Select Medical (SEM) 10-K 23 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 01, 2017	Jun. 30, 2016
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, 2016
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			$ 1,148,804,276.42
Entity Common Stock, Shares Outstanding		132,683,690
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 99,029	$ 14,435
Accounts receivable, net of allowance for doubtful accounts of $61,133 and $63,787 at 2015 and 2016, respectively	573,752	603,558
Current deferred tax asset	45,165	28,688
Prepaid income taxes	12,423	16,694
Other current assets	77,699	85,779
Total Current Assets	808,068	749,154
Property and equipment, net	892,217	864,124
Goodwill	2,751,000	2,314,624
Identifiable intangibles, net	340,562	318,675
Other assets	152,548	142,101
Total Assets	4,944,395	4,388,678
Current Liabilities:
Bank overdrafts	39,362	28,615
Current portion of long-term debt and notes payable	13,656	225,166
Accounts payable	126,558	137,409
Accrued payroll	146,397	120,989
Accrued vacation	83,261	73,977
Accrued interest	22,325	9,401
Accrued other	140,076	133,728
Total Current Liabilities	571,635	729,285
Long-term debt, net of current portion	2,685,333	2,160,730
Non-current deferred tax liability	222,847	218,705
Other non-current liabilities	136,520	133,220
Total Liabilities	3,616,335	3,241,940
Commitments and contingencies (Note 16)
Redeemable non-controlling interests	422,159	238,221
Stockholders' Equity:
Common stock	132	131
Capital in excess of par	443,908	424,506
Retained earnings (accumulated deficit)	371,685	434,616
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	815,725	859,253
Non-controlling interest	90,176	49,264
Total Equity	905,901	908,517
Total Liabilities and Equity	4,944,395	4,388,678
Select
Current Assets:
Cash and cash equivalents	99,029	14,435
Accounts receivable, net of allowance for doubtful accounts of $61,133 and $63,787 at 2015 and 2016, respectively	573,752	603,558
Current deferred tax asset	45,165	28,688
Prepaid income taxes	12,423	16,694
Other current assets	77,699	85,779
Total Current Assets	808,068	749,154
Property and equipment, net	892,217	864,124
Goodwill	2,751,000	2,314,624
Identifiable intangibles, net	340,562	318,675
Other assets	152,548	142,101
Total Assets	4,944,395	4,388,678
Current Liabilities:
Bank overdrafts	39,362	28,615
Current portion of long-term debt and notes payable	13,656	225,166
Accounts payable	126,558	137,409
Accrued payroll	146,397	120,989
Accrued vacation	83,261	73,977
Accrued interest	22,325	9,401
Accrued other	140,076	133,728
Total Current Liabilities	571,635	729,285
Long-term debt, net of current portion	2,685,333	2,160,730
Non-current deferred tax liability	222,847	218,705
Other non-current liabilities	136,520	133,220
Total Liabilities	3,616,335	3,241,940
Commitments and contingencies (Note 16)
Redeemable non-controlling interests	422,159	238,221
Stockholders' Equity:
Common stock	0	0
Capital in excess of par	925,111	904,375
Retained earnings (accumulated deficit)	(109,386)	(45,122)
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	815,725	859,253
Non-controlling interest	90,176	49,264
Total Equity	905,901	908,517
Total Liabilities and Equity	$ 4,944,395	$ 4,388,678

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 63,787	$ 61,133
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	132,596,758	131,282,798
Common stock, shares outstanding	132,596,758	131,282,798
Select
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 63,787	$ 61,133
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, 2016	Dec. 31, 2015	Dec. 31, 2014
Net operating revenues	$ 4,286,021	$ 3,742,736	$ 3,065,017
Costs and expenses:
Cost of services	3,664,843	3,211,541	2,582,340
General and administrative	106,927	92,052	85,247
Bad debt expense	69,093	59,372	44,600
Depreciation and amortization	145,311	104,981	68,354
Total costs and expenses	3,986,174	3,467,946	2,780,541
Income from operations	299,847	274,790	284,476
Other income and expense:
Loss on early retirement of debt	(11,626)		(2,277)
Equity in earnings of unconsolidated subsidiaries	19,943	16,811	7,044
Non-operating gain	42,651	29,647
Interest expense	(170,081)	(112,816)	(85,446)
Income before income taxes	180,734	208,432	203,797
Income tax expense	55,464	72,436	75,622
Net income	125,270	135,996	128,175
Less: Net income attributable to non-controlling interests	9,859	5,260	7,548
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	$ 115,411	$ 130,736	$ 120,627
Basic (in dollars per share)	$ 0.88	$ 1	$ 0.91
Diluted (in dollars per share)	0.87	0.99	0.91
Dividends paid per share	$ 0	$ 0.10	$ 0.40
Weighted average shares outstanding:
Basic (in shares)	127,813	127,478	129,026
Diluted (in shares)	127,968	127,752	129,465
Select
Net operating revenues	$ 4,286,021	$ 3,742,736	$ 3,065,017
Costs and expenses:
Cost of services	3,664,843	3,211,541	2,582,340
General and administrative	106,927	92,052	85,247
Bad debt expense	69,093	59,372	44,600
Depreciation and amortization	145,311	104,981	68,354
Total costs and expenses	3,986,174	3,467,946	2,780,541
Income from operations	299,847	274,790	284,476
Other income and expense:
Loss on early retirement of debt	(11,626)		(2,277)
Equity in earnings of unconsolidated subsidiaries	19,943	16,811	7,044
Non-operating gain	42,651	29,647
Interest expense	(170,081)	(112,816)	(85,446)
Income before income taxes	180,734	208,432	203,797
Income tax expense	55,464	72,436	75,622
Net income	125,270	135,996	128,175
Less: Net income attributable to non-controlling interests	9,859	5,260	7,548
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	$ 115,411	$ 130,736	$ 120,627

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity and Income - USD ($) $ in Thousands	Redeemable Non-controlling InterestsSelect	Redeemable Non-controlling Interests	ParentSelect	Parent	Common StockSelect	Common Stock	Capital in Excess of ParSelect	Capital in Excess of Par	Retained EarningsSelect	Retained Earnings	Non-controlling InterestsSelect	Non-controlling Interests	Select	Total
Balance at Dec. 31, 2013			$ 786,234	$ 786,234	$ 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
Balance - Redeemable Non-controlling Interests at Dec. 31, 2013	$ 11,584	$ 11,584
Increase (Decrease) in Stockholders' Equity
Net income attributable to Select Medical Corporation			120,627	120,627					120,627	120,627			120,627	120,627
Net income (loss) attributable to non-controlling interests	1,410	1,410									6,138	6,138	6,138	6,138
Additional investment by Holdings			7,355				7,355						7,355
Dividends declared and paid to Holdings			(184,100)						(184,100)				(184,100)
Dividends paid to common stockholders				(53,366)						(53,366)				(53,366)
Contribution related to restricted stock awards and stock option issuances by Holdings			12,778				12,778						12,778
Issuance and vesting of restricted stock				12,080		$ 2		12,078						$ 12,080
Issuance and vesting of restricted stock (in shares)						1,586,000								1,585,775
Tax benefit from stock based awards			3,119	3,119			3,119	3,119					3,119	$ 3,119
Repurchase of common shares				(130,734)		$ (12)		(76,851)		(53,871)				(130,734)
Repurchase of common shares (in shares)						(11,589,000)
Stock option expense				698				698						698
Exercise of stock options				7,355		$ 1		7,354						$ 7,355
Exercise of stock options (in shares)						975,000								974,969
Issuance of non-controlling interests											1,693	1,693	1,693	$ 1,693
Purchase of non-controlling interests			(7,421)	(7,421)			(7,421)	(7,421)			(1,360)	(1,360)	(8,781)	(8,781)
Distributions to non-controlling interests	(1,086)	(1,086)									(2,893)	(2,893)	(2,893)	(2,893)
Redemption adjustment on non-controlling interest	(923)	(923)	923	923					923	923			923	923
Other											(261)	(261)	(261)	(261)
Balance at Dec. 31, 2014			739,515	739,515	$ 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
Balance - Redeemable Non-controlling Interests at Dec. 31, 2014	10,985	10,985
Increase (Decrease) in Stockholders' Equity
Net income attributable to Select Medical Corporation			130,736	130,736					130,736	130,736			130,736	130,736
Net income (loss) attributable to non-controlling interests	(2,190)	(2,190)									7,450	7,450	7,450	7,450
Additional investment by Holdings			1,649				1,649						1,649
Dividends declared and paid to Holdings			(28,956)						(28,956)				(28,956)
Dividends paid to common stockholders				(13,129)						(13,129)				(13,129)
Contribution related to restricted stock awards and stock option issuances by Holdings			13,969				13,969						13,969
Issuance and vesting of restricted stock				13,916		$ 0		13,916						$ 13,916
Issuance and vesting of restricted stock (in shares)						1,385,000								1,384,954
Tax benefit from stock based awards			1,846	1,846			1,846	1,846					1,846	$ 1,846
Repurchase of common shares				(15,827)		$ 0		(8,168)		(7,659)				(15,827)
Repurchase of common shares (in shares)						(1,518,000)
Stock option expense				53				53						53
Exercise of stock options				1,649		$ 0		1,649						$ 1,649
Exercise of stock options (in shares)						183,000								183,450
Issuance of non-controlling interests	218,005	218,005	1,689	1,689			1,689	1,689			12,880	12,880	14,569	$ 14,569
Acquired non-controlling interests	14,196	14,196									2,888	2,888	2,888	2,888
Purchase of non-controlling interests	(876)	(876)	(194)	(194)			(194)	(194)			(25)	(25)	(219)	(219)
Distributions to non-controlling interests	(2,909)	(2,909)									(9,732)	(9,732)	(9,732)	(9,732)
Redemption adjustment on non-controlling interest	1,010	1,010	(1,010)	(1,010)					(1,010)	(1,010)			(1,010)	(1,010)
Other			9	9			9	9			78	78	87	87
Balance at Dec. 31, 2015			859,253	859,253	$ 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	131,283,000							100	131,282,798
Balance - Redeemable Non-controlling Interests at Dec. 31, 2015	238,221	238,221											$ 238,221	$ 238,221
Increase (Decrease) in Stockholders' Equity
Net income attributable to Select Medical Corporation			115,411	115,411					115,411	115,411			115,411	115,411
Net income (loss) attributable to non-controlling interests	12,479	12,479									(2,620)	(2,620)	(2,620)	(2,620)
Additional investment by Holdings			1,672				1,672						1,672
Dividends declared and paid to Holdings			(2,929)						(2,929)				(2,929)
Contribution related to restricted stock awards and stock option issuances by Holdings			16,644				16,644						16,644
Issuance and vesting of restricted stock				16,640		$ 1		16,639						$ 16,640
Issuance and vesting of restricted stock (in shares)						1,344,000								1,425,678
Repurchase of common shares				(2,929)		$ 0		(1,333)		(1,596)				$ (2,929)
Repurchase of common shares (in shares)						(232,000)
Stock option expense				4				4						4
Exercise of stock options				1,672		$ 0		1,672						$ 1,672
Exercise of stock options (in shares)						202,000								202,100
Issuance of non-controlling interests			2,377	2,377			2,377	2,377			47,801	47,801	50,178	$ 50,178
Acquired non-controlling interests											2,514	2,514	2,514	2,514
Purchase of non-controlling interests	(2,753)	(2,753)	654	654			75	75	579	579			654	654
Distributions to non-controlling interests	(3,231)	(3,231)									(7,324)	(7,324)	(7,324)	(7,324)
Redemption adjustment on non-controlling interest	177,216	177,216	(177,216)	(177,216)					(177,216)	(177,216)			(177,216)	(177,216)
Other	227	227	(141)	(141)			(32)	(32)	(109)	(109)	541	541	400	400
Balance at Dec. 31, 2016			$ 815,725	$ 815,725	$ 0	$ 132	$ 925,111	$ 443,908	$ (109,386)	$ 371,685	$ 90,176	$ 90,176	$ 905,901	$ 905,901
Balance (in shares) at Dec. 31, 2016					0	132,597,000							100	132,596,758
Balance - Redeemable Non-controlling Interests at Dec. 31, 2016	$ 422,159	$ 422,159											$ 422,159	$ 422,159

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net income	$ 125,270	$ 135,996	$ 128,175
Adjustments to reconcile net income to net cash provided by operating activities:
Distributions from unconsolidated subsidiaries	20,476	13,969	11,954
Depreciation and amortization	145,311	104,981	68,354
Provision for bad debts	69,093	59,372	44,600
Equity in earnings of unconsolidated subsidiaries	(19,943)	(16,811)	(7,044)
Loss on early retirement of debt	11,626		2,277
Gain on sale of assets and businesses	(46,488)	(1,098)	(1,048)
Gain on sale of equity investment	(2,779)	(29,647)
Impairment of equity investment	5,339
Stock compensation expense	17,413	14,985	11,186
Amortization of debt discount, premium and issuance costs	15,656	9,543	7,553
Deferred income taxes	(12,591)	(2,058)	14,311
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	(39,320)	(92,572)	(97,802)
Other current assets	17,450	(2,503)	(1,729)
Other assets	9,290	4,713	(103)
Accounts payable	(15,492)	2,345	5,997
Accrued expenses	46,292	7,200	(16,039)
Net cash provided by operating activities	346,603	208,415	170,642
Investing activities
Acquisition of businesses, net of cash acquired	(472,206)	(1,061,628)	(1,211)
Purchases of property and equipment	(161,633)	(182,642)	(95,246)
Investment in businesses	(4,723)	(2,347)	(4,634)
Proceeds from sale of equity investment	3,779	33,096
Proceeds from sale of assets and businesses	80,463	1,767
Net cash used in investing activities	(554,320)	(1,211,754)	(101,091)
Financing activities
Borrowings on revolving facilities	575,000	1,135,000	910,000
Payments on revolving facilities	(655,000)	(895,000)	(870,000)
Net proceeds from term loans (financing costs)	795,344	623,575	(2,139)
Payments on term loans	(438,034)	(29,134)	(33,994)
Net proceeds from 6.375% senior notes issuance			109,355
Borrowings of other debt	27,721	13,374	9,076
Principal payments on other debt	(21,401)	(18,136)	(14,673)
Proceeds from bank overdrafts	10,746	6,869	9,240
Dividends paid to common stockholders		(13,129)	(53,366)
Repurchase of common stock	(2,929)	(15,827)	(130,734)
Proceeds from exercise of stock options	1,672	1,649	7,355
Tax benefit from stock based awards		1,846	3,119
Proceeds from issuance of non-controlling interests	11,846	217,065	185
Purchase of non-controlling interests	(2,099)	(1,095)	(9,961)
Distributions to non-controlling interests	(10,555)	(12,637)	(3,979)
Net cash provided by (used in) financing activities	292,311	1,014,420	(70,516)
Net increase (decrease) in cash and cash equivalents	84,594	11,081	(965)
Cash and cash equivalents at beginning of period	14,435	3,354	4,319
Cash and cash equivalents at end of period	99,029	14,435	3,354
Supplemental Information
Cash paid for interest	142,640	103,166	78,812
Cash paid for taxes	70,756	79,420	77,771
Liabilities for purchases of property and equipment	32,861	36,744	14,230
Select
Operating activities
Net income	125,270	135,996	128,175
Adjustments to reconcile net income to net cash provided by operating activities:
Distributions from unconsolidated subsidiaries	20,476	13,969	11,954
Depreciation and amortization	145,311	104,981	68,354
Provision for bad debts	69,093	59,372	44,600
Equity in earnings of unconsolidated subsidiaries	(19,943)	(16,811)	(7,044)
Loss on early retirement of debt	11,626		2,277
Gain on sale of assets and businesses	(46,488)	(1,098)	(1,048)
Gain on sale of equity investment	(2,779)	(29,647)
Impairment of equity investment	5,339
Stock compensation expense	17,413	14,985	11,186
Amortization of debt discount, premium and issuance costs	15,656	9,543	7,553
Deferred income taxes	(12,591)	(2,058)	14,311
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	(39,320)	(92,572)	(97,802)
Other current assets	17,450	(2,503)	(1,729)
Other assets	9,290	4,713	(103)
Accounts payable	(15,492)	2,345	5,997
Accrued expenses	46,292	7,200	(16,039)
Net cash provided by operating activities	346,603	208,415	170,642
Investing activities
Acquisition of businesses, net of cash acquired	(472,206)	(1,061,628)	(1,211)
Purchases of property and equipment	(161,633)	(182,642)	(95,246)
Investment in businesses	(4,723)	(2,347)	(4,634)
Proceeds from sale of equity investment	3,779	33,096
Proceeds from sale of assets and businesses	80,463	1,767
Net cash used in investing activities	(554,320)	(1,211,754)	(101,091)
Financing activities
Borrowings on revolving facilities	575,000	1,135,000	910,000
Payments on revolving facilities	(655,000)	(895,000)	(870,000)
Net proceeds from term loans (financing costs)	795,344	623,575	(2,139)
Payments on term loans	(438,034)	(29,134)	(33,994)
Net proceeds from 6.375% senior notes issuance			109,355
Borrowings of other debt	27,721	13,374	9,076
Principal payments on other debt	(21,401)	(18,136)	(14,673)
Proceeds from bank overdrafts	10,746	6,869	9,240
Dividends paid to Holdings	(2,929)	(28,956)	(184,100)
Equity investment by Holdings	1,672	1,649	7,355
Tax benefit from stock based awards		1,846	3,119
Proceeds from issuance of non-controlling interests	11,846	217,065	185
Purchase of non-controlling interests	(2,099)	(1,095)	(9,961)
Distributions to non-controlling interests	(10,555)	(12,637)	(3,979)
Net cash provided by (used in) financing activities	292,311	1,014,420	(70,516)
Net increase (decrease) in cash and cash equivalents	84,594	11,081	(965)
Cash and cash equivalents at beginning of period	14,435	3,354	4,319
Cash and cash equivalents at end of period	99,029	14,435	3,354
Supplemental Information
Cash paid for interest	142,640	103,166	78,812
Cash paid for taxes	70,756	79,420	77,771
Liabilities for purchases of property and equipment	$ 32,861	$ 36,744	$ 14,230

