Select Medical (SEM) 10-Q 1 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 30, 2014
Document and Entity Information	'	'
Entity Registrant Name	'SELECT MEDICAL HOLDINGS CORP	'
Entity Central Index Key	'0001320414	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	130,841,663
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current Assets:	'	'	'	'
Cash and cash equivalents	$4,692	$4,319	$4,500	$40,144
Accounts receivable, net of allowance for doubtful accounts of $40,815 and $42,730 at 2013 and 2014, respectively	467,738	391,319	'	'
Current deferred tax asset	17,781	17,624	'	'
Other current assets	44,288	41,140	'	'
Total Current Assets	534,499	454,402	'	'
Property and equipment, net	520,194	509,102	'	'
Goodwill	1,642,857	1,642,633	'	'
Other identifiable intangibles	71,980	71,907	'	'
Other assets	146,196	139,578	'	'
Total Assets	2,915,726	2,817,622	2,808,836	'
Current Liabilities:	'	'	'	'
Bank overdrafts	18,476	12,506	'	'
Current portion of long-term debt and notes payable	15,435	17,565	'	'
Accounts payable	93,022	88,285	'	'
Accrued payroll	73,081	90,011	'	'
Accrued vacation	62,180	59,730	'	'
Accrued interest	16,765	12,297	'	'
Accrued other	82,300	90,471	'	'
Income taxes payable	19,645	622	'	'
Due to third party payors	1,191	37	'	'
Total Current Liabilities	382,095	371,524	'	'
Long-term debt, net of current portion	1,596,765	1,427,710	'	'
Non-current deferred tax liability	96,502	96,287	'	'
Other non-current liabilities	95,090	91,875	'	'
Total Liabilities	2,170,452	1,987,396	'	'
Redeemable non-controlling interests	11,276	11,584	'	'
Stockholders' Equity:	'	'	'	'
Common stock	131	140	'	'
Capital in excess of par	415,875	474,729	'	'
Retained earnings (accumulated deficit)	285,397	311,365	'	'
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	701,403	786,234	'	'
Non-controlling interest	32,595	32,408	'	'
Total Equity	733,998	818,642	'	'
Total Liabilities and Equity	2,915,726	2,817,622	'	'
Select	'	'	'	'
Current Assets:	'	'	'	'
Cash and cash equivalents	4,692	4,319	4,500	40,144
Accounts receivable, net of allowance for doubtful accounts of $40,815 and $42,730 at 2013 and 2014, respectively	467,738	391,319	'	'
Current deferred tax asset	17,781	17,624	'	'
Other current assets	44,288	41,140	'	'
Total Current Assets	534,499	454,402	'	'
Property and equipment, net	520,194	509,102	'	'
Goodwill	1,642,857	1,642,633	'	'
Other identifiable intangibles	71,980	71,907	'	'
Other assets	146,196	139,578	'	'
Total Assets	2,915,726	2,817,622	'	'
Current Liabilities:	'	'	'	'
Bank overdrafts	18,476	12,506	'	'
Current portion of long-term debt and notes payable	15,435	17,565	'	'
Accounts payable	93,022	88,285	'	'
Accrued payroll	73,081	90,011	'	'
Accrued vacation	62,180	59,730	'	'
Accrued interest	16,765	12,297	'	'
Accrued other	82,300	90,471	'	'
Income taxes payable	19,645	622	'	'
Due to third party payors	1,191	37	'	'
Total Current Liabilities	382,095	371,524	'	'
Long-term debt, net of current portion	1,596,765	1,427,710	'	'
Non-current deferred tax liability	96,502	96,287	'	'
Other non-current liabilities	95,090	91,875	'	'
Total Liabilities	2,170,452	1,987,396	'	'
Redeemable non-controlling interests	11,276	11,584	'	'
Stockholders' Equity:	'	'	'	'
Common stock	0	0	'	'
Capital in excess of par	875,264	869,576	'	'
Retained earnings (accumulated deficit)	-173,861	-83,342	'	'
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	701,403	786,234	'	'
Non-controlling interest	32,595	32,408	'	'
Total Equity	733,998	818,642	'	'
Total Liabilities and Equity	$2,915,726	$2,817,622	'	'

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Accounts receivable, allowance for doubtful accounts (in dollars)	$42,730	$40,815
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	700,000,000	700,000,000
Common stock, shares issued	130,729,673	140,260,968
Common stock, shares outstanding	130,729,673	140,260,968
Select	'	'
Accounts receivable, allowance for doubtful accounts (in dollars)	$42,730	$40,815
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_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net operating revenues	$762,578	$749,955
Costs and expenses:	'	'
Cost of services	638,764	624,904
General and administrative	18,123	17,398
Bad debt expense	11,018	9,321
Depreciation and amortization	16,229	15,802
Total costs and expenses	684,134	667,425
Income from operations	78,444	82,530
Other income and expense:	'	'
Loss on early retirement of debt	-2,277	-1,467
Equity in earnings of unconsolidated subsidiaries	908	1,058
Interest expense	-20,616	-23,458
Income before income taxes	56,459	58,663
Income tax expense	22,092	21,861
Net income	34,367	36,802
Less: Net income attributable to non-controlling interests	1,323	2,384
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	33,044	34,418
Income per common share:	'	'
Basic (in dollars per share)	$0.24	$0.25
Diluted (in dollars per share)	$0.24	$0.24
Select	'	'
Net operating revenues	762,578	749,955
Costs and expenses:	'	'
Cost of services	638,764	624,904
General and administrative	18,123	17,398
Bad debt expense	11,018	9,321
Depreciation and amortization	16,229	15,802
Total costs and expenses	684,134	667,425
Income from operations	78,444	82,530
Other income and expense:	'	'
Loss on early retirement of debt	-2,277	-508
Equity in earnings of unconsolidated subsidiaries	908	1,058
Interest expense	-20,616	-21,048
Income before income taxes	56,459	62,032
Income tax expense	22,092	23,040
Net income	34,367	38,992
Less: Net income attributable to non-controlling interests	1,323	2,384
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	$33,044	$36,608

Consolidated_Statement_of_Chan

Consolidated Statement of Changes in Equity and Income (USD $)

Total

Select

Comprehensive Income

Comprehensive Income

Common Stock

Common Stock

Capital in Excess of Par

Capital in Excess of Par

Retained Earnings (Accumulated Deficit)

Retained Earnings (Accumulated Deficit)

Non-controlling Interests

Non-controlling Interests

In Thousands, except Share data, unless otherwise specified

Select

Select

Select

Select

Select

Balance at Dec. 31, 2013

$818,642

$818,642

'

'

$140

$0

$474,729

$869,576

$311,365

($83,342)

$32,408

$32,408

Balance (in shares) at Dec. 31, 2013

'

'

'

'

140,261,000

0

'

'

'

'

'

'

Increase (Decrease) in Stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

Net income

34,135

34,135

34,135

34,135

'

'

'

'

33,044

33,044

1,091

1,091

Net income - attributable to redeemable non-controlling interests

'

'

232

232

'

'

'

'

'

'

'

'

Total comprehensive income

'

'

34,367

34,367

'

'

'

'

'

'

'

'

Issuance and vesting of restricted stock

3,543

'

'

'

0

'

3,543

'

'

'

'

'

Issuance and vesting of restricted stock (in shares)

'

'

'

'

193,000

'

'

'

'

'

'

'

Repurchase of common shares

-109,500

'

'

'

-10

'

-64,541

'

-44,949

'

'

'

Repurchase of common shares (in shares)

-10,000,000

'

'

'

-10,000,000

'

'

'

'

'

'

'

Stock option expense

202

'

'

'

'

'

202

'

'

'

'

'

Exercise of stock options

1,943

'

'

'

1

'

1,942

'

'

'

'

'

Exercise of stock options (in shares)

'

'

'

'

276,000

'

'

'

'

'

'

'

Additional investment by Holdings

'

1,943

'

'

'

'

'

1,943

'

'

'

'

Dividends declared and paid

-14,056

-123,556

'

'

'

'

'

'

-14,056

-123,556

'

'

Contribution related to restricted stock awards and stock option issuances by Holdings

'

3,745

'

'

'

'

'

3,745

'

'

'

'

Distributions to non-controlling interests

-904

-904

'

'

'

'

'

'

'

'

-904

-904

Other

-7

-7

'

'

'

'

'

'

-7

-7

'

'

Balance at Mar. 31, 2014

$733,998

$733,998

'

'

$131

$0

$415,875

$875,264

$285,397

($173,861)

$32,595

$32,595

Balance (in shares) at Mar. 31, 2014

'

'

'

'

130,730,000

0

'

'

'

'

'

'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Operating activities	'	'
Net income	$34,367	$36,802
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	16,229	15,802
Provision for bad debts	11,018	9,321
Equity in earnings of unconsolidated subsidiaries	-908	-1,058
Loss on early retirement of debt	2,277	1,467
Loss from disposal of assets	121	41
Non-cash stock compensation expense	2,155	1,749
Amortization of debt discount, premium and issuance costs	2,051	2,304
Changes in operating assets and liabilities, net of effects from acquisition of businesses:	'	'
Accounts receivable	-87,437	-77,963
Other current assets	-3,144	-6,407
Other assets	-3,938	-652
Accounts payable	4,732	4,130
Due to third-party payors	1,154	1,897
Accrued expenses	-13,957	-20,700
Income and deferred taxes	19,280	21,293
Net cash used in operating activities	-16,000	-11,974
Investing activities	'	'
Purchases of property and equipment	-27,299	-13,999
Investment in businesses, net of distributions	-124	-9,977
Acquisition of businesses, net of cash acquired	-375	'
Net cash used in investing activities	-27,798	-23,976
Financing activities	'	'
Borrowings on revolving credit facility	285,000	190,000
Payments on revolving credit facility	-200,000	-230,000
Borrowings on credit facility term loans, net of discount	'	298,500
Payments on credit facility term loans	-33,994	-3,563
Issuance of 6.375% senior notes, includes premium	111,650	'
Repurchase of senior floating rate notes	'	-167,300
Repurchase of 7 5/8% senior subordinated notes	'	-70,000
Borrowings of other debt	6,111	5,826
Principal payments on other debt	-3,067	-2,291
Debt issuance costs	-4,434	-4,209
Dividends paid	-14,056	'
Repurchase of common stock	-109,500	-9,983
Proceeds from issuance of common stock	1,943	'
Proceeds from (repayments of) bank overdrafts	5,970	-5,629
Distributions to non-controlling interests	-1,452	-1,045
Net cash provided by (used in) financing activities	44,171	306
Net increase (decrease) in cash and cash equivalents	373	-35,644
Cash and cash equivalents at beginning of period	4,319	40,144
Cash and cash equivalents at end of period	4,692	4,500
Supplemental Cash Flow Information	'	'
Cash paid for interest	14,407	27,206
Cash paid for taxes	2,812	1,140
Select	'	'
Operating activities	'	'
Net income	34,367	38,992
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	16,229	15,802
Provision for bad debts	11,018	9,321
Equity in earnings of unconsolidated subsidiaries	-908	-1,058
Loss on early retirement of debt	2,277	508
Loss from disposal of assets	121	41
Non-cash stock compensation expense	2,155	1,749
Amortization of debt discount, premium and issuance costs	2,051	2,215
Changes in operating assets and liabilities, net of effects from acquisition of businesses:	'	'
Accounts receivable	-87,437	-77,963
Other current assets	-3,144	-6,407
Other assets	-3,938	-652
Accounts payable	4,732	4,130
Due to third-party payors	1,154	1,897
Accrued expenses	-13,957	-17,442
Income and deferred taxes	19,280	22,472
Net cash used in operating activities	-16,000	-6,395
Investing activities	'	'
Purchases of property and equipment	-27,299	-13,999
Investment in businesses, net of distributions	-124	-9,977
Acquisition of businesses, net of cash acquired	-375	'
Net cash used in investing activities	-27,798	-23,976
Financing activities	'	'
Borrowings on revolving credit facility	285,000	190,000
Payments on revolving credit facility	-200,000	-230,000
Borrowings on credit facility term loans, net of discount	'	298,500
Payments on credit facility term loans	-33,994	-3,563
Issuance of 6.375% senior notes, includes premium	111,650	'
Repurchase of 7 5/8% senior subordinated notes	'	-70,000
Borrowings of other debt	6,111	5,826
Principal payments on other debt	-3,067	-2,291
Debt issuance costs	-4,434	-4,209
Dividends paid	-123,556	-182,862
Equity investment by Holdings	1,943	'
Proceeds from (repayments of) bank overdrafts	5,970	-5,629
Distributions to non-controlling interests	-1,452	-1,045
Net cash provided by (used in) financing activities	44,171	-5,273
Net increase (decrease) in cash and cash equivalents	373	-35,644
Cash and cash equivalents at beginning of period	4,319	40,144
Cash and cash equivalents at end of period	4,692	4,500
Supplemental Cash Flow Information	'	'
Cash paid for interest	14,407	21,626
Cash paid for taxes	$2,812	$1,140

