cash flows (undiscounted) are less than the carrying amount of such assets, the Company recognizes an impairment loss for the difference between the carrying amount of the assets and their estimated fair value.
Deferred Financing Costs	Deferred Financing Costs The Company has incurred debt issuance costs related to indebtedness which are recognized as other assets in the consolidated balance sheet. Debt issuance costs are subsequently amortized and recognized as interest expense using the effective interest method over the term of the related indebtedness. Whenever indebtedness is modified from its original terms an evaluation is made whether an accounting modification or accounting extinguishment has occurred in order to determine the accounting treatment.
Due to Third-Party Payors	Due to Third-Party Payors Due to third-party payors represents the difference between amounts received under interim payment plans from Medicare and Medicaid for services rendered and amounts estimated to be reimbursed by those third-party payors upon settlement of cost reports.
Insurance Risk Programs	Insurance Risk Programs Under a number of the Company's insurance programs, which include the Company's employee health insurance program, its workers' compensation and professional malpractice liability insurance programs, the Company is liable for a portion of its losses. In these situations the Company accrues for its losses under an occurrence-based approach whereby the Company estimates the losses that will be incurred in a respective accounting period and accrues that estimated liability using actuarial methods. These programs are monitored quarterly and estimates are revised as necessary to take into account additional information. Provisions for losses for professional liability risks retained by the Company at December 31, 2014 and 2015 have been discounted at 3%. At December 31, 2014 and 2015, respectively, the Company had recorded a liability of $101.9 million and $157.4 million related to these programs. If the Company did not discount the provisions for losses for professional liability risks, the aggregate liability for all of the insurance risk programs would be approximately $105.5 million and $165.8 million at December 31, 2014 and 2015, respectively.
Equity Method Investments	Equity Method Investments Investments in equity method investees are accounted for using the equity method based upon the level of ownership and/or the Company's ability to exercise significant influence over the operating and financial policies of the investee. Investments of this nature are recorded at original cost and adjusted periodically to recognize the Company's proportionate share of the investees' net income or losses after the date of investment. When net losses from an investment accounted for under the equity method exceeds its carrying amount, the investment balance is reduced to zero. The Company resumes accounting for the investment under the equity method if the entity subsequently reports net income and the Company's share of that net income exceeds the share of the net losses not recognized during the period the equity method was suspended. Investments are written down only when there is clear evidence that a decline in value that is other than temporary has occurred. The Company evaluates its investments in companies accounted for using the equity method for impairment when there is evidence or indicators that a decrease in value may be other than temporary. The Company's Other Assets are primarily composed of equity method investments of $99.6 million and $101.4 million as of December 31, 2014 and 2015, respectively. The Company's equity method investments consist principally of non-consolidating interests in inpatient and outpatient rehabilitation businesses. These rehabilitation businesses include a 49.0% interest in BIR, JV, LLP; a 49.0% interest in OHRH, LLC, a 49.0% interest in GlobalRehab—Scottsdale, LLC, a 50.0% interest in Rehabilitation Institute of Denton, LLC, and a 49.0% interest in ES Rehabilitation, LLC as of December 31, 2014 and 2015. The Company's equity method investments had equity in earnings of unconsolidated subsidiaries of $2.5 million, $7.0 million and $16.8 million for the years ended December 31, 2013, 2014 and 2015, respectively.
Non-Controlling Interests	Non-Controlling Interests The ownership interests held by other parties in subsidiaries, limited liability companies and limited partnerships controlled by the Company are classified as non-controlling interests. Non-controlling interests' which are reported in the stockholders' equity section of the Company's consolidated balance sheets, were $35.7 million and $49.3 million as of December 31, 2014 and 2015, respectively. Some of our non-controlling ownership interests consist of outside parties that have certain redemption rights that, if exercised, require the Company to purchase the parties ownership interest. These interests are classified and reported as redeemable non-controlling interests and they have been adjusted to their approximate redemption values. The redeemable non-controlling interests' balances reported on the Company's consolidated balance sheets were $11.0 million and $238.2 million as of December 31, 2014 and 2015, respectively. As of December 31, 2014 and 2015, the Company believes the redemption amounts of these ownership interests approximates the fair value of those interests. The changes in the redeemable non-controlling interests amounts for the years ended December 31, 2014 and 2015 are as follows: Balance at January 1, 2014 $ Changes in the redemption amounts ) Net income Distributions ) ​ ​ ​ ​ ​ Balance at December 31, 2014 $ Issuance of ownership interests in Concentra Ownership interests acquired in business combination Repurchase of ownership interests ) Changes in the redemption amounts Net loss ) Distributions ) ​ ​ ​ ​ ​ Balance at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) of entities controlled by the Company that are less than wholly owned require attribution of net income (loss) amounts to each non-controlling ownership interest and to the Company in the consolidated statement of operations and comprehensive income. The net income (loss) attributable to non controlling interests for the years ended December 31, 2013, 2014, and 2015 are as follows: For the Year Ended December 31, 2013 2014 2015 (in thousands) Net income (loss) attributable to non-controlling interests classified as redeemable non-controlling interests $ $ $ ) Net income attributable to non-controlling interests classified as equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Revenue Recognition	Revenue Recognition Net operating revenues consists primarily of patient service revenues and revenues generated from therapy services provided to healthcare institutions under contractual arrangements and are recognized as services are rendered. Patient service revenue is reported net of provisions for contractual allowances from third-party payors and patients. The Company has agreements with third-party payors that provide for payments to the Company at amounts different from its established billing rates. The differences between the estimated program reimbursement rates and the standard billing rates are accounted for as contractual adjustments, which are deducted from gross revenues to arrive at net operating revenues. Payment arrangements include prospectively determined rates per discharge, reimbursed costs, discounted charges, per diem, and per visit payments. Retroactive adjustments are accrued on an estimated basis in the period the related services are rendered and adjusted in future periods as final settlements are determined. Accounts receivable resulting from such payment arrangements are recorded net of contractual allowances. A significant portion of the Company's net operating revenues are generated directly from the Medicare program. Net operating revenues generated directly from the Medicare program represented approximately 46%, 45% and 36% of the Company's net operating revenues for the years ended December 31, 2013, 2014 and 2015, respectively. Approximately 32% and 24% of the Company's accounts receivable (after allowances for contractual adjustments but before doubtful accounts) are from Medicare at December 31, 2014 and 2015. As a provider of services to the Medicare program, the Company is subject to extensive regulations. The inability of any of the Company's specialty hospitals or outpatient clinics to comply with regulations can result in significant changes in that specialty hospital's or outpatient clinic's net operating revenues generated from the Medicare program. Revenues generated under contractual arrangements are comprised primarily of billings for services rendered to nursing homes, hospitals, schools and other third parties.
Stock Based Compensation	Stock Based Compensation The Company measures the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognizes the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements comprise both stock options and restricted share plans. Employee stock options are valued using the Black-Scholes option valuation method which uses assumptions that relate to the expected volatility of the Company's common stock, the expected dividend yield of the Company's stock, the expected life of the options and the risk free interest rate. Such compensation amounts are amortized over the respective vesting periods or periods of service of the option grant. The Company values restricted stock grants by using the closing market price of its stock on the date of grant.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, which supersedes most of the current revenue recognition requirements. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. New disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. The original standard was effective for fiscal years beginning after December 15, 2016; however, in July 2015, the FASB approved a one-year deferral of this standard, with a new effective date for fiscal years beginning after December 15, 2017. The Company is currently evaluating the standard to determine the impact it will have on its consolidated financial statements. In April and August 2015, the FASB issued ASU No. 2015-03 and ASU No. 2015-15, Interest—Imputation of Interest, respectively, to simplify the presentation of debt issuance costs. The standard requires debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. The FASB clarified that debt issuance costs related to line-of-credit arrangements can be presented as an asset and amortized over the term of the arrangement. The guidance is effective for annual fiscal periods beginning after December 15, 2015. The Company will adopt the standard in 2016. As of December 31, 2015, we had approximately $38.0 million in debt issuance costs included in other assets that would be a direct deduction of the debt liability under the new standard. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement—Period Adjustments, which changes the reporting requirement for retrospective adjustments to provisional amounts in the measurement period. The amendments in this update require an entity to present separately on the face of the income statement or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The revised guidance is effective for annual fiscal periods beginning after December 15, 2015. Early adoption is permitted and the Company intends to prospectively adopt ASU No. 2015-16. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, which changes the presentation of deferred income taxes. The intent is to simplify the presentation of deferred income taxes through the requirement that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The revised guidance is effective for annual fiscal periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the standard to determine the impact it will have on its consolidated financial statements.

Organization and Significant 29

Organization and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Organization and Significant Accounting Policies
Schedule of range of useful lives	Leasehold improvements 5 - 15 years Furniture and equipment 3 - 20 years Buildings 40 years Building improvements 5 - 25 years Land improvements 2 - 25 years
Schedule of approximate useful life of intangible assets and liabilities	Trademarks Indefinite Certificates of need Indefinite Accreditations Indefinite Customer relationships 9 - 17 years Leasehold interests 2 - 10 years
Schedule of redeemable non-controlling interests	Balance at January 1, 2014 $ Changes in the redemption amounts ) Net income Distributions ) ​ ​ ​ ​ ​ Balance at December 31, 2014 $ Issuance of ownership interests in Concentra Ownership interests acquired in business combination Repurchase of ownership interests ) Changes in the redemption amounts Net loss ) Distributions ) ​ ​ ​ ​ ​ Balance at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of net income (loss) attributable to non-controlling interests	For the Year Ended December 31, 2013 2014 2015 (in thousands) Net income (loss) attributable to non-controlling interests classified as redeemable non-controlling interests $ $ $ ) Net income attributable to non-controlling interests classified as equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2015
Acquisitions
Schedule of allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed	The following table summarizes the allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed, in accordance with the acquisition method of accounting (in thousands): Cash and cash equivalents $ Identifiable tangible assets, excluding cash and cash equivalents Identifiable intangible assets Goodwill ​ ​ ​ ​ ​ Total assets ​ ​ ​ ​ ​ Total current liabilities Total non-current liabilities ​ ​ ​ ​ ​ Total liabilities ​ ​ ​ ​ ​ Acquired non-controlling interests ​ ​ ​ ​ ​ Net assets acquired Less: Cash and cash equivalents acquired ​ ​ ​ ​ ​ Net cash paid $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of intangible assets acquired	Amount Weighted Average Amortization Period (in thousands) (in years) Trademarks $ Indefinite Customer relationships 10.2 Leasehold interests 6.3 ​ ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​
Schedule of pro forma unaudited results of operations	December 31, 2014 2015 (in thousands, except per share amounts) Net revenue $ $ Net income Income per common share: Basic $ $ Diluted $ $

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Property and Equipment
Schedule of components of property and equipment	December 31, 2014 2015 (in thousands) Land $ $ Leasehold improvements Buildings Furniture and equipment Construction-in-progress ​ ​ ​ ​ ​ ​ ​ ​ Total property and equipment Accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Intangible Assets
Schedule of net carrying value of the Company's goodwill and identifiable intangible assets	December 31, 2014 2015 (in thousands) Goodwill $ $ Identifiable intangibles—Indefinite lived assets: Trademarks Certificates of need Accreditations Identifiable intangibles—Finite lived assets: Customer relationships — Favorable leasehold interests — ​ ​ ​ ​ ​ ​ ​ ​ Total identifiable intangibles $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of changes in the carrying amount of goodwill for the Company's reportable segments	Specialty Hospitals Outpatient Rehabilitation Concentra Total (in thousands) Balance as of January 1, 2014 $ $ $ Goodwill acquired during year Goodwill allocated to contributed business — ) ) Purchase accounting adjustment ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2014 $ $ $ — $ Goodwill acquired during year — Measurement period adjustment ) — ) ) Disposal of business — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2015 $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Long-Term Debt and Notes Paya33

Long-Term Debt and Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2015
Long-Term Debt and Notes Payable
Schedule of components of long-term debt and notes payable	December 31, 2014 2015 (in thousands) Select 6.375% senior notes (1) $ $ Select credit facilities: Select revolving facility Select term loans (2) Other—Select ​ ​ ​ ​ ​ ​ ​ ​ Total Select debt Less: Select current maturities ​ ​ ​ ​ ​ ​ ​ ​ Select long-term debt maturities $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Concentra credit facilities: Concentra revolving facility $ Concentra term loans (3) Other—Concentra ​ ​ ​ ​ ​ ​ ​ ​ Total Concentra debt Less: Concentra current maturities ​ ​ ​ ​ ​ ​ ​ ​ Concentra long-term debt maturities $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current maturities $ $ Total long-term debt maturities ​ ​ ​ ​ ​ ​ ​ ​ Total debt $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Includes unamortized premium of $1.5 million and $1.2 million at December 31, 2014 and 2015, respectively. (2) Includes unamortized discounts of $4.2 million and $2.8 million at December 31, 2014 and 2015, respectively. (3) Includes unamortized discounts of $2.9 million at December 31, 2015.
Schedule of maturities of the Company's long-term debt	Select Concentra Total (in thousands) 2016 $ $ $ 2017 2018 2019 2020 2021 and beyond ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Stock-based Compensation
Schedule of restricted stock award transactions and other information	Shares Weighted Average Grant Date Fair Value (share amounts in thousands) Unvested Balance, January 1, 2015 $ Granted Vested ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ Unvested Balance, December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of stock compensation expense recognized	For the Year Ended December 31, 2013 2014 2015 (in thousands) Stock compensation expense: Included in general and administrative $ $ $ Included in cost of services ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of stock compensation expense based on current share-based awards for each of the next five years	2016 2017 2018 2019 2020 (in thousands) Stock compensation expense $ $ $ $ $