Consolidated Statements of Cas7

Consolidated Statements of Cash Flows (Parenthetical) - 6.375% senior notes	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Long-term debt and notes payable
Interest rate of debt (as a percent)	6.375%	6.375%	6.375%
Select
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, 2016
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 Concentra. Through the specialty hospitals segment, the Company provides post-acute inpatient care through its long term acute care hospitals and inpatient acute rehabilitative hospitals. Patients are typically admitted to our specialty hospitals from general acute care hospitals. These patients have specialized needs, with serious and often complex medical conditions. The Company operated 123 specialty hospitals at December 31, 2016. The Company's outpatient rehabilitation segment consists of clinics that provide physical, occupational, and speech rehabilitation services. At December 31, 2016, the Company operated 1,611 outpatient clinics. 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 ("CBOCs") that deliver occupational medicine, physical therapy, veteran's healthcare, and consumer health services. At December 31, 2016, the Company operated 300 medical centers, 107 medical facilities located at the workplaces of Concentra's employer customers, and 32 Department of Veterans Affairs CBOCs. At December 31, 2016, 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 accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and liabilities, at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but not limited to: accounts receivable and allowance for doubtful accounts, depreciable lives of assets, intangible assets and liabilities, insurance, and income taxes. Future events and their effects cannot be predicted with certainty; accordingly, the Company's accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the financial statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company's operating environment changes. The Company's management evaluates and updates assumptions and estimates on an ongoing basis. Actual results could differ 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 and employer 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 self-insured amounts owed by the patient are an immaterial portion of the Company's net accounts receivable balance and accounted for approximately 1.2% of the net accounts receivable balance before doubtful accounts at both December 31, 2015 and 2016. 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 applying a reserve allowance based upon the age of an account balance. This method is monitored based on historical cash collections experience and write-off 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. 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. 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: Land improvements 2 - 25 years Leasehold improvements 5 - 15 years Buildings 40 years Building improvements 5 - 25 years Furniture and equipment 3 - 20 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. 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 applies both a discounted cash flow ("DCF") income and market approach. Included in the DCF income approach, specific for each reporting unit, 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 its industry, its recent transactions, and 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 an 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, outpatient rehabilitation, and Concentra. Goodwill is assigned to reporting units based upon the specific nature of the business acquired. When a business combination contains business components related to more than one reporting unit, goodwill is assigned to each reporting unit based upon an allocation determined by the relative fair values of the business acquired. The Company's most recent impairment assessment was completed during the fourth quarter of 2016 utilizing financial information as of October 1, 2016 and indicated that there was no impairment with respect to goodwill or other identifiable 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. The Company allocates the purchase price to identifiable intangible assets. At December 31, 2016, identifiable intangible assets and liabilities consist of the values assigned to trademarks, certificates of need, accreditations, customer relationships, non-compete agreements, and leasehold interests. Management believes that the estimated useful lives established are reasonable based on the economic factors applicable to each of the identifiable intangible assets and liabilities. 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 8 - 16 years Leasehold interests 1 - 9 years Non-compete agreements 1 - 15 years The Company reviews the realizability of identifiable 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 to the extent the carrying amount of the assets exceeds their estimated fair value. 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. Debt Issuance Costs Debt issuance costs related to notes and loans are recognized as a direct deduction from the carrying value of the debt liability on the consolidated balance sheets. Debt issuance costs related to line-of-credit arrangements are presented as part of other assets on the consolidated balance sheets. 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 or exchanged, an evaluation is made whether an accounting modification or accounting extinguishment has occurred. 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. 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. Insurance Risk Programs Under a number of the Company's insurance programs, which include the Company's employee health insurance, workers' compensation, and professional malpractice liability insurance programs, the Company is liable for a portion of its losses before it can attempt to recover from the applicable insurance carrier. The Company accrues for losses for which it will be ultimately responsible 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. 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. 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. As of December 31, 2015 and 2016, the Company believes the redemption amounts of these ownership interests approximate the fair value of those interests. 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 statements of operations and comprehensive income. The following table summarizes the net income (loss) attributable to non-controlling interests and redeemable non-controlling interests. The results of Holdings are identical to those of Select. For the Years Ended 2014 2015 2016 (in thousands) Attributable to non-controlling interests $ $ $ ) Attributable to redeemable non-controlling interests ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue Recognition Net operating revenues consists primarily of patient service revenues and revenues generated from 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 45%, 37% and 30% of the Company's net operating revenues for the years ended December 31, 2014, 2015 and 2016, respectively. Approximately 24% and 18% of the Company's accounts receivable (after allowances for contractual adjustments but before doubtful accounts) are from Medicare at December 31, 2015 and 2016, respectively. 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 rehabilitation clinics to comply with regulations can result in significant changes in that specialty hospital's or outpatient rehabilitation clinic's net operating revenues generated from the Medicare program. Recent Accounting Pronouncements In October 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory . Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The ASU requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The standard will be effective 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 August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments, which addresses the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard will be effective for fiscal years beginning after December 15, 2017. The Company does not anticipate changes to current accounting policies or the need to retrospectively adjust previously presented consolidated financial statements as a result of the adoption of the guidance in the new standard. In February 2016, the FASB issued ASU 2016-02, Leases . This ASU includes a lessee accounting model that recognizes two types of leases; finance and operating. This ASU requires that a lessee recognize on the balance sheet assets and liabilities for all leases with lease terms of more than twelve months. Lessees will need to recognize almost all leases on the balance sheet as a right-of-use asset and a lease liability. For income statement purposes, the FASB retained the dual model, requiring leases to be classified as either operating or finance. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. For short-term leases of twelve months or less, lessees are permitted to make an accounting election by class of underlying asset not to recognize right-of-use assets or lease liabilities. If the alternative is elected, lease expense would be recognized generally on the straight-line basis over the respective lease term. The amendments in ASU 2016-02 will take effect for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Earlier application is permitted as of the beginning of an interim or annual reporting period. A modified retrospective approach is required for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. Upon adoption, the Company will recognize significant assets and liabilities on the consolidated balance sheets as a result of the operating lease obligations of the Company. Operating lease expense will still be recognized as rent expense on a straight-line basis over the respective lease term in the consolidated statements of operations and comprehensive income. 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 will adopt the guidance in this ASU in the first quarter of 2017. Upon adoption, deferred tax assets and liabilities will no longer be classified as current and will instead be classified as noncurrent on the consolidated balance sheets. The Company will still be required to offset deferred tax assets and liabilities for each taxpaying entity within a tax jurisdiction. In May 2014, March 2016, April 2016, and December 2016, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , ASU 2016-08, Revenue from Contracts with Customers, Principal versus Agent Considerations , ASU 2016-10, Revenue from Contracts with Customers, Identifying Performance Obligations and Licensing , ASU 2016-12, Revenue from Contracts with Customers, Narrow Scope Improvements and Practical Expedients , and ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customer (collectively "the standards"), respectively, which supersede 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 standards were effective for fiscal years beginning after December 15, 2016; however, in July 2015, the FASB approved a one-year deferral of these standards, with a new effective date for fiscal years beginning after December 15, 2017. The standards require the selection of a retrospective or cumulative effect transition method. The Company will adopt the guidance beginning January 1, 2018, using a retrospective transition method. The Company anticipates the most significant change will be how the estimate for the allowance for doubtful accounts will be recognized under the new standards. Under the current standards, the Company's estimate for amounts not expected to be collected based on our historical experience have been recorded to bad debt expense. Under the new standards, the Company's estimate for amounts not expected to be collected based on historical experience will be recognized as a reduction to revenue. Subsequent changes in estimates of collectability due to a change in the financial status of a payor, for example a bankruptcy, will continue to be recognized as bad debt expense. Amounts previously written off to the allowance for bad debts as a result of our inability to collect payment will be recognized as a reduction to revenue under the new standard. Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation , which simplifies various aspects of accounting for share-based payments. The areas for simplification involve several aspects of the accounting for share-based payment transactions, including the income tax consequences and classification on the statements of cash flows. During the fourth quarter of 2016, the Company adopted and applied the standard on a prospective basis beginning January 1, 2016. The Company has elected to recognize the effect of forfeitures in compensation cost when they occur. There was no retrospective impact to the consolidated financial statements, including the consolidated statements of cash flows, as a result of the adoption of this standard. In April and August 2015, the FASB issued ASU 2015-03 and ASU 2015-15, each titled Interest— Imputation of Interest , 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 also confirmed that debt issuance costs related to line-of-credit arrangements will continue to be recognized as an asset and amortized over the term of the arrangement. The Company adopted the standard at the beginning of the first quarter of 2016. The balance sheet as of December 31, 2015 was retrospectively conformed to reflect the adoption of the standard and approximately $38.0 million of unamortized debt issuance costs were reclassified to be a direct reduction of debt, rather than a component of other assets.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2016
Acquisitions
Acquisitions	2. Acquisitions Physiotherapy Acquisition On March 4, 2016, Select acquired 100% of the issued and outstanding equity securities of Physiotherapy Associates Holdings, Inc. ("Physiotherapy") for $406.3 million, net of $12.3 million of cash acquired. Select financed the acquisition using a combination of cash on hand and proceeds from an incremental term loan facility under the Select credit facilities, as defined below (refer to Note 8). For the year ended December 31, 2016, $3.2 million of Physiotherapy acquisition costs were recognized in general and administrative expense. Physiotherapy is a national provider of outpatient physical rehabilitation care offering a wide range of services, including general orthopedics, spinal care and neurological rehabilitation, as well as orthotics and prosthetics services. For the Physiotherapy acquisition, the Company allocated the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair value in accordance with the provisions of Accounting Standards Codification ("ASC") 805, Business Combinations . During the year ended December 31, 2016, the Company finalized the accounting for identifiable intangible assets and liabilities, 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, which is expected to be completed during the first quarter of 2017. The following table reconciles the allocation of the consideration given for identifiable net assets and goodwill acquired to the net cash paid for the acquired business (in thousands): Cash and cash equivalents $ Identifiable tangible assets, excluding cash and cash equivalents Identifiable intangible assets Goodwill ​ ​ ​ ​ ​ Total assets Total liabilities Acquired non-controlling interests ​ ​ ​ ​ ​ Net assets acquired Less: Cash and cash equivalents acquired ) ​ ​ ​ ​ ​ Net cash paid $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The fair value assigned to identifiable intangible assets was determined through the use of the income and cost approaches. Both valuation methods rely on management judgment including expected future cash flows, employee 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 identifiable intangible assets were determined based upon the remaining useful economic lives of the identifiable intangible assets that are expected to contribute directly or indirectly to future cash flows. The valuations of tangible assets were derived using a combination of the market and cost approaches. Significant judgments used in valuing tangible assets include estimated reproduction or replacement cost, useful lives of assets, and estimated selling prices. Amount Weighted Average (in thousands) (in years) Non-compete agreements $ 14.8 Leasehold interests 3.5 Trademarks Indefinite ​ ​ ​ ​ ​ ​ ​ ​ Total identifiable intangible assets $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible liabilities acquired included unfavorable leasehold interests of $1.9 million with a weighted average amortization period of 3.9 years. The non-compete agreements 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 $343.0 million has been recognized in the business combination, representing the excess of the consideration given over the fair value of identifiable net assets acquired. The value of goodwill is derived from Physiotherapy's future earnings potential and its assembled workforce. Goodwill has been assigned to the outpatient rehabilitation reporting unit and is not deductible for tax purposes. However, prior to its acquisition by the Company, Physiotherapy completed certain acquisitions that resulted in tax deductible goodwill with an estimated value of $8.8 million, which the Company will deduct through 2030. Due to the integration of Physiotherapy into our outpatient rehabilitation operations, it is not practicable to separately identify net revenue and earnings of Physiotherapy on a stand-alone basis. Concentra Acquisition On June 1, 2015, MJ Acquisition Corporation, a joint venture that Select created with Welsh, Carson, Anderson & Stowe XII, L.P., consummated the acquisition of Concentra, the indirect operating subsidiary of Concentra Group Holdings, LLC, 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., MJ Acquisition Corporation acquired 100% of the issued and outstanding equity securities of Concentra from Humana, Inc. for $1,047.2 million, net of $3.8 million of cash acquired. During the year ended December 31, 2015, the Company finalized the accounting for identifiable intangible assets and liabilities, fixed assets, non-controlling interests, and certain pre-acquisition contingencies. During the quarter ended June 30, 2016, the Company completed the accounting for certain deferred tax matters. The following table reconciles the allocation of the consideration given for identifiable net assets and goodwill acquired to the net cash paid for the acquired business (in thousands): Cash and cash equivalents $ Identifiable tangible assets, excluding cash and cash equivalents Identifiable intangible assets Goodwill ​ ​ ​ ​ ​ Total assets Total liabilities Acquired non-controlling interests ​ ​ ​ ​ ​ Net assets acquired Less: Cash and cash equivalents acquired ) ​ ​ ​ ​ ​ Net cash paid $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill of $651.2 million was recognized in the business combination, representing the excess of the consideration given over the fair value of the identifiable net assets acquired. The value of goodwill is derived from Concentra's future earnings potential and its assembled workforce. The goodwill is assigned to the Concentra reporting unit and is not deductible for tax purposes. However, prior to its acquisition by MJ Acquisition Corporation, Concentra completed certain acquisitions that resulted in tax deductible goodwill with an estimated value of $23.9 million, which the Company will deduct through 2025. For the year ended December 31, 2016, Concentra had net revenue of $1.0 billion and net income of approximately $14.9 million which are reflected in the Company's consolidated statements of operations and comprehensive income. Pro Forma Results The following pro forma unaudited results of operations have been prepared assuming the acquisitions of Concentra and Physiotherapy occurred January 1, 2014 and 2015, respectively. These results are not necessarily indicative of results of future operations nor of the results that would have actually occurred had the acquisitions been consummated on the aforementioned dates. For the Years Ended 2015 2016 (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 of both the Concentra and Physiotherapy acquisitions. The net income tax impact was calculated at a statutory rate, as if Concentra and Physiotherapy had been subsidiaries of the Company as of January 1, 2014 and 2015, respectively. Pro forma results were adjusted to recognize Concentra acquisition costs in the year ended December 31, 2014 and Physiotherapy acquisition costs in the year ended December 31, 2015. Therefore, pro forma results for the year ended December 31, 2015 were adjusted to include $3.2 million of Physiotherapy acquisition costs and exclude $4.7 million of Concentra acquisition costs. Pro forma results for the year ended December 31, 2016 were adjusted to exclude approximately $3.2 million of Physiotherapy acquisition costs. Other Acquisitions The Company completed acquisitions consisting principally of specialty hospital and outpatient rehabilitation businesses during the year ended December 31, 2014. Consideration given for these acquisitions consisted of $1.2 million of cash, net of cash received, and the issuance of $1.7 million of non-controlling interests. The assets received in these acquisitions consisted principally of accounts receivable, property and equipment, and goodwill of $1.9 million, of which $0.9 million and $1.0 million was recognized in our specialty hospitals and outpatient rehabilitation reporting units, respectively. In addition to the acquisition of Concentra, the Company completed acquisitions consisting principally of specialty hospital and other Concentra businesses during the year ended December 31, 2015. Consideration given for these acquisitions consisted of $14.4 million of cash, net of cash received, and the issuance of $14.7 million of non-controlling interests. The assets received in these acquisitions consisted principally of accounts receivable, property and equipment, and goodwill, of which $21.9 million and $4.2 million was recognized in our specialty hospitals and Concentra reporting units, respectively. In addition to the acquisition of Physiotherapy, the Company completed acquisitions consisting of specialty hospital, outpatient rehabilitation, and Concentra businesses during the year ended December 31, 2016. Consideration given for these acquisitions consisted of $65.6 million of cash, net of cash received, the issuance of $38.3 million of non-controlling interests, and $17.7 million of business net assets. The Company's acquisition of certain hospitals resulted in a non-operating gain totaling $9.5 million due, in part, to a bargain purchase because the fair values of the identifiable assets acquired exceeded the fair value of the consideration given in an exchange transaction. The assets received in these acquisitions consisted principally of cash, real property, and goodwill, of which $96.8 million, $2.3 million, and $4.6 million of goodwill was recognized in our specialty hospitals, outpatient rehabilitation, and Concentra reporting units, respectively.

Sale of Businesses

Sale of Businesses	12 Months Ended
	Dec. 31, 2016
Sale of Businesses
Sale of Businesses	3. Sale of Businesses The Company recognized non-operating gains of $35.6 million resulting from the sale of businesses during the year ended December 31, 2016. The non-operating gains were the result of the sale of the Company's contract therapy businesses for $65.0 million, resulting in a non-operating gain of $33.9 million, and the sale of nine outpatient rehabilitation clinics to an entity the Company holds as an equity method investment, resulting in a non-operating gain of $1.7 million.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2016
Property and Equipment
Property and Equipment	4. Property and Equipment The Company's property and equipment consists of the following: December 31, 2015 2016 (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 $67.9 million, $96.1 million, and $129.0 million for the years ended December 31, 2014, 2015 and 2016, respectively.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2016
Intangible Assets and Liabilities
Intangible Assets and Liabilities	5. Intangible Assets and Liabilities The Company's goodwill and identifiable intangible assets and liabilities consist of the following: December 31, 2015 2016 Gross Accumulated Net Gross Accumulated Net (in thousands) Goodwill $ $ — $ $ $ — $ Identifiable intangibles—Indefinite lived assets: Trademarks — — Certificates of need — — Accreditations — — Identifiable intangibles—Finite lived assets: Customer relationships ) ) Favorable leasehold interests ) ) Non-compete agreements — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total identifiable intangible assets $ $ ) $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identifiable intangibles—Finite lived liabilities: Unfavorable leasehold interests $ $ ) $ $ $ ) $ The Company's customer relationships and non-compete agreements amortize over their estimated useful lives. Amortization expense was $0.5 million, $8.9 million, and $16.3 million for the years ended December 31, 2014, 2015, and 2016, respectively. Estimated amortization expense of the Company's customer relationships and non-compete agreements for each of the five succeeding years is $16.4 million annually. 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 Company's unfavorable leasehold interests are presented as part of accrued other and other non-current liabilities on the consolidated balance sheets. The Company's accreditations and trademarks have renewal terms. The costs to renew these intangibles are expensed as incurred. At December 31, 2016, the accreditations and trademarks have a weighted average time until next renewal of 1.5 years and 2.9 years, respectively. The changes in goodwill for the years ended December 31, 2015 and 2016 are as follows: Specialty Outpatient Concentra Total (in thousands) Balance as of January 1, 2015 $ $ $ — $ Acquired — Sold — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2015 $ $ $ $ Acquired Measurement period adjustment — — Sold ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2016 $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ See Note 2 for details of the goodwill acquired during the period.

Equity Method Investments

Equity Method Investments	12 Months Ended
	Dec. 31, 2016
Equity Method Investments
Equity Method Investments	6. Equity Method Investments The Company's equity method investments consist principally of interests in specialty hospital and outpatient rehabilitation businesses. Equity method investments of $101.4 million and $100.0 million are presented as part of other assets on the consolidated balance sheets as of December 31, 2015 and 2016, respectively. As of December 31, 2015 and 2016, these businesses consist primarily of the following ownership interests: BIR JV, LLP % OHRH, LLC % GlobalRehab—Scottsdale, LLC % Rehabilitation Institute of Denton, LLC % ES Rehabilitation, LLC % 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 contracted services and management fees charged to related parties affiliated through the Company's equity investments were $129.3 million, $146.0 million, and $164.2 million for the years ended December 31, 2014, 2015 and 2016, respectively. During the year ended December 31, 2016, the Company recognized a non-operating loss of $5.1 million related to the sale of an equity method investment. Additionally, the Company received contingent proceeds related to the final settlement of its 2015 sale of an equity method investment, resulting in a non-operating gain of $2.5 million recognized during the year ended December 31, 2016. During the year ended December 31, 2015, the Company recognized a non-operating gain of $29.6 million related to the sale of an equity method investment.

Insurance Risk Programs

Insurance Risk Programs	12 Months Ended
	Dec. 31, 2016
Insurance Risk Programs
Insurance Risk Programs	7. Insurance Risk Programs Under a number of the Company's insurance programs, which include the Company's employee health insurance, workers' compensation, and professional malpractice liability insurance programs, the Company is liable for a portion of its losses before it can attempt to recover from the applicable insurance carrier. The Company accrues for losses for which it will be ultimately responsible 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. Provisions for losses for professional liability risks retained by the Company at December 31, 2015 and 2016 have been discounted at 3%. At December 31, 2015 and 2016, respectively, the Company had recorded a liability of $157.4 million and $147.4 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 $165.8 million and $152.7 million at December 31, 2015 and 2016, respectively.