Consolidated_Statements_of_Cas1

Consolidated Statements of Cash Flows (Parenthetical)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Mar. 31, 2013	Mar. 22, 2013
	6.375% senior subordinated notes	6.375% senior subordinated notes	6.375% senior subordinated notes	6.375% senior subordinated notes	7 5/8% senior subordinated notes	7 5/8% senior subordinated notes	7 5/8% senior subordinated notes
			Select	Select		Select	Select
Long-term debt and notes payable	'	'	'	'	'	'	'
Interest rate of debt (as a percent)	6.38%	6.38%	6.38%	6.38%	7.63%	7.63%	7.63%

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Basis of Presentation	'
Basis of Presentation	'
	1.              Basis of Presentation
	The unaudited consolidated financial statements of Select Medical Holdings Corporation (“Holdings”) and Select Medical Corporation (“Select”) as of March 31, 2014 and for the three month periods ended March 31, 2013 and 2014 have been prepared in accordance with generally accepted accounting principles (“GAAP”).  In the opinion of management, such information contains all adjustments, which are normal and recurring in nature, necessary for a fair statement of the financial position, results of operations and cash flow for such periods.  All significant intercompany transactions and balances have been eliminated.  The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2014.  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.
	Certain information and disclosures normally included in the notes to consolidated financial statements have been condensed or omitted consistent with the rules and regulations of the Securities and Exchange Commission (the “SEC”), although the Company believes the disclosure is adequate to make the information presented not misleading.  The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2013 contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 25, 2014.

Accounting_Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2014
Accounting Policies	'
Accounting Policies	'
	2.              Accounting Policies
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.

Intangible_Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2014
Intangible Assets	'
Intangible Assets	'
	3.  Intangible Assets
	The gross carrying amounts of the Company’s indefinite-lived intangible assets consist of the following:
		December 31,		March 31,
		2013		2014
		(in thousands)
	Goodwill	$	1,642,633	$	1,642,857
	Trademarks	57,709		57,709
	Certificates of need	12,115		12,188
	Accreditations	2,083		2,083
	Total	$	1,714,540	$	1,714,837
	The Company’s accreditations and trademarks have renewal terms. The costs to renew these intangibles are expensed as incurred. At March 31, 2014, the accreditations and trademarks have a weighted average time until next renewal of approximately 1.5 years and 6.2 years, respectively.
	The changes in the carrying amount of goodwill for the Company’s reportable segments for the three months ended March 31, 2014 are as follows:
		Specialty		Outpatient		Total
		Hospitals		Rehabilitation
		(in thousands)
	Balance as of December 31, 2013	$	1,334,615	$	308,018	$	1,642,633
	Goodwill acquired during the period	—		224		224
	Balance as of March 31, 2014	$	1,334,615	$	308,242	$	1,642,857

Share_Repurchase

Share Repurchase	3 Months Ended
	Mar. 31, 2014
Share Repurchase	'
Share Repurchase	'
	4. Share Repurchase
	On April 30, 2014, Holdings board of directors authorized an increase of $150.0 million in the capacity of its common stock repurchase program from $350.0 million to $500.0 million and extended the program until December 31, 2016.  Holdings repurchased a total of 10,000,000 shares of common stock at a total cost of $109.5 million, or $10.95 per share, during the three months ended March 31, 2014.  The shares were repurchased from Welsh, Carson, Anderson & Stowe IX, L.P. and WCAS Capital Partners IV, L.P. pursuant to a stock purchase agreement dated February 26, 2014.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2014
Indebtedness	'
Indebtedness	'
	5.  Indebtedness
	The components of long-term debt and notes payable are as follows:
		December 31,		March 31,
		2013		2014
		(in thousands)
	6.375% senior notes (1)	$	600,000	$	711,637
	Senior secured credit facilities:
	Revolving loan	20,000		105,000
	Term loans (2)	807,815		774,995
	Other	17,460		20,568
	Total debt	1,445,275		1,612,200
	Less: current maturities	17,565		15,435
	Total long-term debt	$	1,427,710	$	1,596,765
	(1)         Presented net of unamortized premiums of $1.6 million at March 31, 2014.
	(2)         Presented net of unamortized discounts of $6.3 million and $5.2 million at December 31, 2013 and March 31, 2014, respectively.
	Senior Secured Credit Facilities
	On June 1, 2011, Select entered into its existing senior secured credit agreement that provides for $1.15 billion in senior secured credit facilities.  Set forth below is a summary of the terms of the senior secured credit facilities.
	On August 13, 2012, Select entered into an additional credit extension amendment to its senior secured credit facilities providing for a $275.0 million series A term loan at the same interest rate and with the same term as the original term loan.
	On February 20, 2013, Select entered into a credit extension amendment to its senior secured credit facilities providing for a $300.0 million additional term loan tranche, referred to as the series B term loan.  Select used the borrowings under the series B term loan to redeem all of its outstanding 7 5/8% senior subordinated notes due 2015 on March 22, 2013, to finance Holdings’ redemption of all of its senior floating rate notes due 2015 on March 22, 2013 and to repay a portion of the balance outstanding under Select’s revolving credit facility.  On May 28, 2013, Select issued and sold $600.0 million aggregate principal amount of 6.375% senior notes due June 1, 2021.  Select used the proceeds of the 6.375% senior notes to pay a portion of the amounts then outstanding on the original term loan and the series A term loan and to pay related fees and expenses.
	On June 3, 2013, Select amended its existing senior secured credit facilities in order to, among other things:
	·                                          extend the maturity date on $293.3 million of its $300.0 million revolving credit facility from June 1, 2016 to March 1, 2018;
	·                                          convert the remaining original term loan and series A term loan to a new term loan tranche, referred to as the series C term loan, and lower the interest rate payable on the series C term loan from Adjusted LIBO plus 3.75%, or Alternate Base Rate plus 2.75%, to Adjusted LIBO plus 3.00%, or Alternate Base Rate plus 2.00%, and amend the provision of the series C term loan from providing that Adjusted LIBO will at no time be less than 1.75% to providing that Adjusted LIBO will at no time be less than 1.00%;
	·                                          lower the interest rate payable on the series B term loan from Adjusted LIBO plus 3.75%, or Alternate Base Rate plus 2.75%, to Adjusted LIBO plus 3.25%, or Alternate Base Rate plus 2.25%;
	·                                          amend the restrictive covenants governing the senior secured credit facilities in order to allow for unlimited restricted payments so long as there is no event of default under the senior secured credit facilities and the total pro forma ratio of total indebtedness to Consolidated EBITDA (as defined in the senior secured credit facilities) is less than or equal to 2.75 to 1.00; and
	·                                          amend the definition of ‘‘Available Amount’’ in a manner the effect of which was to increase the amount available for investments, restricted payments and payment of specified indebtedness.
	On March 4, 2014, Select made a principal prepayment of $34.0 million associated with its term loans in accordance with the provision in its senior secured credit facilities agreement that requires mandatory prepayments of term loans resulting from excess cash flow as defined in the senior secured credit facilities.
	On March 4, 2014, Select amended its senior secured credit facilities in order to, among other things:
	·                  convert the remaining series B term loan to a new term loan tranche, referred to as the series D term loan, and lower the interest rate payable on the series D term loan from Adjusted LIBO plus 3.25%, or Alternate Base Rate plus 2.25%, to Adjusted LIBO plus 2.75%, or Alternate Base Rate plus 1.75%;
	·                  set the maturity date of the series D term loan at December 20, 2016;
	·                  convert the remaining series C term loan to a new term loan tranche, referred to as the series E term loan, and lower the interest rate payable on the series E term loan from Adjusted LIBO plus 3.00% (subject to an Adjusted LIBO rate floor of 1.00%), or Alternate Base Rate plus 2.00%, to Adjusted LIBO plus 2.75% (subject to an Adjusted LIBO rate floor of 1.00%), or Alternate Base Rate plus 1.75%;
	·                  set the maturity date of the series E term loan at June 1, 2018;
	·                  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;
	·                  provide for a prepayment premium of 1.00% if the senior secured credit facilities are amended at any time prior to September 4, 2014 in the case of the series D term loans and March 4, 2015 in the case of the series E term loans and such amendment reduces the yield applicable to such loans; and
	·                  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.
	Select’s senior secured credit facilities now provides for senior secured financing consisting of:
	·                  a $300.0 million, revolving credit facility, $293.3 million of which matures on March 1, 2018 and the remaining $6.7 million maturing on June 1, 2016, including a $75.0 million sublimit for the issuance of standby letters of credit and a $25.0 million sublimit for swingline loans;
	·                  a $284.6 million series D term loan, maturing on December 20, 2016; and
	·                  a $495.6 million series E term loan, maturing on June 1, 2018.
	All borrowings under Select’s senior secured 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 senior secured 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 (1) JPMorgan Chase Bank, N.A.’s prime rate, (2) 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 (3) the Adjusted LIBO rate from time to time for an interest period of one month, plus 1.00%.  The Adjusted LIBO rate is, with respect to any interest period, the London interbank offered rate for such interest period, adjusted for any applicable statutory reserve requirements.
	Borrowings under the series D term loan bear interest at a rate equal to Adjusted LIBO plus 2.75%, or Alternate Base Rate plus 1.75%. Borrowings under the series E term loan bear interest at a rate equal to Adjusted LIBO plus 2.75%, or Alternate Base Rate plus 1.75%. The Adjusted LIBO for the series E term loan will at no time be less than 1.00%.
	Borrowings under the revolving credit 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 senior secured credit facilities).
	On the last day of each calendar quarter Select is required to pay each lender a commitment fee in respect of any unused commitments under the revolving credit 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 senior secured credit facilities).
	Subject to exceptions, Select’s senior secured credit facilities require mandatory prepayments of 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 senior secured 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.
	Beginning on March 31, 2015 and following application of the 2013 excess cash flow payment, discussed above, under the senior secured credit facilities the aggregate principal amount will amortize as follows:
	·                  the series D term loan has aggregate quarterly repayment requirements of $0.7 million until maturity, at which time the remaining balance of $279.5 million is due on December 20, 2016; and
	·                  the series E term loan has aggregate quarterly repayment requirements of $1.3 million until maturity, at which time the remaining balance of $479.2 million is due on June 1, 2018.
	Select’s senior secured credit facilities are guaranteed by Holdings, Select and substantially all of its current 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 senior secured credit facilities require that it comply on a quarterly basis with certain financial covenants, including a maximum leverage ratio test.
	In addition, Select’s senior secured credit facilities include negative covenants, subject to significant exceptions, restricting or limiting its ability and the ability of Holdings and Select’s restricted subsidiaries, to, among other things:
	·                  incur, assume, permit to exist or guarantee additional debt and issue or sell or permit any subsidiary to issue or sell preferred stock;
	·                  amend, modify or waiver any rights under the certificate of indebtedness, credit agreements, certificate of incorporation, bylaws or other organizational documents which would be materially adverse to the creditors;
	·                  pay dividends or other distributions on, redeem, repurchase, retire or cancel capital stock;
	·                  purchase or acquire any debt or equity securities of, make any loans or advances to, guarantee any obligation of, or make any other investment in, any other company;
	·                  incur or permit to exist certain liens on property or assets owned or accrued or assign or sell any income or revenues with respect to such property or assets;
	·                  sell or otherwise transfer property or assets to, purchase or otherwise receive property or assets from, or otherwise enter into transactions with affiliates;
	·                  merge, consolidate or amalgamate with another company or permit any subsidiary to merge, consolidate or amalgamate with another company;
	·                  sell, transfer, lease or otherwise dispose of assets, including any equity interests;
	·                  repay, redeem, repurchase, retire or cancel any subordinated debt;
	·                  incur capital expenditures;
·                  engage to any material extent in any business other than business of the type currently conducted by Select or reasonably related businesses; and
·                  incur obligations that restrict the ability of its subsidiaries to incur or permit to exist any liens on Select’s property or assets or to make dividends or other payments to Select.
Select’s senior secured 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 senior secured credit facilities to be in full force and effect and any change of control. If such an event of default occurs, the lenders under Select’s senior secured credit facilities will be entitled to take various actions, including the acceleration of amounts due under the senior secured credit facilities and all actions permitted to be taken by a secured creditor.
At March 31, 2014, Select had outstanding borrowings of $780.2 million (excluding unamortized original issue discounts of $5.2 million) under the term loans and borrowings of $105.0 million (excluding letters of credit) under the revolving loan portion of the senior secured credit facilities.  Select had $152.7 million of availability under its revolving credit facility (after giving effect to $42.3 million of outstanding letters of credit) at March 31, 2014.
The applicable margin percentage for borrowings under Select’s revolving loan is subject to change based upon the ratio of Select’s leverage ratio (as defined in the senior secured credit facility).  The applicable interest rate for revolving loans as of March 31, 2014 was (1) Alternate Base plus 2.75% for alternate base rate loans and (2) LIBO plus 3.75% for adjusted LIBO rate loans.
Select’s senior secured credit facility requires it to maintain certain leverage ratios (as defined in the senior secured credit facility). For the four consecutive fiscal quarters ended March 31, 2014, Select was required to maintain its leverage ratio (its ratio of total indebtedness to consolidated EBITDA) at less than 5.00 to 1.00. Select’s leverage ratio was 4.40 to 1.00 as of March 31, 2014.
Senior Notes
On March 11, 2014, Select issued and sold $110.0 million aggregate principal amount of additional 6.375% senior notes due June 1, 2021 (the “Additional Notes”), at 101.50% of the aggregate principal amount resulting in gross proceeds of $111.7 million.   The notes were issued as additional notes under the indenture pursuant to which it previously issued $600.0 million of 6.375% senior notes due June 1, 2021 (the “Existing Notes” and, together with the Additional notes, the “Notes”).
The Additional Notes are expected to be treated as a single series with the Existing Notes and will have the same terms as those of the Existing Notes, except that (i) the Additional Notes will be subject to a separate registration rights agreement and (ii) the Additional Notes will be issued initially under CUSIP numbers different from the Existing Notes. The Additional Notes and the Existing Notes will vote as one class under the indenture governing the Notes. Holders who exchange their Additional Notes in the contemplated registered exchange offer will receive registered notes that are expected to share a single CUSIP number with the Existing Notes, and we expect that such registered notes and the Existing Notes will thereafter be fungible.
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, commencing on December 1, 2013 for the Existing Notes and on June 1, 2014 for the Additional Notes. The Notes are Select’s senior unsecured obligations and rank equally in right of payment with all of its other existing and future senior unsecured indebtedness and senior in right of payment to all of its existing and future subordinated indebtedness. The Notes are fully and unconditionally guaranteed by all of Select’s wholly owned subsidiaries. The Notes are guaranteed, jointly and severally, by Select’s direct or indirect existing and future domestic restricted subsidiaries other than certain non-guarantor subsidiaries.
Select may redeem some or all of the Notes prior to June 1, 2016 by paying a “make-whole” premium. Select may redeem some or all of the Notes on or after June 1, 2016 at specified redemption prices. In addition, prior to June 1, 2016, Select may redeem up to 35% of the Notes with the net proceeds of certain equity offerings at a price of 106.375% plus accrued and unpaid interest, if any. Select is obligated to offer to repurchase the Notes at a price of 101% of their principal amount plus accrued and unpaid interest, if any, as a result of certain change of control events. These restrictions and prohibitions are subject to certain qualifications and exceptions.
The indenture relating to the Notes contains covenants that, among other things, limit Select’s ability and the ability of certain of its subsidiaries to (i) grant liens on its assets, (ii) make dividend payments, other distributions or other restricted payments, (iii) incur restrictions on the ability of Select’s restricted subsidiaries to pay dividends or make other payments, (iv) enter into sale and leaseback transactions, (v) merge, consolidate, transfer or dispose of substantially all of their assets, (vi) incur additional indebtedness, (vii) make investments, (viii) sell assets, including capital stock of subsidiaries, (ix) use the proceeds from sales of assets, including capital stock of restricted subsidiaries, and (x) enter into transactions with affiliates. In addition, the Indenture requires, among other things, Select to provide financial and current reports to holders of the Notes or file such reports electronically with the SEC. These covenants are subject to a number of exceptions, limitations and qualifications set forth in the Indenture.
Maturities of Long-Term Debt and Notes Payable
Maturities of the Company’s long-term debt for the period from April 1, 2014 through December 31, 2014 and the years after 2014 are approximately as follows and are presented net of the discounts on the senior secured credit facility term loans and premium on the senior notes (in thousands):
April 1, 2014 — December 31, 2014	$	13,337
2015	10,516
2016	391,916
2017	4,265
2018	480,216
2019 and beyond	711,950
Loss on Early Retirement of Debt
On March 4, 2014, Select amended its term loans under its senior secured credit facility.  During the three months ended March 31, 2014, the Company recognized a loss of $2.3 million for unamortized debt issuance costs, unamortized original issue discount, and certain fees incurred related to term loan modifications.
On March 22, 2013, the Company redeemed Select’s 7 5/8% senior subordinated notes due 2015 and redeemed Holdings’ senior floating rate notes due 2015.  During the three months ended March 31, 2013, the Company recognized a loss on early retirement of debt of $1.5 million for unamortized debt issuance costs of which approximately $0.5 million was associated with Select’s redemption of its 7 5/8% senior subordinated notes due 2015 and approximately $1.0 million was associated with Holdings’ redemption of its senior floating rate notes due 2015.