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Taxes
Schedule of significant components of the Company's tax provision	Holdings Select For the Year Ended December 31, For the Year Ended December 31, 2013 2014 2015 2013 2014 2015 (in thousands) (in thousands) Current: Federal $ $ $ $ $ $ State and local ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current Deferred ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income tax provision $ $ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of differences between the expected income tax provision and income taxes computed at the federal statutory rate	Holdings Select For the Year Ended December 31, For the Year Ended December 31, 2013 2014 2015 2013 2014 2015 Expected federal tax rate % % % % % % State and local taxes, net of federal benefit Other permanent differences Valuation allowance ) ) ) ) ) ) Uncertain tax positions ) ) ) ) ) ) IRS audit settlements — ) ) — ) ) Non-controlling interest ) ) ) ) ) ) Other ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total % % % % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of the components of deferred tax assets and liabilities for Holdings and Select	December 31, 2014 December 31, 2015 Total Current Non-Current Total Current Non-Current (in thousands) Deferred tax assets Allowance for doubtful accounts $ $ $ — $ $ $ — Compensation and benefit related accruals Professional malpractice liability insurance Restructuring reserve — — — — Deferred revenue ) ) — ) ) — State net operating loss carryforwards Other — Stock options — — Equity investments — — Uncertain tax positions — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax assets Deferred tax liabilities Deferred income ) ) ) ) ) ) Investment in unconsolidated affiliates ) — ) ) — ) Other ) ) ) ) ) ) Depreciation and amortization ) — ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax liabilities ) ) ) ) ) ) Net deferred taxes before valuation allowance ) ) ) ) Valuation allowance ) ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net deferred taxes $ ) $ $ ) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of state net operating loss carry forwards	State Net Operating Losses Gross Valuation Allowance (in thousands) 2016 $ $ 2017 2018 2019 Thereafter through 2035
Schedule of reconciliation of the Company's unrecognized tax benefits	The reconciliation of the Company's unrecognized tax benefits is as follows (in thousands): Gross tax contingencies—January 1, 2013 $ Reductions for tax positions taken in prior periods due primarily to statute expiration ) Additions for existing tax positions taken ​ ​ ​ ​ ​ Gross tax contingencies—December 31, 2013 Reductions for tax positions taken in prior periods due primarily to statute expiration ) Additions for existing tax positions taken ​ ​ ​ ​ ​ Gross tax contingencies—December 31, 2014 Reductions for tax positions taken in prior periods due primarily to statute expiration ) Reductions for settlements with taxing authorities ) Additions for existing tax positions taken Reductions for existing tax positions taken ) ​ ​ ​ ​ ​ Gross tax contingencies—December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Information
Schedule of selected financial data for the Company's reportable segments	Year Ended December 31, 2013 Specialty Hospitals Outpatient Rehabilitation Concentra (2) Other Total (in thousands) Net revenue $ $ $ $ Adjusted EBITDA ) Total assets (1) : Capital expenditures Year Ended December 31, 2014 Specialty Hospitals Outpatient Rehabilitation Concentra (2) Other Total (in thousands) Net revenue $ $ $ $ Adjusted EBITDA ) Total assets (1) : Capital expenditures Year Ended December 31, 2015 Specialty Hospitals Outpatient Rehabilitation Concentra (2) Other Total (in thousands) Net revenue $ $ $ $ $ Adjusted EBITDA ) Total assets (1) : Capital expenditures
Schedule of reconciliation of Adjusted EBITDA to income before income taxes	Year Ended December 31, 2013 Specialty Hospitals Outpatient Rehabilitation Concentra Other (in thousands) Adjusted EBITDA $ $ $ ) Depreciation and amortization ) ) ) Stock compensation expense — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Holdings Select Income (loss) from operations $ $ $ ) $ $ Loss on early retirement of debt ) ) Equity in earnings of unconsolidated subsidiaries Interest expense ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income taxes $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2014 Specialty Hospitals Outpatient Rehabilitation Concentra Other (in thousands) Adjusted EBITDA $ $ $ ) Depreciation and amortization ) ) ) Stock compensation expense — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Holdings Select Income (loss) from operations $ $ $ ) $ $ Loss on early retirement of debt ) ) Equity in earnings of unconsolidated subsidiaries Interest expense ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income taxes $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2015 Specialty Hospitals Outpatient Rehabilitation Concentra (2) Other (in thousands) Adjusted EBITDA $ $ $ $ ) Depreciation and amortization ) ) ) ) Stock compensation expense — — ) ) Concentra acquisition costs — — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Holdings Select Income (loss) from operations $ $ $ $ ) $ $ Gain on sale of equity investment Equity in earnings of unconsolidated subsidiaries Interest expense ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income taxes $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The specialty hospitals segment includes $2.7 million in real estate assets held for sale on December 31, 2013, 2014 and 2015. (2) The selected financial data for the Company's Concentra segment for the periods presented begins as of June 1, 2015, which is the date the Concentra acquisition was consummated.

Income per Common Share (Tables

Income per Common Share (Tables)	12 Months Ended
	Dec. 31, 2015
Income per Share
Schedule of computation of basic and diluted income per common share	For the Year Ended December 31, 2013 2014 2015 (in thousands, except per share amounts) Numerator: Net income attributable to Select Medical Holdings Corporation $ $ $ Less: Earnings allocated to unvested restricted stockholders ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income available to common stockholders $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: Weighted average shares—basic Effect of dilutive securities: Stock options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares—diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic income per common share: $ $ $ Diluted income per common share: $ $ $
Schedule of anti-dilutive shares excluded from computation	For the Year Ended December 31, 2013 2014 2015 (in thousands) Stock options —

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions
Schedule of future rental commitments under outstanding agreements with the affiliated companies	As of December 31, 2015, future rental commitments under outstanding agreements with the affiliated companies are approximately as follows (in thousands): 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of net operating revenues generated from the provision of contracted services and management fees to related parties	For the Year Ended December 31, 2013 2014 2015 (in thousands) BIR JV, LLP $ $ $ Rehabilitation Institute of Denton, LLC OHRH, LLC Global Rehab—Scottsdale, LLC Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitment and Contingencies.
Schedule of minimum future lease obligations on long-term non-cancelable operating leases	Minimum future lease obligations on long-term non-cancelable operating leases in effect at December 31, 2015 are approximately as follows (in thousands): Select Concentra Total (in thousands) 2016 $ $ $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Supplemental Disclosures of C40

Supplemental Disclosures of Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of non-cash investing and financing activities	For the Year Ended December 31, 2013 2014 2015 (in thousands) Notes issued with acquisitions $ $ $ Liabilities assumed with acquisitions Contingent consideration related to acquisitions — — Liability for property and equipment — Notes issued to acquire non-consolidating interest — —
Select
Schedule of non-cash investing and financing activities	For the Year Ended December 31, 2013 2014 2015 (in thousands) Notes issued with acquisitions $ $ $ Liabilities assumed with acquisitions Contingent consideration related to acquisitions — — Liability for property and equipment — Notes issued to acquire non-consolidating interest — —

Financial Information for Sub41

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes (Tables)	12 Months Ended
	Dec. 31, 2015
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes
Schedule of Consolidating Balance Sheet	Select Medical Corporation Condensed Consolidating Balance Sheet December 31, 2015 Select (Parent Company Only) Subsidiary Guarantors Non-Guarantor Subsidiaries Non-Guarantor Concentra Eliminations Consolidated Select Medical Corporation (in thousands) Assets Current Assets: Cash and cash equivalents $ $ $ $ $ — $ Accounts receivable, net — — Current deferred tax asset — Intercompany receivables — — (a) — Prepaid income taxes — — — Other current assets — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Current Assets ) Property and equipment, net — Investment in affiliates — — (b)(c) — Goodwill — — — Non-current deferred tax asset — — — (d) — Other identifiable intangibles — — — Other assets — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets $ $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Equity Current Liabilities: Bank overdrafts $ $ — $ — $ — $ — $ Current portion of long-term debt and notes payable — Accounts payable — Intercompany payables — — (a) — Accrued payroll — Accrued vacation — Accrued interest — — Accrued other — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Current Liabilities ) Long-term debt, net of current portion — Non-current deferred tax liability — (d) Other non-current liabilities — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Liabilities ) Redeemable non-controlling interests — — — Stockholder's Equity: Common stock — — — — Capital in excess of par — — — — Retained earnings (accumulated deficit) ) ) ) (c) ) Subsidiary investment — (b) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Select Medical Corporation Stockholder's Equity ) Non-controlling interests — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Liabilities and Equity $ $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of intercompany. (b) Elimination of investments in consolidated subsidiaries. (c) Elimination of investments in consolidated subsidiaries' earnings. (d) Reclass of non-current deferred tax asset to report net non-current deferred tax liability in consolidation. Select Medical Corporation Condensed Consolidating Balance Sheet December 31, 2014 Select (Parent Company Only) Subsidiary Guarantors Non- Guarantor Subsidiaries Eliminations Consolidated Select Medical Corporation (in thousands) Assets Current Assets: Cash and cash equivalents $ $ $ $ — $ Accounts receivable, net — — Current deferred tax asset — Prepaid income taxes — — — Intercompany receivables — )(a) — Other current assets — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Current Assets ) Property and equipment, net — Investment in affiliates — (b)(c) — Goodwill — — — Non-current deferred tax asset — — (d) — Other identifiable intangibles — — — Other assets — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Equity Current Liabilities: Bank overdrafts $ $ — $ — $ — $ Current portion of long-term debt and notes payable — Accounts payable — Intercompany payables — — )(a) — Accrued payroll — Accrued vacation — Accrued interest — Accrued other — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Current Liabilities ) Long-term debt, net of current portion — Non-current deferred tax liability — (d) Other non-current liabilities — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Liabilities ) Redeemable non-controlling interests — — — Stockholder's Equity: Common stock — — — Capital in excess of par — — — Retained earnings (accumulated deficit) ) (c) ) Subsidiary investment — (b) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Select Medical Corporation Stockholder's Equity ) Non-controlling interests — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Liabilities and Equity $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of intercompany. (b) Elimination of investments in consolidated subsidiaries. (c) Elimination of investments in consolidated subsidiaries' earnings. (d) Reclass of non-current deferred tax asset to report net non-current deferred tax liability in consolidation.
Schedule of Consolidating Statement of Operations	Select Medical Corporation Condensed Consolidating Statement of Operations For the Year Ended December 31, 2015 Select (Parent Company Only) Subsidiary Guarantors Non-Guarantor Subsidiaries Non-Guarantor Concentra Eliminations Consolidated Select Medical Corporation (in thousands) Net operating revenues $ $ $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses: Cost of services — General and administrative ) — — Bad debt expense — — Depreciation and amortization — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total costs and expenses — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations ) — Other income and expense: Intercompany interest and royalty fees ) — — — Intercompany management fees ) ) — — — Gain on sale of equity investment — — — — Equity in earnings of unconsolidated subsidiaries — — — Interest expense ) ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations before income taxes ) ) — Income tax expense (benefit) ) ) ) — Equity in earnings of subsidiaries — — (a) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ) ) Less: Net income attributable to non-controlling interests — — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to Select Medical Corporation $ $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of equity in earnings of subsidiaries. Select Medical Corporation Condensed Consolidating Statement of Operations For the Year Ended December 31, 2014 Select (Parent Company Only) Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated Select Medical Corporation (in thousands) Net operating revenues $ $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses: Cost of services — General and administrative ) — — Bad debt expense — — Depreciation and amortization — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total costs and expenses — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations ) — Other income and expense: Intercompany interest and royalty fees ) — — Intercompany management fees ) ) — — Equity in earnings of unconsolidated subsidiaries — — Loss on early retirement of debt ) — — — ) Interest expense ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations before income taxes ) — Income tax expense (benefit) ) — Equity in earnings of subsidiaries — )(a) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ) Less: Net income attributable to non-controlling interests — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Select Medical Corporation $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of equity in earnings of subsidiaries. Select Medical Corporation Condensed Consolidating Statement of Operations For the Year Ended December 31, 2013 Select Medical Corporation (Parent Company Only) Subsidiary Guarantors Non- Guarantor Subsidiaries Eliminations Consolidated (in thousands) Net operating revenues $ $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses: Cost of services — General and administrative — — Bad debt expense — — Depreciation and amortization — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total costs and expenses — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations ) — Other income and expense: Intercompany interest and royalty fees ) — — Intercompany management fees ) ) — — Equity in earnings of unconsolidated subsidiaries — — Loss on early retirement of debt ) — — — ) Interest expense ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations before income taxes ) — Income tax expense (benefit) ) — Equity in earnings of subsidiaries — (a) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ) Less: Net income attributable to non-controlling interests — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Select Medical Corporation $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of equity in earnings of subsidiaries.
Schedule of Consolidating Statement of Cash Flows	Select Medical Corporation Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 Select (Parent Company Only) Subsidiary Guarantors Non- Guarantor Subsidiaries Non- Guarantor Concentra Eliminations Consolidated Select Medical Corporation (in thousands) Operating activities Net income $ $ $ $ ) $ (a) $ Adjustments to reconcile net income to net cash provided by operating activities: Distributions from unconsolidated subsidiaries — — — Depreciation and amortization — Provision for bad debts — — Equity in earnings of unconsolidated subsidiaries — ) ) — — ) Loss (gain) on sale of assets and businesses — ) — ) Gain on sale of equity investment — ) — — — ) Stock compensation expense — — — Amortization of debt discount and issuance costs — — — Deferred income taxes ) — — — ) Changes in operating assets and liabilities, net of effects from acquisition of businesses: Equity in earnings of subsidiaries ) ) — — (a) — Accounts receivable — ) ) — ) Other current assets ) ) ) — ) Other assets ) — — Accounts payable ) — Accrued expenses ) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investing activities Purchases of property and equipment ) ) ) ) — ) Proceeds from sale of assets — — Investment in businesses — ) — — — ) Proceeds from sale of equity method investment — — — — Acquisition of businesses, net of cash acquired — — ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing activities Borrowings on revolving facilities — — — Payments on revolving facilities ) — — ) — ) Proceeds from term loans, net of discounts — — — — Payments on term loans ) — — ) — ) Borrowings of other debt — — Principal payments on other debt ) ) ) ) — ) Debt issuance costs — — — ) — ) Proceeds from bank overdrafts — — — — Equity investment by Holdings — — — — Dividends paid to Holdings ) — — — — ) Intercompany ) ) ) — — Purchase of non-controlling interests — — ) — — ) Proceeds from issuance of non-controlling interests — — — — Tax benefit from stock based awards — — — — Distributions to non-controlling interests — — ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) financing activities ) ) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net increase (decrease) in cash and cash equivalents ) — Cash and cash equivalents at beginning of period — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents at end of period $ $ $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of equity in earnings of consolidated subsidiaries. Select Medical Corporation Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2014 Select (Parent Company Only) Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated Select Medical Corporation (in thousands) Operating activities Net income $ $ $ $ )(a) $ Adjustments to reconcile net income to net cash provided by operating activities: Distributions from unconsolidated subsidiaries — Depreciation and amortization — Provision for bad debts — — Equity in earnings of unconsolidated subsidiaries — ) ) — ) Loss on early retirement of debt — — — Gain on disposal or sale of assets — ) — ) Stock compensation expense — — — Amortization of debt discount and issuance costs — — — Deferred income taxes — — — Changes in operating assets and liabilities, net of effects from acquisition of businesses: Equity in earnings of subsidiaries ) ) — (a) — Accounts receivable — ) ) — ) Other current assets ) — ) Other assets ) ) — ) Accounts payable — Accrued expenses ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investing activities Purchases of property and equipment ) ) ) — ) Investment in businesses — ) — — ) Acquisition of businesses, net of cash acquired — ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing activities Borrowings on revolving facilities — — — Payments on revolving facilities ) — — — ) Payments on term loans ) — — — ) Issuance of 6.375% senior notes — — — Borrowings of other debt — — Principal payments on other debt ) ) ) — ) Debt issuance costs ) — — — ) Proceeds from bank overdrafts — — — Purchase of non-controlling interests — ) — — ) Equity investment by Holdings — — — Dividends paid to Holdings ) — — — ) Intercompany ) — — Proceeds from issuance of non-controlling interests — — — Tax benefit from stock based awards — — — Distributions to non-controlling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in financing activities ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net decrease in cash and cash equivalents ) ) ) — ) Cash and cash equivalents at beginning of period — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents at end of period $ $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of equity in earnings of consolidated subsidiaries. Select Medical Corporation Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2013 Select Medical Corporation (Parent Company Only) Subsidiary Guarantors Non- Guarantor Subsidiaries Eliminations Consolidated (in thousands) Operating activities Net income $ $ $ $ (a) $ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization — Provision for bad debts — — Equity in earnings of unconsolidated subsidiaires — ) ) — ) Loss on early retirement of debt — — — Gain on disposal or sale of assets — ) ) — ) Stock compensation expense — — — Amortization of debt discount and issuance costs — — — Deferred income taxes — — — Changes in operating assets and liabilities, net of effects from acquisition of businesses: Equity in earnings of subsidiaries ) ) — (a) — Accounts receivable — ) ) — ) Other current assets ) ) — ) Other assets ) — ) Accounts payable ) — ) Due to third-party payors — ) — ) Accrued expenses ) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investing activities Purchases of property and equipment ) ) ) — ) Investment in businesses, net of distributions — ) — — ) Acquisition of businesses, net of cash acquired — ) — — ) Proceeds from sale of assets — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing activities Borrowings on revolving facilities — — — Payments on revolving facilities ) — — — ) Borrowings on term loans, net of discount — — — Payments on term loans ) — — — ) Issuance of 6.375% senior notes — — — Repurchase of 7 5 / 8 % senior subordinated notes, net of premiums ) — — — ) Borrowings of other debt — Principal payments on other debt ) ) ) — ) Debt issuance costs ) — — — ) Repayments of bank overdrafts ) — — — ) Equity investment by Holdings — — — Dividends paid to Holdings ) — — — ) Intercompany ) ) — — Distributions to non-controlling interests — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in financing activities ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net decrease in cash and cash equivalents ) ) ) — ) Cash and cash equivalents at beginning of period — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents at end of period $ $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of equity in earnings of consolidated subsidiaries.