Long-Term Debt and Notes Payabl

Long-Term Debt and Notes Payable	12 Months Ended
	Dec. 31, 2016
Long-Term Debt and Notes Payable
Long-Term Debt and Notes Payable	8. 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 Company's long-term debt and notes payable consist of the following: December 31, 2015 2016 (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 $1.2 million and $1.0 million at December 31, 2015 and 2016, respectively. Includes unamortized debt issuance costs of $10.4 million and $8.5 million at December 31, 2015 and 2016, respectively. (2) Includes unamortized discounts of $2.8 million and $12.0 million at December 31, 2015 and 2016, respectively. Includes unamortized debt issuance costs of $7.4 million and $13.6 million at December 31, 2015 and 2016, respectively. (3) Includes unamortized discounts of $2.9 million and $2.8 million at December 31, 2015 and 2016, respectively. Includes unamortized debt issuance costs of $20.2 million and $13.1 million at December 31, 2015 and 2016, respectively. Select 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 March 4, 2014, Select amended the Select credit facilities in order to, among other things: (i) convert the remaining series B tranche B term loans into series D tranche B term loans and lower the interest rate payable on the series D tranche B term loans 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 tranche B term loans at December 20, 2016; (iii) convert the remaining series C tranche B term loans to new series E tranche B term loans and lower the interest rate payable on the series E tranche B term loans 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 tranche B term loans 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 tranche B 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 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 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 tranche B term loans and series E tranche B term loans 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 tranche B term loans into series E tranche B term loans, which have a maturity date of June 1, 2018; (ii) increase the interest rate payable on the series E tranche B term loans from Adjusted LIBO plus 2.75% (subject to an Adjusted LIBO Rate floor of 1.00%), or Alternate Base Rate plus 1.75%, to Adjusted LIBO plus 4.00% (subject to an Adjusted LIBO Rate floor of 1.00%), or Alternate 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. On March 2, 2016, Select made a principal prepayment of $10.2 million associated with the series D tranche B term loans and series E tranche B term loans in accordance with the provision in the Select credit facilities that requires mandatory repayments of term loans as a result of annual excess cash flow as defined in the Select credit facilities. On March 4, 2016, Select amended the Select credit facilities in order to, among other things: (i) have the lenders named therein make available an aggregate of $625.0 million series F tranche B term loans, (ii) extend the financial covenants through March 3, 2021, (iii) add a 1.00% prepayment premium for prepayments made with new term loans on or prior to March 4, 2017 if such new term loans have a lower yield than the series F tranche B term loans, (iv) increase the interest rate payable on the series E tranche B term loans from Adjusted LIBO plus 4.00% (subject to an Adjusted LIBO Rate floor of 1.00%), or Alternate Base Rate plus 3.00%, to Adjusted LIBO plus 5.00% (subject to an Adjusted LIBO Rate floor of 1.00%), or Alternate Base Rate plus 4.00%; and (v) made certain other technical amendments to the Select credit facilities. The series F tranche B term loans bear interest at a rate per annum equal to the Adjusted LIBO Rate (as defined in the Select credit facilities, subject to an Adjusted LIBO Rate floor of 1.00%) plus 5.00% for Eurodollar Loans or the Alternate Base Rate (as defined in the Select credit facilities) plus 4.00% for Alternate Base Rate Loans (as defined in the Select credit facilities). Select is required to make principal payments on the series F tranche B term loans in quarterly installments on the last day of each of March, June, September and December, beginning June 30, 2016, in amounts equal to 0.25% of the aggregate principal amount of the series F tranche B term loans outstanding as of the date of the credit extension amendment. The balance of the series F tranche B term loans is payable on March 3, 2021. Except as specifically set forth in the credit extension amendment, the terms and conditions of the series F tranche B term loans are identical to the terms of the outstanding series E tranche B term loans under the Select credit facilities and the other loan documents to which Select is party. Select used the proceeds of the series F tranche B term loans to: (i) refinance in full the series D tranche B term loans due December 20, 2016, (ii) consummate the acquisition of Physiotherapy, and (iii) pay fees and expenses incurred in connection with the acquisition of Physiotherapy, the refinancing, and the Select credit extension amendment. At December 31, 2016, Select's credit facilities consisted of a $527.4 million series E tranche B term loans (excluding unamortized original issue discounts and debt issuance costs totaling $4.8 million) which matures on June 1, 2018, $620.3 million series F tranche B term loans (excluding unamortized original issue discounts and debt issuance costs totaling $20.7 million) which matures on March 3, 2021, and a $450.0 million revolving facility which matures on March 1, 2018. At December 31, 2016, Select had $190.3 million of availability under the Select revolving facility after giving effect to $39.7 million of outstanding letters of credit. 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 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). 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, 2016 was the (1) Alternate Base Rate plus 2.75% for Alternate Base Rate Loans and the (2) Adjusted LIBO Rate plus 3.75% for Eurodollar Loans. 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 waive 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. The Select credit facilities require it to maintain certain leverage ratios (as defined in the Select credit facilities). For each of the four fiscal quarters during the year ended December 31, 2016, Select was required to maintain its leverage ratio at less than 5.75 to 1.00. As of December 31, 2016, Select's leverage ratio was 5.40 to 1.00. Additionally, the Select credit facilities will require a prepayment of borrowings of 50% of excess cash flow for fiscal year 2016, which will result in a prepayment of approximately $33.2 million based on excess cash flow for the year ended December 31, 2016. The Company expects to have the borrowing capacity and intends to use borrowings under the Select revolving facility to make the required prepayment during the quarter ended March 31, 2017. Senior Notes On May 28, 2013, Select issued and sold $600.0 million aggregate principal amount of 6.375% senior notes due June 1, 2021. 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 at the following redemption prices (expressed in percentages of principal amount on the redemption date), plus accrued interest, if any, if redeemed during the twelve-month period beginning on June 1 of the years indicated below: Year Redemption Price 2016 % 2017 % 2018 % 2019 % 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 On June 1, 2015, MJ Acquisition Corporation, as the initial borrower, entered into a first lien credit agreement (the "Concentra credit agreement") and a second lien credit agreement (the "Concentra second lien credit agreement"). Concentra, as the surviving entity of the merger between MJ Acquisition Corporation and Concentra, became the borrower. The Concentra credit agreement provided 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 (the "Concentra revolving facility" and, together with the Concentra first lien term loan, the "Concentra credit facilities"). The borrowings under the Concentra 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 credit agreement and are not obligors with respect to Concentra's debt under such agreement. Borrowings under the Concentra credit agreement bear interest at a rate equal to: • in the case of the Concentra first lien term loan, Adjusted LIBO (as defined in the Concentra credit agreement) plus 3.00% (subject to an Adjusted LIBO Rate floor of 1.00%), or Alternate Base Rate (as defined in the Concentra credit agreement) plus 2.00% (subject to an Alternate Base Rate floor of 2.00%); and • 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 second lien credit agreement provided for a $200.0 million eight-year second lien term loan ("Concentra second lien term loan"). The borrowings under the Concentra second lien credit agreement were 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 bore 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 Rate 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%). On September 26, 2016, Concentra entered into a credit agreement amendment to the Concentra credit agreement dated June 1, 2015. The credit agreement amendment provided an additional $200.0 million of first lien term loans due June 1, 2022, the proceeds of which were used to prepay in full the Concentra second lien term loan due June 1, 2023; and also amended certain restrictive covenants to give Concentra greater operational flexibility. The Concentra first lien term loan amortizes in equal quarterly installments of $1.6 million through March 31, 2022, with the remaining unamortized aggregate principal due at maturity on June 1, 2022. The Concentra revolving facility matures on June 1, 2020. At December 31, 2016, Concentra had outstanding borrowings under the Concentra credit facilities of $642.2 million (excluding unamortized discounts and debt issuance costs totaling $15.9 million) of term loans. Concentra did not have any borrowings under the Concentra revolving facility. At December 31, 2016, Concentra had $43.4 million of availability under its revolving facility after giving effect to $6.6 million of outstanding letters of credit. Concentra will be required to prepay borrowings under the Concentra credit agreement with (i) 100% of the net cash proceeds received from non-ordinary course asset sales or other dispositions, or as a result of a casualty or condemnation, subject to reinvestment provisions and other customary carveouts and the payment of certain indebtedness secured by liens, (ii) 100% of the net cash proceeds received from the issuance of debt obligations other than certain permitted debt obligations, and (iii) 50% of excess cash flow (as defined in the Concentra credit agreement) if Concentra's leverage ratio is greater than 4.25 to 1.00 and 25% of excess cash flow if Concentra's leverage ratio is less than or equal to 4.25 to 1.00 and greater than 3.75 to 1.00, in each case, reduced by the aggregate amount of term loans and certain debt secured on a pari passu basis optionally prepaid during the applicable fiscal year and the aggregate amount of revolving commitments hereunder reduced permanently during the applicable fiscal year (other than in connection with a refinancing). Concentra will not be required to prepay borrowings with excess cash flow if Concentra's leverage ratio is less than or equal to 3.75 to 1.00. The Concentra credit facilities will require a prepayment of borrowings of 25% of excess cash flow for fiscal year 2016, which will result in a prepayment of approximately $23.1 million based on excess cash flow for the year ended December 31, 2016. Concentra expects to have the borrowing capacity and intends to use borrowings under the Concentra revolving facility and cash on hand to make the required prepayment during the quarter ended March 31, 2017. The Concentra credit agreement requires Concentra to maintain a leverage ratio (based upon the ratio of indebtedness for money borrowed to consolidated EBITDA, as defined in the Concentra credit agreement) of 5.75 to 1.00 which is tested quarterly, but only if Revolving Exposure (as defined in the Concentra credit agreement) exceeds 30% of Revolving Commitments (as defined in the Concentra credit agreement) on such day. Failure to comply with this covenant would result in an event of default under the Concentra revolving facility only and, absent a waiver or an amendment from the lenders, preclude Concentra from making further borrowings under the Concentra revolving facility and permit the lenders to accelerate all outstanding borrowings under the Concentra revolving facility. Upon such acceleration, Concentra's failure to comply with the financial covenant would result in an event of default with respect to the Concentra first lien term loan. The Concentra credit facilities also contain a number of affirmative and restrictive covenants, including limitations on mergers, consolidations and dissolutions; sales of assets; investments and acquisitions; indebtedness; liens; affiliate transactions; and dividends and restricted payments. The Concentra credit facilities contain events of default for non-payment of principal and interest when due (subject to a grace period for interest), cross-default and cross-acceleration provisions and an event of default that would be triggered by a change of control. Maturities of Long-Term Debt and Notes Payable Maturities of the Company's long-term debt and notes payable for the years after 2016 are approximately as follows: Select Concentra Total (in thousands) 2017 $ $ $ 2018 2019 2020 2021 2022 and beyond ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total principal Unamortized discounts and premiums ) ) ) Unamortized debt issuance costs ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on Early Retirement of Debt During the year ended December 31, 2014, the Company amended the Select term loans under the Select credit facilities, resulting in a loss on early retirement of debt of $2.3 million. The loss on early retirement of debt consisted of unamortized debt issuance costs, unamortized original issue discounts, and certain fees incurred related to term loan modifications. During the year ended December 31, 2016, the Company prepaid the series D tranche B term loans under the Select credit facilities, resulting in a loss on early retirement of debt of $0.8 million. The Company also prepaid its second lien term loan under the Concentra credit facilities, resulting in a loss on early retirement of debt of approximately $10.9 million. The losses on early retirement of debt consisted of a prepayment premium, unamortized debt issuance costs, and unamortized original issue discounts.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2016
Fair Value
Fair Value	9. 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 face values, carrying values, and fair values of the Company's 6.375% senior notes and credit facilities are as follows: December 31, 2015 December 31, 2016 Face Carrying Fair Face Carrying Fair (in thousands) Select 6.375% senior notes (1) $ $ $ $ $ $ Select credit facilities (2) Concentra credit facilities (3) (1) The carrying value includes an unamortized premium of $1.2 million and $1.0 million at December 31, 2015 and December 31, 2016, respectively, and unamortized debt issuance costs of $10.4 million and $8.5 million at December 31, 2015 and December 31, 2016, respectively. (2) The carrying value includes unamortized discounts of $2.8 million and $12.0 million at December 31, 2015 and December 31, 2016, respectively, and unamortized debt issuance costs of $7.4 million and $13.6 million at December 31, 2015 and December 31, 2016, respectively. (3) The carrying value includes unamortized discounts of $2.9 million and $2.8 million at December 31, 2015 and December 31, 2016, respectively, and unamortized debt issuance costs of $20.2 million and $13.1 million at December 31, 2015 and December 31, 2016, respectively. The fair value of the Select credit facilities and the Concentra credit facilities was based on quoted market prices for this debt in the syndicated loan market. The fair value of Select's 6.375% senior notes debt was based on quoted market prices. 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.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity
Stockholders' Equity	10. Stockholders' Equity The following table summarizes the share activity for Holdings: For the Years Ended December 31, 2014 2015 2016 Restricted stock granted Common stock issued through stock option exercise Unvested restricted stock forfeitures Stock repurchases for satisfaction of tax obligations 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 has been extended until December 31, 2017, and will remain in effect until then, unless further 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 year ended December 31, 2014, Holdings repurchased 11,285,714 shares at a cost of $127.5 million, which includes transaction costs. During the year ended December 31, 2015, Holdings repurchased 1,032,334 shares at a cost of $13.6 million, which includes transaction costs. Holdings did not repurchase shares during the year ended December 31, 2016. The common stock repurchase program has available capacity of $185.2 million as of December 31, 2016.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2016
Segment Information
Segment Information	11. Segment Information The Company's reportable segments consist of: specialty hospitals, outpatient rehabilitation, and Concentra. Other activities include the Company's corporate shared services and certain other non-consolidating joint ventures and minority investments in other healthcare related businesses. 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 earnings excluding interest, income taxes, depreciation and amortization, gain (loss) on early retirement of debt, stock compensation expense, Concentra acquisition costs, Physiotherapy acquisition costs, non-operating gain (loss), and equity in earnings (losses) of unconsolidated subsidiaries. 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, 2014 Specialty Outpatient Concentra (2) Other Total (in thousands) Net revenue $ $ $ $ Adjusted EBITDA ) Total assets (1) : Capital expenditures Year Ended December 31, 2015 Specialty Outpatient Concentra (2) Other Total (in thousands) Net revenue $ $ $ $ $ Adjusted EBITDA ) Total assets (1) : Capital expenditures Year Ended December 31, 2016 Specialty Outpatient (3) Concentra 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, 2014 Specialty Hospitals Outpatient Rehabilitation Concentra (2) Other Total (in thousands) Adjusted EBITDA $ $ $ ) Depreciation and amortization ) ) ) Stock compensation expense — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Outpatient Concentra (2) Other Total (in thousands) Adjusted EBITDA $ $ $ $ ) Depreciation and amortization ) ) ) ) Stock compensation expense — — ) ) Concentra acquisition costs — — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations $ $ $ $ ) $ Equity in earnings of unconsolidated subsidiaries Non-operating gain Interest expense ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income taxes $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2016 Specialty Outpatient (3) Concentra Other Total (in thousands) Adjusted EBITDA $ $ $ $ ) Depreciation and amortization ) ) ) ) Stock compensation expense — — ) ) Physiotherapy acquisition costs — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations $ $ $ $ ) $ Loss on early retirement of debt ) Equity in earnings of unconsolidated subsidiaries Non-operating gain 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, 2014 and 2015. The specialty hospitals segment includes $24.4 million in real estate assets held for sale on December 31, 2016. (2) The selected financial data for the Company's Concentra segment begins as of June 1, 2015, which is the date the Concentra acquisition was consummated. (3) The outpatient rehabilitation segment includes the operating results of the Company's contract therapy businesses through March 31, 2016 and Physiotherapy beginning March 4, 2016.

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 2016
Stock-based Compensation
Stock-based Compensation	12. Stock-based Compensation Holdings awards stock-based compensation in the form of stock options and restricted stock awards under its equity incentive plans. On June 2, 2016, Holdings adopted the Select Medical Holdings Corporation 2016 Equity Incentive Plan and its existing plans were frozen. As of December 31, 2016, Holdings is authorized to grant up to 7,491,600 restricted stock and stock option awards under the Select Medical Holdings Corporation 2016 Equity Incentive Plan. 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. On June 2, 2016, upon the adoption of the Select Medical Holdings Corporation 2016 Equity Incentive Plan, the Director Plan was frozen. Holdings' equity plans allow for the use of unissued shares or treasury shares to be used to satisfy share based awards. 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. The Company values restricted stock grants by using the closing market price of its stock on the date of grant. There were no options granted during the year ended December 31, 2016. Transactions and other information related to restricted stock awards are as follows: Shares Weighted Average (share amounts in thousands) Unvested balance, January 1, 2016 $ Granted Vested ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ Unvested balance, December 31, 2016 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The weighted average grant date fair value of restricted stock awards granted for the years ended December 31, 2014, 2015, and 2016 was $13.61, $13.94, and $11.57, respectively. The total weighted average grant date fair value of restricted stock awards vested for the years ended December 31, 2014, 2015, and 2016 was $7.4 million, $9.0 million, and $8.4 million, respectively. As of December 31, 2016, there were 529,720 stock options outstanding and exercisable. The outstanding and exercisable shares have a weighted average exercise price of $9.09 and a weighted average remaining contractual life of 2.44 years. As of December 31, 2015, there were 743,000 stock options outstanding and 728,000 stock options exercisable. The total intrinsic value of options exercised for the years ended December 31, 2014, 2015, and 2016 was $6.0 million, $1.0 million, and $0.8 million, respectively. The aggregate intrinsic value of options outstanding and options exercisable at December 31, 2016 was $2.2 million. Stock compensation expense recognized by the Company was as follows: For the Years Ended December 31, 2014 2015 2016 (in thousands) Stock compensation expense: Included in general and administrative $ $ $ Included in cost of services ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock compensation expense based on current stock-based awards for each of the next five years is estimated to be as follows: 2017 2018 2019 2020 2021 (in thousands) Stock compensation expense $ $ $ $ $ —

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Taxes
Income Taxes	13. Income Taxes The components of the Company's income tax expense for the years ended December 31, 2014, 2015, and 2016 were as follows: For the Years Ended December 31, 2014 2015 2016 (in thousands) Current expense: Federal $ $ $ State and local ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current income tax expense Deferred income tax expense (benefit) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income tax expense $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliations of the statutory federal income tax rate to the effective income tax rate are as follows: For the Years 2014 2015 2016 Federal income tax at statutory rate % % % State and local income taxes, less federal income tax benefit Permanent differences Tax benefit from the sale of businesses — — ) Valuation allowance ) ) Uncertain tax positions ) ) ) Non-controlling interest ) ) ) Other ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total effective income tax rate % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company's deferred tax assets and liabilities are as follows: December 31, 2015 December 31, 2016 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 Deferred revenue ) ) — — Net operating loss carryforwards — Stock options — — Equity investments — — Uncertain tax positions — — Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax assets before valuation allowance Valuation allowance ) ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax assets Deferred tax liabilities Deferred income ) ) ) ) ) ) Investment in unconsolidated affiliates ) — ) ) — ) Depreciation and amortization ) — ) ) — ) Other ) ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax liabilities ) ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net deferred taxes $ ) $ $ ) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The valuation allowance as of December 31, 2016 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, 2015 and 2016 of approximately $190.0 million and $177.7 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 an 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 $585.4 million. State net operating loss carry forwards expire and are subject to valuation allowances as follows: State Net Gross Valuation (in thousands) 2017 $ $ 2018 2019 2020 Thereafter through 2036 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, 2014 $ 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 Reductions for tax positions taken in prior periods due primarily to statute expiration ) Additions for existing tax positions taken Additions included with acquisition ​ ​ ​ ​ ​ Gross tax contingencies—December 31, 2016 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2015 and 2016, the Company had $5.6 million and $3.8 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, 2016, approximately $1.2 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, 2015 and December 31, 2016, the Company has accrued interest related to income taxes of $0.6 million and $0.3 million, net of federal income taxes, respectively. Interest recognized for each of the years ended December 31, 2014, 2015 and 2016 was $0.5 million, $0.3 million, and $0.1 million, net of federal income tax benefits, respectively. The federal statute of limitations remains open for tax years 2013 through 2016. 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, 2016
Retirement Savings Plan
Retirement Savings Plan	14. Retirement Savings Plan Select sponsors a defined contribution retirement savings plan for substantially all of its employees. Employees who are not classified as highly compensated employees ("HCE's") 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 $9.3 million, $10.0 million, and $14.7 million during the years ended December 31, 2014, 2015, and 2016, respectively. For the period June 1, 2015 through December 31, 2015, Concentra sponsored a separate defined contribution retirement savings plan and incurred expenses related to this plan of $8.8 million. For the year ended December 31, 2016, Concentra employees participated in the defined contribution retirement savings plan sponsored by Select.

Income per Share

Income per Share	12 Months Ended
	Dec. 31, 2016
Income per Share
Income per Share	15. 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: (i) 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, 2014, 2015, and 2016. (ii) The remaining income is allocated to common stock and unvested restricted stock to the extent that each security may participate 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 (i) above and the amount allocated for participation features. (iii) The income allocated to common stock is then divided by the weighted average number of outstanding shares for the period 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 the calculation of income per share in the Company's consolidated statements of operations and comprehensive income 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, 2014 2015 2016 (in thousands, except per share 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: $ $ $

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies
Commitments and Contingencies	16. Commitments and Contingencies Leases The Company leases facilities and equipment from unrelated parties under operating leases. Minimum future non-cancelable lease obligations on long-term operating leases in effect at December 31, 2016 are approximately as follows (in thousands): Total (in thousands) 2017 $ 2018 2019 2020 2021 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total rent expense for facility and equipment operating leases, including cancelable leases, for the years ended December 31, 2014, 2015, and 2016 was $169.1 million, $214.9 million, and $265.1 million, respectively. Facility rent expense to unrelated parties, a component of total rent expense, for the years ended December 31, 2014, 2015, and 2016 was $124.4 million, $165.3 million, and $220.8 million, respectively. The Company rents its corporate office space from related parties. The Company made payments for office rent, leasehold improvements, and miscellaneous expenses aggregating $4.4 million, $4.7 million, and $5.0 million for the years ended December 31, 2014, 2015, and 2016, respectively, to related parties. As of December 31, 2016, future rental commitments under outstanding agreements with related parties are approximately as follows (in thousands): 2017 $ 2018 2019 2020 2021 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction Commitments At December 31, 2016, the Company had outstanding commitments under construction contracts related to new construction, improvements, and renovations totaling approximately $86.0 million. Other A subsidiary of the Company has entered into a naming, promotional, and sponsorship agreement with an NFL team, through 2025, for the team's headquarters complex that requires a payment of $3.1 million in 2017. Each successive annual payment increases by 2.3% through 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. The Department of Justice, 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. Evansville Litigation. 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, from 2006 until April 2012, 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 United States Department of Justice notified the District Court of its decision not to intervene in the case, and the District Court thereafter approved a case management plan imposing certain deadlines. In December 2015, the defendants filed a Motion to Dismiss the Second Amended Complaint on multiple grounds. One basis for the Motion to Dismiss was the False Claims Act's public disclosure bar, which disqualifies qui tam actions that are based on fraud already publicly disclosed through enumerated sources, unless the relator is an original source. The Affordable Care Act, enacted on March 23, 2010, altered the public disclosure bar language of the False Claims Act by, among other things, giving the United States the right to oppose dismissal of a case based on the public disclosure bar. In their Motion to Dismiss, the defendants contended that the public disclosure bar applies because substantially the same conduct as the plaintiff-relators have alleged had previously been publicly disclosed, including in a New York Times article and a prior qui tam case. A second basis for the defendants' Motion to Dismiss was that the plaintiff-relators did not plead their claims with sufficient particularity, as required by the Federal Rules of Civil Procedure. Then, based on the Affordable Care Act's changes to the public disclosure bar language of the False Claims Act, the United States filed a notice asserting a veto of the defendants' use of the public disclosure bar for claims arising from conduct from and after March 23, 2010. The defendants filed briefs challenging the United States' contention that the statutory changes gives it an unfettered right to veto the applicability of the public disclosure bar. On September 30, 2016, the District Court partially granted and partially denied the defendants' Motion to Dismiss. It ruled that the plaintiff-relators alleged substantially the same conduct as had been publicly disclosed and that the plaintiff relators are not original sources, so that the public disclosure bar requires dismissal of all non-retaliation claims arising from conduct before March 23, 2010. The District Court also ruled that the statutory changes to the public disclosure bar gave the United States the power to veto its applicability to claims arising from conduct on and after March 23, 2010, and therefore did not dismiss those claims based on the public disclosure bar. However, the District Court ruled that the plaintiff-relators did not plead certain of their claims relating to interrupted stay manipulation and premature discharging of patients with the requisite particularity, and dismissed those claims. The District Court declined to dismiss the plaintiff-relators' claims arising from conduct from and after March 23, 2010 relating to delayed discharging of patients and upcoding and the plaintiff-relators' retaliation claims. 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. Knoxville Litigation. On July 13, 2015, the United States 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. In November 2015, the defendants filed a Motion to Dismiss the Complaint on multiple grounds. The defendants first argued that False Claims Act's first-to-file bar required dismissal of plaintiff-relator's claims. Under the first-to-file bar, if a qui tam case is pending, no person may bring a related action based on the facts underlying the first action. The defendants asserted that the plaintiff-relator's claims were based on the same underlying facts as were asserted in the Evansville litigation, discussed above. The defendants also argued that the plaintiff-relator's claims must be dismissed under the public disclosure bar, and because the plaintiff-relator did not plead his claims with sufficient particularity. In June 2016, the District Court granted the defendants' Motion to Dismiss and dismissed the plaintiff-relator's lawsuit in its entirety. The District Court ruled that the first-to-file bar precludes all but one of the plaintiff-relator's claims, and that the remaining claim must also be dismissed because the plaintiff-relator failed to plead it with sufficient particularity. In July 2016, the plaintiff-relator filed a Notice of Appeal to the United States Court of Appeals for the Sixth Circuit. Then, on October 11, 2016, the plaintiff-relator filed a Motion to Remand the case to the District Court for further proceedings, arguing that the September 30, 2016 decision in the Evansville litigation, discussed above, undermines the basis for the District Court's dismissal. 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. Wilmington Litigation. On January 19, 2017, the United States District Court for the District of Delaware unsealed a qui tam Complaint in United States of America and State of Delaware ex rel. Theresa Kelly v. Select Specialty Hospital—Wilmington, Inc. ("SSH-Wilmington"), Select Specialty Hospitals, Inc., Select Employment Services, Inc., Select Medical Corporation and Crystal Cheek, No. 16-347-LPS. The Complaint was initially filed under seal on May 12, 2016 by a former chief nursing officer at SSH-Wilmington, and was unsealed after the United States filed a Notice of Election to Decline Intervention on January 13, 2017. In the complaint, the plaintiff-relator alleges that the Select defendants and an individual defendant, who is a former health information manager at SSH-Wilmington, violated the False Claims Act and the Delaware False Claims and Reporting Act based on allegedly falsifying medical practitioner signatures on medical records and failing to properly examine the credentials of medical practitioners at SSH-Wilmington. The Complaint has not been served on the Select defendants. The Company intends to vigorously defend this action if the plaintiff-relator pursues it, but at this time the Company is unable to predict the timing and outcome of this matter.