Fair_Value

Fair Value	3 Months Ended
	Mar. 31, 2014
Fair Value	'
Fair Value	'
	6.  Fair Value
	Financial instruments include cash and cash equivalents, notes payable and long-term debt.  The carrying amount of cash and cash equivalents approximates fair value because of the short-term maturity of these instruments.
	The carrying value of Select’s senior secured credit facility was $827.8 million and $880.0 million at December 31, 2013 and March 31, 2014, respectively.  The fair value of Select’s senior secured credit facility was $828.3 million and $876.4 million at December 31, 2013 and March 31, 2014, respectively.  The fair value of Select’s senior secured credit facility was based on quoted market prices for this debt in the syndicated loan market.
	The carrying value of Select’s 6.375% senior notes was $600.0 million and $711.6 million at December 31, 2013 and March 31, 2014, respectively.  The fair value of Select’s 6.375% senior notes was $586.5 million and $721.4 million at December 31, 2013 and March 31, 2014, respectively.  The fair value of this debt was based on quoted market prices.
	The Company considers the inputs in the valuation process of its senior secured credit facility and 6.375% senior notes 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.

Segment_Information

Segment Information	3 Months Ended
	Mar. 31, 2014
Segment Information	'
Segment Information	'
	7.  Segment Information
	The Company’s reportable segments consist of (i) specialty hospitals and (ii) outpatient rehabilitation. Other activities include the Company’s corporate services and certain other non-consolidating joint ventures and minority investments in other healthcare related businesses. The outpatient rehabilitation reportable segment has two operating segments: outpatient rehabilitation clinics and contract therapy. These operating segments are aggregated for reporting purposes as they have common economic characteristics and provide a similar service to a similar patient base. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance of the segments based on Adjusted EBITDA. Adjusted EBITDA is defined as net income before interest, income taxes, depreciation and amortization, gain (loss) on early retirement of debt, stock compensation expense, equity in earnings (losses) of unconsolidated subsidiaries and other income (expense).
	The following tables summarize selected financial data for the Company’s reportable segments. The segment results of Holdings are identical to those of Select with the exception of total assets:
		Three Months Ended March 31, 2013
		Specialty			Outpatient			Other			Total
		Hospitals			Rehabilitation
		(in thousands)
	Net operating revenues	$	557,751		$	192,101		$	103		$	749,955
	Adjusted EBITDA	93,347			22,833			(16,099		)	100,081
	Total assets	2,202,236			504,541			102,059			2,808,836
	Capital expenditures	10,897			2,845			257			13,999
		Three Months Ended March 31, 2014
		Specialty			Outpatient			Other			Total
		Hospitals			Rehabilitation
		(in thousands)
	Net operating revenues	$	564,625		$	197,850		$	103		$	762,578
	Adjusted EBITDA	92,150			20,989			(16,311		)	96,828
	Total assets	2,290,655			525,040			100,031			2,915,726
	Capital expenditures	21,498			3,630			2,171			27,299
	A reconciliation of Adjusted EBITDA to income before income taxes is as follows:
		Three Months Ended March 31, 2013
		Specialty			Outpatient			Other
		Hospitals			Rehabilitation
		(in thousands)
	Adjusted EBITDA	$	93,347		$	22,833		$	(16,099	)
	Depreciation and amortization	(11,862		)	(2,969		)	(971		)
	Stock compensation expense	—			—			(1,749		)
											Select			Select
											Medical			Medical
											Holdings			Corporation
											Corporation
	Income (loss) from operations	$	81,485		$	19,864		$	(18,819	)	$	82,530		$	82,530
	Loss on early retirement of debt										(1,467		)	(508		)
	Equity in earnings of unconsolidated subsidiaries										1,058			1,058
	Interest expense										(23,458		)	(21,048		)
	Income before income taxes										$	58,663		$	62,032
		Three Months March 31, 2014
		Specialty			Outpatient			Other
		Hospitals			Rehabilitation
		(in thousands)
	Adjusted EBITDA	$	92,150		$	20,989		$	(16,311	)
	Depreciation and amortization	(12,095		)	(3,212		)	(922		)
	Stock compensation expense	—			—			(2,155		)
											Select			Select
											Medical			Medical
											Holdings			Corporation
											Corporation
	Income (loss) from operations	$	80,055		$	17,777		$	(19,388	)	$	78,444		$	78,444
	Loss on early retirement of debt										(2,277		)	(2,277		)
	Equity in losses of unconsolidated subsidiaries										908			908
	Interest expense										(20,616		)	(20,616		)
	Income before income taxes										$	56,459		$	56,459

Income_per_Common_Share

Income per Common Share	3 Months Ended
	Mar. 31, 2014
Income per Common Share	'
Income per Common Share	'
	8.  Income per Common 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. The following table sets forth for the periods indicated the calculation of income per common share in the Company’s consolidated statement of operations and the differences between basic weighted average shares outstanding and diluted weighted average shares outstanding used to compute basic and diluted income per common share, respectively:
		For the Three Months Ended March 31,
		2013			2014
		(in thousands, except per share amounts)
	Numerator:
	Net income attributable to Select Medical Holdings Corporation	$	34,418		$	33,044
	Less: Earnings allocated to unvested restricted stockholders	708			770
	Net income available to common stockholders	$	33,710		$	32,274
	Denominator:
	Weighted average shares — basic	137,389			135,540
	Effect of dilutive securities:
	Stock options	209			413
	Weighted average shares — diluted	137,598			135,953
	Basic income per common share	$	0.25		$	0.24
	Diluted income per common share	$	0.24		$	0.24
	The following share amounts are shown here for informational and comparative purposes only since their inclusion would be anti-dilutive:
		For the Three Months Ended March 31,
		2013		2014
		(in thousands)
	Stock options	1,554		12