Selected Quarterly Financial 42

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information
Schedule of selected unaudited quarterly financial data	Holdings First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share amounts) Year ended December 31, 2014 Net operating revenues $ $ $ $ Income from operations Net income attributable to Select Medical Holdings Corporation $ $ $ $ Income per common share (1) : Basic $ $ $ $ Diluted $ $ $ $ Holdings First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share amounts) Year ended December 31, 2015 Net operating revenues $ $ $ $ Income from operations Net income attributable to Select Medical Holdings Corporation $ $ $ $ Income per common share (1) : Basic $ $ $ $ Diluted $ $ $ $ (1) Due to rounding, the summation of quarterly Income per share balances may not equal year to date equivalents.
Select
Quarterly Financial Information
Schedule of selected unaudited quarterly financial data	Select First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands) Year ended December 31, 2014 Net operating revenues $ $ $ $ Income from operations Net income attributable to Select Medical Corporation $ $ $ $ Select First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands) Year ended December 31, 2015 Net operating revenues $ $ $ $ Income from operations Net income attributable to Select Medical Corporation $ $ $ $ (1) Due to rounding, the summation of quarterly Income per share balances may not equal year to date equivalents.

Organization and Significant 43

Organization and Significant Accounting Policies - Business Description, Accounts Receivable and Allowance for Doubtful Accounts (Details)	12 Months Ended
	Dec. 31, 2015segmentitem	Dec. 31, 2014item	Dec. 31, 2013item
Business Description
Number of Operating Segments | segment	3
Number of specialty hospitals operated by the entity	127	129	123
Number of outpatient clinics operated by the entity	1,038	1,023	1,006
Number of freestanding medical centers	300
Number of medical facilities	138
Number of Department of Veterans Affairs community-based outpatient clinics	33
Number of states in which the entity had operations	46
Accounts Receivable and Allowance for Doubtful Accounts
Deductibles, co-payments and self-insured amounts as a percentage of net accounts receivable balance before doubtful accounts	1.20%	0.20%
Minimum period from date of discharge that outstanding governmental accounts are reserved as uncollectible	365 days
Minimum period from date of discharge that outstanding non-governmental accounts are reserved as uncollectible	180 days

Organization and Significant 44

Organization and Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2015
Leasehold improvements | Minimum
Property and equipment
Estimated useful lives	5 years
Leasehold improvements | Maximum
Property and equipment
Estimated useful lives	15 years
Furniture and equipment | Minimum
Property and equipment
Estimated useful lives	3 years
Furniture and equipment | Maximum
Property and equipment
Estimated useful lives	20 years
Buildings
Property and equipment
Estimated useful lives	40 years
Building improvements | Minimum
Property and equipment
Estimated useful lives	5 years
Building improvements | Maximum
Property and equipment
Estimated useful lives	25 years
Land improvements | Minimum
Property and equipment
Estimated useful lives	2 years
Land improvements | Maximum
Property and equipment
Estimated useful lives	25 years

Organization and Significant 45

Organization and Significant Accounting Policies - Intangible Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015
Intangible Assets
Impairment to goodwill or other recorded intangible assets	$ 0
Customer relationships | Minimum
Intangible Assets and Liabilities
Useful life of intangible assets		9 years
Customer relationships | Maximum
Intangible Assets and Liabilities
Useful life of intangible assets		17 years
Leasehold interests | Minimum
Intangible Assets and Liabilities
Useful life of intangible assets		2 years
Leasehold interests | Maximum
Intangible Assets and Liabilities
Useful life of intangible assets		10 years

Organization and Significant 46

Organization and Significant Accounting Policies - Insurance Risk Programs (Details) - Insurance Risk Programs - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Insurance risk programs
Discount rate for provisions for losses for professional liability (as a percent)	3.00%	3.00%
Liability recorded after discounting	$ 157.4	$ 101.9
Value of aggregate liability, if the entity did not discount the provisions for losses	$ 165.8	$ 105.5

Organization and Significant 47

Organization and Significant Accounting Policies - Equity Method Investments, Non-Controlling Interests and Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Redeemable Non-Controlling Interests
Non-controlling interests	$ 49,264	$ 35,725
Redeemable Non-controlling interests
Beginning balance	10,985	11,584
Issuance of ownership interests in Concentra	218,005
Ownership interests acquired in business combination	14,196
Repurchase of ownership interests	(876)
Changes in the redemption amounts	1,010	(923)
Net income (loss)	(2,190)	1,410
Distributions	(2,909)	(1,086)
Ending balance	238,221	10,985	$ 11,584
Revenue recognition
Equity method investments	101,400	99,600
Equity in earnings of unconsolidated subsidiaries	16,811	7,044	2,476
Debt Issuance Costs	38,000
Net income (loss) attributable to non-controlling interests
Net income (loss) attributable to non-controlling interests classified as redeemable non-controlling interests	(2,190)	1,410	3,063
Net income attributable to non-controlling interests classified as equity	138,186	126,765	119,946
Net income attributable to non-controlling interests	5,260	7,548	8,619
Non-controlling Interests
Net income (loss) attributable to non-controlling interests
Net income attributable to non-controlling interests classified as equity	$ 7,450	$ 6,138	$ 5,556
Net operating revenues | Customer concentration | Medicare program
Revenue recognition
Percentage of concentration risk	36.00%	45.00%	46.00%
Accounts receivable | Customer concentration | Medicare program
Revenue recognition
Percentage of concentration risk	24.00%	32.00%
BIR JV, LLP
Revenue recognition
Percentage of ownership	49.00%	49.00%
OHRH, LLC
Revenue recognition
Percentage of ownership	49.00%	49.00%
Global Rehab - Scottsdale, LLC
Revenue recognition
Percentage of ownership	49.00%	49.00%
Rehabilitation Institute of Denton, LLC
Revenue recognition
Percentage of ownership	50.00%	50.00%
ES Rehabilitation LLC
Revenue recognition
Percentage of ownership	49.00%	49.00%

Acquisitions - Concentra Acquis

Acquisitions - Concentra Acquisition (Details) $ in Thousands	Jun. 01, 2015USD ($)	Dec. 31, 2015USD ($)stateitem	Dec. 31, 2015USD ($)stateitem	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Acquisition
Non-controlling interests		$ 49,264	$ 49,264	$ 35,725
Number of freestanding medical centers | item			300
Number of states in which the entity had operations | item		46	46
Number of medical facilities | item			138
Number of Department of Veterans Affairs CBOCs | item			33
Fair value of identifiable assets acquired and liabilities assumed:
Goodwill		$ 2,314,624	$ 2,314,624	1,642,083	$ 1,642,633
Net cash paid			$ 1,061,628	1,211	1,665
MJ Acquisition Corporation
Acquisition
Amount borrowed under credit agreement	$ 650,000
Concentra Inc
Acquisition
Number of freestanding medical centers | item			300
Number of states in which the entity had operations | state		38	38
Number of medical facilities | item			138
Number of Department of Veterans Affairs CBOCs | item			33
Select
Acquisition
Non-controlling interests		$ 49,264	$ 49,264	35,725
Fair value of identifiable assets acquired and liabilities assumed:
Goodwill		2,314,624	2,314,624	1,642,083
Net cash paid			1,061,628	$ 1,211	$ 1,665
Concentra Inc
Fair value of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents acquired		3,772	3,772
Identifiable tangible assets, excluding cash and cash equivalents		405,428	405,428
Identifiable intangible assets		254,990	254,990
Goodwill		646,466	646,466
Total assets		1,310,656	1,310,656
Total current liabilities		90,188	90,188
Total non-current liabilities		152,425	152,425
Acquired non-controlling interests		17,084	17,084
Total liabilities		242,613	242,613
Net assets acquired		1,050,959	$ 1,050,959
Net cash paid		$ 1,047,187
Concentra Inc | Humana | MJ Acquisition Corporation
Acquisition
Voting equity interests acquired	100.00%
Fair value of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents acquired	$ 3,800
Net cash paid	1,047,200
Group Holdings | MJ Acquisition Corporation
Acquisition
Contributed equity funds	$ 435,000
Group Holdings | Class A interests | Select
Acquisition
Voting equity interests acquired	50.10%
Aggregate purchase price	$ 217,900
Group Holdings | Other members of Group Holdings | Class A interests | WCAS
Acquisition
Voting equity interests acquired	49.90%
Aggregate purchase price	$ 217,100

Acquisitions - Intangible Asset

Acquisitions - Intangible Assets, Proforma Results and Other Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	May. 31, 2015
Acquisition
Intangible assets acquired	$ 254,990	$ 254,990	$ 254,990
Acquired unfavorable leasehold interests	3,300	3,300	$ 3,300
Weighted average amortization period of intangible liabilities (in years)			4 years 4 months 24 days
Income per common share
Net cash paid			$ 1,061,628	$ 1,211	$ 1,665
Issuance of non-controlling interest			14,569	1,693
Goodwill	2,314,624	2,314,624	2,314,624	1,642,083	1,642,633
Specialty Hospitals
Income per common share
Goodwill	1,357,379	1,357,379	1,357,379	1,335,460	1,334,615
Concentra
Income per common share
Goodwill	650,650	650,650	650,650
Concentra Inc
Acquisition
Estimated value of goodwill, deductible for tax purposes						$ 23,900
Income per common share
Depreciation			1,200	3,000
Trademarks
Acquisition
Intangible assets acquired	104,900	104,900	104,900
Customer relationships
Acquisition
Intangible assets acquired	141,265	141,265	$ 141,265
Weighted Average Amortization Period			10 years 2 months 12 days
Leasehold interests
Acquisition
Intangible assets acquired	8,825	8,825	$ 8,825
Weighted Average Amortization Period			6 years 3 months 18 days
Concentra Inc
Acquisition
Contributed net revenue		585,200
Contributed net loss		12,200
Acquisition costs			$ 4,700	4,700
Pro forma results of operations
Net revenue			4,154,941	4,063,218
Net income			$ 129,737	$ 106,945
Income per common share
Basic (in dollars per share)			$ 1	$ 0.81
Diluted (in dollars per share)			$ 0.99	$ 0.80
Interest Expense			$ 19,800	$ 48,100
Income tax benefit			11,400	15,500
Net loss attributable to non-controlling interest			(4,800)	8,300
Rent expense			1,800	4,000
Seller costs excluded from pro forma results			6,000
Acquisition expense excluded from pro forma results			4,700
Amortization expense excluded from pro forma results			800	2,300
Net cash paid	1,047,187
Fair value of assets acquired, principally accounts receivable and property and equipment	1,050,959	1,050,959	1,050,959
Goodwill	646,466	646,466	646,466
Other Acquisitions
Income per common share
Total consideration (net of cash acquired)			30,200	3,200	5,600
Net cash paid			14,400	1,100	1,700
Issuance of non-controlling interest			14,700
Fair value of assets acquired, principally accounts receivable and property and equipment	4,100	4,100	4,100	1,300	3,500
Goodwill				$ 1,900	$ 2,100
Other Acquisitions | Specialty Hospitals
Income per common share
Goodwill	21,900	21,900	21,900
Other Acquisitions | Concentra
Income per common share
Goodwill	$ 4,200	$ 4,200	$ 4,200