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, 2016
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	17. 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" and Concentra Group Holdings and its subsidiaries, 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, 2015 and 2016 and for the years ended December 31, 2014, 2015, and 2016. The equity method has been used by Select with respect to investments in subsidiaries. The equity method has been used by Subsidiary Guarantors with respect to investments in Non-Guarantor Subsidiaries. Separate financial statements for Subsidiary Guarantors are not presented. Certain reclassifications have been made to prior reported amounts in order to conform to the current year guarantor structure. Select Medical Corporation Select (Parent Subsidiary Non-Guarantor Non-Guarantor Eliminations Consolidated (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 — — — Identifiable intangibles, net — — — Non-current deferred tax asset — — — (d) — 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 Select (Parent Subsidiary Non-Guarantor Non-Guarantor 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 ) ) — — — Loss on early retirement of debt ) — — ) — ) Equity in earnings of unconsolidated subsidiaries — — — Non-operating gain — — — Interest expense ) ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations before income taxes ) ) — Income tax expense (benefit) ) — Equity in earnings of subsidiaries ) — — (a) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ) ) Less: Net income (loss) attributable to non-controlling interests — — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to Select Medical Corporation $ $ $ ) $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of equity in earnings of subsidiaries. Select Medical Corporation Select (Parent Subsidiary Non-Guarantor Non-Guarantor Eliminations Consolidated (in thousands) Operating activities Net income $ $ $ ) $ $ ) (a) $ Adjustments to reconcile net income to net cash provided by (used in) 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 — — — Loss (gain) on sale of assets and businesses ) ) ) — ) Gain on sale of equity investment — ) — — — ) Impairment of equity investment — — — — Stock compensation expense — — — Amortization of debt discount, premium 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 (used in) operating activities ) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investing activities Acquisition of businesses, net of cash acquired ) ) ) ) — ) Purchases of property and equipment ) ) ) ) — ) Investment in businesses — ) — — — ) Proceeds from sale of equity investment — — — — Proceeds from sale of assets and businesses — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing activities Borrowings on revolving facilities — — — — Payments on revolving facilities ) — — ) — ) Net proceeds from term loans — — — Payments on term loans ) — — ) — ) Borrowings of other debt — — Principal payments on other debt ) ) ) ) — ) Proceeds from bank overdrafts — — — — Dividends paid to Holdings ) — — — — ) Equity investment by Holdings — — — — Intercompany ) — — — Proceeds from issuance of non-controlling interests — — — — Purchase of non-controlling interests — — ) — — ) Distributions to non-controlling interests — — ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) financing activities ) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net increase 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 Select (Parent Subsidiary Non-Guarantor Non-Guarantor Eliminations Consolidated (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 — — — Identifiable intangibles, net — — — Non-current deferred tax asset — — — ) (d) — 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 Select (Parent Subsidiary Non-Guarantor Non-Guarantor Eliminations Consolidated Select (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 ) ) — — — Non-operating gain — — — — 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 (loss) ) ) Less: Net income (loss) attributable to non-controlling interests — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to Select Medical Corporation $ $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of equity in earnings of subsidiaries. Select Medical Corporation Select (Parent Subsidiary Non-Guarantor Non-Guarantor Eliminations Consolidated Select (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, premium and issuance costs — — — Deferred income taxes ) — — — ) Changes in operating assets and liabilities, net of effects of business combinations: 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 Acquisition of businesses, net of cash acquired — — ) ) — ) Purchases of property and equipment ) ) ) ) — ) Investment in businesses — ) — — — ) Proceeds from sale of equity investment — — — — Proceeds from sale of assets and businesses — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing activities Borrowings on revolving facilities — — — Payments on revolving facilities ) — — ) — ) Net proceeds from term loans — — — — Payments on term loans ) — — ) — ) Borrowings of other debt — — Principal payments on other debt ) ) ) ) — ) Proceeds from bank overdrafts — — — — Dividends paid to Holdings ) — — — — ) Equity investment by Holdings — — — — Tax benefit from stock based awards — — — — Intercompany ) ) ) — — Proceeds from issuance of non-controlling interests — — — — Purchase of non-controlling interests — — ) — — ) 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 Select (Parent Subsidiary Non-Guarantor 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 Select (Parent Subsidiary Non-Guarantor Eliminations Consolidated (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 — — — Loss (gain) on sale of assets and businesses — ) — ) Stock compensation expense — — — Amortization of debt discount, premium and issuance costs — — — Deferred income taxes — — — Changes in operating assets and liabilities, net of effects of business combinations: 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 Acquisition of businesses, net of cash acquired — ) ) — ) Purchases of property and equipment ) ) ) — ) Investment in businesses — ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing activities Borrowings on revolving facilities — — — Payments on revolving facilities ) — — — ) Payments on term loans ) — — — ) Net proceeds from 6.375% senior notes issuance — — — Term loan financing costs ) — — — ) Borrowings of other debt — — Principal payments on other debt ) ) ) — ) Proceeds from bank overdrafts — — — Dividends paid to Holdings ) — — — ) Equity investment by Holdings — — — Tax benefit from stock based awards — — — Intercompany ) — — Proceeds from issuance of non-controlling interests — — — Purchase of non-controlling interests — ) — — ) 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.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events
Subsequent Events	18. Subsequent Events As announced on January 27, 2017, the Company is in negotiations to refinance Select's senior secured credit facility. The Company expects that its new senior secured credit facility, which will replace the Select credit facilities, will consist of $1,150.0 million of term loans with an interest rate of LIBOR plus 3.50% subject to a 1.00% LIBOR floor and a $450.0 million revolving credit facility with an interest rate of LIBOR plus 3.25%. The proposed refinancing is subject to customary terms and conditions, including negotiation and execution of definitive documentation. The Company anticipates that the refinancing, if completed, would close in March of 2017.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited)	19. Selected Quarterly Financial Data (Unaudited) The tables below sets forth selected unaudited financial data for each quarter of the last two years. The financial data presented below is the same for both Select Medical Holdings Corporation and Select Medical Corporation, except for income per common share which is limited to Select Medical Holdings Corporation. First Second Third Fourth (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 $ $ $ $ First Second Third Fourth (in thousands, except per share amounts) Year ended December 31, 2016 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.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2016
Schedule II - Valuation and Qualifying Accounts
Schedule II - Valuation and Qualifying Accounts	Select Medical Holdings Corporation Schedule II—Valuation and Qualifying Accounts Description Balance at Charged to Deductions (1) Balance at (in thousands) Allowance for Doubtful Accounts Year ended December 31, 2016 $ $ $ ) $ Year ended December 31, 2015 $ $ $ ) $ Year ended December 31, 2014 $ $ $ ) $ Income Tax Valuation Allowance Year ended December 31, 2016 $ $ $ — $ Year ended December 31, 2015 $ $ ) $ — $ Year ended December 31, 2014 $ $ ) $ — $ (1) Allowance for doubtful accounts deductions represent write-offs against the reserve for 2014, 2015, and 2016.

Organization and Significant 28

Organization and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
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 accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and liabilities, at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but not limited to: accounts receivable and allowance for doubtful accounts, depreciable lives of assets, intangible assets and liabilities, insurance, and income taxes. Future events and their effects cannot be predicted with certainty; accordingly, the Company's accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the financial statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company's operating environment changes. The Company's management evaluates and updates assumptions and estimates on an ongoing basis. Actual results could differ 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 and employer 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 self-insured amounts owed by the patient are an immaterial portion of the Company's net accounts receivable balance and accounted for approximately 1.2% of the net accounts receivable balance before doubtful accounts at both December 31, 2015 and 2016. 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 applying a reserve allowance based upon the age of an account balance. This method is monitored based on historical cash collections experience and write-off 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.
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.
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: Land improvements 2 - 25 years Leasehold improvements 5 - 15 years Buildings 40 years Building improvements 5 - 25 years Furniture and equipment 3 - 20 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.
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 applies both a discounted cash flow ("DCF") income and market approach. Included in the DCF income approach, specific for each reporting unit, 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 its industry, its recent transactions, and 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 an 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, outpatient rehabilitation, and Concentra. Goodwill is assigned to reporting units based upon the specific nature of the business acquired. When a business combination contains business components related to more than one reporting unit, goodwill is assigned to each reporting unit based upon an allocation determined by the relative fair values of the business acquired. The Company's most recent impairment assessment was completed during the fourth quarter of 2016 utilizing financial information as of October 1, 2016 and indicated that there was no impairment with respect to goodwill or other identifiable 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. The Company allocates the purchase price to identifiable intangible assets. At December 31, 2016, identifiable intangible assets and liabilities consist of the values assigned to trademarks, certificates of need, accreditations, customer relationships, non-compete agreements, and leasehold interests. Management believes that the estimated useful lives established are reasonable based on the economic factors applicable to each of the identifiable intangible assets and liabilities. 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 8 - 16 years Leasehold interests 1 - 9 years Non-compete agreements 1 - 15 years The Company reviews the realizability of identifiable 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 to the extent the carrying amount of the assets exceeds their estimated fair value.
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.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs related to notes and loans are recognized as a direct deduction from the carrying value of the debt liability on the consolidated balance sheets. Debt issuance costs related to line-of-credit arrangements are presented as part of other assets on the consolidated balance sheets. 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 or exchanged, an evaluation is made whether an accounting modification or accounting extinguishment has occurred.
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.
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.
Insurance Risk Programs	Insurance Risk Programs Under a number of the Company's insurance programs, which include the Company's employee health insurance, workers' compensation, and professional malpractice liability insurance programs, the Company is liable for a portion of its losses before it can attempt to recover from the applicable insurance carrier. The Company accrues for losses for which it will be ultimately responsible 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.
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. 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. As of December 31, 2015 and 2016, the Company believes the redemption amounts of these ownership interests approximate the fair value of those interests. 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 statements of operations and comprehensive income. The following table summarizes the net income (loss) attributable to non-controlling interests and redeemable non-controlling interests. The results of Holdings are identical to those of Select. For the Years Ended 2014 2015 2016 (in thousands) Attributable to non-controlling interests $ $ $ ) Attributable to redeemable non-controlling interests ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Revenue Recognition	Revenue Recognition Net operating revenues consists primarily of patient service revenues and revenues generated from 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 45%, 37% and 30% of the Company's net operating revenues for the years ended December 31, 2014, 2015 and 2016, respectively. Approximately 24% and 18% of the Company's accounts receivable (after allowances for contractual adjustments but before doubtful accounts) are from Medicare at December 31, 2015 and 2016, respectively. 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 rehabilitation clinics to comply with regulations can result in significant changes in that specialty hospital's or outpatient rehabilitation clinic's net operating revenues generated from the Medicare program.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In October 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory . Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The ASU requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The standard will be effective 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 August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments , which addresses the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The standard will be effective for fiscal years beginning after December 15, 2017. The Company does not anticipate changes to current accounting policies or the need to retrospectively adjust previously presented consolidated financial statements as a result of the adoption of the guidance in the new standard. In February 2016, the FASB issued ASU 2016-02, Leases . This ASU includes a lessee accounting model that recognizes two types of leases; finance and operating. This ASU requires that a lessee recognize on the balance sheet assets and liabilities for all leases with lease terms of more than twelve months. Lessees will need to recognize almost all leases on the balance sheet as a right-of-use asset and a lease liability. For income statement purposes, the FASB retained the dual model, requiring leases to be classified as either operating or finance. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. For short-term leases of twelve months or less, lessees are permitted to make an accounting election by class of underlying asset not to recognize right-of-use assets or lease liabilities. If the alternative is elected, lease expense would be recognized generally on the straight-line basis over the respective lease term. The amendments in ASU 2016-02 will take effect for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Earlier application is permitted as of the beginning of an interim or annual reporting period. A modified retrospective approach is required for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. Upon adoption, the Company will recognize significant assets and liabilities on the consolidated balance sheets as a result of the operating lease obligations of the Company. Operating lease expense will still be recognized as rent expense on a straight-line basis over the respective lease term in the consolidated statements of operations and comprehensive income. 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 will adopt the guidance in this ASU in the first quarter of 2017. Upon adoption, deferred tax assets and liabilities will no longer be classified as current and will instead be classified as noncurrent on the consolidated balance sheets. The Company will still be required to offset deferred tax assets and liabilities for each taxpaying entity within a tax jurisdiction. In May 2014, March 2016, April 2016, and December 2016, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , ASU 2016-08, Revenue from Contracts with Customers , Principal versus Agent Considerations , ASU 2016-10, Revenue from Contracts with Customers, Identifying Performance Obligations and Licensing, ASU 2016-12, Revenue from Contracts with Customers, Narrow Scope Improvements and Practical Expedients, and ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customer (collectively "the standards"), respectively, which supersede 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 standards were effective for fiscal years beginning after December 15, 2016; however, in July 2015, the FASB approved a one-year deferral of these standards, with a new effective date for fiscal years beginning after December 15, 2017. The standards require the selection of a retrospective or cumulative effect transition method. The Company will adopt the guidance beginning January 1, 2018, using a retrospective transition method. The Company anticipates the most significant change will be how the estimate for the allowance for doubtful accounts will be recognized under the new standards. Under the current standards, the Company's estimate for amounts not expected to be collected based on our historical experience have been recorded to bad debt expense. Under the new standards, the Company's estimate for amounts not expected to be collected based on historical experience will be recognized as a reduction to revenue. Subsequent changes in estimates of collectability due to a change in the financial status of a payor, for example a bankruptcy, will continue to be recognized as bad debt expense. Amounts previously written off to the allowance for bad debts as a result of our inability to collect payment will be recognized as a reduction to revenue under the new standard.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation , which simplifies various aspects of accounting for share-based payments. The areas for simplification involve several aspects of the accounting for share-based payment transactions, including the income tax consequences and classification on the statements of cash flows. During the fourth quarter of 2016, the Company adopted and applied the standard on a prospective basis beginning January 1, 2016. The Company has elected to recognize the effect of forfeitures in compensation cost when they occur. There was no retrospective impact to the consolidated financial statements, including the consolidated statements of cash flows, as a result of the adoption of this standard. In April and August 2015, the FASB issued ASU 2015-03 and ASU 2015-15, each titled Interest—Imputation of Interest, 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 also confirmed that debt issuance costs related to line-of-credit arrangements will continue to be recognized as an asset and amortized over the term of the arrangement. The Company adopted the standard at the beginning of the first quarter of 2016. The balance sheet as of December 31, 2015 was retrospectively conformed to reflect the adoption of the standard and approximately $38.0 million of unamortized debt issuance costs were reclassified to be a direct reduction of debt, rather than a component of other assets.

Organization and Significant 29

Organization and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Organization and Significant Accounting Policies
Schedule of range of useful lives	Land improvements 2 - 25 years Leasehold improvements 5 - 15 years Buildings 40 years Building improvements 5 - 25 years Furniture and equipment 3 - 20 years
Schedule of approximate useful life of intangible assets and liabilities	Trademarks Indefinite Certificates of need Indefinite Accreditations Indefinite Customer relationships 8 - 16 years Leasehold interests 1 - 9 years Non-compete agreements 1 - 15 years
Schedule of net income (loss) attributable to non-controlling interests and redeemable non-controlling interests	For the Years Ended 2014 2015 2016 (in thousands) Attributable to non-controlling interests $ $ $ ) Attributable to redeemable non-controlling interests ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2016
Acquisitions
Schedule of pro forma unaudited results of operations	For the Years Ended 2015 2016 (in thousands, except per share amounts) Net revenue $ $ Net income Income per common share: Basic $ $ Diluted $ $
Physiotherapy
Acquisitions
Schedule of reconciliation of the allocation of the consideration given for identifiable net assets and goodwill acquired to the net cash paid for the acquired business	The following table reconciles the allocation of the consideration given for identifiable net assets and goodwill acquired to the net cash paid for the acquired business (in thousands): Cash and cash equivalents $ Identifiable tangible assets, excluding cash and cash equivalents Identifiable intangible assets Goodwill ​ ​ ​ ​ ​ Total assets 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 (in thousands) (in years) Non-compete agreements $ 14.8 Leasehold interests 3.5 Trademarks Indefinite ​ ​ ​ ​ ​ ​ ​ ​ Total identifiable intangible assets $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Concentra Inc
Acquisitions
Schedule of reconciliation of the allocation of the consideration given for identifiable net assets and goodwill acquired to the net cash paid for the acquired business	The following table reconciles the allocation of the consideration given for identifiable net assets and goodwill acquired to the net cash paid for the acquired business (in thousands): Cash and cash equivalents $ Identifiable tangible assets, excluding cash and cash equivalents Identifiable intangible assets Goodwill ​ ​ ​ ​ ​ Total assets Total liabilities Acquired non-controlling interests ​ ​ ​ ​ ​ Net assets acquired Less: Cash and cash equivalents acquired ) ​ ​ ​ ​ ​ Net cash paid $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2016
Property and Equipment
Schedule of components of property and equipment	December 31, 2015 2016 (in thousands) Land $ $ Leasehold improvements Buildings Furniture and equipment Construction-in-progress ​ ​ ​ ​ ​ ​ ​ ​ Total property and equipment Accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Intangible Assets and Liabili32

Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2016
Intangible Assets and Liabilities
Schedule of the Company's goodwill and identifiable intangible assets and liabilities	December 31, 2015 2016 Gross Accumulated Net Gross Accumulated Net (in thousands) Goodwill $ $ — $ $ $ — $ Identifiable intangibles—Indefinite lived assets: Trademarks — — Certificates of need — — Accreditations — — Identifiable intangibles—Finite lived assets: Customer relationships ) ) Favorable leasehold interests ) ) Non-compete agreements — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total identifiable intangible assets $ $ ) $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identifiable intangibles—Finite lived liabilities: Unfavorable leasehold interests $ $ ) $ $ $ ) $
Schedule of changes in goodwill	Specialty Outpatient Concentra Total (in thousands) Balance as of January 1, 2015 $ $ $ — $ Acquired — Sold — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2015 $ $ $ $ Acquired Measurement period adjustment — — Sold ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance as of December 31, 2016 $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Equity Method Investments (Tabl