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies	'
Commitments and Contingencies	'
	9. Commitments and Contingencies
	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, Centers for Medicare & Medicaid Services (“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 operations of the Company’s specialty hospitals and outpatient rehabilitation facilities, 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 has been a defendant in these cases in the past, and may be named as a defendant in similar cases from time to time in the future.
	On January 8, 2013, a federal magistrate judge unsealed an Amended Complaint in United States of America and the State of Indiana, ex rel. Doe I, Doe II and Doe III v. Select Medical Corporation, Select Specialty Hospital-Evansville, Evansville Physician Investment Corporation, Dr. Richard Sloan and Dr. Jeffrey Selby.  The Amended Complaint, which was served on the Company on February 15, 2013, is a civil action filed under seal on September 28, 2012 in the United States District Court for the Southern District of Indiana by private plaintiff-relators on behalf of the United States and the state of Indiana under the federal False Claims Act and Indiana False Claims and Whistleblower Protection Act.  Although the Amended Complaint identifies the relators by fictitious pseudonyms, on March 28, 2013, the relators filed a Notice identifying themselves as the former CEO at the Company’s long term acute care hospital in Evansville, Indiana (‘‘SSH-Evansville’’) and two former case managers at SSH-Evansville.  The named defendants include the Company, SSH-Evansville, and two physicians who have practiced at SSH-Evansville.  On March 26, 2013, the defendants, relators and the United States filed a joint motion seeking a stay of the proceedings, in which the United States notified the court that its investigation has not been completed and therefore it is not yet able to decide whether or not to intervene, and on March 29, 2013, the magistrate judge granted the motion and stayed all deadlines in the case for 90 days.  The court has subsequently granted additional motions filed by the United States to continue the stay, and the current stay extends through May 16, 2014.
	In January 2014, representatives of the United States Attorney’s Office for the Southern District of Indiana and the Office of Attorney General for the State of Indiana informed the Company that, while they have not yet decided whether to intervene in the case, their investigation is continuing concerning allegations that SSH-Evansville admitted patients for whom long-term acute care was not medically necessary, up-coded diagnoses at  admission, discharged patients too early or held patients too long, readmitted patients discharged to short-stay acute care hospitals only after nine days to enable billing for two admissions, and allowed unnecessary bronchoscopies to be performed.  The Company is involved in ongoing discussions with the government regarding this matter.
	As previously disclosed, beginning in April 2012, the Company and SSH-Evansville have received various subpoenas and demands for documents relating to SSH-Evansville, including a request for information and subpoenas from the Office of Inspector General of the U.S. Department of Health and Human Services and subpoenas from the Office of Attorney General for the State of Indiana, and the Evansville (Indiana) Police Department has executed a search warrant at SSH-Evansville.  The Company has produced and will continue to produce documents in response to, and intends to fully cooperate with, these governmental investigations.  At this time, the Company is unable to predict the timing and outcome of this matter.
	Construction Commitments
	At March 31, 2014, the Company had outstanding commitments under construction contracts related to new construction, improvements and renovations at the Company’s long term acute care properties and inpatient rehabilitation facilities totaling approximately $19.7 million.

Subsequent_Event

Subsequent Event	3 Months Ended
	Mar. 31, 2014
Subsequent Event	'
Subsequent Event	'
	10.  Subsequent Event
	On April 30, 2014, Holdings’ board of directors declared a cash dividend of $0.10 per share.  The dividend will be payable on or about May 28, 2014 to stockholders of record as of the close of business on May 16, 2014.

Financial_Information_for_Subs

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes	3 Months Ended
	Mar. 31, 2014
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	'
	11.  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”).
	Select conducts a significant portion of its business through its subsidiaries. Presented below is condensed consolidating financial information for Select, the Subsidiary Guarantors and the Non-Guarantor Subsidiaries at December 31, 2013 and March 31, 2014 and for the three months ended March 31, 2013 and 2014.
	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.
		Select Medical Corporation
		Consolidating Balance Sheet
		March 31, 2014
		(unaudited)
		Select Medical				Subsidiary			Non-Guarantor			Eliminations			Consolidated
		Corporation (Parent				Guarantors			Subsidiaries
		Company Only)
		(in thousands)
	Assets
	Current Assets:
	Cash and cash equivalents	$	70			$	3,160		$	1,462		$	—		$	4,692
	Accounts receivable, net	—				405,944			61,794			—			467,738
	Current deferred tax asset	7,288				6,025			4,468			—			17,781
	Intercompany receivables	—				1,040,402			97,006			(1,137,408		)(a)	—
	Other current assets	11,788				27,702			4,798			—			44,288
	Total Current Assets	19,146				1,483,233			169,528			(1,137,408		)	534,499
	Property and equipment, net	16,571				444,841			58,782			—			520,194
	Investment in affiliates	3,091,734				76,777			—			(3,168,511		)(b)(c)	—
	Goodwill	—				1,642,857			—			—			1,642,857
	Non-current deferred tax asset	8,878				—			—			(8,878		)(d)	—
	Other identifiable intangibles	—				71,980			—			—			71,980
	Other assets	38,598				106,982			616			—			146,196
	Total Assets	$	3,174,927			$	3,826,670		$	228,926		$	(4,314,797	)	$	2,915,726
	Liabilities and Equity
	Current Liabilities:
	Bank overdrafts	$	18,476			$	—		$	—		$	—		$	18,476
	Current portion of long-term debt and notes payable	7,144				7,379			912			—			15,435
	Accounts payable	8,023				71,790			13,209			—			93,022
	Intercompany payables	1,137,408				—			—			(1,137,408		)(a)	—
	Accrued payroll	913				71,878			290			—			73,081
	Accrued vacation	4,781				49,620			7,779			—			62,180
	Accrued interest	15,406				1,359			—			—			16,765
	Accrued other	42,894				32,550			6,856			—			82,300
	Income taxes payable	19,645				—			—			—			19,645
	Due to third party payors	—				404			787			—			1,191
	Total Current Liabilities	1,254,690				234,980			29,833			(1,137,408		)	382,095
	Long-term debt, net of current portion	1,163,004				370,919			62,842			—			1,596,765
	Non-current deferred tax liability	—				97,656			7,724			(8,878		)(d)	96,502
	Other non-current liabilities	55,830				34,140			5,120			—			95,090
	Total Liabilities	2,473,524				737,695			105,519			(1,146,286		)	2,170,452
	Redeemable non-controlling interests	—				—			11,276			—			11,276
	Stockholder’s Equity:
	Common stock	0				—			—			—			0
	Capital in excess of par	875,264				—			—			—			875,264
	Retained earnings	(173,861			)	952,332			15,346			(967,678		)(c)	(173,861		)
	Subsidiary investment	—				2,136,643			64,190			(2,200,833		)(b)	—
	Total Select Medical Corporation Stockholder’s Equity	701,403				3,088,975			79,536			(3,168,511		)	701,403
	Non-controlling interests	—				—			32,595			—			32,595
	Total Equity	701,403				3,088,975			112,131			(3,168,511		)	733,998
	Total Liabilities and Equity	$	3,174,927			$	3,826,670		$	228,926		$	(4,314,797	)	$	2,915,726
	(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 assset to report net non-current deferred tax liability in consolidation.
		Select Medical Corporation
		Consolidating Statement of Operations
		For the Three Months Ended March 31, 2014
		(unaudited)
		Select Medical			Subsidiary			Non-			Eliminations			Consolidated
Corporation (Parent		Guarantors			Guarantor
Company Only)					Subsidiaries
	(in thousands)
Net operating revenues	$	103		$	655,233		$	107,242		$	—		$	762,578
Costs and expenses:
Cost of services	445			545,809			92,510			—			638,764
General and administrative	19,312			(1,189		)	—			—			18,123
Bad debt expense	—			9,164			1,854			—			11,018
Depreciation and amortization	923			12,829			2,477			—			16,229
Total costs and expenses	20,680			566,613			96,841			—			684,134
Income (loss) from operations	(20,577		)	88,620			10,401			—			78,444
Other income and expense:
Intercompany interest and royalty fees	(282		)	285			(3		)	—			—
Intercompany management fees	38,868			(33,818		)	(5,050		)	—			—
Equity in earnings of unconsolidated subsidiaries	—			887			21			—			908
Loss on early retirement of debt	(2,277		)	—			—			—			(2,277		)
Interest expense	(13,796		)	(5,797		)	(1,023		)	—			(20,616		)
Income from operations before income taxes	1,936			50,177			4,346			—			56,459
Income tax expense	925			20,973			194			—			22,092
Equity in earnings of subsidiaries	32,033			2,434			—			(34,467		)(a)	—
Net income	33,044			31,638			4,152			(34,467		)	34,367
Less: Net income attributable to non-controlling interests	—			—			1,323			—			1,323
Net income attributable to Select Medical Corporation	$	33,044		$	31,638		$	2,829		$	(34,467	)	$	33,044
(a) Elimination of equity in earnings of subsidiaries.
	Select Medical Corporation
	Consolidating Statement of Cash Flows
	For the Three Months Ended March 31, 2014
	(unaudited)
	Select Medical			Subsidiary			Non-			Eliminations			Consolidated
	Corporation			Guarantors			Guarantor
	(Parent Company						Subsidiaries
	Only)
	(in thousands)
Operating activities
Net income	$	33,044		$	31,638		$	4,152		$	(34,467	)(a)	$	34,367
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	923			12,829			2,477			—			16,229
Provision for bad debts	—			9,164			1,854			—			11,018
Equity in earnings of unconsolidated subsidiaires	—			(887		)	(21		)	—			(908		)
Loss on early retirement of debt	2,277			—			—			—			2,277
Loss from disposal or sale of assets	—			6			115			—			121
Non-cash stock compensation expense	2,155			—			—			—			2,155
Amortization of debt discount, premium and issuance costs	2,051			—			—			—			2,051
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Equity in earnings of subsidiaries	(32,033		)	(2,434		)	—			34,467		(a)	—
Accounts receivable	—			(78,241		)	(9,196		)	—			(87,437		)
Other current assets	(2,043		)	(1,153		)	52			—			(3,144		)
Other assets	(3,324		)	(606		)	(8		)	—			(3,938		)
Accounts payable	1,274			3,211			247			—			4,732
Due to third-party payors	—			1,053			101			—			1,154
Accrued expenses	(12,117		)	(1,362		)	(478		)	—			(13,957		)
Income and deferred taxes	19,280			—			—			—			19,280
Net cash provided by (used in) operating activities	11,487			(26,782		)	(705		)	—			(16,000		)
Investing activities
Purchases of property and equipment	(2,171		)	(23,636		)	(1,492		)	—			(27,299		)
Investment in businesses, net of distributions	—			(124		)	—			—			(124		)
Acquisition of businesses, net of cash acquired	—			(375		)	—			—			(375		)
Net cash used in investing activities	(2,171		)	(24,135		)	(1,492		)	—			(27,798		)
Financing activities
Borrowings on revolving credit facility	285,000			—			—			—			285,000
Payments on revolving credit facility	(200,000		)	—			—			—			(200,000		)
Payments on credit facility term loans	(33,994		)	—			—			—			(33,994		)
Issuance of 6.375% senior notes, includes premium	111,650			—			—			—			111,650
Borrowings of other debt	6,111			—			—			—			6,111
Principal payments on other debt	(2,567		)	(80		)	(420		)	—			(3,067		)
Debt issuance costs	(4,434		)	—			—			—			(4,434		)
Proceeds from bank overdrafts	5,970			—			—			—			5,970
Equity investment by Holdings	1,943			—			—			—			1,943
Dividends paid to Holdings	(123,556		)	—			—			—			(123,556		)
Intercompany	(55,440		)	51,059			4,381			—			—
Distributions to non-controlling interests	—			—			(1,452		)	—			(1,452		)
Net cash provided by (used in) financing activities	(9,317		)	50,979			2,509			—			44,171
Net increase (decrease) in cash and cash equivalents	(1		)	62			312			—			373
Cash and cash equivalents at beginning of period	71			3,098			1,150			—			4,319
Cash and cash equivalents at end of period	$	70		$	3,160		$	1,462		$	—		$	4,692
(a)  Elimination of equity in earnings of consolidated subsidiaries.
	Select Medical Corporation
	Consolidating Balance Sheet
	December 31, 2013
	Select Medical			Subsidiary					Non-Guarantor					Eliminations				Consolidated
	Corporation (Parent			Guarantors					Subsidiaries
	Company Only)
	(in thousands)
Assets
Current Assets:
Cash and cash equivalents	$	71			$	3,098				$	1,150				$	—		$	4,319
Accounts receivable, net	—				337,517					54,452					(650		)(a)	391,319
Current deferred tax asset	7,965				5,214					4,445					—			17,624
Intercompany receivables	—				1,079,736					105,028					(1,184,764		)(b)	—
Other current assets	9,745				26,545					4,850					—			41,140
Total Current Assets	17,781				1,452,110					169,925					(1,185,414		)	454,402
Property and equipment, net	15,624				434,040					59,438					—			509,102
Investment in affiliates	3,059,581				83,012					—					(3,142,593		)(c)(d)	—
Goodwill	—				1,642,633					—					—			1,642,633
Non-current deferred tax asset	7,662				—					—					(7,662		)(e)	—
Other identifiable intangibles	—				71,907					—					—			71,907
Other assets	35,274				103,696					608					—			139,578
Total Assets	$	3,135,922			$	3,787,398				$	229,971				$	(4,335,669	)	$	2,817,622
Liabilities and Equity
Current Liabilities:
Bank overdrafts	$	12,506			$	—				$	—				$	—		$	12,506
Current portion of long-term debt and notes payable	9,107				7,317					1,141					—			17,565
Accounts payable	6,749				68,574					12,962					—			88,285
Intercompany payables	1,184,764				—					—					(1,184,764		)(b)	—
Accrued payroll	1,167				88,599					245					—			90,011
Accrued vacation	4,619				47,682					7,429					—			59,730
Accrued interest	11,076				1,221					—					—			12,297
Accrued other	59,249				23,493					7,729					—			90,471
Income taxes payable	622				—					—					—			622
Due to third party payors	—				1					686					(650		)(a)	37
Total Current Liabilities	1,289,859				236,887					30,192					(1,185,414		)	371,524
Long-term debt, net of current portion	1,006,201				364,060					57,449					—			1,427,710
Non-current deferred tax liability	—				96,111					7,838					(7,662		)(e)	96,287
Other non-current liabilities	53,628				33,123					5,124					—			91,875
Total Liabilities	2,349,688				730,181					100,603					(1,193,076		)	1,987,396
Redeemable non-controlling interests	—				—					11,584					—			11,584
Stockholder’s Equity:
Common stock	0				—					—					—			0
Capital in excess of par	869,576				—					—					—			869,576
Retained earnings	(83,342		)		920,694					21,186					(941,880		)(d)	(83,342		)
Subsidiary investment	—				2,136,523					64,190					(2,200,713		)(c)	—
Total Select Medical Corporation Stockholder’s Equity	786,234				3,057,217					85,376					(3,142,593		)	786,234
Non-controlling interests	—				—					32,408					—			32,408
Total Equity	786,234				3,057,217					117,784					(3,142,593		)	818,642
Total Liabilities and Equity	$	3,135,922			$	3,787,398				$	229,971				$	(4,335,669	)	$	2,817,622
(a) Reclass portion of due to third party payor to accounts receivable net in consolidation.
(b) Elimination of intercompany.
(c)  Elimination of investments in consolidated subsidiaries.
(d)  Elimination of investments in consolidated subsidiaries’ earnings.
(e) Reclass of non-current deferred tax assset to report net non-current deferred tax liability in consolidation.
	Select Medical Corporation
	Condensed Consolidating Statement of Operations
	For the Three Months Ended March 31, 2013
	Select Medical			Subsidiary			Non-			Eliminations			Consolidated
	Corporation (Parent			Guarantors			Guarantor
	Company Only)						Subsidiaries
	(in thousands)
Net operating revenues	$	103		$	643,437		$	106,415		$	—		$	749,955
Costs and expenses:
Cost of services	553			536,247			88,104			—			624,904
General and administrative	17,366			32			—			—			17,398
Bad debt expense	—			7,823			1,498			—			9,321
Depreciation and amortization	970			12,503			2,329			—			15,802
Total costs and expenses	18,889			556,605			91,931			—			667,425
Income (loss) from operations	(18,786		)	86,832			14,484			—			82,530
Other income and expense:
Intercompany interest and royalty fees	(394		)	386			8			—			—
Intercompany management fees	19,729			(15,402		)	(4,327		)	—			—
Equity in earnings of unconsolidated subsidiaries	—			1,025			33			—			1,058
Loss on early retirement of debt	(508		)	—			—			—			(508		)
Interest expense	(14,726		)	(5,322		)	(1,000		)	—			(21,048		)
Income (loss) from operations before income taxes	(14,685		)	67,519			9,198			—			62,032
Income tax expense (benefit)	(4,643		)	27,664			19			—			23,040
Equity in earnings of subsidiaries	46,650			6,682			—			(53,332		)(a)	—
Net income	36,608			46,537			9,179			(53,332		)	38,992
Less: Net income attributable to non-controlling interests	—			—			2,384			—			2,384
Net income attributable to Select Medical Corporation	$	36,608		$	46,537		$	6,795		$	(53,332	)	$	36,608
(a) Elimination of equity in earnings of subsidiaries.
	Select Medical Corporation
	Condensed Consolidating Statement of Cash Flows
	For the Three Months Ended March 31, 2013
	Select Medical			Subsidiary			Non-			Eliminations			Consolidated
	Corporation			Guarantors			Guarantor
	(Parent Company						Subsidiaries
	Only)
	(in thousands)
Operating activities
Net income	$	36,608		$	46,537		$	9,179		$	(53,332	)(a)	$	38,992
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	970			12,503			2,329			—			15,802
Provision for bad debts	—			7,823			1,498			—			9,321
Equity in earnings of unconsolidated subsidiaires	—			(1,025		)	(33		)	—			(1,058		)
Loss on early retirement of debt	508			—			—			—			508
Loss on disposal or sale of assets	—			34			7			—			41
Non-cash stock compensation expense	1,749			—			—			—			1,749
Amortization of debt discount and issuance costs	2,215			—			—			—			2,215
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Equity in earnings of subsidiaries	(46,650		)	(6,682		)	—			53,332		(a)	—
Accounts receivable	—			(63,260		)	(14,703		)	—			(77,963		)
Other current assets	(4,337		)	(4,008		)	1,938			—			(6,407		)
Other assets	(2,896		)	13,060			(10,816		)	—			(652		)
Accounts payable	1,497			2,337			296			—			4,130
Due to third-party payors	—			1,601			296			—			1,897
Accrued expenses	(18,957		)	1,784			(269		)	—			(17,442		)
Income and deferred taxes	22,472			—			—			—			22,472
Net cash provided by (used in) operating activities	(6,821		)	10,704			(10,278		)	—			(6,395		)
Investing activities
Purchases of property and equipment	(257		)	(11,672		)	(2,070		)	—			(13,999		)
Investment in businesses, net of distributions	—			(9,977		)	—			—			(9,977		)
Net cash used in investing activities	(257		)	(21,649		)	(2,070		)	—			(23,976		)
Financing activities
Borrowings on revolving credit facility	190,000			—			—			—			190,000
Payments on revolving credit facility	(230,000		)	—			—			—			(230,000		)
Borrowings on credit facility term loans, net of discount	298,500			—			—			—			298,500
Payments on credit facility term loans	(3,563		)	—			—			—			(3,563		)
Repurchase of 7 5/8% senior subordinated notes, net of premiums	(70,000		)	—			—			—			(70,000		)
Borrowings of other debt	5,826			—			—			—			5,826
Principal payments on other debt	(2,079		)	(88		)	(124		)	—			(2,291		)
Debt issuance costs	(4,209		)	—			—			—			(4,209		)
Dividends paid to Holdings	(182,862		)	—			—			—			(182,862		)
Repayments of bank overdrafts	(5,629		)	—			—			—			(5,629		)
Intercompany	(23,926		)	11,085			12,841			—			—
Distributions to non-controlling interests	—			—			(1,045		)	—			(1,045		)
Net cash provided by (used in) financing activities	(27,942		)	10,997			11,672			—			(5,273		)
Net increase (decrease) in cash and cash equivalents	(35,020		)	52			(676		)	—			(35,644		)
Cash and cash equivalents at beginning of period	35,070			3,734			1,340			—			40,144
Cash and cash equivalents at end of period	$	50		$	3,786		$	664		$	—		$	4,500
(a)  Elimination of equity in earnings of consolidated subsidiaries.