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property and equipment
Total property and equipment	$ 1,312,847	$ 937,660
Accumulated depreciation	(448,723)	(395,350)
Property and equipment, net	864,124	542,310
Depreciation expense	96,100	67,900	$ 63,900
Land
Property and equipment
Total property and equipment	76,118	71,635
Leasehold improvements
Property and equipment
Total property and equipment	295,647	155,648
Buildings
Property and equipment
Total property and equipment	411,376	396,228
Furniture and equipment
Property and equipment
Total property and equipment	382,838	272,919
Construction-in-progress
Property and equipment
Total property and equipment	$ 146,868	$ 41,230

Intangible Assets and Liabili51

Intangible Assets and Liabilities - Carrying Value and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Intangible Assets, (including Goodwill)
Goodwill	$ 2,314,624	$ 1,642,083	$ 1,642,633
Total identifiable intangibles	2,633,299	1,714,602
Estimated amortization expense
Carrying value of unfavorable leasehold interests	3,000
Increased rent expense	300
Customer relationships
Intangible Assets, (including Goodwill)
Total identifiable intangibles - Finite lived assets	132,751
Amortized intangible assets:
Amortization expense	8,500
Estimated amortization expense
2,016	14,600
2,017	14,600
2,018	14,600
2,019	14,600
2,020	14,600
Leasehold interests
Intangible Assets, (including Goodwill)
Total identifiable intangibles - Finite lived assets	8,248
Trademarks
Intangible Assets, (including Goodwill)
Total identifiable intangibles - Indefinite lived assets	$ 162,609	57,709
Weighted average time until next renewal	3 years 9 months 18 days
Certificates of need
Intangible Assets, (including Goodwill)
Total identifiable intangibles - Indefinite lived assets	$ 13,022	12,727
Accreditations
Intangible Assets, (including Goodwill)
Total identifiable intangibles - Indefinite lived assets	$ 2,045	$ 2,083
Weighted average time until next renewal	1 year 6 months

Intangible Assets and Liabili52

Intangible Assets and Liabilities - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill
Balance at the beginning of the year	$ 1,642,083	$ 1,642,633
Goodwill acquired during year	723,995	1,866
Goodwill allocated to contributed business		(2,406)
Purchase accounting adjustment		(10)
Measurement period adjustment	(51,426)
Disposal of business	(28)
Balance at the end of the year	2,314,624	1,642,083
Specialty Hospitals
Goodwill
Balance at the beginning of the year	1,335,460	1,334,615
Goodwill acquired during year	21,972	855
Purchase accounting adjustment		(10)
Measurement period adjustment	(53)
Balance at the end of the year	1,357,379	1,335,460
Outpatient Rehabilitation
Goodwill
Balance at the beginning of the year	306,623	308,018
Goodwill acquired during year		1,011
Goodwill allocated to contributed business		(2,406)
Disposal of business	(28)
Balance at the end of the year	306,595	$ 306,623
Concentra
Goodwill
Goodwill acquired during year	702,023
Measurement period adjustment	(51,373)
Balance at the end of the year	$ 650,650

Investments in Unconsolidated53

Investments in Unconsolidated Subsidiaries (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Investments in Unconsolidated Subsidiaries
Proceeds from sale of equity investment	$ 33,096
Gain on sale of equity investment	$ 29,647

Long-Term Debt and Notes Paya54

Long-Term Debt and Notes Payable (Details) $ in Thousands

Dec. 11, 2015USD ($)

Dec. 10, 2015

Jun. 01, 2015USD ($)

Mar. 04, 2015USD ($)

Oct. 23, 2014USD ($)item

Mar. 11, 2014USD ($)

Mar. 04, 2014USD ($)

Mar. 03, 2014

Jun. 03, 2013USD ($)

Jun. 02, 2013

Dec. 31, 2015USD ($)

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Mar. 31, 2014

Sep. 30, 2015

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Dec. 31, 2013USD ($)

May. 20, 2015USD ($)

May. 28, 2013USD ($)

Mar. 22, 2013

Feb. 20, 2013USD ($)

Aug. 13, 2012USD ($)

Jun. 01, 2011USD ($)

Long-term debt and notes payable

Total debt

$ 2,423,884

$ 2,423,884

$ 1,552,976

Less: current maturities

233,570

233,570

10,874

Long-term debt, net of current portion

$ 2,190,314

$ 2,190,314

1,542,102

Gross proceeds from issuance of additional notes

111,650

$ 600,000

Maturities of Long-Term Debt and Notes Payable

Loss recognized associated with refinancing activities

$ 2,277

18,747

6.375% senior notes

Long-term debt and notes payable

Interest rate of debt (as a percent)

6.375%

6.375%

6.375%

7 5/8% senior subordinated notes

Long-term debt and notes payable

Interest rate of debt (as a percent)

7.625%

10% senior subordinated notes

Long-term debt and notes payable

Interest rate of debt (as a percent)

10.00%

Select

Long-term debt and notes payable

Less: current maturities

$ 233,570

$ 233,570

$ 10,874

Long-term debt, net of current portion

2,190,314

2,190,314

1,542,102

Gross proceeds from issuance of additional notes

111,650

600,000

Maturities of Long-Term Debt and Notes Payable

2,016

233,570

233,570

2,017

11,120

11,120

2,018

824,837

824,837

2,019

6,671

6,671

2,020

9,455

9,455

2021 and beyond

1,338,231

1,338,231

Total

$ 2,423,884

$ 2,423,884

Loss recognized associated with refinancing activities

2,277

$ 17,788

Select | 6.375% senior notes

Long-term debt and notes payable

Interest rate of debt (as a percent)

6.375%

6.375%

6.375%

Total debt

$ 711,235

$ 711,235

711,465

Aggregate principal amount

$ 600,000

Select | 6.375% senior notes | Prior to June 1, 2016

Long-term debt and notes payable

Percentage of the principal amount representing the redemption price of notes which may be redeemed with proceeds from certain equity offerings

106.375%

Percentage of principal amount at which notes may be required to be repurchased in event of change of control by the entity

101.00%

Select | 6.375% senior notes | Maximum | Prior to June 1, 2016

Long-term debt and notes payable

Percentage of the principal amount of the debt instrument which the entity may redeem with the proceeds from certain equity offerings

35.00%

Select | Senior secured credit facility

Long-term debt and notes payable

Maximum borrowing capacity

$ 1,150,000

Select | Senior secured credit facility | Adjusted LIBO | Adjusted one-month LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Select | Senior secured credit facility | Alternate base rate | Adjusted one-month LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Interest rate margin (as a percent)

1.00%

Select | Senior secured credit facility | Alternate base rate | JP Morgan Chase Bank, N.A's Prime Rate

Long-term debt and notes payable

Variable rate basis

JPMorgan Chase Bank, N.A.'s prime rate

Select | Senior secured credit facility | Alternate base rate | Federal Funds Effective Rate

Long-term debt and notes payable

Variable rate as a portion of 1% over weighted average rate on overnight Federal Funds (as a percent)

50.00%

50.00%

Select | Senior secured credit facility | Maximum | Proforma ratio less than or equal to 2.75 to 1.00

Long-term debt and notes payable

Pro forma ratio of total indebtedness to Consolidated EBITDA

2.75

Select | Senior secured credit facility | Maximum | Leverage ratio equal to 4.50 to 1.00

Long-term debt and notes payable

Leverage ratio of financial maintenance covenant

4.50%

Select | Senior secured credit facility | Maximum | Leverage ratio equal to 5.00 to 1.00

Long-term debt and notes payable

Leverage ratio of financial maintenance covenant

5.00%

Select | Revolving credit facility

Long-term debt and notes payable

Total debt

$ 295,000

$ 295,000

60,000

Number of credit extension amendments | item

2

Future principal prepayments from excess cash flow

$ 10,200

Commitment fee (as a percent)

0.50%

Percentage of excess cash flow to be used for prepayment of debt

50.00%

Current borrowing capacity

116,100

$ 116,100

Outstanding letters of credit

38,900

$ 38,900

Select | Revolving credit facility | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Interest rate margin (as a percent)

3.75%

Select | Revolving credit facility | Alternate base rate

Long-term debt and notes payable

Variable rate basis

Alternate Base Rate plus

Interest rate margin (as a percent)

2.75%

Select | Revolving credit facility | Maximum | Adjusted LIBO

Long-term debt and notes payable

Interest rate margin (as a percent)

3.75%

Select | Revolving credit facility | Maximum | Alternate base rate

Long-term debt and notes payable

Interest rate margin (as a percent)

2.75%

Select | Revolving credit facility | Minimum | Adjusted LIBO

Long-term debt and notes payable

Interest rate margin (as a percent)

2.75%

Select | Revolving credit facility | Minimum | Alternate base rate

Long-term debt and notes payable

Interest rate margin (as a percent)

1.75%

Select | Revolving credit facility that matures on March 1, 2018

Long-term debt and notes payable

Maximum borrowing capacity

450,000

$ 450,000

Extended amount of revolving credit facility

$ 6,750

Amount of incremental revolving commitments

$ 50,000

$ 100,000

Select | Revolving credit facility that matures on June 1, 2016

Long-term debt and notes payable

Maximum borrowing capacity

$ 300,000

Extended amount of revolving credit facility

$ 293,300

Select | Term loans

Long-term debt and notes payable

Unamortized discounts

2,800

2,800

4,200

Outstanding borrowing on term loan

753,300

$ 753,300

Principal prepayments from excess cash flow

$ 34,000

Percentage of aggregate principal amount in which term loans amortize quarterly

0.25%

Percentage of excess cash flow to be used for prepayment of debt

50.00%

Percentage of net cash proceeds received from non-ordinary course asset sales or other dispositions, or as a result of a casualty or condemnation to be used for prepayment of debt

100.00%

Percentage of net proceeds received from the issuance of debt obligations other than certain permitted debt obligations to be used for prepayment of debt

100.00%

Maturities of Long-Term Debt and Notes Payable

Loss recognized associated with refinancing activities

2,300

Select | Series A Term Loan

Long-term debt and notes payable

Borrowing on credit extension on term loan

$ 275,000

Select | Series A Term Loan | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Interest rate margin (as a percent)

3.75%

Select | Series A Term Loan | Alternate base rate

Long-term debt and notes payable

Variable rate basis

Alternate Base

Interest rate margin (as a percent)

2.75%

Select | Series B Term Loan

Long-term debt and notes payable

Borrowing on credit extension on term loan

$ 300,000

Select | Series B Term Loan | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Adjusted LIBO

Interest rate margin (as a percent)

3.25%

3.75%

Select | Series B Term Loan | Alternate base rate

Long-term debt and notes payable

Variable rate basis

Alternate Base Rate

Alternate Base Rate

Interest rate margin (as a percent)

2.25%

2.75%

Select | Series C Term Loan | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Interest rate margin (as a percent)

3.00%

Select | Series C Term Loan | Alternate base rate

Long-term debt and notes payable

Variable rate basis

Alternate Base Rate

Interest rate margin (as a percent)

2.00%

Select | Series C Term Loan | Adjusted LIBO rate floor

Long-term debt and notes payable

Interest rate of debt (as a percent)

1.75%

Variable rate basis

Adjusted LIBO rate floor

Interest rate margin (as a percent)

1.00%

Select | Series D Term Loan

Long-term debt and notes payable

Outstanding borrowing on term loan

218,600

$ 218,600

Select | Series D Term Loan | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Interest rate margin (as a percent)

2.75%

Select | Series D Term Loan | Alternate base rate

Long-term debt and notes payable

Variable rate basis

Alternative Base

Interest rate margin (as a percent)

1.75%

Select | Series D Term Loan | Adjusted LIBO rate floor

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO rate floor

Interest rate margin (as a percent)

1.00%

Select | Series E Term Loan

Long-term debt and notes payable

Outstanding borrowing on term loan

534,700

534,700

Extended amount of borrowing on term loan

$ 56,200

Select | Letters of credit

Long-term debt and notes payable

Maximum borrowing capacity

75,000

75,000

Select | Swingline loans

Long-term debt and notes payable

Maximum borrowing capacity

$ 25,000

$ 25,000

Select | Additional Notes

Long-term debt and notes payable

Interest rate of debt (as a percent)

6.375%

Aggregate principal amount

$ 110,000

Issue price (as a percent)

101.50%

Gross proceeds from issuance of additional notes

$ 111,700

Select | 7 5/8% senior subordinated notes

Long-term debt and notes payable

Interest rate of debt (as a percent)

0.7625%

Select | Amended senior secured facilities | Senior secured credit facility | Leverage Ratio Equal To 4.78 To 1.00

Long-term debt and notes payable

Leverage ratio of financial maintenance covenant

4.78%

Select | Amended senior secured facilities | Senior secured credit facility | Maximum | Leverage ratio equal to 5.00 to 1.00

Long-term debt and notes payable

Leverage ratio of financial maintenance covenant

5.00%

5.00%

5.00%

5.00%

Select | Amended senior secured facilities | Senior secured credit facility | Maximum | Leverage ratio equal to 5.75 to 1.00

Long-term debt and notes payable

Leverage ratio of financial maintenance covenant

5.75%

Select | Amended senior secured facilities | Series B Term Loan | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Interest rate margin (as a percent)

3.25%

Select | Amended senior secured facilities | Series B Term Loan | Alternate base rate

Long-term debt and notes payable

Variable rate basis

Alternate Base Rate

Interest rate margin (as a percent)

2.25%

Select | Amended senior secured facilities | Series C Term Loan | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Interest rate margin (as a percent)

3.00%

Select | Amended senior secured facilities | Series C Term Loan | Alternate base rate

Long-term debt and notes payable

Variable rate basis

Alternate Base Rate

Interest rate margin (as a percent)

2.00%

Select | Amended senior secured facilities | Series C Term Loan | Adjusted LIBO rate floor

Long-term debt and notes payable

Interest rate of debt (as a percent)

1.00%

Select | Amended senior secured facilities | Series D Term Loan | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Adjusted LIBO

Interest rate margin (as a percent)

2.75%

2.75%

Select | Amended senior secured facilities | Series D Term Loan | Alternate base rate

Long-term debt and notes payable

Variable rate basis

Alternate Base Rate

Alternate Base

Interest rate margin (as a percent)

1.75%

1.75%

Select | Amended senior secured facilities | Series E Term Loan | Prior to March 4, 2015

Long-term debt and notes payable

Prepayment premium (as a percent)