Equity Method Investments (Tables)	12 Months Ended
	Dec. 31, 2016
Equity Method Investments
Schedule of Company's ownership interest	As of December 31, 2015 and 2016, these businesses consist primarily of the following ownership interests: BIR JV, LLP % OHRH, LLC % GlobalRehab—Scottsdale, LLC % Rehabilitation Institute of Denton, LLC % ES Rehabilitation, LLC %

Long-Term Debt and Notes Paya34

Long-Term Debt and Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2016
Long-Term Debt and Notes Payable
Schedule of Company's long-term debt and notes payable	December 31, 2015 2016 (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 $1.2 million and $1.0 million at December 31, 2015 and 2016, respectively. Includes unamortized debt issuance costs of $10.4 million and $8.5 million at December 31, 2015 and 2016, respectively. (2) Includes unamortized discounts of $2.8 million and $12.0 million at December 31, 2015 and 2016, respectively. Includes unamortized debt issuance costs of $7.4 million and $13.6 million at December 31, 2015 and 2016, respectively. (3) Includes unamortized discounts of $2.9 million and $2.8 million at December 31, 2015 and 2016, respectively. Includes unamortized debt issuance costs of $20.2 million and $13.1 million at December 31, 2015 and 2016, respectively.
Schedule of redemption prices of senior notes	Year Redemption Price 2016 % 2017 % 2018 % 2019 %
Schedule of maturities of the Company's long-term debt and notes payable	Select Concentra Total (in thousands) 2017 $ $ $ 2018 2019 2020 2021 2022 and beyond ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total principal Unamortized discounts and premiums ) ) ) Unamortized debt issuance costs ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value
Schedule of carrying amounts and estimated fair values of financial instruments	December 31, 2015 December 31, 2016 Face Carrying Fair Face Carrying Fair (in thousands) Select 6.375% senior notes (1) $ $ $ $ $ $ Select credit facilities (2) Concentra credit facilities (3) (1) The carrying value includes an unamortized premium of $1.2 million and $1.0 million at December 31, 2015 and December 31, 2016, respectively, and unamortized debt issuance costs of $10.4 million and $8.5 million at December 31, 2015 and December 31, 2016, respectively. (2) The carrying value includes unamortized discounts of $2.8 million and $12.0 million at December 31, 2015 and December 31, 2016, respectively, and unamortized debt issuance costs of $7.4 million and $13.6 million at December 31, 2015 and December 31, 2016, respectively. (3) The carrying value includes unamortized discounts of $2.9 million and $2.8 million at December 31, 2015 and December 31, 2016, respectively, and unamortized debt issuance costs of $20.2 million and $13.1 million at December 31, 2015 and December 31, 2016, respectively.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity
Schedule of share activity	For the Years Ended December 31, 2014 2015 2016 Restricted stock granted Common stock issued through stock option exercise Unvested restricted stock forfeitures Stock repurchases for satisfaction of tax obligations

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Information
Schedule of selected financial data for the Company's reportable segments	Year Ended December 31, 2014 Specialty Outpatient Concentra (2) Other Total (in thousands) Net revenue $ $ $ $ Adjusted EBITDA ) Total assets (1) : Capital expenditures Year Ended December 31, 2015 Specialty Outpatient Concentra (2) Other Total (in thousands) Net revenue $ $ $ $ $ Adjusted EBITDA ) Total assets (1) : Capital expenditures Year Ended December 31, 2016 Specialty Outpatient (3) Concentra 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, 2014 Specialty Hospitals Outpatient Rehabilitation Concentra (2) Other Total (in thousands) Adjusted EBITDA $ $ $ ) Depreciation and amortization ) ) ) Stock compensation expense — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Outpatient Concentra (2) Other Total (in thousands) Adjusted EBITDA $ $ $ $ ) Depreciation and amortization ) ) ) ) Stock compensation expense — — ) ) Concentra acquisition costs — — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations $ $ $ $ ) $ Equity in earnings of unconsolidated subsidiaries Non-operating gain Interest expense ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income taxes $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2016 Specialty Outpatient (3) Concentra Other Total (in thousands) Adjusted EBITDA $ $ $ $ ) Depreciation and amortization ) ) ) ) Stock compensation expense — — ) ) Physiotherapy acquisition costs — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations $ $ $ $ ) $ Loss on early retirement of debt ) Equity in earnings of unconsolidated subsidiaries Non-operating gain 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, 2014 and 2015. The specialty hospitals segment includes $24.4 million in real estate assets held for sale on December 31, 2016. (2) The selected financial data for the Company's Concentra segment begins as of June 1, 2015, which is the date the Concentra acquisition was consummated. (3) The outpatient rehabilitation segment includes the operating results of the Company's contract therapy businesses through March 31, 2016 and Physiotherapy beginning March 4, 2016.

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2016
Stock-based Compensation
Schedule of restricted stock award transactions and other information	Shares Weighted Average (share amounts in thousands) Unvested balance, January 1, 2016 $ Granted Vested ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ Unvested balance, December 31, 2016 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of stock compensation expense recognized	For the Years Ended December 31, 2014 2015 2016 (in thousands) Stock compensation expense: Included in general and administrative $ $ $ Included in cost of services ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of stock compensation expense based on current stock-based awards for each of the next five years	2017 2018 2019 2020 2021 (in thousands) Stock compensation expense $ $ $ $ $ —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Taxes
Schedule of the components of the Company's income tax expense	For the Years Ended December 31, 2014 2015 2016 (in thousands) Current expense: Federal $ $ $ State and local ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current income tax expense Deferred income tax expense (benefit) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income tax expense $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of reconciliations of the statutory federal income tax rate to the effective income tax rate	For the Years 2014 2015 2016 Federal income tax at statutory rate % % % State and local income taxes, less federal income tax benefit Permanent differences Tax benefit from the sale of businesses — — ) Valuation allowance ) ) Uncertain tax positions ) ) ) Non-controlling interest ) ) ) Other ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total effective income tax rate % % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of the Company's deferred tax assets and liabilities	December 31, 2015 December 31, 2016 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 Deferred revenue ) ) — — Net operating loss carryforwards — Stock options — — Equity investments — — Uncertain tax positions — — Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax assets before valuation allowance Valuation allowance ) ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax assets Deferred tax liabilities Deferred income ) ) ) ) ) ) Investment in unconsolidated affiliates ) — ) ) — ) Depreciation and amortization ) — ) ) — ) Other ) ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax liabilities ) ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net deferred taxes $ ) $ $ ) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of state net operating loss carry forwards	State Net Gross Valuation (in thousands) 2017 $ $ 2018 2019 2020 Thereafter through 2036
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, 2014 $ 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 Reductions for tax positions taken in prior periods due primarily to statute expiration ) Additions for existing tax positions taken Additions included with acquisition ​ ​ ​ ​ ​ Gross tax contingencies—December 31, 2016 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income per Share (Tables)

Income per Share (Tables)	12 Months Ended
	Dec. 31, 2016
Income per Share
Schedule of computation of basic and diluted income per common share	For the Year Ended December 31, 2014 2015 2016 (in thousands, except per share 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: $ $ $

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of minimum future non-cancelable lease obligations on long-term operating leases	Minimum future non-cancelable lease obligations on long-term operating leases in effect at December 31, 2016 are approximately as follows (in thousands): Total (in thousands) 2017 $ 2018 2019 2020 2021 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Related party
Schedule of minimum future non-cancelable lease obligations on long-term operating leases	As of December 31, 2016, future rental commitments under outstanding agreements with related parties are approximately as follows (in thousands): 2017 $ 2018 2019 2020 2021 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Financial Information for Sub42

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes (Tables)	12 Months Ended
	Dec. 31, 2016
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes
Schedule of Condensed Consolidating Balance Sheet	Select Medical Corporation Select (Parent Subsidiary Non-Guarantor Non-Guarantor Eliminations Consolidated (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 — — — Identifiable intangibles, net — — — Non-current deferred tax asset — — — (d) — 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 Select (Parent Subsidiary Non-Guarantor Non-Guarantor Eliminations Consolidated (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 — — — Identifiable intangibles, net — — — Non-current deferred tax asset — — — ) (d) — 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 Condensed Consolidating Statement of Operations	Select Medical Corporation Select (Parent Subsidiary Non-Guarantor Non-Guarantor 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 ) ) — — — Loss on early retirement of debt ) — — ) — ) Equity in earnings of unconsolidated subsidiaries — — — Non-operating gain — — — Interest expense ) ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations before income taxes ) ) — Income tax expense (benefit) ) — Equity in earnings of subsidiaries ) — — (a) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ) ) Less: Net income (loss) attributable to non-controlling interests — — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to Select Medical Corporation $ $ $ ) $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of equity in earnings of subsidiaries. Select Medical Corporation Select (Parent Subsidiary Non-Guarantor Non-Guarantor Eliminations Consolidated Select (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 ) ) — — — Non-operating gain — — — — 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 (loss) ) ) Less: Net income (loss) attributable to non-controlling interests — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to Select Medical Corporation $ $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Elimination of equity in earnings of subsidiaries. Select Medical Corporation Select (Parent Subsidiary Non-Guarantor 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 Condensed Consolidating Statement of Cash Flows	Select Medical Corporation Select (Parent Subsidiary Non-Guarantor Non-Guarantor Eliminations Consolidated (in thousands) Operating activities Net income $ $ $ ) $ $ ) (a) $ Adjustments to reconcile net income to net cash provided by (used in) 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 — — — Loss (gain) on sale of assets and businesses ) ) ) — ) Gain on sale of equity investment — ) — — — ) Impairment of equity investment — — — — Stock compensation expense — — — Amortization of debt discount, premium 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 (used in) operating activities ) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investing activities Acquisition of businesses, net of cash acquired ) ) ) ) — ) Purchases of property and equipment ) ) ) ) — ) Investment in businesses — ) — — — ) Proceeds from sale of equity investment — — — — Proceeds from sale of assets and businesses — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing activities Borrowings on revolving facilities — — — — Payments on revolving facilities ) — — ) — ) Net proceeds from term loans — — — Payments on term loans ) — — ) — ) Borrowings of other debt — — Principal payments on other debt ) ) ) ) — ) Proceeds from bank overdrafts — — — — Dividends paid to Holdings ) — — — — ) Equity investment by Holdings — — — — Intercompany ) — — — Proceeds from issuance of non-controlling interests — — — — Purchase of non-controlling interests — — ) — — ) Distributions to non-controlling interests — — ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) financing activities ) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net increase 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 Select (Parent Subsidiary Non-Guarantor Non-Guarantor Eliminations Consolidated Select (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, premium and issuance costs — — — Deferred income taxes ) — — — ) Changes in operating assets and liabilities, net of effects of business combinations: 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 Acquisition of businesses, net of cash acquired — — ) ) — ) Purchases of property and equipment ) ) ) ) — ) Investment in businesses — ) — — — ) Proceeds from sale of equity investment — — — — Proceeds from sale of assets and businesses — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing activities Borrowings on revolving facilities — — — Payments on revolving facilities ) — — ) — ) Net proceeds from term loans — — — — Payments on term loans ) — — ) — ) Borrowings of other debt — — Principal payments on other debt ) ) ) ) — ) Proceeds from bank overdrafts — — — — Dividends paid to Holdings ) — — — — ) Equity investment by Holdings — — — — Tax benefit from stock based awards — — — — Intercompany ) ) ) — — Proceeds from issuance of non-controlling interests — — — — Purchase of non-controlling interests — — ) — — ) 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 Select (Parent Subsidiary Non-Guarantor Eliminations Consolidated (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 — — — Loss (gain) on sale of assets and businesses — ) — ) Stock compensation expense — — — Amortization of debt discount, premium and issuance costs — — — Deferred income taxes — — — Changes in operating assets and liabilities, net of effects of business combinations: 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 Acquisition of businesses, net of cash acquired — ) ) — ) Purchases of property and equipment ) ) ) — ) Investment in businesses — ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used in investing activities ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing activities Borrowings on revolving facilities — — — Payments on revolving facilities ) — — — ) Payments on term loans ) — — — ) Net proceeds from 6.375% senior notes issuance — — — Term loan financing costs ) — — — ) Borrowings of other debt — — Principal payments on other debt ) ) ) — ) Proceeds from bank overdrafts — — — Dividends paid to Holdings ) — — — ) Equity investment by Holdings — — — Tax benefit from stock based awards — — — Intercompany ) — — Proceeds from issuance of non-controlling interests — — — Purchase of non-controlling interests — ) — — ) 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 43

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Selected Quarterly Financial Data (Unaudited)
Schedule of selected unaudited quarterly financial data	First Second Third Fourth (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 $ $ $ $ First Second Third Fourth (in thousands, except per share amounts) Year ended December 31, 2016 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.

Organization and Significant 44

Organization and Significant Accounting Policies - Business Description, Accounts Receivable and Allowance for Doubtful Accounts (Details)	12 Months Ended
	Dec. 31, 2016segmentitem	Dec. 31, 2015
Business Description
Number of Operating Segments | segment	3
Number of specialty hospitals operated by the entity	123
Number of outpatient clinics operated by the entity	1,611
Number of freestanding medical centers	300
Number of medical facilities	107
Number of Department of Veterans Affairs community-based outpatient clinics	32
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%	1.20%

Organization and Significant 45

Organization and Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2016
Land improvements | Minimum
Property and equipment
Estimated useful lives	2 years
Land improvements | Maximum
Property and equipment
Estimated useful lives	25 years
Leasehold improvements | Minimum
Property and equipment
Estimated useful lives	5 years
Leasehold improvements | Maximum
Property and equipment
Estimated useful lives	15 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
Furniture and equipment | Minimum
Property and equipment
Estimated useful lives	3 years
Furniture and equipment | Maximum
Property and equipment
Estimated useful lives	20 years

Organization and Significant 46

Organization and Significant Accounting Policies - Intangible Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2016
Intangible Assets and Liabilities
Impairment to goodwill or other identifiable intangible assets	$ 0
Customer relationships | Minimum
Intangible Assets and Liabilities
Useful life of intangible assets		8 years
Customer relationships | Maximum
Intangible Assets and Liabilities
Useful life of intangible assets		16 years
Leasehold interests | Minimum
Intangible Assets and Liabilities
Useful life of intangible assets		1 year
Leasehold interests | Maximum
Intangible Assets and Liabilities
Useful life of intangible assets		9 years
Non-compete agreements | Minimum
Intangible Assets and Liabilities
Useful life of intangible assets		1 year
Non-compete agreements | Maximum
Intangible Assets and Liabilities
Useful life of intangible assets		15 years

Organization and Significant 47

Organization and Significant Accounting Policies - Non-Controlling Interests and Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests
Attributable to noncontrolling interests	$ (2,620)	$ 7,450	$ 6,138
Net income attributable to non-controlling interests	9,859	5,260	7,548
Non-controlling Interests
Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests
Attributable to noncontrolling interests	(2,620)	7,450	6,138
Attributable to redeemable noncontrolling interests	$ 12,479	$ (2,190)	$ 1,410
Net operating revenues | Customer concentration | Medicare program
Revenue Recognition
Percentage of concentration risk	30.00%	37.00%	45.00%
Accounts receivable | Customer concentration | Medicare program
Revenue Recognition
Percentage of concentration risk	18.00%	24.00%

Organization and Significant 48

Organization and Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Adoption Of ASU 2015-03 and ASU 2015-15 | Adjustment for recently adopted accounting pronouncements
Recently Adopted Accounting Pronouncements
Debt issuance costs, now classified as a direct deduction of the debt liability	$ 38

Acquisitions - Physiotherapy Ac

Acquisitions - Physiotherapy Acquisition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Mar. 04, 2016
Consideration given for identifiable net assets and goodwill acquired to the net cash paid
Goodwill	$ 2,751,000	$ 2,314,624	$ 1,642,083
Net cash paid to acquire businesses	472,206	$ 1,061,628	$ 1,211
Physiotherapy
Acquisitions
Voting equity interests acquired				100.00%
Acquisition costs	3,200
Consideration given for identifiable net assets and goodwill acquired to the net cash paid
Cash and cash equivalents	12,340
Identifiable tangible assets, excluding cash and cash equivalents	87,832
Identifiable intangible assets	32,484
Goodwill	343,019
Total assets	475,675
Total liabilities	54,517
Acquired non-controlling interests	2,514
Net assets acquired	418,644
Net cash paid to acquire businesses	406,304
Carrying value of unfavorable leasehold interests	$ 1,900
Weighted average amortization period of intangible liabilities (in years)	3 years 10 months 24 days
Estimated value of goodwill, deductible for tax purposes				$ 8,800
Physiotherapy | Non-compete agreements
Consideration given for identifiable net assets and goodwill acquired to the net cash paid
Identifiable intangible assets	$ 24,234
Weighted Average Amortization Period (in years)	14 years 9 months 18 days
Physiotherapy | Leasehold interests
Consideration given for identifiable net assets and goodwill acquired to the net cash paid
Identifiable intangible assets	$ 4,160
Weighted Average Amortization Period (in years)	3 years 6 months
Physiotherapy | Trademarks
Consideration given for identifiable net assets and goodwill acquired to the net cash paid
Identifiable intangible assets	$ 4,090

Acquisitions - Concentra Acquis

Acquisitions - Concentra Acquisition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jun. 01, 2015	May 31, 2015
Consideration given for identifiable net assets and goodwill acquired to the net cash paid
Goodwill	$ 2,751,000	$ 2,314,624	$ 1,642,083
Net cash paid to acquire businesses	472,206	1,061,628	$ 1,211
Concentra Inc
Contributed net revenue and net income
Contributed net revenue	1,000,000
Contributed net income	$ 14,900
Concentra Inc | Humana | MJ Acquisition Corporation
Acquisitions
Voting equity interests acquired				100.00%
Consideration given for identifiable net assets and goodwill acquired to the net cash paid
Cash and cash equivalents		3,772
Identifiable tangible assets, excluding cash and cash equivalents		406,926
Identifiable intangible assets		254,990
Goodwill		651,152
Total assets		1,316,840
Total liabilities		248,797
Acquired non-controlling interests		17,084
Net assets acquired		1,050,959
Net cash paid to acquire businesses		$ 1,047,187
Estimated value of goodwill, deductible for tax purposes					$ 23,900

Acquisitions - Proforma Results

Acquisitions - Proforma Results and Other Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquisitions
Net cash paid to acquire businesses	$ 472,206	$ 1,061,628	$ 1,211
Goodwill	2,751,000	2,314,624	1,642,083
Issuance of non-controlling interests	50,178	14,569	1,693
Pro Forma
Pro forma results of operations
Net revenue	4,339,551	4,477,088
Net income	$ 113,590	$ 119,763
Income per common share:
Basic (in dollars per share)	$ 0.86	$ 0.91
Diluted (in dollars per share)	$ 0.86	$ 0.91
Specialty Hospitals
Acquisitions
Goodwill	$ 1,447,406	$ 1,357,379	1,335,460
Outpatient Rehabilitation
Acquisitions
Goodwill	643,557	306,595	306,623
Concentra
Acquisitions
Goodwill	660,037	650,650
Physiotherapy
Acquisitions
Net cash paid to acquire businesses	406,304
Goodwill	343,019
Income per common share:
Acquisition costs included (excluded) from proforma results	3,200
Physiotherapy | Pro Forma
Income per common share:
Acquisition costs included (excluded) from proforma results	(3,200)	3,200
Concentra Inc | Pro Forma
Income per common share:
Acquisition costs included (excluded) from proforma results		(4,700)
Other Acquisitions
Acquisitions
Net cash paid to acquire businesses	65,600	14,400	1,200
Goodwill			1,900
Issuance of non-controlling interests	38,300	14,700	1,700
Other Acquisitions | Specialty Hospitals
Acquisitions
Goodwill	96,800	21,900	900
Transfer of business net assets	17,700
Non-operating gain to bargain purchase	9,500
Other Acquisitions | Outpatient Rehabilitation
Acquisitions
Goodwill	2,300		$ 1,000
Other Acquisitions | Concentra
Acquisitions
Goodwill	$ 4,600	$ 4,200

Sale of Businesses (Details)

Sale of Businesses (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)item
Sale of Businesses
Gain on disposal	$ 35.6
Contract Therapy | Disposed by Sale
Sale of Businesses
Gain on disposal	33.9
Total consideration from sale of businesses	65
Outpatient Rehabilitation | Disposed by Sale
Sale of Businesses
Gain on disposal	$ 1.7
Number of businesses sold | item	9

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property and equipment
Total property and equipment	$ 1,404,968	$ 1,312,847
Accumulated depreciation	(512,751)	(448,723)
Property and equipment, net	892,217	864,124
Depreciation expense	129,000	96,100	$ 67,900
Land
Property and equipment
Total property and equipment	76,987	76,118
Leasehold improvements
Property and equipment
Total property and equipment	309,504	295,647
Buildings
Property and equipment
Total property and equipment	421,017	411,376
Furniture and equipment
Property and equipment
Total property and equipment	432,944	382,838
Construction-in-progress
Property and equipment
Total property and equipment	$ 164,516	$ 146,868