Accounting_Policies_Policies

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies	'
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.

Intangible_Assets_Tables

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2014
Intangible Assets	'
Schedule of gross carrying amounts of the Company's indefinite-lived intangible assets	'
		December 31,		March 31,
		2013		2014
		(in thousands)
	Goodwill	$	1,642,633	$	1,642,857
	Trademarks	57,709		57,709
	Certificates of need	12,115		12,188
	Accreditations	2,083		2,083
	Total	$	1,714,540	$	1,714,837
Schedule of changes in the carrying amount of goodwill for the Company's reportable segments	'
		Specialty		Outpatient		Total
		Hospitals		Rehabilitation
		(in thousands)
	Balance as of December 31, 2013	$	1,334,615	$	308,018	$	1,642,633
	Goodwill acquired during the period	—		224		224
	Balance as of March 31, 2014	$	1,334,615	$	308,242	$	1,642,857

Indebtedness_Tables

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2014
Indebtedness	'
Schedule of components of long-term debt and notes payable	'
		December 31,		March 31,
		2013		2014
		(in thousands)
	6.375% senior notes (1)	$	600,000	$	711,637
	Senior secured credit facilities:
	Revolving loan	20,000		105,000
	Term loans (2)	807,815		774,995
	Other	17,460		20,568
	Total debt	1,445,275		1,612,200
	Less: current maturities	17,565		15,435
	Total long-term debt	$	1,427,710	$	1,596,765
	(1)         Presented net of unamortized premiums of $1.6 million at March 31, 2014.
	(2)         Presented net of unamortized discounts of $6.3 million and $5.2 million at December 31, 2013 and March 31, 2014, respectively.
Schedule of maturities of the Company's long-term debt	'
	Maturities of the Company’s long-term debt for the period from April 1, 2014 through December 31, 2014 and the years after 2014 are approximately as follows and are presented net of the discounts on the senior secured credit facility term loans and premium on the senior notes (in thousands):
	April 1, 2014 — December 31, 2014	$	13,337
	2015	10,516
	2016	391,916
	2017	4,265
	2018	480,216
	2019 and beyond	711,950

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Information	'
Schedule of selected financial data for the Company's reportable segments	'
		Three Months Ended March 31, 2013
		Specialty			Outpatient			Other			Total
		Hospitals			Rehabilitation
		(in thousands)
	Net operating revenues	$	557,751		$	192,101		$	103		$	749,955
	Adjusted EBITDA	93,347			22,833			(16,099		)	100,081
	Total assets	2,202,236			504,541			102,059			2,808,836
	Capital expenditures	10,897			2,845			257			13,999
		Three Months Ended March 31, 2014
		Specialty			Outpatient			Other			Total
		Hospitals			Rehabilitation
		(in thousands)
	Net operating revenues	$	564,625		$	197,850		$	103		$	762,578
	Adjusted EBITDA	92,150			20,989			(16,311		)	96,828
	Total assets	2,290,655			525,040			100,031			2,915,726
	Capital expenditures	21,498			3,630			2,171			27,299
Schedule of reconciliation of Adjusted EBITDA to income before income taxes	'
		Three Months Ended March 31, 2013
		Specialty			Outpatient			Other
		Hospitals			Rehabilitation
		(in thousands)
	Adjusted EBITDA	$	93,347		$	22,833		$	(16,099	)
	Depreciation and amortization	(11,862		)	(2,969		)	(971		)
	Stock compensation expense	—			—			(1,749		)
											Select			Select
											Medical			Medical
											Holdings			Corporation
											Corporation
	Income (loss) from operations	$	81,485		$	19,864		$	(18,819	)	$	82,530		$	82,530
	Loss on early retirement of debt										(1,467		)	(508		)
	Equity in earnings of unconsolidated subsidiaries										1,058			1,058
	Interest expense										(23,458		)	(21,048		)
	Income before income taxes										$	58,663		$	62,032
		Three Months March 31, 2014
		Specialty			Outpatient			Other
		Hospitals			Rehabilitation
		(in thousands)
	Adjusted EBITDA	$	92,150		$	20,989		$	(16,311	)
	Depreciation and amortization	(12,095		)	(3,212		)	(922		)
	Stock compensation expense	—			—			(2,155		)
											Select			Select
											Medical			Medical
											Holdings			Corporation
											Corporation
	Income (loss) from operations	$	80,055		$	17,777		$	(19,388	)	$	78,444		$	78,444
	Loss on early retirement of debt										(2,277		)	(2,277		)
	Equity in losses of unconsolidated subsidiaries										908			908
	Interest expense										(20,616		)	(20,616		)
	Income before income taxes										$	56,459		$	56,459