1.00%

Select | Amended senior secured facilities | Series E Term Loan | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Adjusted LIBO

Adjusted LIBO

Interest rate margin (as a percent)

4.00%

2.75%

4.00%

Select | Amended senior secured facilities | Series E Term Loan | Alternate base rate

Long-term debt and notes payable

Variable rate basis

Alternative Base Rate

Alternate Base Rate

Alternate Base Rate

Interest rate margin (as a percent)

3.00%

1.75%

3.00%

Select | Amended senior secured facilities | Series E Term Loan | Adjusted LIBO rate floor

Long-term debt and notes payable

Variable rate basis

an Adjusted LIBO rate floor

Adjusted LIBO rate floor

Interest rate margin (as a percent)

1.00%

1.00%

1.00%

Select | Amended senior secured facilities | Series E Term Loan | Alternate base rate

Long-term debt and notes payable

Interest rate margin (as a percent)

3.00%

Concentra Inc

Long-term debt and notes payable

Total debt

$ 655,177

$ 655,177

Less: current maturities

5,254

5,254

Long-term debt, net of current portion

649,923

649,923

Maturities of Long-Term Debt and Notes Payable

2,016

5,254

5,254

2,017

4,168

4,168

2,018

4,186

4,186

2,019

4,206

4,206

2,020

9,227

9,227

2021 and beyond

628,136

628,136

Total

655,177

655,177

Concentra Inc | Revolving credit facility

Long-term debt and notes payable

Total debt

5,000

5,000

Concentra Inc | Term loans

Long-term debt and notes payable

Total debt

644,865

644,865

Unamortized discounts

2,900

2,900

Concentra Inc | Other

Long-term debt and notes payable

Total debt

5,312

$ 5,312

Concentra Inc | First Lien Credit Agreement

Long-term debt and notes payable

Maximum borrowing capacity

$ 500,000

Concentra Inc | First Lien Credit Agreement - Term Loan

Long-term debt and notes payable

Aggregate principal amount

$ 450,000

Debt instrument term

7 years

Percentage of amortization of term loan

0.25%

Concentra Inc | First Lien Credit Agreement - Term Loan | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Interest rate margin (as a percent)

3.00%

Concentra Inc | First Lien Credit Agreement - Term Loan | Alternate base rate

Long-term debt and notes payable

Variable rate basis

Alternate Base Rate

Concentra Inc | First Lien Credit Agreement - Term Loan | Adjusted LIBO rate floor

Long-term debt and notes payable

Interest rate margin (as a percent)

1.00%

Concentra Inc | First Lien Credit Agreement - Term Loan | Alternate base rate floor

Long-term debt and notes payable

Interest rate margin (as a percent)

2.00%

Concentra Inc | First Lien Credit Agreement - Term Loan | Alternate base rate

Long-term debt and notes payable

Interest rate margin (as a percent)

2.00%

Concentra Inc | First Lien Credit Agreement - Revolving Facility

Long-term debt and notes payable

Maximum borrowing capacity

$ 50,000

Debt instrument term

5 years

Concentra Inc | First Lien Credit Agreement - Revolving Facility | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Concentra Inc | First Lien Credit Agreement - Revolving Facility | Alternate base rate

Long-term debt and notes payable

Variable rate basis

Alternate Base Rate

Concentra Inc | First Lien Credit Agreement - Revolving Facility | Maximum | Adjusted LIBO

Long-term debt and notes payable

Interest rate margin (as a percent)

3.00%

Concentra Inc | First Lien Credit Agreement - Revolving Facility | Maximum | Alternate base rate

Long-term debt and notes payable

Interest rate margin (as a percent)

2.00%

Concentra Inc | First Lien Credit Agreement - Revolving Facility | Minimum | Adjusted LIBO

Long-term debt and notes payable

Interest rate margin (as a percent)

2.75%

Concentra Inc | First Lien Credit Agreement - Revolving Facility | Minimum | Alternate base rate

Long-term debt and notes payable

Interest rate margin (as a percent)

1.75%

Concentra Inc | Second Lien Credit Agreement

Long-term debt and notes payable

Aggregate principal amount

$ 200,000

Debt instrument term

8 years

Concentra Inc | Second Lien Credit Agreement | Prior to June 1, 2016

Long-term debt and notes payable

Prepayment premium (as a percent)

2.00%

Concentra Inc | Second Lien Credit Agreement | Prior to June 1, 2017

Long-term debt and notes payable

Prepayment premium (as a percent)

1.00%

Concentra Inc | Second Lien Credit Agreement | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO Rate

Interest rate margin (as a percent)

8.00%

Concentra Inc | Second Lien Credit Agreement | Alternate base rate

Long-term debt and notes payable

Variable rate basis

Alternate Base Rate

Concentra Inc | Second Lien Credit Agreement | Adjusted LIBO rate floor

Long-term debt and notes payable

Interest rate margin (as a percent)

1.00%

Concentra Inc | Second Lien Credit Agreement | Alternate base rate floor

Long-term debt and notes payable

Interest rate margin (as a percent)

2.00%

Concentra Inc | Second Lien Credit Agreement | Alternate base rate

Long-term debt and notes payable

Interest rate margin (as a percent)

7.00%

Select Excluding Concentra

Long-term debt and notes payable

Total debt

1,768,707

$ 1,768,707

1,552,976

Less: current maturities

228,316

228,316

10,874

Long-term debt, net of current portion

1,540,391

1,540,391

1,542,102

Maturities of Long-Term Debt and Notes Payable

2,016

228,316

228,316

2,017

6,952

6,952

2,018

820,651

820,651

2,019

2,465

2,465

2,020

228

228

2021 and beyond

710,095

710,095

Total

1,768,707

1,768,707

Select Excluding Concentra | 6.375% senior notes

Long-term debt and notes payable

Unamortized premiums

1,200

1,200

1,500

Select Excluding Concentra | Term loans

Long-term debt and notes payable

Total debt

750,485

750,485

775,996

Principal prepayments from excess cash flow

$ 26,900

Select Excluding Concentra | Other

Long-term debt and notes payable

Total debt

$ 11,987

$ 11,987

$ 5,515

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)itemshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)shares
Stockholders' Equity
Maximum amount authorized to be repurchased under the common stock repurchase program | $	$ 500
Number of shares repurchased under the program	1,032,334	11,285,714	1,115,691
Value of shares repurchased under the program | $	$ 13.6	$ 127.5	$ 10
Number of directors who are affiliated with other entities | item	2
Repurchase program available capacity | $	$ 185.2
Shares of restricted stock granted	1,384,954	1,585,775	952,500
Shares of common stock related to the exercise of stock options issued	183,450	974,969	166,600
Shares of common stock forfeited	486,580	302,690	331,697

Stock-based Compensation - Equi

Stock-based Compensation - Equity Incentive Plans and Restricted Stock Awards (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Aug. 12, 2009
Options
Stock based Compensation
Vesting period	5 years
Expiration term	10 years
Number of Options Granted (in shares)	0
Restricted stock awards
Shares
Unvested Balance, at beginning of the year	3,728,000
Granted	1,385,000
Vested	(992,000)
Forfeited	(304,000)
Unvested Balance, at end of the year	3,817,000	3,728,000
Weighted Average Grant Date Fair Value
Unvested Balance, at beginning of the year (in dollars per share)	$ 10.82
Granted (in dollars per share)	13.94	$ 13.61	$ 8.48
Vested (in dollars per share)	9.07
Forfeited (in dollars per share)	12.28
Unvested Balance, at end of the year (in dollars per share)	$ 12.29	$ 10.82
Director Plan | Options
Stock based Compensation
Number of shares authorized				75,000
Director Plan | Restricted stock awards
Stock based Compensation
Number of shares authorized				150,000

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Options
Stock based Compensation
Number of options outstanding (in shares)	743,000
Number of options exercisable (in shares)	728,000
Weighted average exercise price (in dollars per share)	$ 8.85
Weighted average remaining contractual term for all outstanding options	2 years 10 months 13 days
Weighted average remaining contractual term of exercisable options	2 years 10 months 13 days
Total intrinsic value of options exercised (in dollars)	$ 1	$ 6	$ 0.2
Aggregate intrinsic value of options outstanding (in dollars)	$ 2.3
Restricted stock awards
Stock based Compensation
Weighted average grant date fair value of shares awarded	$ 13.94	$ 13.61	$ 8.48
Weighted average grant date fair value of vested shares	$ 9	$ 7.4	$ 4.6

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock based Compensation
Total	$ 14,679	$ 11,042	$ 7,033
Stock compensation expense for each of the next five years, based on restricted stock awards granted
2,016	15,532
2,017	10,610
2,018	5,204
2,019	1,406
2,020	324
Included in general and administrative
Stock based Compensation
Total	11,633	9,027	5,276
Included in cost of services
Stock based Compensation
Total	$ 3,046	$ 2,015	$ 1,757

Income Taxes - Tax Provision Co

Income Taxes - Tax Provision Components and Reconciliation to Federal Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ 63,626	$ 52,063	$ 55,847
State and local	10,868	9,248	11,913
Total current	74,494	61,311	67,760
Deferred	(2,058)	14,311	7,032
Total income tax provision	$ 72,436	$ 75,622	$ 74,792
Differences between the expected income tax provision and income taxes computed at the federal statutory rate
Expected federal tax rate (as a percent)	35.00%	35.00%	35.00%
State and local taxes, net of federal benefit (as a percent)	4.00%	4.20%	4.60%
Other permanent differences (as a percent)	1.40%	0.80%	1.10%
Valuation allowance (as a percent)	(0.90%)	(0.40%)	(0.70%)
Uncertain tax positions (as a percent)	(2.30%)	(0.30%)	(0.60%)
IRS audit settlements (as a percent)	(0.10%)	(0.40%)
Non-controlling interest (as a percent)	(2.00%)	(1.50%)	(1.70%)
Other (as a percent)	(0.30%)	(0.30%)	0.10%
Total (as a percent)	34.80%	37.10%	37.80%
Select
Current:
Federal	$ 63,626	$ 52,063	$ 57,026
State and local	10,868	9,248	11,913
Total current	74,494	61,311	68,939
Deferred	(2,058)	14,311	7,032
Total income tax provision	$ 72,436	$ 75,622	$ 75,971
Differences between the expected income tax provision and income taxes computed at the federal statutory rate
Expected federal tax rate (as a percent)	35.00%	35.00%	35.00%
State and local taxes, net of federal benefit (as a percent)	4.00%	4.20%	4.50%
Other permanent differences (as a percent)	1.40%	0.80%	1.10%
Valuation allowance (as a percent)	(0.90%)	(0.40%)	(0.60%)
Uncertain tax positions (as a percent)	(2.30%)	(0.30%)	(0.60%)
IRS audit settlements (as a percent)	(0.10%)	(0.40%)
Non-controlling interest (as a percent)	(2.00%)	(1.50%)	(1.70%)
Other (as a percent)	(0.30%)	(0.30%)	0.10%
Total (as a percent)	34.80%	37.10%	37.80%

Income Taxes - Summary of Defer

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets
Allowance for doubtful accounts, Total	$ 9,153	$ 701
Allowance for doubtful accounts, Current	9,153	701
Compensation and benefit related accruals, Total	61,111	49,373
Compensation and benefit related accruals, Current	50,303	38,722
Compensation and benefit related accruals, Non-Current	10,808	10,651
Professional malpractice liability insurance, Total	19,654	17,934
Professional malpractice liability insurance, Current	4,642	4,732
Professional malpractice liability insurance, Non-Current	15,012	13,202
Restructuring reserve, Total		333
Restructuring reserve, Current		333
Deferred revenue, Total	(1,009)	(829)
Deferred revenue, Current	(1,009)	(829)
State net operating loss carryforwards, Total	21,591	21,555
State net operating loss carryforwards, Current	445	436
State net operating loss carryforwards, Non-Current	21,146	21,119
Other, Total	1,273	552
Other, Current	357	552
Other, Non-Current	916
Stock options, Total	6,061	5,336
Stock options, Non-Current	6,061	5,336
Equity investments, Total	3,939	3,475
Equity investments, Non-Current	3,939	3,475
Uncertain tax positions, Total	641	1,632
Uncertain tax positions, Non-Current	641	1,632
Total deferred tax assets, Total	122,414	100,062
Total deferred tax assets, Current	63,891	44,647
Total deferred tax assets, Non-Current	58,523	55,415
Deferred tax liabilities
Deferred income, Total	(31,375)	(31,190)
Deferred income, Current	(27,221)	(25,651)
Deferred income, Non-Current	(4,154)	(5,539)
Investment in unconsolidated affiliates, Total	(4,302)	(3,659)
Investment in unconsolidated affiliates, Non-Current	(4,302)	(3,659)
Other, Total	(8,444)	(1,587)
Other, Current	(6,072)	(1,093)
Other, Non-Current	(2,372)	(494)
Depreciation and amortization, Total	(260,724)	(147,197)
Depreciation and amortization, Non-Current	(260,724)	(147,197)
Total deferred tax liabilities, Total	(304,845)	(183,633)
Total deferred tax liabilities, Current	(33,293)	(26,744)
Total deferred tax liabilities, Non-Current	(271,552)	(156,889)
Net deferred taxes before valuation allowance, Total	(182,431)	(83,571)
Net deferred taxes before valuation allowance, Current	30,598	17,903
Net deferred taxes before valuation allowance, Non-Current	(213,029)	(101,474)
Valuation allowance, Total	(7,586)	(9,641)
Valuation allowance, Current	(1,910)	(1,912)
Valuation allowance, Non-Current	(5,676)	(7,729)
Net deferred taxes, Total	(190,017)	(93,212)
Net deferred taxes, Current	28,688	15,991
Net deferred taxes, Non-Current	$ (218,705)	$ (109,203)
Additional information related to valuation allowance
Period of review for assessment of deferred tax assets	3 years

Income Taxes - Expiration of St

Income Taxes - Expiration of State NOL's and Gross Valuation Allowances (Details) - State $ in Thousands	Dec. 31, 2015USD ($)
Net operating loss carry forwards
Net operating losses	$ 465,600
State Net Operating Losses
2,016	6,479
2,017	10,818
2,018	7,319
2,019	7,948
Thereafter through 2035	433,068
Gross Valuation Allowance
2,016	5,891
2,017	9,828
2,018	4,574
2,019	7,927
Thereafter through 2035	$ 333,817