Intangible Assets and Liabili54

Intangible Assets and Liabilities - Carrying Value and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Intangible Assets and Liabilities (including Goodwill)
Goodwill	$ 2,751,000	$ 2,314,624	$ 1,642,083
Accumulated Amortization	(27,339)	(9,091)
Total identifiable intangible assets, Gross Carrying Amount	367,901	327,766
Identifiable Intangible Assets, Net (Excluding Goodwill), Total	340,562	318,675
Identifiable intangibles-Finite lived liabilities:
Unfavorable leasehold interests, Gross Carrying Amount	5,139	3,257
Unfavorable leasehold interests, Accumulated Amortization	(1,410)	(292)
Unfavorable leasehold interests, Net Carrying Amount	3,729	2,965
Customer relationships
Intangible Assets and Liabilities (including Goodwill)
Identifiable intangibles - Finite lived assets, Gross Carrying Amount	142,198	141,265
Accumulated Amortization	(23,185)	(8,514)
Identifiable intangibles - Finite lived assets, Net Carrying Amount	119,013	132,751
Estimated amortization expense
2,017	16,400
2,018	16,400
2,019	16,400
2,020	16,400
2,021	16,400
Leasehold interests
Intangible Assets and Liabilities (including Goodwill)
Identifiable intangibles - Finite lived assets, Gross Carrying Amount	13,089	8,825
Accumulated Amortization	(2,317)	(577)
Identifiable intangibles - Finite lived assets, Net Carrying Amount	10,772	8,248
Non-compete agreements
Intangible Assets and Liabilities (including Goodwill)
Identifiable intangibles - Finite lived assets, Gross Carrying Amount	26,655
Accumulated Amortization	(1,837)
Identifiable intangibles - Finite lived assets, Net Carrying Amount	24,818
Customer relationships and non-compete agreements
Amortized intangible assets:
Amortization expense	16,300	8,900	$ 500
Trademarks
Intangible Assets and Liabilities (including Goodwill)
Identifiable intangibles - Indefinite lived assets	$ 166,698	162,609
Identifiable intangibles-Finite lived liabilities:
Weighted average time until next renewal	2 years 10 months 24 days
Certificates of need
Intangible Assets and Liabilities (including Goodwill)
Identifiable intangibles - Indefinite lived assets	$ 17,026	13,022
Accreditations
Intangible Assets and Liabilities (including Goodwill)
Identifiable intangibles - Indefinite lived assets	$ 2,235	$ 2,045
Identifiable intangibles-Finite lived liabilities:
Weighted average time until next renewal	1 year 6 months

Intangible Assets and Liabili55

Intangible Assets and Liabilities - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill
Balance at the beginning of the year	$ 2,314,624	$ 1,642,083
Goodwill acquired during year	446,702	672,569
Purchase accounting adjustment	4,825
Sold	(15,151)	(28)
Balance at the end of the year	2,751,000	2,314,624
Specialty Hospitals
Goodwill
Balance at the beginning of the year	1,357,379	1,335,460
Goodwill acquired during year	96,785	21,919
Sold	(6,758)
Balance at the end of the year	1,447,406	1,357,379
Outpatient Rehabilitation
Goodwill
Balance at the beginning of the year	306,595	306,623
Goodwill acquired during year	345,355
Sold	(8,393)	(28)
Balance at the end of the year	643,557	306,595
Concentra
Goodwill
Balance at the beginning of the year	650,650
Goodwill acquired during year	4,562	650,650
Purchase accounting adjustment	4,825
Balance at the end of the year	$ 660,037	$ 650,650

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net operating revenues from contracted services and management fees to related parties	$ 164.2	$ 146	$ 129.3
Non-operating gain (loss) from sale of an equity method investment	(5.1)	$ 29.6
Non Operating gain related to final settlement of sale of entity	$ 2.5
BIR JV, LLP
Percentage of ownership	49.00%	49.00%
OHRH, LLC
Percentage of ownership	49.00%	49.00%
GlobalRehab - Scottsdale, LLC
Percentage of ownership	49.00%	49.00%
Rehabilitation Institute of Denton, LLC
Percentage of ownership	50.00%	50.00%
ES Rehabilitation, LLC
Percentage of ownership	49.00%	49.00%
Other assets
Equity method investments	$ 100	$ 101.4

Insurance Risk Programs (Detail

Insurance Risk Programs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Insurance Risk Programs
Discount rate for provisions for losses for professional liability (as a percent)	3.00%	3.00%
Liability recorded after discounting	$ 147.4	$ 157.4
Value of aggregate liability, if the entity did not discount the provisions for losses	$ 152.7	$ 165.8

Long-Term Debt and Notes Paya58

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

Mar. 04, 2016USD ($)

Mar. 03, 2016

Mar. 02, 2016USD ($)

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

Dec. 31, 2015USD ($)

Mar. 31, 2014

Sep. 30, 2015

Dec. 31, 2016USD ($)

Dec. 31, 2014USD ($)

Dec. 31, 2013

Sep. 26, 2016USD ($)

May 20, 2015USD ($)

May 28, 2013USD ($)

Long-term debt and notes payable

Total debt

$ 2,385,896

$ 2,698,989

Less: current maturities

225,166

13,656

Long-term debt, net of current portion

2,160,730

2,685,333

Net proceeds from 6.375% senior notes issuance

$ 109,355

Loss on Early Retirement of Debt

Loss on early retirement of debt

$ 11,626

2,277

2,016

Long-term debt and notes payable

Redemption Price ( as a percent)

104.781%

2,017

Long-term debt and notes payable

Redemption Price ( as a percent)

103.188%

2,018

Long-term debt and notes payable

Redemption Price ( as a percent)

101.594%

2,019

Long-term debt and notes payable

Redemption Price ( as a percent)

100.00%

Select

Long-term debt and notes payable

Less: current maturities

225,166

$ 13,656

Long-term debt, net of current portion

$ 2,160,730

2,685,333

Unamortized debt issuance costs

$ 35,133

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

50.00%

Future principal prepayments from excess cash flow

$ 33,200

Net proceeds from 6.375% senior notes issuance

109,355

Maturities of Long-Term Debt and Notes Payable

2,017

26,734

2,018

758,233

2,019

24,720

2,020

12,959

2,021

1,312,005

2022 and beyond

613,205

Total principal

2,747,856

Unamortized discounts and premiums

(13,734)

Unamortized debt issuance costs

(35,133)

Total

2,698,989

Loss on Early Retirement of Debt

Loss on early retirement of debt

$ 11,626

2,277

Select | 6.375% senior notes

Long-term debt and notes payable

Interest rate of debt (as a percent)

6.375%

6.375%

6.375%

Aggregate principal amount

$ 600,000

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

Long-term debt and notes payable

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 | Senior secured credit facility

Long-term debt and notes payable

Maximum borrowing capacity

$ 450,000

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)

0.50%

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

Number of credit extension amendments | item

2

Commitment fee (as a percent)

0.50%

Current borrowing capacity

$ 190,300

Outstanding letters of credit

$ 39,700

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

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

Extended amount of revolving credit facility

$ 6,750

Amount of incremental revolving commitments

$ 50,000

$ 100,000

Maximum borrowing capacity

$ 450,000

Select | Term loans

Long-term debt and notes payable

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%

Loss on Early Retirement of Debt

Loss on early retirement of debt

$ 2,300

Select | Series B tranche B term loans | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Interest rate margin (as a percent)

3.25%

Select | Series B tranche B term loans | Alternate Base Rate

Long-term debt and notes payable

Variable rate basis

Alternate Base Rate

Interest rate margin (as a percent)

2.25%

Select | Series C tranche B term loans | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Interest rate margin (as a percent)

3.00%

Select | Series C tranche B term loans | 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 tranche B term loans | 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 tranche B term loans

Long-term debt and notes payable

Unamortized discounts and debt issuance costs

$ 4,800

Extended amount of borrowing on term loan

$ 56,200

Maximum borrowing capacity

527,400

Select | Series E tranche B term loans | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Interest rate margin (as a percent)

4.00%

Select | Series E tranche B term loans | Alternate Base Rate

Long-term debt and notes payable

Variable rate basis

Alternate Base Rate

Interest rate margin (as a percent)

3.00%

Select | Series E tranche B term loans | 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 F tranche B term loans

Long-term debt and notes payable

Unamortized discounts and debt issuance costs

20,700

Maximum borrowing capacity

620,300

Select | Series D tranche B term loans

Loss on Early Retirement of Debt

Loss on early retirement of debt

800

Select | Series D tranche B term loans | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Interest rate margin (as a percent)

2.75%

Select | Series D tranche B term loans | Alternate Base Rate

Long-term debt and notes payable

Variable rate basis

Alternate Base

Interest rate margin (as a percent)

1.75%

Select | Series D tranche B term loans | 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 | 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%

Net proceeds from 6.375% senior notes issuance

$ 111,700

Select | Second Lien Credit Agreement

Loss on Early Retirement of Debt

Loss on early retirement of debt

$ 10,900

Select | Amended senior secured facilities | Senior secured credit facility

Long-term debt and notes payable

Leverage ratio of financial maintenance covenant

5.40%

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%

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%

5.75%

Select | Amended senior secured facilities | Series E tranche B term loans | 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 tranche B term loans | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Adjusted LIBO

Adjusted LIBO

Interest rate margin (as a percent)

5.00%

4.00%

2.75%

Select | Amended senior secured facilities | Series E tranche B term loans | Alternate Base Rate

Long-term debt and notes payable

Variable rate basis

Alternate Base Rate

Alternate Base Rate

Alternate Base Rate

Interest rate margin (as a percent)

4.00%

3.00%

1.75%

Select | Amended senior secured facilities | Series E tranche B term loans | Adjusted LIBO Rate floor

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO Rate floor

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 F tranche B term loans

Long-term debt and notes payable

Prepayment premium (as a percent)

1.00%

Aggregate principal amount

$ 625,000

Frequency of installment payments

quarterly

Principal payments, quarterly installments (as a percent)

0.25%

Select | Amended senior secured facilities | Series F tranche B term loans | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Interest rate margin (as a percent)

5.00%

Select | Amended senior secured facilities | Series F tranche B term loans | Alternate Base Rate

Long-term debt and notes payable

Variable rate basis

Alternate Base Rate

Interest rate margin (as a percent)

4.00%

Select | Amended senior secured facilities | Series F tranche B term loans | 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 tranche B term loans | Adjusted LIBO

Long-term debt and notes payable

Variable rate basis

Adjusted LIBO

Interest rate margin (as a percent)

2.75%

Select | Amended senior secured facilities | Series D tranche B term loans | Alternate Base Rate

Long-term debt and notes payable

Variable rate basis

Alternate Base Rate

Interest rate margin (as a percent)

1.75%

Concentra Inc

Long-term debt and notes payable

Total debt

$ 634,971

$ 631,553

Less: current maturities

2,261

4,660

Long-term debt, net of current portion

632,710

626,893

Unamortized debt issuance costs

$ 13,090

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

25.00%

Future principal prepayments from excess cash flow

$ 23,100

Maturities of Long-Term Debt and Notes Payable

2,017

7,634

2,018

6,617

2,019

6,636

2,020

6,656

2,021

6,678

2022 and beyond

613,195

Total principal

647,416

Unamortized discounts and premiums

(2,773)

Unamortized debt issuance costs

(13,090)

Total

631,553

Concentra Inc | Revolving credit facility

Long-term debt and notes payable

Total debt

5,000

Current borrowing capacity

43,400

Outstanding letters of credit

6,600

Concentra Inc | Term loans

Long-term debt and notes payable

Total debt

624,659

626,375

Unamortized debt issuance costs

20,200

13,100

Unamortized discounts and debt issuance costs

15,900

Unamortized discounts

2,900

$ 2,800

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%

Outstanding borrowings on term loan

$ 642,200

Maturities of Long-Term Debt and Notes Payable

Unamortized debt issuance costs

(20,200)

(13,100)

Concentra Inc | Other

Long-term debt and notes payable

Total debt

5,312

$ 5,178

Concentra Inc | Concentra Credit Agreement Amendment

Long-term debt and notes payable

Aggregate principal amount

$ 200,000

Concentra Inc | Concentra Credit Agreement Amendment | Leverage ratio equal to 5.75 to 1.00

Long-term debt and notes payable

Leverage ratio of financial maintenance covenant

5.75%

Percentage of revolving exposure to revolving commitments that needs to be exceeded for the leverage ratio to apply

30.00%

Concentra Inc | Concentra Credit Agreement Amendment | Maximum | Leverage ratio equal to 4.25 to 1.00

Long-term debt and notes payable

Leverage ratio of financial maintenance covenant

4.25%

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

25.00%

Concentra Inc | Concentra Credit Agreement Amendment | Maximum | Leverage ratio equal to 3.75 to 1.00

Long-term debt and notes payable

Leverage ratio of financial maintenance covenant

3.75%

Concentra Inc | Concentra Credit Agreement Amendment | Minimum | Leverage ratio equal to 4.25 to 1.00

Long-term debt and notes payable

Leverage ratio of financial maintenance covenant

4.25%

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

50.00%

Concentra Inc | Concentra Credit Agreement Amendment | Minimum | Leverage ratio equal to 3.75 to 1.00

Long-term debt and notes payable

Leverage ratio of financial maintenance covenant

3.75%

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

25.00%

Concentra Inc | First Lien Credit Agreement

Long-term debt and notes payable

Maximum borrowing capacity

$ 500,000

Concentra Inc | First Lien Credit Agreement - Revolving Facility

Long-term debt and notes payable

Maximum borrowing capacity

$ 50,000

Debt instrument term (in years)

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 | First Lien Credit Agreement - Term Loan

Long-term debt and notes payable

Aggregate principal amount

$ 450,000

Periodic payment in equal quarterly installments

$ 1,600

Debt instrument term (in years)

7 years

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

Interest rate margin (as a percent)

2.00%

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 | Second Lien Credit Agreement

Long-term debt and notes payable

Aggregate principal amount

$ 200,000

Debt instrument term (in years)

8 years

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

Interest rate margin (as a percent)

7.00%

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%

Select Excluding Concentra

Long-term debt and notes payable

Total debt

1,750,925

$ 2,067,436

Less: current maturities

222,905

8,996

Long-term debt, net of current portion

$ 1,528,020

2,058,440

Unamortized debt issuance costs

22,043

Maturities of Long-Term Debt and Notes Payable

2,017

19,100

2,018

751,616

2,019

18,084

2,020

6,303

2,021

1,305,327

2022 and beyond

10

Total principal

2,100,440

Unamortized discounts and premiums

(10,961)

Unamortized debt issuance costs

(22,043)

Total

$ 2,067,436

Select Excluding Concentra | 6.375% senior notes

Long-term debt and notes payable

Interest rate of debt (as a percent)

6.375%

6.375%

Total debt

$ 700,867

$ 702,545

Unamortized premiums

1,200

1,000

Unamortized debt issuance costs

10,400

8,500

Aggregate principal amount

710,000

710,000

Maturities of Long-Term Debt and Notes Payable

Unamortized debt issuance costs

(10,400)

(8,500)

Select Excluding Concentra | Revolving credit facility

Long-term debt and notes payable

Total debt

295,000

220,000

Select Excluding Concentra | Term loans

Long-term debt and notes payable

Total debt

743,071

1,122,203

Unamortized debt issuance costs

7,400

13,600

Unamortized discounts

2,800

12,000

Principal prepayments from excess cash flow

$ 10,200

$ 26,900

$ 34,000

Maturities of Long-Term Debt and Notes Payable

Unamortized debt issuance costs

(7,400)

(13,600)

Select Excluding Concentra | Other

Long-term debt and notes payable

Total debt

$ 11,987

$ 22,688

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	May 28, 2013
Select
Fair Value
Unamortized debt issuance costs	$ 35,133
Select Excluding Concentra
Fair Value
Unamortized debt issuance costs	22,043
Concentra Inc
Fair Value
Unamortized debt issuance costs	13,090
Credit facility | Select Excluding Concentra
Fair Value
Face Value	1,367,751	$ 1,048,277
Carrying Value	1,342,203	1,038,071
Fair Value	1,370,460	1,023,616
Unamortized discounts	12,000	2,800
Unamortized debt issuance costs	13,600	7,400
Credit facility | Concentra Inc
Fair Value
Face Value	642,239	652,750
Carrying Value	626,375	629,659
Fair Value	644,648	645,392
Unamortized discounts	2,800
Unamortized debt issuance costs	$ 13,100	20,200
Credit facility | Concentra | Concentra Inc
Fair Value
Unamortized discounts		$ 2,900
6.375% senior notes | Select
Fair Value
Interest rate of debt (as a percent)	6.375%	6.375%	6.375%
Face Value			$ 600,000
6.375% senior notes | Select Excluding Concentra
Fair Value
Interest rate of debt (as a percent)	6.375%	6.375%
Face Value	$ 710,000	$ 710,000
Carrying Value	702,545	700,867
Fair Value	710,000	623,948
Unamortized premium	1,000	1,200
Unamortized debt issuance costs	$ 8,500	$ 10,400

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stockholders' Equity
Issuance and vesting of restricted stock (in shares)	1,425,678	1,384,954	1,585,775
Common stock issued through stock option exercise	202,100	183,450	974,969
Unvested restricted stock forfeitures	81,500	304,000	65,000
Stock repurchases for satisfaction of tax obligations	232,318	182,580	237,690
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
Value of shares repurchased under the program		$ 13.6	$ 127.5
Repurchase program available capacity	$ 185.2

Segment Information - Selected

Segment Information - Selected Financial Data (Details) - USD ($) $ in Thousands	3 Months Ended								7 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment information
Net revenue	$ 1,046,265	$ 1,053,795	$ 1,097,631	$ 1,088,330	$ 1,039,205	$ 1,021,123	$ 887,065	$ 795,343		$ 4,286,021	$ 3,742,736	$ 3,065,017
Adjusted EBITDA										465,807	399,165	363,872
Total assets	4,944,395				4,388,678				$ 4,388,678	4,944,395	4,388,678	2,924,809
Capital expenditures										161,633	182,642	95,246
Specialty Hospitals
Segment information
Real estate assets held for sale	24,400				2,700				2,700	24,400	2,700	2,700
Operating Segments | Specialty Hospitals
Segment information
Net revenue										2,289,482	2,346,781	2,244,899
Adjusted EBITDA										281,511	327,623	341,787
Total assets	2,530,609				2,425,113				2,425,113	2,530,609	2,425,113	2,279,665
Capital expenditures										109,139	126,014	77,742
Operating Segments | Outpatient Rehabilitation
Segment information
Net revenue										995,374	810,009	819,397
Adjusted EBITDA										129,830	98,220	97,584
Total assets	978,192				548,242				548,242	978,192	548,242	532,685
Capital expenditures										21,286	17,768	12,506
Operating Segments | Concentra
Segment information
Net revenue									585,222	1,000,624
Adjusted EBITDA									48,301	143,009
Total assets	1,323,516				1,311,631				1,311,631	1,323,516	1,311,631
Capital expenditures									26,771	15,946
Other
Segment information
Net revenue										541	724	721
Adjusted EBITDA										(88,543)	(74,979)	(75,499)
Total assets	$ 112,078				$ 103,692				$ 103,692	112,078	103,692	112,459
Capital expenditures										$ 15,262	$ 12,089	$ 4,998

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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment information
Adjusted EBITDA										$ 465,807	$ 399,165	$ 363,872
Depreciation and amortization										(145,311)	(104,981)	(68,354)
Stock compensation expense										(17,413)	(14,679)	(11,042)
Income from operations	$ 55,745	$ 56,162	$ 101,054	$ 86,886	$ 62,300	$ 48,214	$ 85,011	$ 79,265		299,847	274,790	284,476
Loss on early retirement of debt										(11,626)		(2,277)
Equity in earnings of unconsolidated subsidiaries										19,943	16,811	7,044
Non-operating gain										42,651	29,647
Interest expense										(170,081)	(112,816)	(85,446)
Income before income taxes										180,734	208,432	203,797
Physiotherapy
Segment information
Acquisition costs										(3,200)
Operating Segments | Specialty Hospitals
Segment information
Adjusted EBITDA										281,511	327,623	341,787
Depreciation and amortization										(56,585)	(53,992)	(51,786)
Income from operations										224,926	273,631	290,001
Operating Segments | Outpatient Rehabilitation
Segment information
Adjusted EBITDA										129,830	98,220	97,584
Depreciation and amortization										(22,661)	(13,053)	(12,845)
Income from operations										107,169	85,167	84,739
Operating Segments | Concentra
Segment information
Adjusted EBITDA									$ 48,301	143,009
Depreciation and amortization									(33,644)	(60,717)
Stock compensation expense									(1,016)	(770)
Income from operations									8,926	81,522
Operating Segments | Concentra | Concentra Inc
Segment information
Acquisition costs									$ (4,715)
Other
Segment information
Adjusted EBITDA										(88,543)	(74,979)	(75,499)
Depreciation and amortization										(5,348)	(4,292)	(3,723)
Stock compensation expense										(16,643)	(13,663)	(11,042)
Income from operations										(113,770)	(92,934)	(90,264)
Other | Physiotherapy
Segment information
Acquisition costs										(3,236)
Select
Segment information
Depreciation and amortization										(145,311)	(104,981)	(68,354)
Income from operations										299,847	274,790	284,476
Loss on early retirement of debt										(11,626)		(2,277)
Equity in earnings of unconsolidated subsidiaries										19,943	16,811	7,044
Non-operating gain										42,651	29,647
Interest expense										(170,081)	(112,816)	(85,446)
Income before income taxes										$ 180,734	$ 208,432	$ 203,797