Income_per_Common_Share_Tables

Income per Common Share (Tables)	3 Months Ended
	Mar. 31, 2014
Income per Common Share	'
Schedule of computation of basic and diluted income per common share	'
		For the Three Months Ended March 31,
		2013			2014
		(in thousands, except per share amounts)
	Numerator:
	Net income attributable to Select Medical Holdings Corporation	$	34,418		$	33,044
	Less: Earnings allocated to unvested restricted stockholders	708			770
	Net income available to common stockholders	$	33,710		$	32,274
	Denominator:
	Weighted average shares — basic	137,389			135,540
	Effect of dilutive securities:
	Stock options	209			413
	Weighted average shares — diluted	137,598			135,953
	Basic income per common share	$	0.25		$	0.24
	Diluted income per common share	$	0.24		$	0.24
Schedule of anti-dilutive shares excluded from computation	'
		For the Three Months Ended March 31,
		2013		2014
		(in thousands)
	Stock options	1,554		12

Financial_Information_for_Subs1

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2014
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes	'
Schedule of Consolidating Balance Sheet	'
		Consolidating Balance Sheet
		March 31, 2014
		(unaudited)
		Select Medical				Subsidiary			Non-Guarantor			Eliminations			Consolidated
		Corporation (Parent				Guarantors			Subsidiaries
		Company Only)
		(in thousands)
	Assets
	Current Assets:
	Cash and cash equivalents	$	70			$	3,160		$	1,462		$	—		$	4,692
	Accounts receivable, net	—				405,944			61,794			—			467,738
	Current deferred tax asset	7,288				6,025			4,468			—			17,781
	Intercompany receivables	—				1,040,402			97,006			(1,137,408		)(a)	—
	Other current assets	11,788				27,702			4,798			—			44,288
	Total Current Assets	19,146				1,483,233			169,528			(1,137,408		)	534,499
	Property and equipment, net	16,571				444,841			58,782			—			520,194
	Investment in affiliates	3,091,734				76,777			—			(3,168,511		)(b)(c)	—
	Goodwill	—				1,642,857			—			—			1,642,857
	Non-current deferred tax asset	8,878				—			—			(8,878		)(d)	—
	Other identifiable intangibles	—				71,980			—			—			71,980
	Other assets	38,598				106,982			616			—			146,196
	Total Assets	$	3,174,927			$	3,826,670		$	228,926		$	(4,314,797	)	$	2,915,726
	Liabilities and Equity
	Current Liabilities:
	Bank overdrafts	$	18,476			$	—		$	—		$	—		$	18,476
	Current portion of long-term debt and notes payable	7,144				7,379			912			—			15,435
	Accounts payable	8,023				71,790			13,209			—			93,022
	Intercompany payables	1,137,408				—			—			(1,137,408		)(a)	—
	Accrued payroll	913				71,878			290			—			73,081
	Accrued vacation	4,781				49,620			7,779			—			62,180
	Accrued interest	15,406				1,359			—			—			16,765
	Accrued other	42,894				32,550			6,856			—			82,300
	Income taxes payable	19,645				—			—			—			19,645
	Due to third party payors	—				404			787			—			1,191
	Total Current Liabilities	1,254,690				234,980			29,833			(1,137,408		)	382,095
	Long-term debt, net of current portion	1,163,004				370,919			62,842			—			1,596,765
	Non-current deferred tax liability	—				97,656			7,724			(8,878		)(d)	96,502
	Other non-current liabilities	55,830				34,140			5,120			—			95,090
	Total Liabilities	2,473,524				737,695			105,519			(1,146,286		)	2,170,452
	Redeemable non-controlling interests	—				—			11,276			—			11,276
	Stockholder’s Equity:
	Common stock	0				—			—			—			0
	Capital in excess of par	875,264				—			—			—			875,264
	Retained earnings	(173,861			)	952,332			15,346			(967,678		)(c)	(173,861		)
	Subsidiary investment	—				2,136,643			64,190			(2,200,833		)(b)	—
	Total Select Medical Corporation Stockholder’s Equity	701,403				3,088,975			79,536			(3,168,511		)	701,403
	Non-controlling interests	—				—			32,595			—			32,595
	Total Equity	701,403				3,088,975			112,131			(3,168,511		)	733,998
	Total Liabilities and Equity	$	3,174,927			$	3,826,670		$	228,926		$	(4,314,797	)	$	2,915,726
	(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 assset to report net non-current deferred tax liability in consolidation.
		Consolidating Balance Sheet
		December 31, 2013
		Select Medical			Subsidiary					Non-Guarantor					Eliminations				Consolidated
		Corporation (Parent			Guarantors					Subsidiaries
		Company Only)
		(in thousands)
	Assets
	Current Assets:
	Cash and cash equivalents	$	71			$	3,098				$	1,150				$	—		$	4,319
	Accounts receivable, net	—				337,517					54,452					(650		)(a)	391,319
Current deferred tax asset	7,965				5,214					4,445					—			17,624
Intercompany receivables	—				1,079,736					105,028					(1,184,764		)(b)	—
Other current assets	9,745				26,545					4,850					—			41,140
Total Current Assets	17,781				1,452,110					169,925					(1,185,414		)	454,402
Property and equipment, net	15,624				434,040					59,438					—			509,102
Investment in affiliates	3,059,581				83,012					—					(3,142,593		)(c)(d)	—
Goodwill	—				1,642,633					—					—			1,642,633
Non-current deferred tax asset	7,662				—					—					(7,662		)(e)	—
Other identifiable intangibles	—				71,907					—					—			71,907
Other assets	35,274				103,696					608					—			139,578
Total Assets	$	3,135,922			$	3,787,398				$	229,971				$	(4,335,669	)	$	2,817,622
Liabilities and Equity
Current Liabilities:
Bank overdrafts	$	12,506			$	—				$	—				$	—		$	12,506
Current portion of long-term debt and notes payable	9,107				7,317					1,141					—			17,565
Accounts payable	6,749				68,574					12,962					—			88,285
Intercompany payables	1,184,764				—					—					(1,184,764		)(b)	—
Accrued payroll	1,167				88,599					245					—			90,011
Accrued vacation	4,619				47,682					7,429					—			59,730
Accrued interest	11,076				1,221					—					—			12,297
Accrued other	59,249				23,493					7,729					—			90,471
Income taxes payable	622				—					—					—			622
Due to third party payors	—				1					686					(650		)(a)	37
Total Current Liabilities	1,289,859				236,887					30,192					(1,185,414		)	371,524
Long-term debt, net of current portion	1,006,201				364,060					57,449					—			1,427,710
Non-current deferred tax liability	—				96,111					7,838					(7,662		)(e)	96,287
Other non-current liabilities	53,628				33,123					5,124					—			91,875
Total Liabilities	2,349,688				730,181					100,603					(1,193,076		)	1,987,396
Redeemable non-controlling interests	—				—					11,584					—			11,584
Stockholder’s Equity:
Common stock	0				—					—					—			0
Capital in excess of par	869,576				—					—					—			869,576
Retained earnings	(83,342		)		920,694					21,186					(941,880		)(d)	(83,342		)
Subsidiary investment	—				2,136,523					64,190					(2,200,713		)(c)	—
Total Select Medical Corporation Stockholder’s Equity	786,234				3,057,217					85,376					(3,142,593		)	786,234
Non-controlling interests	—				—					32,408					—			32,408
Total Equity	786,234				3,057,217					117,784					(3,142,593		)	818,642
Total Liabilities and Equity	$	3,135,922			$	3,787,398				$	229,971				$	(4,335,669	)	$	2,817,622
(a) Reclass portion of due to third party payor to accounts receivable net in consolidation.
(b) Elimination of intercompany.
(c)  Elimination of investments in consolidated subsidiaries.
(d)  Elimination of investments in consolidated subsidiaries’ earnings.
(e) Reclass of non-current deferred tax assset to report net non-current deferred tax liability in consolidation.
Schedule of Consolidating Statement of Operations	'
		Consolidating Statement of Operations
		For the Three Months Ended March 31, 2014
		(unaudited)
		Select Medical			Subsidiary			Non-			Eliminations			Consolidated
		Corporation (Parent			Guarantors			Guarantor
		Company Only)						Subsidiaries
		(in thousands)
	Net operating revenues	$	103		$	655,233		$	107,242		$	—		$	762,578
	Costs and expenses:
	Cost of services	445			545,809			92,510			—			638,764
	General and administrative	19,312			(1,189		)	—			—			18,123
	Bad debt expense	—			9,164			1,854			—			11,018
	Depreciation and amortization	923			12,829			2,477			—			16,229
	Total costs and expenses	20,680			566,613			96,841			—			684,134
	Income (loss) from operations	(20,577		)	88,620			10,401			—			78,444
	Other income and expense:
	Intercompany interest and royalty fees	(282		)	285			(3		)	—			—
	Intercompany management fees	38,868			(33,818		)	(5,050		)	—			—
	Equity in earnings of unconsolidated subsidiaries	—			887			21			—			908
	Loss on early retirement of debt	(2,277		)	—			—			—			(2,277		)
	Interest expense	(13,796		)	(5,797		)	(1,023		)	—			(20,616		)
	Income from operations before income taxes	1,936			50,177			4,346			—			56,459
	Income tax expense	925			20,973			194			—			22,092
	Equity in earnings of subsidiaries	32,033			2,434			—			(34,467		)(a)	—
	Net income	33,044			31,638			4,152			(34,467		)	34,367
	Less: Net income attributable to non-controlling interests	—			—			1,323			—			1,323
	Net income attributable to Select Medical Corporation	$	33,044		$	31,638		$	2,829		$	(34,467	)	$	33,044
	(a) Elimination of equity in earnings of subsidiaries.
		Condensed Consolidating Statement of Operations
		For the Three Months Ended March 31, 2013
		Select Medical			Subsidiary			Non-			Eliminations			Consolidated
		Corporation (Parent			Guarantors			Guarantor
		Company Only)						Subsidiaries
		(in thousands)
	Net operating revenues	$	103		$	643,437		$	106,415		$	—		$	749,955
	Costs and expenses:
	Cost of services	553			536,247			88,104			—			624,904
	General and administrative	17,366			32			—			—			17,398
	Bad debt expense	—			7,823			1,498			—			9,321
	Depreciation and amortization	970			12,503			2,329			—			15,802
	Total costs and expenses	18,889			556,605			91,931			—			667,425
	Income (loss) from operations	(18,786		)	86,832			14,484			—			82,530
	Other income and expense:
	Intercompany interest and royalty fees	(394		)	386			8			—			—
	Intercompany management fees	19,729			(15,402		)	(4,327		)	—			—
	Equity in earnings of unconsolidated subsidiaries	—			1,025			33			—			1,058
	Loss on early retirement of debt	(508		)	—			—			—			(508		)
	Interest expense	(14,726		)	(5,322		)	(1,000		)	—			(21,048		)
	Income (loss) from operations before income taxes	(14,685		)	67,519			9,198			—			62,032
	Income tax expense (benefit)	(4,643		)	27,664			19			—			23,040
	Equity in earnings of subsidiaries	46,650			6,682			—			(53,332		)(a)	—
	Net income	36,608			46,537			9,179			(53,332		)	38,992
	Less: Net income attributable to non-controlling interests	—			—			2,384			—			2,384
	Net income attributable to Select Medical Corporation	$	36,608		$	46,537		$	6,795		$	(53,332	)	$	36,608
	(a) Elimination of equity in earnings of subsidiaries.
Schedule of Consolidating Statement of Cash Flows	'
		Consolidating Statement of Cash Flows
		For the Three Months Ended March 31, 2014
		(unaudited)
		Select Medical			Subsidiary			Non-			Eliminations			Consolidated
		Corporation			Guarantors			Guarantor
		(Parent Company						Subsidiaries
		Only)
		(in thousands)
	Operating activities
	Net income	$	33,044		$	31,638		$	4,152		$	(34,467	)(a)	$	34,367
	Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Depreciation and amortization	923			12,829			2,477			—			16,229
	Provision for bad debts	—			9,164			1,854			—			11,018
	Equity in earnings of unconsolidated subsidiaires	—			(887		)	(21		)	—			(908		)
	Loss on early retirement of debt	2,277			—			—			—			2,277
	Loss from disposal or sale of assets	—			6			115			—			121
	Non-cash stock compensation expense	2,155			—			—			—			2,155
	Amortization of debt discount, premium and issuance costs	2,051			—			—			—			2,051
	Changes in operating assets and liabilities, net of effects from acquisition of businesses:
	Equity in earnings of subsidiaries	(32,033		)	(2,434		)	—			34,467		(a)	—
	Accounts receivable	—			(78,241		)	(9,196		)	—			(87,437		)
	Other current assets	(2,043		)	(1,153		)	52			—			(3,144		)
	Other assets	(3,324		)	(606		)	(8		)	—			(3,938		)
	Accounts payable	1,274			3,211			247			—			4,732
	Due to third-party payors	—			1,053			101			—			1,154
	Accrued expenses	(12,117		)	(1,362		)	(478		)	—			(13,957		)
	Income and deferred taxes	19,280			—			—			—			19,280
	Net cash provided by (used in) operating activities	11,487			(26,782		)	(705		)	—			(16,000		)
	Investing activities
	Purchases of property and equipment	(2,171		)	(23,636		)	(1,492		)	—			(27,299		)
	Investment in businesses, net of distributions	—			(124		)	—			—			(124		)
	Acquisition of businesses, net of cash acquired	—			(375		)	—			—			(375		)
	Net cash used in investing activities	(2,171		)	(24,135		)	(1,492		)	—			(27,798		)
	Financing activities
	Borrowings on revolving credit facility	285,000			—			—			—			285,000
	Payments on revolving credit facility	(200,000		)	—			—			—			(200,000		)
	Payments on credit facility term loans	(33,994		)	—			—			—			(33,994		)
	Issuance of 6.375% senior notes, includes premium	111,650			—			—			—			111,650
	Borrowings of other debt	6,111			—			—			—			6,111
	Principal payments on other debt	(2,567		)	(80		)	(420		)	—			(3,067		)
	Debt issuance costs	(4,434		)	—			—			—			(4,434		)
	Proceeds from bank overdrafts	5,970			—			—			—			5,970
	Equity investment by Holdings	1,943			—			—			—			1,943
	Dividends paid to Holdings	(123,556		)	—			—			—			(123,556		)
	Intercompany	(55,440		)	51,059			4,381			—			—
	Distributions to non-controlling interests	—			—			(1,452		)	—			(1,452		)
	Net cash provided by (used in) financing activities	(9,317		)	50,979			2,509			—			44,171
	Net increase (decrease) in cash and cash equivalents	(1		)	62			312			—			373
	Cash and cash equivalents at beginning of period	71			3,098			1,150			—			4,319
	Cash and cash equivalents at end of period	$	70		$	3,160		$	1,462		$	—		$	4,692
	(a)  Elimination of equity in earnings of consolidated subsidiaries.
		Condensed Consolidating Statement of Cash Flows
		For the Three Months Ended March 31, 2013
		Select Medical			Subsidiary			Non-			Eliminations			Consolidated
		Corporation			Guarantors			Guarantor
		(Parent Company						Subsidiaries
		Only)
		(in thousands)
	Operating activities
	Net income	$	36,608		$	46,537		$	9,179		$	(53,332	)(a)	$	38,992
	Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Depreciation and amortization	970			12,503			2,329			—			15,802
	Provision for bad debts	—			7,823			1,498			—			9,321
Equity in earnings of unconsolidated subsidiaires	—			(1,025		)	(33		)	—			(1,058		)
Loss on early retirement of debt	508			—			—			—			508
Loss on disposal or sale of assets	—			34			7			—			41
Non-cash stock compensation expense	1,749			—			—			—			1,749
Amortization of debt discount and issuance costs	2,215			—			—			—			2,215
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Equity in earnings of subsidiaries	(46,650		)	(6,682		)	—			53,332		(a)	—
Accounts receivable	—			(63,260		)	(14,703		)	—			(77,963		)
Other current assets	(4,337		)	(4,008		)	1,938			—			(6,407		)
Other assets	(2,896		)	13,060			(10,816		)	—			(652		)
Accounts payable	1,497			2,337			296			—			4,130
Due to third-party payors	—			1,601			296			—			1,897
Accrued expenses	(18,957		)	1,784			(269		)	—			(17,442		)
Income and deferred taxes	22,472			—			—			—			22,472
Net cash provided by (used in) operating activities	(6,821		)	10,704			(10,278		)	—			(6,395		)
Investing activities
Purchases of property and equipment	(257		)	(11,672		)	(2,070		)	—			(13,999		)
Investment in businesses, net of distributions	—			(9,977		)	—			—			(9,977		)
Net cash used in investing activities	(257		)	(21,649		)	(2,070		)	—			(23,976		)
Financing activities
Borrowings on revolving credit facility	190,000			—			—			—			190,000
Payments on revolving credit facility	(230,000		)	—			—			—			(230,000		)
Borrowings on credit facility term loans, net of discount	298,500			—			—			—			298,500
Payments on credit facility term loans	(3,563		)	—			—			—			(3,563		)
Repurchase of 7 5/8% senior subordinated notes, net of premiums	(70,000		)	—			—			—			(70,000		)
Borrowings of other debt	5,826			—			—			—			5,826
Principal payments on other debt	(2,079		)	(88		)	(124		)	—			(2,291		)
Debt issuance costs	(4,209		)	—			—			—			(4,209		)
Dividends paid to Holdings	(182,862		)	—			—			—			(182,862		)
Repayments of bank overdrafts	(5,629		)	—			—			—			(5,629		)
Intercompany	(23,926		)	11,085			12,841			—			—
Distributions to non-controlling interests	—			—			(1,045		)	—			(1,045		)
Net cash provided by (used in) financing activities	(27,942		)	10,997			11,672			—			(5,273		)
Net increase (decrease) in cash and cash equivalents	(35,020		)	52			(676		)	—			(35,644		)
Cash and cash equivalents at beginning of period	35,070			3,734			1,340			—			40,144
Cash and cash equivalents at end of period	$	50		$	3,786		$	664		$	—		$	4,500
(a)  Elimination of equity in earnings of consolidated subsidiaries.