Income Taxes Reserves for Uncer

Income Taxes Reserves for Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of the Company's unrecognized tax benefits
Gross tax contingencies at the beginning of the period	$ 10,667	$ 12,026	$ 13,890
Reductions for tax positions taken in prior periods due primarily to statute expiration	(3,309)	(1,632)	(2,299)
Additions for existing tax positions taken	373	273	435
Reductions for settlements with taxing authorities	(770)
Reductions for tax positions taken in prior periods due to change in estimate	(1,395)
Gross tax contingencies at the end of the period	5,566	10,667	12,026
Unrecognized tax benefits, if fully recognized, would affect effective income tax rate	5,600	10,700
Amount of unrecognized tax benefits eligible for release in the next 12 months	2,600
Accrued interest related to income taxes	600	1,900
Interest recognized	$ 300	$ 500	$ 500
Minimum | State
Reconciliation of the Company's unrecognized tax benefits
Period of limitations for tax returns	3 years
Maximum | State
Reconciliation of the Company's unrecognized tax benefits
Period of limitations for tax returns	5 years

Retirement Savings Plan (Detail

Retirement Savings Plan (Details) - USD ($) $ in Millions	7 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Retirement savings plan
Employer matching contribution, percent of match		25.00%
Vesting period		3 years
Expense incurred		$ 10	$ 9.3	$ 8.7
Maximum
Retirement savings plan
Percent of employee's gross pay that is matched by the employer		6.00%
Concentra
Retirement savings plan
Expense incurred	$ 8.8
Employees who are not classified as HCE's | Maximum
Retirement savings plan
Maximum annual contribution per employee (as a percent)		30.00%
HCE | Maximum
Retirement savings plan
Maximum annual contribution per employee (as a percent)		7.00%

Segment Information - Selected

Segment Information - Selected Financial Data (Details) $ in Thousands	3 Months Ended								7 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)segmentitem	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment information
Number of operating segments | segment										3
Summary of selected financial data
Net revenue	$ 1,039,205	$ 1,021,123	$ 887,065	$ 795,343	$ 771,608	$ 758,069	$ 772,762	$ 762,578		$ 3,742,736	$ 3,065,017	$ 2,975,648
Adjusted EBITDA										399,165	363,872	372,861
Total assets	4,426,666				2,924,809				$ 4,426,666	4,426,666	2,924,809	2,817,622
Capital expenditures										182,642	95,246	73,660
Specialty Hospitals
Summary of selected financial data
Real estate assets held for sale	2,700				2,700				2,700	2,700	2,700	2,700
Operating Segments | Specialty Hospitals
Summary of selected financial data
Net revenue										2,346,781	2,244,899	2,198,121
Adjusted EBITDA										327,623	341,787	353,843
Total assets	2,425,113				2,279,665				2,425,113	2,425,113	2,279,665	2,205,921
Capital expenditures										$ 126,014	77,742	56,523
Operating Segments | Outpatient Rehabilitation
Segment information
Number of operating segments | item										2
Summary of selected financial data
Net revenue										$ 810,009	819,397	777,177
Adjusted EBITDA										98,220	97,584	90,313
Total assets	548,242				532,685				548,242	548,242	532,685	512,539
Capital expenditures										17,768	12,506	14,113
Operating Segments | Concentra
Summary of selected financial data
Net revenue									585,222
Adjusted EBITDA									48,301
Total assets	1,331,837								1,331,837	1,331,837
Capital expenditures									26,771
Other
Summary of selected financial data
Net revenue										724	721	350
Adjusted EBITDA										(74,979)	(75,499)	(71,295)
Total assets	$ 121,474				$ 112,459				$ 121,474	121,474	112,459	99,162
Capital expenditures										$ 12,089	$ 4,998	$ 3,024

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted EBITDA to Income Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								7 Months Ended	12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment information
Adjusted EBITDA										$ 399,165	$ 363,872	$ 372,861
Depreciation and amortization										(104,981)	(68,354)	(64,392)
Stock compensation expense										(14,679)	(11,042)	(7,033)
Income (loss) from operations	$ 62,300	$ 48,214	$ 85,011	$ 79,265	$ 57,822	$ 66,017	$ 82,193	$ 78,444		274,790	284,476	301,436
Loss on early retirement of debt											(2,277)	(18,747)
Gain on sale of equity investment										29,647
Equity in earnings of unconsolidated subsidiaries										16,811	7,044	2,476
Interest expense										(112,816)	(85,446)	(87,364)
Income before income taxes										208,432	203,797	197,801
Select
Segment information
Depreciation and amortization										(104,981)	(68,354)	(64,392)
Income (loss) from operations	$ 62,300	$ 48,214	$ 85,011	$ 79,265	$ 57,822	$ 66,017	$ 82,193	$ 78,444		274,790	284,476	301,436
Loss on early retirement of debt											(2,277)	(17,788)
Gain on sale of equity investment										29,647
Equity in earnings of unconsolidated subsidiaries										16,811	7,044	2,476
Interest expense										(112,816)	(85,446)	(84,954)
Income before income taxes										208,432	203,797	201,170
Operating Segments | Specialty Hospitals
Segment information
Adjusted EBITDA										327,623	341,787	353,843
Depreciation and amortization										(53,992)	(51,786)	(48,621)
Income (loss) from operations										273,631	290,001	305,222
Operating Segments | Outpatient Rehabilitation
Segment information
Adjusted EBITDA										98,220	97,584	90,313
Depreciation and amortization										(13,053)	(12,845)	(12,024)
Income (loss) from operations										85,167	84,739	78,289
Operating Segments | Concentra
Segment information
Adjusted EBITDA									$ 48,301
Depreciation and amortization									(33,644)
Stock compensation expense									(1,016)
Concentra acquisition costs									(4,715)
Income (loss) from operations									$ 8,926
Other
Segment information
Adjusted EBITDA										(74,979)	(75,499)	(71,295)
Depreciation and amortization										(4,292)	(3,723)	(3,747)
Stock compensation expense										(13,663)	(11,042)	(7,033)
Income (loss) from operations										$ (92,934)	$ (90,264)	$ (82,075)

Income per Share (Details)

Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income per Share
Contractual dividends									$ 0	$ 0	$ 0
Numerator:
Net income attributable to Select Medical Holdings Corporation	$ 29,327	$ 29,406	$ 36,940	$ 35,063	$ 25,712	$ 26,530	$ 35,341	$ 33,044	130,736	120,627	114,390
Less: Earnings allocated to unvested restricted stockholders									3,830	3,337	2,450
Net income available to common stockholders									$ 126,906	$ 117,290	$ 111,940
Denominator:
Basic									127,478	129,026	136,879
Effect of dilutive securities: Stock options (in shares)									274	439	168
Weighted average shares - diluted									127,752	129,465	137,047
Income per common share
Basic income per common share (in dollars per share)	$ 0.22	$ 0.22	$ 0.28	$ 0.27	$ 0.20	$ 0.20	$ 0.27	$ 0.24	$ 1	$ 0.91	$ 0.82
Diluted income per common share (in dollars per share)	$ 0.22	$ 0.22	$ 0.28	$ 0.27	$ 0.20	$ 0.20	$ 0.27	$ 0.24	$ 0.99	$ 0.91	$ 0.82
Anti-dilutive securities excluded from computation of earnings per share
Stock options (in shares)										6	1,474

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value
Carrying value	$ 2,190,314	$ 1,542,102
Select
Fair Value
Carrying value	2,190,314	$ 1,542,102
Concentra Inc
Fair Value
Carrying value	$ 649,923
6.375% senior notes
Fair Value
Interest rate of debt (as a percent)	6.375%	6.375%	6.375%
6.375% senior notes | Select
Fair Value
Interest rate of debt (as a percent)	6.375%
Carrying value	$ 711,200	$ 711,500
Fair value	623,900	722,400
Credit facility | Select
Fair Value
Carrying value	1,045,500	836,000
Fair value	1,023,600	$ 816,600
Credit facility | Concentra Inc
Fair Value
Carrying value	649,900
Fair value	$ 645,400

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Related party transactions
Number of directors who are affiliated with other entities | item	2
Net operating revenues from contracted services and management fees to related parties	$ 146,033	$ 129,267	$ 110,136
Future rental commitments under outstanding agreements
2,016	205,030
2,017	176,124
2,018	144,561
2,019	115,487
2,020	91,560
Thereafter	409,723
Total	1,142,485
Affiliated companies
Related party transactions
Payments for office rent, leasehold improvements and miscellaneous expenses	4,700	4,400	4,200
Future rental commitments under outstanding agreements
2,016	4,174
2,017	4,221
2,018	4,318
2,019	4,421
2,020	4,526
Thereafter	9,385
Total	31,045
BIR JV, LLP
Related party transactions
Net operating revenues from contracted services and management fees to related parties	112,273	101,385	96,465
Rehabilitation Institute of Denton, LLC
Related party transactions
Net operating revenues from contracted services and management fees to related parties	9,560	8,337	7,163
OHRH, LLC
Related party transactions
Net operating revenues from contracted services and management fees to related parties	10,010	8,280	2,069
Global Rehab - Scottsdale, LLC
Related party transactions
Net operating revenues from contracted services and management fees to related parties	12,155	10,747	4,129
Other
Related party transactions
Net operating revenues from contracted services and management fees to related parties	$ 2,035	$ 518	$ 310

Commitment and Contingencies -

Commitment and Contingencies - Leases and Construction Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Minimum future lease obligations on long-term non-cancelable operating leases
2,016	$ 205,030
2,017	176,124
2,018	144,561
2,019	115,487
2,020	91,560
Thereafter	409,723
Total	1,142,485
Total rent expense for operating leases	212,900	$ 169,100	$ 164,600
Property rent expense to unrelated parties	163,400	$ 124,400	$ 119,500
Construction Commitments
Construction Commitments
Commitments under construction contracts	15,700
Select
Minimum future lease obligations on long-term non-cancelable operating leases
2,016	145,185
2,017	122,606
2,018	99,873
2,019	79,002
2,020	61,462
Thereafter	348,222
Total	856,350
Construction Commitments
Commitments under construction contracts	2,423,884
Concentra Inc
Construction Commitments
Commitments under construction contracts	655,177
Concentra
Minimum future lease obligations on long-term non-cancelable operating leases
2,016	59,845
2,017	53,518
2,018	44,688
2,019	36,485
2,020	30,098
Thereafter	61,501
Total	286,135
Total rent expense for operating leases	34,900
Property rent expense to unrelated parties	$ 32,900

Commitment and Contingencies 70

Commitment and Contingencies - Other Commitments (Details) - Naming, promotional and sponsorship agreement - Select $ in Millions	Dec. 31, 2015USD ($)
Commitments and Contingencies
Amount expected to be paid in next year	$ 3.1
Increase in successive annual payment (as a percent)	2.30%

Commitments and Contingencies -

Commitments and Contingencies - Litigation (Details) $ in Millions	Jan. 08, 2013item	Dec. 31, 2015USD ($)
Professional liability claims
Commitments and Contingencies
Self insurance retention per occurrence		$ 2
General liability claims
Commitments and Contingencies
Self insurance retention per occurrence		$ 2
Amended complaint | SSH-Evansville
Commitments and Contingencies
Number of case managers identified as plaintiff | item	2

Supplemental Disclosures of C72

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental Disclosures of Cash Flow Information
Notes issued with acquisitions	$ 12	$ 327	$ 3,283
Liabilities assumed with acquisitions	298	122	885
Contingent consideration related to acquisitions			100
Liability for property and equipment	$ 36,744	$ 14,230
Notes issued to acquire non-consolidating interest			$ 3,399

Subsequent Events (Details)

Subsequent Events (Details) - Select - Subsequent Event $ in Millions	Jan. 22, 2016USD ($)
Physiotherapy Associates Holdings, Inc.
Subsequent Event
Reverse termination fee	$ 24
$400.0 million senior secured incremental term facility
Subsequent Event
Maximum borrowing capacity	400
Physiotherapy Associates Holdings, Inc.
Subsequent Event
Purchase consideration in cash	$ 400

Financial Information for Sub74

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes (Details) - 6.375% senior notes	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Financial information for subsidiary guarantors and non-guarantor subsidiaries under select's 6.375% senior notes
Interest rate of debt (as a percent)	6.375%	6.375%	6.375%
Select
Financial information for subsidiary guarantors and non-guarantor subsidiaries under select's 6.375% senior notes
Interest rate of debt (as a percent)	6.375%