Stock-based Compensation - Equi

Stock-based Compensation - Equity Incentive Plans and Restricted Stock Awards (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Aug. 12, 2009
Restricted stock awards
Shares
Unvested balance, at beginning of the year	3,817,000
Granted	1,426,000
Vested	(960,000)
Forfeited	(82,000)
Unvested balance, at end of the year	4,201,000	3,817,000
Weighted Average Grant Date Fair Value
Unvested balance, at beginning of the year (in dollars per share)	$ 12.29
Granted (in dollars per share)	11.57	$ 13.94	$ 13.61
Vested (in dollars per share)	8.78
Forfeited (in dollars per share)	11.71
Unvested balance, at end of the year (in dollars per share)	$ 12.86	$ 12.29
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
2016 Equity Incentive Plan | Restricted stock and stock option
Stock based Compensation
Number of shares authorized	7,491,600

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restricted stock awards
Stock based Compensation
Weighted average grant date fair value of shares awarded	$ 11.57	$ 13.94	$ 13.61
Weighted average grant date fair value of vested shares	$ 8.4	$ 9	$ 7.4
Options
Stock based Compensation
Number of options outstanding (in shares)	529,720	743,000
Number of options exercisable (in shares)	529,720	728,000
Weighted average exercise price (in dollars per share)	$ 9.09
Weighted average remaining contractual term for all outstanding options	2 years 5 months 9 days
Total intrinsic value of options exercised (in dollars)	$ 0.8	$ 1	$ 6
Aggregate intrinsic value of options outstanding (in dollars)	$ 2.2

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock based Compensation
Total	$ 17,413	$ 14,679	$ 11,042
Stock compensation expense for each of the next five years, based on restricted stock awards granted
2,017	15,499
2,018	9,797
2,019	4,726
2,020	1,220
Included in general and administrative
Stock based Compensation
Total	14,607	11,633	9,027
Included in cost of services
Stock based Compensation
Total	$ 2,806	$ 3,046	$ 2,015

Income Taxes - Tax Expense Comp

Income Taxes - Tax Expense Components and Reconciliation to Federal Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current expense:
Federal	$ 54,726	$ 63,626	$ 52,063
State and local	13,329	10,868	9,248
Total current income tax expense	68,055	74,494	61,311
Deferred income tax expense (benefit)	(12,591)	(2,058)	14,311
Total income tax expense	$ 55,464	$ 72,436	$ 75,622
Differences between the expected income tax expense and income taxes computed at the federal statutory rate
Federal income tax at statutory rate (as a percent)	35.00%	35.00%	35.00%
State and local income taxes, less federal income tax benefit (as a percent)	3.20%	4.00%	4.20%
Permanent differences (as a percent)	1.40%	1.40%	0.80%
Tax benefit from the sale of businesses (as a percent)	(6.70%)
Valuation allowance (as a percent)	0.20%	(0.90%)	(0.40%)
Uncertain tax positions (as a percent)	(1.30%)	(2.30%)	(0.30%)
Non-controlling interest (as a percent)	(0.50%)	(2.00%)	(1.50%)
Other (as a percent)	(0.60%)	(0.40%)	(0.70%)
Total effective income tax rate (as a percent)	30.70%	34.80%	37.10%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets
Allowance for doubtful accounts, Total	$ 10,735	$ 9,153
Allowance for doubtful accounts, Current	10,735	9,153
Compensation and benefit-related accruals, Total	70,199	61,111
Compensation and benefit-related accruals, Current	56,570	50,303
Compensation and benefit-related accruals, Non-Current	13,629	10,808
Professional malpractice liability insurance, Total	19,763	19,654
Professional malpractice liability insurance, Current	5,359	4,642
Professional malpractice liability insurance, Non-Current	14,404	15,012
Deferred revenue, Total	746	(1,009)
Deferred revenue, Current	746	(1,009)
Net operating loss carryforwards, Total	39,481	21,591
Net operating loss carryforwards, Current		445
Net operating loss carryforwards, Non-Current	39,481	21,146
Stock options, Total	9,533	6,061
Stock options, Non-Current	9,533	6,061
Equity investments, Total	1,567	3,939
Equity investments, Non-Current	1,567	3,939
Uncertain tax positions, Total	499	641
Uncertain tax positions, Non-Current	499	641
Other, Total	3,496	1,273
Other, Current	1,315	357
Other, Non-Current	2,181	916
Total deferred tax assets before valuation allowance, Total	156,019	122,414
Total deferred tax assets before valuation allowance, Current	74,725	63,891
Total deferred tax assets before valuation allowance, Non-Current	81,294	58,523
Valuation allowance, Total	(26,421)	(7,586)
Valuation allowance, Current	(3,005)	(1,910)
Valuation allowance, Non-Current	(23,416)	(5,676)
Total deferred tax assets, Total	129,598	114,828
Total deferred tax assets, Current	71,720	61,981
Total deferred tax assets, Non-Current	57,878	52,847
Deferred tax liabilities
Deferred income, Total	(26,068)	(31,375)
Deferred income, Current	(23,298)	(27,221)
Deferred income, Non-Current	(2,770)	(4,154)
Investment in unconsolidated affiliates, Total	(3,885)	(4,302)
Investment in unconsolidated affiliates, Non-Current	(3,885)	(4,302)
Depreciation and amortization, Total	(271,914)	(260,724)
Depreciation and amortization, Non-Current	(271,914)	(260,724)
Other, Total	(5,413)	(8,444)
Other, Current	(3,257)	(6,072)
Other, Non-Current	(2,156)	(2,372)
Total deferred tax liabilities, Total	(307,280)	(304,845)
Total deferred tax liabilities, Current	(26,555)	(33,293)
Total deferred tax liabilities, Non-Current	(280,725)	(271,552)
Net deferred taxes, Total	(177,682)	(190,017)
Net deferred taxes, Current	45,165	28,688
Net deferred taxes, Non-Current	$ (222,847)	$ (218,705)
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, 2016USD ($)
Net operating loss carry forwards
Net operating losses	$ 585,400
State Net Operating Losses
2,017	9,161
2,018	5,155
2,019	14,826
2,020	24,860
Thereafter through 2036	531,388
Gross Valuation Allowance
2,017	8,154
2,018	4,424
2,019	13,844
2,020	22,710
Thereafter through 2036	$ 418,837

Income Taxes - Reserves for Unc

Income Taxes - Reserves for Uncertain Tax Positions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Reconciliation of the Company's unrecognized tax benefits
Gross tax contingencies at the beginning of the period	$ 5,566	$ 10,667	$ 12,026
Reductions for tax positions taken in prior periods due primarily to statute expiration	(2,619)	(3,309)	(1,632)
Additions for existing tax positions taken	313	373	273
Reductions for settlements with taxing authorities		(770)
Reductions for tax positions taken in prior periods due to change in estimate		(1,395)
Additions included with acquisition	494
Gross tax contingencies at the end of the period	3,754	5,566	10,667
Unrecognized tax benefits, if fully recognized, would affect effective income tax rate	3,800	5,600
Amount of unrecognized tax benefits eligible for release in the next 12 months	1,200
Accrued interest related to income taxes	300	600
Interest recognized	$ 100	$ 300	$ 500
State
Reconciliation of the Company's unrecognized tax benefits
Number of tax returns currently under examination | item	1
Minimum | State
Reconciliation of the Company's unrecognized tax benefits
Statute of limitations for tax returns	3 years
Maximum | State
Reconciliation of the Company's unrecognized tax benefits
Statute 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, 2016	Dec. 31, 2015	Dec. 31, 2014
Retirement savings plan
Employer matching contribution, percent of match		25.00%
Vesting period		3 years
Expense incurred		$ 14.7	$ 10	$ 9.3
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
Retirement savings plan
Maximum annual contribution per employee (as a percent)		30.00%
HCE
Retirement savings plan
Maximum annual contribution per employee (as a percent)		7.00%

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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income per Share
Contractual dividends									$ 0	$ 0	$ 0
Numerator:
Net income attributable to Select Medical Holdings Corporation	$ 20,172	$ 6,471	$ 33,935	$ 54,833	$ 29,327	$ 29,406	$ 36,940	$ 35,063	115,411	130,736	120,627
Less: Earnings allocated to unvested restricted stockholders									3,521	3,830	3,337
Net income available to common stockholders									$ 111,890	$ 126,906	$ 117,290
Denominator:
Weighted average shares - basic									127,813	127,478	129,026
Effect of dilutive securities: Stock options (in shares)									155	274	439
Weighted average shares - diluted									127,968	127,752	129,465
Income per common share
Basic income per common share (in dollars per share)	$ 0.15	$ 0.05	$ 0.26	$ 0.42	$ 0.22	$ 0.22	$ 0.28	$ 0.27	$ 0.88	$ 1	$ 0.91
Diluted income per common share (in dollars per share)	$ 0.15	$ 0.05	$ 0.26	$ 0.42	$ 0.22	$ 0.22	$ 0.28	$ 0.27	$ 0.87	$ 0.99	$ 0.91

Commitments and Contingencies -

Commitments and Contingencies - Leases and Construction Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Minimum future non-cancelable lease obligations on long-term operating leases
2,017	$ 221,797
2,018	181,770
2,019	150,374
2,020	118,118
2,021	87,630
Thereafter	438,947
Total	1,198,636
Total rent expense for facility and equipment operating leases	265,100	$ 214,900	$ 169,100
Facility rent expense to unrelated parties	220,800	165,300	124,400
Related party
Minimum future non-cancelable lease obligations on long-term operating leases
2,017	5,408
2,018	5,605
2,019	5,746
2,020	5,892
2,021	6,017
Thereafter	10,538
Total	39,206
Payments for office rent, leasehold improvements and miscellaneous expenses	5,000	$ 4,700	$ 4,400
Construction Commitments
Construction Commitments
Construction contract commitments	$ 86,000

Commitment and Contingencies -

Commitment and Contingencies - Other Commitments (Details) - Naming, promotional and sponsorship agreement - Select $ in Millions	Dec. 31, 2016USD ($)
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 Contingencies74

Commitments and Contingencies - Litigation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)item
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

Financial Information for Sub75

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes (Details)	Dec. 31, 2016	Dec. 31, 2015	May 28, 2013
6.375% senior notes | 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%	6.375%	6.375%

Financial Information for Sub76

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current Assets:
Cash and cash equivalents	$ 99,029	$ 14,435	$ 3,354	$ 4,319
Accounts receivable, net	573,752	603,558
Current deferred tax asset	45,165	28,688
Prepaid income taxes	12,423	16,694
Other current assets	77,699	85,779
Total Current Assets	808,068	749,154
Property and equipment, net	892,217	864,124
Goodwill	2,751,000	2,314,624	1,642,083
Identifiable intangibles, net	340,562	318,675
Other assets	152,548	142,101
Total Assets	4,944,395	4,388,678	2,924,809
Current Liabilities:
Bank overdrafts	39,362	28,615
Current portion of long-term debt and notes payable	13,656	225,166
Accounts payable	126,558	137,409
Accrued payroll	146,397	120,989
Accrued vacation	83,261	73,977
Accrued interest	22,325	9,401
Accrued other	140,076	133,728
Total Current Liabilities	571,635	729,285
Long-term debt, net of current portion	2,685,333	2,160,730
Non-current deferred tax liability	222,847	218,705
Other non-current liabilities	136,520	133,220
Total Liabilities	3,616,335	3,241,940
Redeemable non-controlling interests	422,159	238,221
Stockholder's Equity:
Common stock	132	131
Capital in excess of par	443,908	424,506
Retained earnings (accumulated deficit)	371,685	434,616
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	815,725	859,253
Non-controlling interest	90,176	49,264
Total Equity	905,901	908,517	775,240	818,642
Total Liabilities and Equity	4,944,395	4,388,678
Select
Current Assets:
Cash and cash equivalents	99,029	14,435	3,354	4,319
Accounts receivable, net	573,752	603,558
Current deferred tax asset	45,165	28,688
Prepaid income taxes	12,423	16,694
Other current assets	77,699	85,779
Total Current Assets	808,068	749,154
Property and equipment, net	892,217	864,124
Goodwill	2,751,000	2,314,624
Identifiable intangibles, net	340,562	318,675
Other assets	152,548	142,101
Total Assets	4,944,395	4,388,678
Current Liabilities:
Bank overdrafts	39,362	28,615
Current portion of long-term debt and notes payable	13,656	225,166
Accounts payable	126,558	137,409
Accrued payroll	146,397	120,989
Accrued vacation	83,261	73,977
Accrued interest	22,325	9,401
Accrued other	140,076	133,728
Total Current Liabilities	571,635	729,285
Long-term debt, net of current portion	2,685,333	2,160,730
Non-current deferred tax liability	222,847	218,705
Other non-current liabilities	136,520	133,220
Total Liabilities	3,616,335	3,241,940
Redeemable non-controlling interests	422,159	238,221
Stockholder's Equity:
Common stock	0	0
Capital in excess of par	925,111	904,375
Retained earnings (accumulated deficit)	(109,386)	(45,122)
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	815,725	859,253
Non-controlling interest	90,176	49,264
Total Equity	905,901	908,517	775,240	818,642
Total Liabilities and Equity	4,944,395	4,388,678
Select | Reportable legal entities | Select (Parent Company Only)
Current Assets:
Cash and cash equivalents	11,071	4,070	70	71
Current deferred tax asset	17,491	11,556
Prepaid income taxes	6,658	7,979
Other current assets	11,953	10,521
Total Current Assets	47,173	34,126
Property and equipment, net	48,697	38,872
Investment in affiliates	4,517,900	4,111,682
Non-current deferred tax asset	19,423	12,297
Other assets	6,820	3,841
Total Assets	4,640,013	4,200,818
Current Liabilities:
Bank overdrafts	39,362	28,615
Current portion of long-term debt and notes payable	7,227	221,769
Accounts payable	10,775	10,445
Intercompany payables	2,237,362	1,974,229
Accrued payroll	16,963	22,970
Accrued vacation	3,440	6,406
Accrued interest	20,114	6,315
Accrued other	39,155	38,883
Total Current Liabilities	2,374,398	2,309,632
Long-term debt, net of current portion	1,407,066	984,743
Other non-current liabilities	42,824	47,190
Total Liabilities	3,824,288	3,341,565
Stockholder's Equity:
Common stock	0	0
Capital in excess of par	925,111	904,375
Retained earnings (accumulated deficit)	(109,386)	(45,122)
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	815,725	859,253
Total Equity	815,725	859,253
Total Liabilities and Equity	4,640,013	4,200,818
Select | Reportable legal entities | Subsidiary Guarantors
Current Assets:
Cash and cash equivalents	6,467	3,706	2,454	3,098
Accounts receivable, net	365,369	419,554
Current deferred tax asset	12,985	6,733
Intercompany receivables	2,237,362	1,974,229
Other current assets	34,168	34,887
Total Current Assets	2,656,351	2,439,109
Property and equipment, net	604,670	548,820
Investment in affiliates	94,589	66,015
Goodwill	2,090,963	1,663,974
Identifiable intangibles, net	109,132	72,776
Other assets	76,084	108,524
Total Assets	5,631,789	4,899,218
Current Liabilities:
Current portion of long-term debt and notes payable	445	197
Accounts payable	79,063	101,156
Intercompany payables	164,893	127,373
Accrued payroll	92,204	66,908
Accrued vacation	55,425	50,254
Accrued interest		3
Accrued other	63,735	42,939
Total Current Liabilities	455,765	388,830
Long-term debt, net of current portion	518,744	452,417
Non-current deferred tax liability	129,729	114,394
Other non-current liabilities	53,399	41,904
Total Liabilities	1,157,637	997,545
Redeemable non-controlling interests		870
Stockholder's Equity:
Retained earnings (accumulated deficit)	1,295,603	1,189,688
Subsidiary investment	3,178,549	2,711,115
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	4,474,152	3,900,803
Total Equity	4,474,152	3,900,803
Total Liabilities and Equity	5,631,789	4,899,218
Select | Reportable legal entities | Non-Guarantor Subsidiaries
Current Assets:
Cash and cash equivalents	5,056	625	$ 830	$ 1,150
Accounts receivable, net	95,871	68,332
Current deferred tax asset	3,831	4,761
Intercompany receivables	164,893	127,373
Other current assets	10,059	5,731
Total Current Assets	279,710	206,822
Property and equipment, net	49,607	61,126
Other assets	53,927	659
Total Assets	383,244	268,607
Current Liabilities:
Current portion of long-term debt and notes payable	1,324	939
Accounts payable	21,942	16,997
Accrued payroll	4,258	3,916
Accrued vacation	10,729	9,363
Accrued other	3,288	9,866
Total Current Liabilities	41,541	41,081
Long-term debt, net of current portion	132,630	90,860
Non-current deferred tax liability	10,887	9,239
Other non-current liabilities	5,865	4,798
Total Liabilities	190,923	145,978
Redeemable non-controlling interests	10,169	11,224
Stockholder's Equity:
Retained earnings (accumulated deficit)	(35,444)	(8,932)
Subsidiary investment	130,988	74,011
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	95,544	65,079
Non-controlling interest	86,608	46,326
Total Equity	182,152	111,405
Total Liabilities and Equity	383,244	268,607
Select | Reportable legal entities | Non-Guarantor Concentra
Current Assets:
Cash and cash equivalents	76,435	6,034
Accounts receivable, net	112,512	115,672
Current deferred tax asset	10,858	5,638
Prepaid income taxes	5,765	8,715
Other current assets	21,519	34,640
Total Current Assets	227,089	170,699
Property and equipment, net	189,243	215,306
Goodwill	660,037	650,650
Identifiable intangibles, net	231,430	245,899
Other assets	15,717	29,077
Total Assets	1,323,516	1,311,631
Current Liabilities:
Current portion of long-term debt and notes payable	4,660	2,261
Accounts payable	14,778	8,811
Accrued payroll	32,972	27,195
Accrued vacation	13,667	7,954
Accrued interest	2,211	3,083
Accrued other	33,898	42,040
Total Current Liabilities	102,186	91,344
Long-term debt, net of current portion	626,893	632,710
Non-current deferred tax liability	101,654	107,369
Other non-current liabilities	34,432	39,328
Total Liabilities	865,165	870,751
Redeemable non-controlling interests	411,990	226,127
Stockholder's Equity:
Retained earnings (accumulated deficit)	(175,142)	(6,120)
Subsidiary investment	217,935	217,935
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	42,793	211,815
Non-controlling interest	3,568	2,938
Total Equity	46,361	214,753
Total Liabilities and Equity	1,323,516	1,311,631
Select | Eliminations
Current Assets:
Intercompany receivables	(2,402,255)	(2,101,602)
Total Current Assets	(2,402,255)	(2,101,602)
Investment in affiliates	(4,612,489)	(4,177,697)
Non-current deferred tax asset	(19,423)	(12,297)
Total Assets	(7,034,167)	(6,291,596)
Current Liabilities:
Intercompany payables	(2,402,255)	(2,101,602)
Total Current Liabilities	(2,402,255)	(2,101,602)
Non-current deferred tax liability	(19,423)	(12,297)
Total Liabilities	(2,421,678)	(2,113,899)
Stockholder's Equity:
Retained earnings (accumulated deficit)	(1,085,017)	(1,174,636)
Subsidiary investment	(3,527,472)	(3,003,061)
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	(4,612,489)	(4,177,697)
Total Equity	(4,612,489)	(4,177,697)
Total Liabilities and Equity	$ (7,034,167)	$ (6,291,596)