Intangible_Assets_Details

Intangible Assets (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Indefinite-lived intangible assets:	'	'
Gross Carrying Amount of Goodwill	$1,642,857	$1,642,633
Gross Carrying Amount	1,714,837	1,714,540
Trademarks	'	'
Indefinite-lived intangible assets:	'	'
Gross Carrying Amount	57,709	57,709
Weighted average time until next renewal	'6 years 2 months 12 days	'
Certificates of need	'	'
Indefinite-lived intangible assets:	'	'
Gross Carrying Amount	12,188	12,115
Accreditations	'	'
Indefinite-lived intangible assets:	'	'
Gross Carrying Amount	$2,083	$2,083
Weighted average time until next renewal	'1 year 6 months	'

Intangible_Assets_Details_2

Intangible Assets (Details 2) (USD $)	3 Months Ended			3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
		Specialty Hospitals	Specialty Hospitals	Outpatient Rehabilitation
Goodwill	'	'	'	'
Balance at the beginning of the period	$1,642,633	$1,334,615	$1,334,615	$308,018
Goodwill acquired during the period	224	'	'	224
Balance at the end of the period	$1,642,857	$1,334,615	$1,334,615	$308,242

Share_Repurchase_Details

Share Repurchase (Details) (USD $)	3 Months Ended	0 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Apr. 30, 2014
		Subsequent Event
Share Repurchase	'	'
Increase in the amount authorized to be repurchased under the repurchase program	'	$150
Amount authorized to be repurchased under the repurchase program	350	500
Common stock repurchased (in shares)	10,000,000	'
Total cost of common stock repurchased	$109.50	'
Price of common stock repurchased (in dollars per share)	$10.95	'

Indebtedness_Details

Indebtedness (Details) (USD $)

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 11, 2014

Dec. 31, 2013

28-May-13

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Jun. 01, 2011

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Jun. 03, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 04, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 04, 2014

Jun. 03, 2013

Mar. 04, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 04, 2014

Mar. 31, 2014

Mar. 31, 2014

Aug. 13, 2012

Jun. 03, 2013

Jun. 03, 2013

Feb. 20, 2013

Mar. 04, 2014

Jun. 03, 2013

Mar. 04, 2014

Jun. 03, 2013

Jun. 03, 2013

Jun. 03, 2013

Mar. 31, 2014

Mar. 04, 2014

Mar. 31, 2014

Mar. 04, 2014

Mar. 04, 2014

Mar. 04, 2014

Mar. 04, 2014

Mar. 04, 2014

Jun. 03, 2013

Jun. 03, 2013

Jun. 03, 2013

Jun. 03, 2013

Mar. 31, 2014

Mar. 04, 2014

Mar. 31, 2014

Mar. 04, 2014

Mar. 04, 2014

Mar. 04, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Mar. 04, 2014

Mar. 04, 2014

Mar. 11, 2014

Mar. 31, 2013

Mar. 31, 2013

Mar. 22, 2013

Select

Select

Select

Amended senior secured facilities

Amended senior secured facilities

Amended senior secured facilities

6.375% senior notes

6.375% senior notes

6.375% senior notes

6.375% senior notes

6.375% senior notes

6.375% senior notes

6.375% senior notes

6.375% senior notes

Senior secured credit facility

Senior secured credit facility

Senior secured credit facility

Senior secured credit facility

Senior secured credit facility

Senior secured credit facility

Senior secured credit facility

Revolving loan

Revolving loan

Revolving loan

Revolving loan

Revolving loan

Revolving loan

Revolving loan

Revolving loan

Revolving loan

Revolving loan

Revolving loan

Revolving loan

Revolving loan

Revolving credit facility that matures on March 1, 2018

Revolving credit facility that matures on March 1, 2018

Revolving credit facility that matures on June 1, 2016

Term loans

Term loans

Term loans

Term loans

Term loans

Series A term loan

Series A term loan

Series A term loan

Series B Term Loan

Series B Term Loan

Series B Term Loan

Series B Term Loan

Series B Term Loan

Series B Term Loan

Series B Term Loan

Series D Term Loan

Series D Term Loan

Series D Term Loan

Series D Term Loan

Series D Term Loan

Series C Term Loan

Series C Term Loan

Series C Term Loan

Series C Term Loan

Series C Term Loan

Series C Term Loan

Series C Term Loan

Series E Term Loan

Series E Term Loan

Series E Term Loan

Series E Term Loan

Series E Term Loan

Series E Term Loan

Other

Other

Senior floating rate notes

Letters of credit

Letters of credit

Swingline loans

Additional Notes

7 5/8% senior subordinated notes

7 5/8% senior subordinated notes

7 5/8% senior subordinated notes

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Select

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Select

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Select

Amended senior secured facilities

Amended senior secured facilities

Select

Select

Amended senior secured facilities

Amended senior secured facilities

Amended senior secured facilities

Select

Select

Select

Select

Amended senior secured facilities

Amended senior secured facilities

Amended senior secured facilities

Select

Select

Amended senior secured facilities

Amended senior secured facilities

Amended senior secured facilities

Amended senior secured facilities

Select

Select

Select

Select

Select

Select

Leverage ratio equal to 5.00 to 1.00

Leverage Ratio Equal to 4.40 to 1.00

Maximum

Prior to June 1, 2016

Maximum

Leverage ratio equal to 4.50 to 1.00

Adjusted LIBO

Alternate base rate

Alternate base rate

Maximum

Proforma ratio less than or equal to 2.75 to 1.00

Adjusted LIBO

Adjusted LIBO

Alternate base rate

Alternate base rate

Maximum

Maximum

Minimum

Minimum

Proforma ratio less than or equal to 2.75 to 1.00

Adjusted LIBO

Alternate base rate

Adjusted LIBO

Adjusted LIBO

Alternate base rate

Alternate base rate

Select

Select

Select

Select

Select

Adjusted LIBO

Alternate base rate

Adjusted LIBO rate floor

Minimum

Select

Select

Select

Select

Select

Select

Select

Leverage ratio equal to 5.00 to 1.00

Prior to June 1, 2016

Adjusted one-month LIBO

JP Morgan Chase Bank, N.A's Prime Rate

Federal Funds Effective Rate

Proforma ratio less than or equal to 2.75 to 1.00

Proforma ratio less than or equal to 2.75 to 1.00

Proforma ratio less than or equal to 2.75 to 1.00

Adjusted LIBO

Alternate base rate

Adjusted LIBO

Alternate base rate

Adjusted LIBO

Alternate base rate

Prior to September 4, 2014

Adjusted LIBO

Alternate base rate

Alternate base rate

Adjusted LIBO

Alternate base rate

Minimum

Prior to March 4, 2015

Adjusted LIBO

Alternate base rate

Adjusted LIBO rate floor

Proforma ratio less than or equal to 2.75 to 1.00

Proforma ratio less than or equal to 2.75 to 1.00

Proforma ratio less than or equal to 2.75 to 1.00

Proforma ratio less than or equal to 2.75 to 1.00

Alternate base rate

Indebtedness

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Interest rate of debt (as a percent)