Financial Information for Sub75

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes - Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current Assets:
Cash and cash equivalents	$ 14,435	$ 3,354	$ 4,319	$ 40,144
Accounts receivable, net	603,558	444,269
Current deferred tax asset	28,688	15,991
Prepaid income taxes	16,694	17,888
Other current assets	85,779	46,142
Total Current Assets	749,154	527,644
Property and equipment, net	864,124	542,310
Goodwill	2,314,624	1,642,083	1,642,633
Other identifiable intangibles	318,675	72,519
Other assets	180,089	140,253
Total Assets	4,426,666	2,924,809	2,817,622
Current Liabilities:
Bank overdrafts	28,615	21,746
Current portion of long-term debt and notes payable	233,570	10,874
Accounts payable	137,409	108,532
Accrued payroll	120,989	97,090
Accrued vacation	73,977	63,132
Accrued interest	9,401	10,674
Accrued other	133,728	82,376
Total Current Liabilities	737,689	394,424
Long-term debt, net of current portion	2,190,314	1,542,102
Non-current deferred tax liability	218,705	109,203
Other non-current liabilities	133,220	92,855
Total Liabilities	3,279,928	2,138,584
Redeemable non-controlling interests	238,221	10,985	11,584
Stockholder's Equity:
Common stock of Select, $0.01 par value, 100 shares issued and outstanding	131	131
Capital in excess of par	424,506	413,706
Retained earnings (accumulated deficit)	434,616	325,678
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	859,253	739,515
Non-controlling interests	49,264	35,725
Total Equity	908,517	775,240	818,642	745,478
Total Liabilities and Equity	4,426,666	2,924,809
Select
Current Assets:
Cash and cash equivalents	14,435	3,354	4,319	40,144
Accounts receivable, net	603,558	444,269
Current deferred tax asset	28,688	15,991
Prepaid income taxes	16,694	17,888
Other current assets	85,779	46,142
Total Current Assets	749,154	527,644
Property and equipment, net	864,124	542,310
Goodwill	2,314,624	1,642,083
Other identifiable intangibles	318,675	72,519
Other assets	180,089	140,253
Total Assets	4,426,666	2,924,809
Current Liabilities:
Bank overdrafts	28,615	21,746
Current portion of long-term debt and notes payable	233,570	10,874
Accounts payable	137,409	108,532
Accrued payroll	120,989	97,090
Accrued vacation	73,977	63,132
Accrued interest	9,401	10,674
Accrued other	133,728	82,376
Total Current Liabilities	737,689	394,424
Long-term debt, net of current portion	2,190,314	1,542,102
Non-current deferred tax liability	218,705	109,203
Other non-current liabilities	133,220	92,855
Total Liabilities	3,279,928	2,138,584
Redeemable non-controlling interests	238,221	10,985
Stockholder's Equity:
Common stock of Select, $0.01 par value, 100 shares issued and outstanding	0	0
Capital in excess of par	904,375	885,407
Retained earnings (accumulated deficit)	(45,122)	(145,892)
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	859,253	739,515
Non-controlling interests	49,264	35,725
Total Equity	908,517	775,240	818,642	909,747
Total Liabilities and Equity	4,426,666	2,924,809
Select | Reportable legal entities | Select Medical Corporation (Parent Company Only)
Current Assets:
Cash and cash equivalents	4,070	70	71	35,070
Current deferred tax asset	11,556	10,186
Prepaid income taxes	7,979	17,888
Other current assets	10,521	7,860
Total Current Assets	34,126	36,004
Property and equipment, net	38,872	17,521
Investment in affiliates	4,107,930	3,741,085
Non-current deferred tax asset	12,297	11,230
Other assets	21,623	32,463
Total Assets	4,214,848	3,838,303
Current Liabilities:
Bank overdrafts	28,615	21,746
Current portion of long-term debt and notes payable	227,180	8,496
Accounts payable	10,445	9,885
Intercompany payables	1,970,477	1,835,217
Accrued payroll	22,970	17,410
Accrued vacation	6,406	5,070
Accrued interest	6,315	10,596
Accrued other	38,883	39,801
Total Current Liabilities	2,311,291	1,948,221
Long-term debt, net of current portion	997,114	1,098,151
Other non-current liabilities	47,190	52,416
Total Liabilities	3,355,595	3,098,788
Stockholder's Equity:
Common stock of Select, $0.01 par value, 100 shares issued and outstanding	0	0
Capital in excess of par	904,375	885,407
Retained earnings (accumulated deficit)	(45,122)	(145,892)
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	859,253	739,515
Total Equity	859,253	739,515
Total Liabilities and Equity	4,214,848	3,838,303
Select | Reportable legal entities | Subsidiary Guarantors
Current Assets:
Cash and cash equivalents	3,706	2,454	3,098	3,734
Accounts receivable, net	419,382	376,780
Current deferred tax asset	6,708	2,458
Intercompany receivables	1,970,477	1,728,708
Other current assets	34,859	32,919
Total Current Assets	2,435,132	2,143,319
Property and equipment, net	548,809	468,138
Investment in affiliates	75,027	67,575
Goodwill	1,663,974	1,642,083
Other identifiable intangibles	72,776	72,519
Other assets	108,524	106,843
Total Assets	4,904,242	4,500,477
Current Liabilities:
Current portion of long-term debt and notes payable	197	1,844
Accounts payable	101,156	84,304
Intercompany payables	137,512
Accrued payroll	66,892	76,670
Accrued vacation	50,194	49,315
Accrued interest	3	76
Accrued other	42,939	36,874
Total Current Liabilities	398,893	249,083
Long-term debt, net of current portion	452,417	364,794
Non-current deferred tax liability	113,977	112,013
Other non-current liabilities	41,904	35,576
Total Liabilities	1,007,191	761,466
Stockholder's Equity:
Retained earnings (accumulated deficit)	1,187,022	1,048,455
Subsidiary investment	2,710,029	2,690,556
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	3,897,051	3,739,011
Total Equity	3,897,051	3,739,011
Total Liabilities and Equity	4,904,242	4,500,477
Select | Reportable legal entities | Non-Guarantor Subsidiaries
Current Assets:
Cash and cash equivalents	625	830	$ 1,150	$ 1,340
Accounts receivable, net	68,504	67,489
Current deferred tax asset	4,786	3,347
Intercompany receivables	137,512	106,509
Other current assets	5,759	5,363
Total Current Assets	217,186	183,538
Property and equipment, net	61,137	56,651
Other assets	659	947
Total Assets	278,982	241,136
Current Liabilities:
Current portion of long-term debt and notes payable	939	534
Accounts payable	16,997	14,343
Accrued payroll	3,932	3,010
Accrued vacation	9,423	8,747
Accrued interest		2
Accrued other	9,866	5,701
Total Current Liabilities	41,157	32,337
Long-term debt, net of current portion	90,860	79,157
Non-current deferred tax liability	9,656	8,420
Other non-current liabilities	4,798	4,863
Total Liabilities	146,471	124,777
Redeemable non-controlling interests	12,094	10,985
Stockholder's Equity:
Retained earnings (accumulated deficit)	(1,006)	8,366
Subsidiary investment	75,097	61,283
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	74,091	69,649
Non-controlling interests	46,326	35,725
Total Equity	120,417	105,374
Total Liabilities and Equity	278,982	241,136
Select | Reportable legal entities | Non-Guarantor Concentra
Current Assets:
Cash and cash equivalents	6,034
Accounts receivable, net	115,672
Current deferred tax asset	5,638
Prepaid income taxes	8,715
Other current assets	34,640
Total Current Assets	170,699
Property and equipment, net	215,306
Goodwill	650,650
Other identifiable intangibles	245,899
Other assets	49,283
Total Assets	1,331,837
Current Liabilities:
Current portion of long-term debt and notes payable	5,254
Accounts payable	8,811
Accrued payroll	27,195
Accrued vacation	7,954
Accrued interest	3,083
Accrued other	42,040
Total Current Liabilities	94,337
Long-term debt, net of current portion	649,923
Non-current deferred tax liability	107,369
Other non-current liabilities	39,328
Total Liabilities	890,957
Redeemable non-controlling interests	226,127
Stockholder's Equity:
Retained earnings (accumulated deficit)	(6,120)
Subsidiary investment	217,935
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	211,815
Non-controlling interests	2,938
Total Equity	214,753
Total Liabilities and Equity	1,331,837
Select | Eliminations
Current Assets:
Intercompany receivables	(2,107,989)	(1,835,217)
Total Current Assets	(2,107,989)	(1,835,217)
Investment in affiliates	(4,182,957)	(3,808,660)
Non-current deferred tax asset	(12,297)	(11,230)
Total Assets	(6,303,243)	(5,655,107)
Current Liabilities:
Intercompany payables	(2,107,989)	(1,835,217)
Total Current Liabilities	(2,107,989)	(1,835,217)
Non-current deferred tax liability	(12,297)	(11,230)
Total Liabilities	(2,120,286)	(1,846,447)
Stockholder's Equity:
Retained earnings (accumulated deficit)	(1,179,896)	(1,056,821)
Subsidiary investment	(3,003,061)	(2,751,839)
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	(4,182,957)	(3,808,660)
Total Equity	(4,182,957)	(3,808,660)
Total Liabilities and Equity	$ (6,303,243)	$ (5,655,107)

Financial Information for Sub76

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes - Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Consolidating Statement of Operations
Net operating revenues	$ 1,039,205	$ 1,021,123	$ 887,065	$ 795,343	$ 771,608	$ 758,069	$ 772,762	$ 762,578	$ 3,742,736	$ 3,065,017	$ 2,975,648
Costs and expenses:
Cost of services									3,211,541	2,582,340	2,495,476
General and administrative									92,052	85,247	76,921
Bad debt expense									59,372	44,600	37,423
Depreciation and amortization									104,981	68,354	64,392
Total costs and expenses									3,467,946	2,780,541	2,674,212
Income (loss) from operations	62,300	48,214	85,011	79,265	57,822	66,017	82,193	78,444	274,790	284,476	301,436
Other income and expense:
Gain on sale of equity investment									29,647
Equity in earnings of unconsolidated subsidiaries									16,811	7,044	2,476
Loss on early retirement of debt										(2,277)	(18,747)
Interest expense									(112,816)	(85,446)	(87,364)
Income before income taxes									208,432	203,797	197,801
Income tax expense (benefit)									72,436	75,622	74,792
Net income									135,996	128,175	123,009
Less: Net income attributable to non-controlling interests									5,260	7,548	8,619
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	29,327	29,406	36,940	35,063	25,712	26,530	35,341	33,044	130,736	120,627	114,390
Select
Condensed Consolidating Statement of Operations
Net operating revenues	1,039,205	1,021,123	887,065	795,343	771,608	758,069	772,762	762,578	3,742,736	3,065,017	2,975,648
Costs and expenses:
Cost of services									3,211,541	2,582,340	2,495,476
General and administrative									92,052	85,247	76,921
Bad debt expense									59,372	44,600	37,423
Depreciation and amortization									104,981	68,354	64,392
Total costs and expenses									3,467,946	2,780,541	2,674,212
Income (loss) from operations	62,300	48,214	85,011	79,265	57,822	66,017	82,193	78,444	274,790	284,476	301,436
Other income and expense:
Gain on sale of equity investment									29,647
Equity in earnings of unconsolidated subsidiaries									16,811	7,044	2,476
Loss on early retirement of debt										(2,277)	(17,788)
Interest expense									(112,816)	(85,446)	(84,954)
Income before income taxes									208,432	203,797	201,170
Income tax expense (benefit)									72,436	75,622	75,971
Net income									135,996	128,175	125,199
Less: Net income attributable to non-controlling interests									5,260	7,548	8,619
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	$ 29,327	$ 29,406	$ 36,940	$ 35,063	$ 25,712	$ 26,530	$ 35,341	$ 33,044	130,736	120,627	116,580
Select | Reportable legal entities | Select Medical Corporation (Parent Company Only)
Condensed Consolidating Statement of Operations
Net operating revenues									724	721	350
Costs and expenses:
Cost of services									2,029	2,015	1,757
General and administrative									88,227	86,311	76,709
Depreciation and amortization									4,292	3,723	3,746
Total costs and expenses									94,548	92,049	82,212
Income (loss) from operations									(93,824)	(91,328)	(81,862)
Other income and expense:
Intercompany interest and royalty fees									(1,417)	(1,142)	(1,326)
Intercompany management fees									143,939	142,273	144,447
Loss on early retirement of debt										(2,277)	(17,788)
Interest expense									(58,350)	(57,651)	(58,100)
Income before income taxes									(9,652)	(10,125)	(14,629)
Income tax expense (benefit)									(7,869)	(4,333)	(1,238)
Equity in earnings of subsidiaries									132,520	126,419	129,971
Net income									130,737	120,627	116,580
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation									130,737	120,627	116,580
Select | Reportable legal entities | Subsidiary Guarantors
Condensed Consolidating Statement of Operations
Net operating revenues									2,673,987	2,634,480	2,576,906
Costs and expenses:
Cost of services									2,266,647	2,209,724	2,155,370
General and administrative									(890)	(1,064)	212
Bad debt expense									40,541	38,052	31,173
Depreciation and amortization									56,447	54,876	51,825
Total costs and expenses									2,362,745	2,301,588	2,238,580
Income (loss) from operations									311,242	332,892	338,326
Other income and expense:
Intercompany interest and royalty fees									1,387	1,131	836
Intercompany management fees									(119,388)	(120,528)	(125,357)
Gain on sale of equity investment									29,647
Equity in earnings of unconsolidated subsidiaries									16,719	6,958	2,384
Interest expense									(24,250)	(23,367)	(22,916)
Income before income taxes									215,357	197,086	193,273
Income tax expense (benefit)									85,907	78,748	76,837
Equity in earnings of subsidiaries									9,117	8,995	14,561
Net income									138,567	127,333	130,997
Less: Net income attributable to non-controlling interests										623	995
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation									138,567	126,710	130,002
Select | Reportable legal entities | Non-Guarantor Subsidiaries
Condensed Consolidating Statement of Operations
Net operating revenues									482,803	429,816	398,392
Costs and expenses:
Cost of services									414,518	370,601	338,349
Bad debt expense									9,240	6,548	6,250
Depreciation and amortization									10,598	9,755	8,821
Total costs and expenses									434,356	386,904	353,420
Income (loss) from operations									48,447	42,912	44,972
Other income and expense:
Intercompany interest and royalty fees									30	11	490
Intercompany management fees									(24,551)	(21,745)	(19,090)
Equity in earnings of unconsolidated subsidiaries									92	86	92
Interest expense									(6,154)	(4,428)	(3,938)
Income before income taxes									17,864	16,836	22,526
Income tax expense (benefit)									(470)	1,207	372
Net income									18,334	15,629	22,154
Less: Net income attributable to non-controlling interests									9,144	6,925	7,624
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation									9,190	8,704	14,530
Select | Reportable legal entities | Non-Guarantor Concentra
Condensed Consolidating Statement of Operations
Net operating revenues									585,222
Costs and expenses:
Cost of services									528,347
General and administrative									4,715
Bad debt expense									9,591
Depreciation and amortization									33,644
Total costs and expenses									576,297
Income (loss) from operations									8,925
Other income and expense:
Interest expense									(24,062)
Income before income taxes									(15,137)
Income tax expense (benefit)									(5,132)
Net income									(10,005)
Less: Net income attributable to non-controlling interests									(3,884)
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation									(6,121)
Select | Eliminations
Other income and expense:
Equity in earnings of subsidiaries									(141,637)	(135,414)	(144,532)
Net income									(141,637)	(135,414)	(144,532)
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation									$ (141,637)	$ (135,414)	$ (144,532)