Financial Information for Sub77

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Condensed Consolidating Statement of Operations
Net operating revenues	$ 1,046,265	$ 1,053,795	$ 1,097,631	$ 1,088,330	$ 1,039,205	$ 1,021,123	$ 887,065	$ 795,343	$ 4,286,021	$ 3,742,736	$ 3,065,017
Costs and expenses:
Cost of services									3,664,843	3,211,541	2,582,340
General and administrative									106,927	92,052	85,247
Bad debt expense									69,093	59,372	44,600
Depreciation and amortization									145,311	104,981	68,354
Total costs and expenses									3,986,174	3,467,946	2,780,541
Income from operations	55,745	56,162	101,054	86,886	62,300	48,214	85,011	79,265	299,847	274,790	284,476
Other income and expense:
Non-operating gain									42,651	29,647
Equity in earnings of unconsolidated subsidiaries									19,943	16,811	7,044
Loss on early retirement of debt									(11,626)		(2,277)
Interest expense									(170,081)	(112,816)	(85,446)
Income before income taxes									180,734	208,432	203,797
Income tax expense (benefit)									55,464	72,436	75,622
Net income									125,270	135,996	128,175
Less: Net income attributable to non-controlling interests									9,859	5,260	7,548
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	$ 20,172	$ 6,471	$ 33,935	$ 54,833	$ 29,327	$ 29,406	$ 36,940	$ 35,063	115,411	130,736	120,627
Select
Condensed Consolidating Statement of Operations
Net operating revenues									4,286,021	3,742,736	3,065,017
Costs and expenses:
Cost of services									3,664,843	3,211,541	2,582,340
General and administrative									106,927	92,052	85,247
Bad debt expense									69,093	59,372	44,600
Depreciation and amortization									145,311	104,981	68,354
Total costs and expenses									3,986,174	3,467,946	2,780,541
Income from operations									299,847	274,790	284,476
Other income and expense:
Non-operating gain									42,651	29,647
Equity in earnings of unconsolidated subsidiaries									19,943	16,811	7,044
Loss on early retirement of debt									(11,626)		(2,277)
Interest expense									(170,081)	(112,816)	(85,446)
Income before income taxes									180,734	208,432	203,797
Income tax expense (benefit)									55,464	72,436	75,622
Net income									125,270	135,996	128,175
Less: Net income attributable to non-controlling interests									9,859	5,260	7,548
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation									115,411	130,736	120,627
Select | Reportable legal entities | Select (Parent Company Only)
Condensed Consolidating Statement of Operations
Net operating revenues									541	724	721
Costs and expenses:
Cost of services									2,037	2,029	2,015
General and administrative									106,864	88,227	86,311
Depreciation and amortization									5,348	4,292	3,723
Total costs and expenses									114,249	94,548	92,049
Income from operations									(113,708)	(93,824)	(91,328)
Other income and expense:
Intercompany interest and royalty fees									(6,069)	(1,417)	(1,142)
Intercompany management fees									168,915	143,939	142,273
Non-operating gain									33,932
Loss on early retirement of debt									(773)		(2,277)
Interest expense									(94,914)	(58,350)	(57,301)
Income before income taxes									(12,617)	(9,652)	(9,775)
Income tax expense (benefit)									(14,461)	(7,869)	(4,333)
Equity in earnings of subsidiaries									113,567	132,519	126,069
Net income									115,411	130,736	120,627
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation									115,411	130,736	120,627
Select | Reportable legal entities | Subsidiary Guarantors
Condensed Consolidating Statement of Operations
Net operating revenues									2,745,149	2,675,169	2,641,171
Costs and expenses:
Cost of services									2,344,033	2,267,424	2,214,118
General and administrative									63	(890)	(1,064)
Bad debt expense									41,714	40,574	38,237
Depreciation and amortization									67,708	56,452	54,957
Total costs and expenses									2,453,518	2,363,560	2,306,248
Income from operations									291,631	311,609	334,923
Other income and expense:
Intercompany interest and royalty fees									12,863	1,387	1,131
Intercompany management fees									(140,113)	(119,512)	(121,230)
Non-operating gain									8,719	29,647
Equity in earnings of unconsolidated subsidiaries									19,838	16,719	6,958
Interest expense									(29,425)	(24,251)	(23,717)
Income before income taxes									163,513	215,599	198,065
Income tax expense (benefit)									52,616	85,949	78,748
Equity in earnings of subsidiaries									(4,982)	8,966	7,690
Net income									105,915	138,616	127,007
Less: Net income attributable to non-controlling interests										49	890
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation									105,915	138,567	126,117
Select | Reportable legal entities | Non-Guarantor Subsidiaries
Condensed Consolidating Statement of Operations
Net operating revenues									539,707	481,621	423,125
Costs and expenses:
Cost of services									478,538	413,741	366,207
Bad debt expense									9,229	9,207	6,363
Depreciation and amortization									11,538	10,593	9,674
Total costs and expenses									499,305	433,541	382,244
Income from operations									40,402	48,080	40,881
Other income and expense:
Intercompany interest and royalty fees									(6,794)	30	11
Intercompany management fees									(28,802)	(24,427)	(21,043)
Equity in earnings of unconsolidated subsidiaries									105	92	86
Interest expense									(7,446)	(6,153)	(4,428)
Income before income taxes									(2,535)	17,622	15,507
Income tax expense (benefit)									4,597	(512)	1,207
Net income									(7,132)	18,134	14,300
Less: Net income attributable to non-controlling interests									(2,318)	9,095	6,658
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation									(4,814)	9,039	7,642
Select | Reportable legal entities | Non-Guarantor Concentra
Condensed Consolidating Statement of Operations
Net operating revenues									1,000,624	585,222
Costs and expenses:
Cost of services									840,235	528,347
General and administrative										4,715
Bad debt expense									18,150	9,591
Depreciation and amortization									60,717	33,644
Total costs and expenses									919,102	576,297
Income from operations									81,522	8,925
Other income and expense:
Loss on early retirement of debt									(10,853)
Interest expense									(38,296)	(24,062)
Income before income taxes									32,373	(15,137)
Income tax expense (benefit)									12,712	(5,132)
Net income									19,661	(10,005)
Less: Net income attributable to non-controlling interests									12,177	(3,884)
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation									7,484	(6,121)
Select | Eliminations
Other income and expense:
Equity in earnings of subsidiaries									(108,585)	(141,485)	(133,759)
Net income									(108,585)	(141,485)	(133,759)
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation									$ (108,585)	$ (141,485)	$ (133,759)

Financial Information for Sub78

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net income	$ 125,270	$ 135,996	$ 128,175
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Distributions from unconsolidated subsidiaries	20,476	13,969	11,954
Depreciation and amortization	145,311	104,981	68,354
Provision for bad debts	69,093	59,372	44,600
Equity in earnings of unconsolidated subsidiaries	(19,943)	(16,811)	(7,044)
Loss on early retirement of debt	11,626		2,277
Loss (gain) on sale of assets and businesses	(46,488)	(1,098)	(1,048)
Gain on sale of equity investment	(2,779)	(29,647)
Impairment of equity investment	5,339
Stock compensation expense	17,413	14,985	11,186
Amortization of debt discount, premium and issuance costs	15,656	9,543	7,553
Deferred income taxes	(12,591)	(2,058)	14,311
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	(39,320)	(92,572)	(97,802)
Other current assets	17,450	(2,503)	(1,729)
Other assets	9,290	4,713	(103)
Accounts payable	(15,492)	2,345	5,997
Accrued expenses	46,292	7,200	(16,039)
Net cash provided by operating activities	346,603	208,415	170,642
Investing activities
Acquisition of businesses, net of cash acquired	(472,206)	(1,061,628)	(1,211)
Purchases of property and equipment	(161,633)	(182,642)	(95,246)
Investment in businesses	(4,723)	(2,347)	(4,634)
Proceeds from sale of equity investment	3,779	33,096
Proceeds from sale of assets and businesses	80,463	1,767
Net cash used in investing activities	(554,320)	(1,211,754)	(101,091)
Financing activities
Borrowings on revolving facilities	575,000	1,135,000	910,000
Payments on revolving facilities	(655,000)	(895,000)	(870,000)
Net proceeds from term loans (financing costs)	795,344	623,575	(2,139)
Payments on term loans	(438,034)	(29,134)	(33,994)
Net proceeds from 6.375% senior notes issuance			109,355
Borrowings of other debt	27,721	13,374	9,076
Principal payments on other debt	(21,401)	(18,136)	(14,673)
Proceeds from bank overdrafts	10,746	6,869	9,240
Tax benefit from stock based awards		1,846	3,119
Proceeds from issuance of non-controlling interests	11,846	217,065	185
Purchase of non-controlling interests	(2,099)	(1,095)	(9,961)
Distributions to non-controlling interests	(10,555)	(12,637)	(3,979)
Net cash provided by (used in) financing activities	292,311	1,014,420	(70,516)
Net increase (decrease) in cash and cash equivalents	84,594	11,081	(965)
Cash and cash equivalents at beginning of period	14,435	3,354	4,319
Cash and cash equivalents at end of period	99,029	14,435	3,354
Select
Operating activities
Net income	125,270	135,996	128,175
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Distributions from unconsolidated subsidiaries	20,476	13,969	11,954
Depreciation and amortization	145,311	104,981	68,354
Provision for bad debts	69,093	59,372	44,600
Equity in earnings of unconsolidated subsidiaries	(19,943)	(16,811)	(7,044)
Loss on early retirement of debt	11,626		2,277
Loss (gain) on sale of assets and businesses	(46,488)	(1,098)	(1,048)
Gain on sale of equity investment	(2,779)	(29,647)
Impairment of equity investment	5,339
Stock compensation expense	17,413	14,985	11,186
Amortization of debt discount, premium and issuance costs	15,656	9,543	7,553
Deferred income taxes	(12,591)	(2,058)	14,311
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	(39,320)	(92,572)	(97,802)
Other current assets	17,450	(2,503)	(1,729)
Other assets	9,290	4,713	(103)
Accounts payable	(15,492)	2,345	5,997
Accrued expenses	46,292	7,200	(16,039)
Net cash provided by operating activities	346,603	208,415	170,642
Investing activities
Acquisition of businesses, net of cash acquired	(472,206)	(1,061,628)	(1,211)
Purchases of property and equipment	(161,633)	(182,642)	(95,246)
Investment in businesses	(4,723)	(2,347)	(4,634)
Proceeds from sale of equity investment	3,779	33,096
Proceeds from sale of assets and businesses	80,463	1,767
Net cash used in investing activities	(554,320)	(1,211,754)	(101,091)
Financing activities
Borrowings on revolving facilities	575,000	1,135,000	910,000
Payments on revolving facilities	(655,000)	(895,000)	(870,000)
Net proceeds from term loans (financing costs)	795,344	623,575	(2,139)
Payments on term loans	(438,034)	(29,134)	(33,994)
Net proceeds from 6.375% senior notes issuance			109,355
Term loan financing costs			(2,139)
Borrowings of other debt	27,721	13,374	9,076
Principal payments on other debt	(21,401)	(18,136)	(14,673)
Proceeds from bank overdrafts	10,746	6,869	9,240
Dividends paid to Holdings	(2,929)	(28,956)	(184,100)
Equity investment by Holdings	1,672	1,649	7,355
Tax benefit from stock based awards		1,846	3,119
Proceeds from issuance of non-controlling interests	11,846	217,065	185
Purchase of non-controlling interests	(2,099)	(1,095)	(9,961)
Distributions to non-controlling interests	(10,555)	(12,637)	(3,979)
Net cash provided by (used in) financing activities	292,311	1,014,420	(70,516)
Net increase (decrease) in cash and cash equivalents	84,594	11,081	(965)
Cash and cash equivalents at beginning of period	14,435	3,354	4,319
Cash and cash equivalents at end of period	99,029	14,435	3,354
Select | Second Lien Credit Agreement
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Loss on early retirement of debt	10,900
Select | Reportable legal entities | Select (Parent Company Only)
Operating activities
Net income	115,411	130,736	120,627
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	5,348	4,292	3,723
Loss on early retirement of debt	773		2,277
Loss (gain) on sale of assets and businesses	(33,738)
Stock compensation expense	16,643	13,969	11,186
Amortization of debt discount, premium and issuance costs	12,358	7,404	7,553
Deferred income taxes	(709)	(3,484)	14,311
Changes in operating assets and liabilities, net of effects of business combinations:
Equity in earnings of subsidiaries	(113,567)	(132,519)	(126,069)
Other current assets	(1,432)	(2,661)	1,885
Other assets	(2,978)	10,840	2,811
Accounts payable	330	560	3,136
Accrued expenses	(1,287)	(1,508)	(6,353)
Net cash provided by operating activities	(2,848)	27,629	35,087
Investing activities
Acquisition of businesses, net of cash acquired	(406,305)
Purchases of property and equipment	(15,262)	(10,890)	(4,674)
Proceeds from sale of assets and businesses	63,418
Net cash used in investing activities	(358,149)	(10,890)	(4,674)
Financing activities
Borrowings on revolving facilities	575,000	1,115,000	910,000
Payments on revolving facilities	(650,000)	(880,000)	(870,000)
Net proceeds from term loans (financing costs)	600,127
Payments on term loans	(230,524)	(26,884)	(33,994)
Net proceeds from 6.375% senior notes issuance			109,355
Term loan financing costs			(2,139)
Borrowings of other debt	11,935	8,684	8,151
Principal payments on other debt	(15,144)	(11,923)	(9,213)
Proceeds from bank overdrafts	10,746	6,869	9,240
Dividends paid to Holdings	(2,929)	(28,956)	(184,100)
Equity investment by Holdings	1,672	1,649	7,355
Tax benefit from stock based awards		1,846	3,119
Intercompany	67,115	(199,024)	21,812
Net cash provided by (used in) financing activities	367,998	(12,739)	(30,414)
Net increase (decrease) in cash and cash equivalents	7,001	4,000	(1)
Cash and cash equivalents at beginning of period	4,070	70	71
Cash and cash equivalents at end of period	11,071	4,070	70
Select | Reportable legal entities | Subsidiary Guarantors
Operating activities
Net income	105,915	138,616	127,007
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Distributions from unconsolidated subsidiaries	20,380	13,870	11,889
Depreciation and amortization	67,708	56,452	54,957
Provision for bad debts	41,714	40,574	38,237
Equity in earnings of unconsolidated subsidiaries	(19,838)	(16,719)	(6,958)
Loss (gain) on sale of assets and businesses	(12,975)	(1,128)	(1,168)
Gain on sale of equity investment	(2,779)	(29,647)
Impairment of equity investment	5,339
Changes in operating assets and liabilities, net of effects of business combinations:
Equity in earnings of subsidiaries	4,982	(8,966)	(7,690)
Accounts receivable	12,456	(83,142)	(80,394)
Other current assets	10,019	(2,236)	(4,004)
Other assets	51,559	(6,415)	(2,566)
Accounts payable	(23,842)	8,569	2,440
Accrued expenses	55,476	9,569	(9,407)
Net cash provided by operating activities	316,114	119,397	122,343
Investing activities
Acquisition of businesses, net of cash acquired	(59,520)		(397)
Purchases of property and equipment	(103,130)	(134,002)	(79,600)
Investment in businesses	(4,723)	(2,347)	(4,634)
Proceeds from sale of equity investment	3,779	33,096
Proceeds from sale of assets and businesses	16,978	1,742
Net cash used in investing activities	(146,616)	(101,511)	(84,631)
Financing activities
Principal payments on other debt	(751)	(2,736)	(2,058)
Intercompany	(165,986)	(13,898)	(26,337)
Purchase of non-controlling interests			(9,961)
Net cash provided by (used in) financing activities	(166,737)	(16,634)	(38,356)
Net increase (decrease) in cash and cash equivalents	2,761	1,252	(644)
Cash and cash equivalents at beginning of period	3,706	2,454	3,098
Cash and cash equivalents at end of period	6,467	3,706	2,454
Select | Reportable legal entities | Non-Guarantor Subsidiaries
Operating activities
Net income	(7,132)	18,134	14,300
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Distributions from unconsolidated subsidiaries	96	99	65
Depreciation and amortization	11,538	10,593	9,674
Provision for bad debts	9,229	9,207	6,363
Equity in earnings of unconsolidated subsidiaries	(105)	(92)	(86)
Loss (gain) on sale of assets and businesses	246	16	120
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	(36,768)	(10,255)	(17,408)
Other current assets	(4,328)	(396)	390
Other assets	(53,268)	288	(348)
Accounts payable	4,944	2,654	421
Accrued expenses	(3,803)	5,696	(279)
Net cash provided by operating activities	(79,351)	35,944	13,212
Investing activities
Acquisition of businesses, net of cash acquired	(953)	(8,832)	(814)
Purchases of property and equipment	(27,295)	(10,979)	(10,972)
Proceeds from sale of assets and businesses	67	24
Net cash used in investing activities	(28,181)	(19,787)	(11,786)
Financing activities
Borrowings of other debt	12,970	1,681	925
Principal payments on other debt	(2,554)	(1,513)	(3,402)
Proceeds from issuance of non-controlling interests	11,846		185
Intercompany	98,871	(5,013)	4,525
Purchase of non-controlling interests	(2,099)	(1,095)
Distributions to non-controlling interests	(7,071)	(10,422)	(3,979)
Net cash provided by (used in) financing activities	111,963	(16,362)	(1,746)
Net increase (decrease) in cash and cash equivalents	4,431	(205)	(320)
Cash and cash equivalents at beginning of period	625	830	1,150
Cash and cash equivalents at end of period	5,056	625	830
Select | Reportable legal entities | Non-Guarantor Concentra
Operating activities
Net income	19,661	(10,005)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	60,717	33,644
Provision for bad debts	18,150	9,591
Loss on early retirement of debt	10,853
Loss (gain) on sale of assets and businesses	(21)	14
Stock compensation expense	770	1,016
Amortization of debt discount, premium and issuance costs	3,298	2,139
Deferred income taxes	(11,882)	1,426
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable	(15,008)	825
Other current assets	13,191	2,790
Other assets	13,977
Accounts payable	3,076	(9,438)
Accrued expenses	(4,094)	(6,557)
Net cash provided by operating activities	112,688	25,445
Investing activities
Acquisition of businesses, net of cash acquired	(5,428)	(1,052,796)
Purchases of property and equipment	(15,946)	(26,771)
Proceeds from sale of assets and businesses		1
Net cash used in investing activities	(21,374)	(1,079,566)
Financing activities
Borrowings on revolving facilities		20,000
Payments on revolving facilities	(5,000)	(15,000)
Net proceeds from term loans (financing costs)	195,217	623,575
Payments on term loans	(207,510)	(2,250)
Borrowings of other debt	2,816	3,009
Principal payments on other debt	(2,952)	(1,964)
Proceeds from issuance of non-controlling interests		217,065
Intercompany		217,935
Distributions to non-controlling interests	(3,484)	(2,215)
Net cash provided by (used in) financing activities	(20,913)	1,060,155
Net increase (decrease) in cash and cash equivalents	70,401	6,034
Cash and cash equivalents at beginning of period	6,034
Cash and cash equivalents at end of period	76,435	6,034
Select | Eliminations
Operating activities
Net income	(108,585)	(141,485)	(133,759)
Changes in operating assets and liabilities, net of effects of business combinations:
Equity in earnings of subsidiaries	$ 108,585	$ 141,485	$ 133,759

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Jan. 27, 2017	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event
New credit facilities		$ 2,698,989	$ 2,385,896
Select | Forecast | New senior secured credit facility | Term loans | Subsequent Events
Subsequent Event
New credit facilities	$ 1,150,000
Select | Forecast | New senior secured credit facility | Revolving credit facility | Subsequent Events
Subsequent Event
New credit facilities	$ 450,000
Select | Forecast | New senior secured credit facility | LIBOR | Term loans | Subsequent Events
Subsequent Event
Variable rate basis	LIBOR
Interest rate margin (as a percent)	3.50%
Select | Forecast | New senior secured credit facility | LIBOR | Revolving credit facility | Subsequent Events
Subsequent Event
Variable rate basis	LIBOR
Interest rate margin (as a percent)	3.25%
Select | Forecast | New senior secured credit facility | LIBOR floor | Term loans | Subsequent Events
Subsequent Event
Variable rate basis	LIBOR floor
Interest rate margin (as a percent)	1.00%

Selected Quarterly Financial 80

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Selected Quarterly Financial Data (Unaudited)
Net operating revenues	$ 1,046,265	$ 1,053,795	$ 1,097,631	$ 1,088,330	$ 1,039,205	$ 1,021,123	$ 887,065	$ 795,343	$ 4,286,021	$ 3,742,736	$ 3,065,017
Income from operations	55,745	56,162	101,054	86,886	62,300	48,214	85,011	79,265	299,847	274,790	284,476
Net income attributable to Select Medical Holdings Corporation	$ 20,172	$ 6,471	$ 33,935	$ 54,833	$ 29,327	$ 29,406	$ 36,940	$ 35,063	$ 115,411	$ 130,736	$ 120,627
Income per common share:
Basic (in dollars per share)	$ 0.15	$ 0.05	$ 0.26	$ 0.42	$ 0.22	$ 0.22	$ 0.28	$ 0.27	$ 0.88	$ 1	$ 0.91
Diluted (in dollars per share)	$ 0.15	$ 0.05	$ 0.26	$ 0.42	$ 0.22	$ 0.22	$ 0.28	$ 0.27	$ 0.87	$ 0.99	$ 0.91

Schedule II - Valuation and Q81

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts
Changes in valuation and qualifying accounts
Balance at Beginning of Year	$ 61,133	$ 46,425	$ 40,815
Charged to Cost and Expenses	69,093	59,372	44,600
Deductions	(66,439)	(44,664)	(38,990)
Balance at End of Year	63,787	61,133	46,425
Income Tax Valuation Allowance
Changes in valuation and qualifying accounts
Balance at Beginning of Year	7,586	9,641	10,547
Charged to Cost and Expenses	18,835	(2,055)	(906)
Balance at End of Year	$ 26,421	$ 7,586	$ 9,641