Financial Information for Sub77

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes - Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net income	$ 135,996	$ 128,175	$ 123,009
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Distributions from unconsolidated subsidiaries	13,969	11,954
Depreciation and amortization	104,981	68,354	64,392
Provision for bad debts	59,372	44,600	37,423
Equity in earnings of unconsolidated subsidiaries	(16,811)	(7,044)	(2,476)
Loss on early retirement of debt		2,277	18,747
Loss (gain) on sale of assets and businesses	(1,098)	(1,048)	(581)
Gain on sale of equity investment	29,647
Stock compensation expense	14,985	11,186	7,033
Amortization of debt discount, premium and issuance costs	9,543	7,553	8,433
Deferred income taxes	(2,058)	14,311	7,032
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Accounts receivable	(92,572)	(97,802)	(67,145)
Other current assets	(2,503)	(1,729)	(8,167)
Other assets	4,713	(103)	(3,484)
Accounts payable	2,345	5,997	(1,283)
Accrued expenses	7,200	(16,039)	9,590
Net cash provided by operating activities	208,415	170,642	192,523
Investing activities
Purchases of property and equipment	(182,642)	(95,246)	(73,660)
Proceeds from sale of assets	1,767		2,912
Investment in businesses	(2,347)	(4,634)	(34,893)
Proceeds from sale of equity method investment	33,096
Acquisition of businesses, net of cash acquired	(1,061,628)	(1,211)	(1,665)
Net cash used in investing activities	(1,211,754)	(101,091)	(107,306)
Financing activities
Borrowings on revolving facilities	1,135,000	910,000	690,000
Payments on revolving facilities	(895,000)	(870,000)	(800,000)
Proceeds from term loans, net of discount	646,875		298,500
Payments on term loans	(29,134)	(33,994)	(596,720)
Issuance of 6.375% senior notes, includes premium		111,650	600,000
Repurchase of 7 5/8% senior subordinated notes, net of premiums			(70,000)
Borrowings of other debt	13,374	9,076	15,310
Principle payments on other debt	(18,136)	(14,673)	(10,834)
Debt issuance costs	(23,300)	(4,434)	(18,914)
Proceeds from (repayment of) bank overdrafts	6,869	9,240	(5,330)
Purchase of non-controlling interests	(1,095)	(9,961)
Tax benefit from stock based awards	1,846	3,119
Proceeds from issuance of non-controlling interests	217,065	185
Distributions to non-controlling interests	(12,637)	(3,979)	(3,537)
Net cash provided by (used in) financing activities	1,014,420	(70,516)	(121,042)
Net increase (decrease) in cash and cash equivalents	11,081	(965)	(35,825)
Cash and cash equivalents at beginning of period	3,354	4,319	40,144
Cash and cash equivalents at end of period	14,435	3,354	4,319
Select
Operating activities
Net income	135,996	128,175	125,199
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Distributions from unconsolidated subsidiaries	13,969	11,954
Depreciation and amortization	104,981	68,354	64,392
Provision for bad debts	59,372	44,600	37,423
Equity in earnings of unconsolidated subsidiaries	(16,811)	(7,044)	(2,476)
Loss on early retirement of debt		2,277	17,788
Loss (gain) on sale of assets and businesses	(1,098)	(1,048)	(581)
Gain on sale of equity investment	29,647
Stock compensation expense	14,985	11,186	7,033
Amortization of debt discount, premium and issuance costs	9,543	7,553	8,344
Deferred income taxes	(2,058)	14,311	7,032
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Accounts receivable	(92,572)	(97,802)	(67,145)
Other current assets	(2,503)	(1,729)	(8,167)
Other assets	4,713	(103)	(3,484)
Accounts payable	2,345	5,997	(1,283)
Accrued expenses	7,200	(16,039)	14,027
Accrued expenses			15,068
Due to third-party payors			(1,041)
Net cash provided by operating activities	208,415	170,642	198,102
Investing activities
Purchases of property and equipment	(182,642)	(95,246)	(73,660)
Proceeds from sale of assets	1,767		2,912
Investment in businesses	(2,347)	(4,634)	(34,893)
Proceeds from sale of equity method investment	33,096
Acquisition of businesses, net of cash acquired	(1,061,628)	(1,211)	(1,665)
Net cash used in investing activities	(1,211,754)	(101,091)	(107,306)
Financing activities
Borrowings on revolving facilities	1,135,000	910,000	690,000
Payments on revolving facilities	(895,000)	(870,000)	(800,000)
Proceeds from term loans, net of discount	646,875		298,500
Payments on term loans	(29,134)	(33,994)	(596,720)
Issuance of 6.375% senior notes, includes premium		111,650	600,000
Repurchase of 7 5/8% senior subordinated notes, net of premiums			(70,000)
Borrowings of other debt	13,374	9,076	15,310
Principle payments on other debt	(18,136)	(14,673)	(10,834)
Debt issuance costs	(23,300)	(4,434)	(18,914)
Proceeds from (repayment of) bank overdrafts	6,869	9,240	(5,330)
Purchase of non-controlling interests	(1,095)	(9,961)
Equity investment by Holdings	1,649	7,355	1,525
Dividends paid to Holdings	(28,956)	(184,100)	(226,621)
Tax benefit from stock based awards	1,846	3,119
Proceeds from issuance of non-controlling interests	217,065	185
Distributions to non-controlling interests	(12,637)	(3,979)	(3,537)
Net cash provided by (used in) financing activities	1,014,420	(70,516)	(126,621)
Net increase (decrease) in cash and cash equivalents	11,081	(965)	(35,825)
Cash and cash equivalents at beginning of period	3,354	4,319	40,144
Cash and cash equivalents at end of period	14,435	3,354	4,319
Select | Reportable legal entities | Select Medical Corporation (Parent Company Only)
Operating activities
Net income	130,737	120,627	116,580
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	4,292	3,723	3,746
Loss on early retirement of debt		2,277	17,788
Stock compensation expense	13,969	11,186	7,033
Amortization of debt discount, premium and issuance costs	7,404	7,553	8,344
Deferred income taxes	(3,484)	14,311	7,032
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Equity in earnings of subsidiaries	(132,520)	(126,419)	(129,971)
Other current assets	(2,661)	1,885	(4,145)
Other assets	10,840	2,811	(6,594)
Accounts payable	560	3,136	2,075
Accrued expenses	(1,508)	(6,353)
Accrued expenses			(4,929)
Net cash provided by operating activities	27,629	34,737	16,959
Investing activities
Purchases of property and equipment	(10,890)	(4,674)	(3,024)
Net cash used in investing activities	(10,890)	(4,674)	(3,024)
Financing activities
Borrowings on revolving facilities	1,115,000	910,000	690,000
Payments on revolving facilities	(880,000)	(870,000)	(800,000)
Proceeds from term loans, net of discount			298,500
Payments on term loans	(26,884)	(33,994)	(596,720)
Issuance of 6.375% senior notes, includes premium		111,650	600,000
Repurchase of 7 5/8% senior subordinated notes, net of premiums			(70,000)
Borrowings of other debt	8,684	8,151	8,923
Principle payments on other debt	(11,923)	(9,213)	(7,752)
Debt issuance costs		(4,434)	(18,914)
Proceeds from (repayment of) bank overdrafts	6,869	9,240	(5,330)
Equity investment by Holdings	1,649	7,355	1,525
Dividends paid to Holdings	(28,956)	(184,100)	(226,621)
Intercompany	(199,024)	22,162	77,455
Tax benefit from stock based awards	1,846	3,119
Net cash provided by (used in) financing activities	(12,739)	(30,064)	(48,934)
Net increase (decrease) in cash and cash equivalents	4,000	(1)	(34,999)
Cash and cash equivalents at beginning of period	70	71	35,070
Cash and cash equivalents at end of period	4,070	70	71
Select | Reportable legal entities | Subsidiary Guarantors
Operating activities
Net income	138,567	127,333	130,997
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Distributions from unconsolidated subsidiaries	13,870	11,889
Depreciation and amortization	56,447	54,876	51,825
Provision for bad debts	40,541	38,052	31,173
Equity in earnings of unconsolidated subsidiaries	(16,719)	(6,958)	(2,384)
Loss (gain) on sale of assets and businesses	(1,128)	(1,168)	(463)
Gain on sale of equity investment	29,647
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Equity in earnings of subsidiaries	(9,117)	(8,995)	(14,561)
Accounts receivable	(83,142)	(80,394)	(60,460)
Other current assets	(2,236)	(4,004)	(5,849)
Other assets	(6,415)	(2,566)	3,026
Accounts payable	8,569	2,440	(3,746)
Accrued expenses	9,569	(9,407)
Accrued expenses			20,843
Due to third-party payors			3,067
Net cash provided by operating activities	119,159	121,098	153,468
Investing activities
Purchases of property and equipment	(134,002)	(79,600)	(60,532)
Proceeds from sale of assets	1,742		2,456
Investment in businesses	(2,347)	(4,634)	(34,893)
Proceeds from sale of equity method investment	33,096
Acquisition of businesses, net of cash acquired		(397)	(1,665)
Net cash used in investing activities	(101,511)	(84,631)	(94,634)
Financing activities
Borrowings of other debt			5,303
Principle payments on other debt	(2,736)	(2,058)	(873)
Purchase of non-controlling interests		(9,961)
Intercompany	(13,660)	(25,092)	(63,900)
Net cash provided by (used in) financing activities	(16,396)	(37,111)	(59,470)
Net increase (decrease) in cash and cash equivalents	1,252	(644)	(636)
Cash and cash equivalents at beginning of period	2,454	3,098	3,734
Cash and cash equivalents at end of period	3,706	2,454	3,098
Select | Reportable legal entities | Non-Guarantor Concentra
Operating activities
Net income	(10,005)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	33,644
Provision for bad debts	9,591
Loss (gain) on sale of assets and businesses	14
Stock compensation expense	1,016
Amortization of debt discount, premium and issuance costs	2,139
Deferred income taxes	1,426
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Accounts receivable	825
Other current assets	2,790
Accounts payable	(9,438)
Accrued expenses	(6,557)
Net cash provided by operating activities	25,445
Investing activities
Purchases of property and equipment	(26,771)
Proceeds from sale of assets	1
Acquisition of businesses, net of cash acquired	(1,052,796)
Net cash used in investing activities	(1,079,566)
Financing activities
Borrowings on revolving facilities	20,000
Payments on revolving facilities	(15,000)
Proceeds from term loans, net of discount	646,875
Payments on term loans	(2,250)
Borrowings of other debt	3,009
Principle payments on other debt	(1,964)
Debt issuance costs	(23,300)
Intercompany	217,935
Proceeds from issuance of non-controlling interests	217,065
Distributions to non-controlling interests	(2,215)
Net cash provided by (used in) financing activities	1,060,155
Net increase (decrease) in cash and cash equivalents	6,034
Cash and cash equivalents at end of period	6,034
Select | Reportable legal entities | Non-Guarantor Subsidiaries
Operating activities
Net income	18,334	15,629	22,154
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Distributions from unconsolidated subsidiaries	99	65
Depreciation and amortization	10,598	9,755	8,821
Provision for bad debts	9,240	6,548	6,250
Equity in earnings of unconsolidated subsidiaries	(92)	(86)	(92)
Loss (gain) on sale of assets and businesses	16	120	(118)
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Accounts receivable	(10,255)	(17,408)	(6,685)
Other current assets	(396)	390	1,827
Other assets	288	(348)	84
Accounts payable	2,654	421	388
Accrued expenses	5,696	(279)
Accrued expenses			(846)
Due to third-party payors			(4,108)
Net cash provided by operating activities	36,182	14,807	27,675
Investing activities
Purchases of property and equipment	(10,979)	(10,972)	(10,104)
Proceeds from sale of assets	24		456
Acquisition of businesses, net of cash acquired	(8,832)	(814)
Net cash used in investing activities	(19,787)	(11,786)	(9,648)
Financing activities
Borrowings of other debt	1,681	925	1,084
Principle payments on other debt	(1,513)	(3,402)	(2,209)
Purchase of non-controlling interests	(1,095)
Intercompany	(5,251)	2,930	(13,555)
Proceeds from issuance of non-controlling interests		185
Distributions to non-controlling interests	(10,422)	(3,979)	(3,537)
Net cash provided by (used in) financing activities	(16,600)	(3,341)	(18,217)
Net increase (decrease) in cash and cash equivalents	(205)	(320)	(190)
Cash and cash equivalents at beginning of period	830	1,150	1,340
Cash and cash equivalents at end of period	625	830	1,150
Select | Eliminations
Operating activities
Net income	(141,637)	(135,414)	(144,532)
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Equity in earnings of subsidiaries	$ 141,637	$ 135,414	$ 144,532

Selected Quarterly Financial 78

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Selected quarterly financial data (unaudited)
Net operating revenues	$ 1,039,205	$ 1,021,123	$ 887,065	$ 795,343	$ 771,608	$ 758,069	$ 772,762	$ 762,578	$ 3,742,736	$ 3,065,017	$ 2,975,648
Income from operations	62,300	48,214	85,011	79,265	57,822	66,017	82,193	78,444	274,790	284,476	301,436
Net income attributable to Select Medical Holdings Corporation	$ 29,327	$ 29,406	$ 36,940	$ 35,063	$ 25,712	$ 26,530	$ 35,341	$ 33,044	$ 130,736	$ 120,627	$ 114,390
Income per common share:
Basic (in dollars per share)	$ 0.22	$ 0.22	$ 0.28	$ 0.27	$ 0.20	$ 0.20	$ 0.27	$ 0.24	$ 1	$ 0.91	$ 0.82
Diluted (in dollars per share)	$ 0.22	$ 0.22	$ 0.28	$ 0.27	$ 0.20	$ 0.20	$ 0.27	$ 0.24	$ 0.99	$ 0.91	$ 0.82
Select
Selected quarterly financial data (unaudited)
Net operating revenues	$ 1,039,205	$ 1,021,123	$ 887,065	$ 795,343	$ 771,608	$ 758,069	$ 772,762	$ 762,578	$ 3,742,736	$ 3,065,017	$ 2,975,648
Income from operations	62,300	48,214	85,011	79,265	57,822	66,017	82,193	78,444	274,790	284,476	301,436
Net income attributable to Select Medical Holdings Corporation	$ 29,327	$ 29,406	$ 36,940	$ 35,063	$ 25,712	$ 26,530	$ 35,341	$ 33,044	$ 130,736	$ 120,627	$ 116,580

Schedule II - Valuation and Q79

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Allowance for Doubtful Accounts
Changes in valuation and qualifying accounts
Balance at Beginning of Year	$ 46,425	$ 40,815	$ 41,854
Charged to Cost and Expenses	59,372	44,600	37,423
Deductions	(44,664)	(38,990)	(38,462)
Balance at End of Year	61,133	46,425	40,815
Income Tax Valuation Allowance
Changes in valuation and qualifying accounts
Balance at Beginning of Year	9,641	10,547	13,341
Charged to Cost and Expenses	(2,055)	(906)	(2,794)
Balance at End of Year	$ 7,586	$ 9,641	$ 10,547