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6.38%

6.38%

6.38%

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6.38%

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6.38%

7.63%

7.63%

7.63%

Total debt

$1,612,200,000

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$1,445,275,000

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$711,637,000

$600,000,000

$711,600,000

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$600,000,000

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$105,000,000

$20,000,000

$105,000,000

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$774,995,000

$807,815,000

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$780,200,000

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$20,568,000

$17,460,000

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Less: current maturities

15,435,000

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17,565,000

15,435,000

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17,565,000

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Total long-term debt

1,596,765,000

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1,427,710,000

1,596,765,000

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1,427,710,000

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Unamortized premiums

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1,600,000

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Unamortized discounts

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5,200,000

6,300,000

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5,200,000

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Maximum borrowing capacity

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1,150,000,000

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300,000,000

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293,300,000

293,300,000

6,700,000

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Extended maturity amount of revolving credit facility

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275,000,000

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300,000,000

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Aggregate principal amount

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600,000,000

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600,000,000

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284,600,000

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495,600,000

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75,000,000

25,000,000

110,000,000

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Variable rate basis

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'Adjusted LIBO

'JPMorgan Chase Bank, N.A.'s Prime Rate

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'Adjusted LIBO

'Adjusted LIBO

'Alternate Base Rate

'Alternate Base Rate

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'Adjusted LIBO

'Alternate Base Rate

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'Adjusted LIBO

'Adjusted LIBO

'Alternate Base Rate

'Alternate Base Rate

'Adjusted LIBO

'Alternate Base Rate

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'Adjusted LIBO

'Alternate Base Rate

'Adjusted LIBO

'Alternate Base Rate

'Adjusted LIBO rate floor

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'Adjusted LIBO

'Alternate Base Rate

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'Adjusted LIBO

'Alternate Base Rate

'Adjusted LIBO rate floor

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Interest rate margin (as a percent)

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1.00%

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3.75%

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2.75%

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3.75%

2.75%

2.75%

1.75%

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3.75%

2.75%

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3.25%

3.75%

2.25%

2.75%

3.25%

2.25%

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2.75%

1.75%

3.00%

2.00%

1.00%

1.75%

3.00%

2.00%

1.00%

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2.75%

1.75%

1.00%

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Pro forma ratio of total indebtedness to Consolidated EBITDA

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2.75

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Principal prepayments from excess cash flow

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34,000,000

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Leverage ratio of financial maintenance covenant

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5

4.4

5

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4.5

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Prepayment premium (as a percent)

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1.00%

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1.00%

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

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50.00%

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Basis for variable rate (as a percent)

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1.00%

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Commitment fee (as a percent)

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0.50%

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

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50.00%

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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

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100.00%

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

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100.00%

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'

'

'

'

'

'

'

'

Periodic payment in equal quarterly installments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

700,000

'

'

'

'

'

'

'

'

'

'

'

1,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt outstanding at maturity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

279,500,000

'

'

'

'

'

'

'

'

'

'

'

479,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Availability under revolving loan facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

152,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding letters of credit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

42,300,000

'

'

'

'

'

'

Consecutive period for financial maintenance covenant of leverage ratio

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

35.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

106.38%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

101.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issue price (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

101.50%

'

'

'

Gross proceeds from issuance of additional notes

111,650,000

'

'

111,650,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

111,700,000

'

'

'

Maturities of Long-Term Debt and Notes Payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

April 1, 2014 - December 31, 2014

13,337,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

10,516,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

391,916,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

4,265,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

480,216,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2019 and beyond

711,950,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loss on early retirement of debt

$2,277,000

$1,467,000

'

$2,277,000

$508,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$2,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,000,000

'

'

'

'

'

$500,000

'

Fair_Value_Details

Fair Value (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Fair Value	'	'
Carrying value	$1,612,200,000	$1,445,275,000
Senior secured credit facility | Select	'	'
Fair Value	'	'
Carrying value	880,000,000	827,800,000
Fair value	876,400,000	828,300,000
6.375% senior notes	'	'
Fair Value	'	'
Carrying value	711,637,000	600,000,000
Interest rate of debt (as a percent)	6.38%	6.38%
6.375% senior notes | Select	'	'
Fair Value	'	'
Carrying value	711,600,000	600,000,000
Fair value	$721,400,000	$586,500,000
Interest rate of debt (as a percent)	6.38%	6.38%

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Summary of selected financial data	'	'	'
Net operating revenues	$762,578	$749,955	'
Adjusted EBITDA	96,828	100,081	'
Total assets:	2,915,726	2,808,836	2,817,622
Capital expenditures	27,299	13,999	'
Operating Segments | Specialty Hospitals	'	'	'
Summary of selected financial data	'	'	'
Net operating revenues	564,625	557,751	'
Adjusted EBITDA	92,150	93,347	'
Total assets:	2,290,655	2,202,236	'
Capital expenditures	21,498	10,897	'
Operating Segments | Outpatient Rehabilitation	'	'	'
Summary of selected financial data	'	'	'
Net operating revenues	197,850	192,101	'
Adjusted EBITDA	20,989	22,833	'
Total assets:	525,040	504,541	'
Capital expenditures	3,630	2,845	'
Other	'	'	'
Summary of selected financial data	'	'	'
Net operating revenues	103	103	'
Adjusted EBITDA	-16,311	-16,099	'
Total assets:	100,031	102,059	'
Capital expenditures	$2,171	$257	'
Other | Outpatient Rehabilitation	'	'	'
Segment information	'	'	'
Number of operating segments	2	'	'

Segment_Information_Details_2

Segment Information (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Segment information	'	'
Adjusted EBITDA	$96,828	$100,081
Depreciation and amortization	-16,229	-15,802
Income from operations	78,444	82,530
Loss on early retirement of debt	-2,277	-1,467
Equity in earnings of unconsolidated subsidiaries	908	1,058
Interest expense	-20,616	-23,458
Income before income taxes	56,459	58,663
Select	'	'
Segment information	'	'
Depreciation and amortization	-16,229	-15,802
Income from operations	78,444	82,530
Loss on early retirement of debt	-2,277	-508
Equity in earnings of unconsolidated subsidiaries	908	1,058
Interest expense	-20,616	-21,048
Income before income taxes	56,459	62,032
Operating Segments | Specialty Hospitals	'	'
Segment information	'	'
Adjusted EBITDA	92,150	93,347
Depreciation and amortization	-12,095	-11,862
Income from operations	80,055	81,485
Operating Segments | Outpatient Rehabilitation	'	'
Segment information	'	'
Adjusted EBITDA	20,989	22,833
Depreciation and amortization	-3,212	-2,969
Income from operations	17,777	19,864
Other	'	'
Segment information	'	'
Adjusted EBITDA	-16,311	-16,099
Depreciation and amortization	-922	-971
Stock compensation expense	-2,155	-1,749
Income from operations	($19,388)	($18,819)

Income_per_Common_Share_Detail

Income per Common Share (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Numerator:	'	'
Net income attributable to Select Medical Holdings Corporation	$33,044	$34,418
Less: Earnings allocated to unvested restricted stockholders	770	708
Net income available to common stockholders	$32,274	$33,710
Denominator:	'	'
Weighted average shares - basic	135,540	137,389
Effect of dilutive securities: Stock options (in shares)	413	209
Weighted average shares - diluted	135,953	137,598
Income per common share	'	'
Basic income per common share (in dollars per share)	$0.24	$0.25
Diluted income per common share (in dollars per share)	$0.24	$0.24
Anti-dilutive securities excluded from computation of earnings per share	'	'
Stock options (in shares)	12	1,554

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	Mar. 31, 2014	Mar. 29, 2013	Jan. 08, 2013	Jan. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
In Millions, unless otherwise specified		SSH-Evansville	SSH-Evansville	SSH-Evansville	Professional liability claims	General liability claims
		Amended complaint	Amended complaint	Amended complaint
			item	item
Commitments and Contingencies	'	'	'	'	'	'
Self insurance retention per occurrence	'	'	'	'	$2	$2
Number of case managers identified as plaintiff	'	'	2	'	'	'
Number of physicians named as defendants	'	'	2	'	'	'
Number of days the deadlines have been stayed from the Magistrate judge	'	'90 days	'	'	'	'
Period after which patients were readmitted to short-stay acute care hospitals to enable billing for two admissions	'	'	'	'9 days	'	'
Number of admissions into hospitals	'	'	'	2	'	'
Construction Commitments	'	'	'	'	'	'
Outstanding commitments under construction contracts	$19.70	'	'	'	'	'

Subsequent_Event_Details

Subsequent Event (Details) (Subsequent Event, USD $)	0 Months Ended
	Apr. 30, 2014
Subsequent Event	'
Subsequent Event	'
Cash dividend declared (in dollars per share)	$0.10

Financial_Information_for_Subs2

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes (Details) (6.375% senior notes)	Mar. 31, 2014	Dec. 31, 2013
Financial information for subsidiary guarantors and non-guarantor subsidiaries under select's 6.375% senior notes	'	'
Interest rate of debt (as a percent)	6.38%	6.38%
Select	'	'
Financial information for subsidiary guarantors and non-guarantor subsidiaries under select's 6.375% senior notes	'	'
Interest rate of debt (as a percent)	6.38%	6.38%

Financial_Information_for_Subs3

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current Assets:	'	'	'	'
Cash and cash equivalents	$4,692	$4,319	$4,500	$40,144
Accounts receivable, net	467,738	391,319	'	'
Current deferred tax asset	17,781	17,624	'	'
Other current assets	44,288	41,140	'	'
Total Current Assets	534,499	454,402	'	'
Property and equipment, net	520,194	509,102	'	'
Goodwill	1,642,857	1,642,633	'	'
Other identifiable intangibles	71,980	71,907	'	'
Other assets	146,196	139,578	'	'
Total Assets	2,915,726	2,817,622	2,808,836	'
Current Liabilities:	'	'	'	'
Bank overdrafts	18,476	12,506	'	'
Current portion of long-term debt and notes payable	15,435	17,565	'	'
Accounts payable	93,022	88,285	'	'
Accrued payroll	73,081	90,011	'	'
Accrued vacation	62,180	59,730	'	'
Accrued interest	16,765	12,297	'	'
Accrued other	82,300	90,471	'	'
Income taxes payable	19,645	622	'	'
Due to third party payors	1,191	37	'	'
Total Current Liabilities	382,095	371,524	'	'
Long-term debt, net of current portion	1,596,765	1,427,710	'	'
Non-current deferred tax liability	96,502	96,287	'	'
Other non-current liabilities	95,090	91,875	'	'
Total Liabilities	2,170,452	1,987,396	'	'
Redeemable non-controlling interests	11,276	11,584	'	'
Stockholder's Equity:	'	'	'	'
Common stock	131	140	'	'
Capital in excess of par	415,875	474,729	'	'
Retained earnings	285,397	311,365	'	'
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	701,403	786,234	'	'
Non-controlling interests	32,595	32,408	'	'
Total Equity	733,998	818,642	'	'
Total Liabilities and Equity	2,915,726	2,817,622	'	'
Select Medical Corporation	'	'	'	'
Current Assets:	'	'	'	'
Cash and cash equivalents	4,692	4,319	4,500	40,144
Accounts receivable, net	467,738	391,319	'	'
Current deferred tax asset	17,781	17,624	'	'
Other current assets	44,288	41,140	'	'
Total Current Assets	534,499	454,402	'	'
Property and equipment, net	520,194	509,102	'	'
Goodwill	1,642,857	1,642,633	'	'
Other identifiable intangibles	71,980	71,907	'	'
Other assets	146,196	139,578	'	'
Total Assets	2,915,726	2,817,622	'	'
Current Liabilities:	'	'	'	'
Bank overdrafts	18,476	12,506	'	'
Current portion of long-term debt and notes payable	15,435	17,565	'	'
Accounts payable	93,022	88,285	'	'
Accrued payroll	73,081	90,011	'	'
Accrued vacation	62,180	59,730	'	'
Accrued interest	16,765	12,297	'	'
Accrued other	82,300	90,471	'	'
Income taxes payable	19,645	622	'	'
Due to third party payors	1,191	37	'	'
Total Current Liabilities	382,095	371,524	'	'
Long-term debt, net of current portion	1,596,765	1,427,710	'	'
Non-current deferred tax liability	96,502	96,287	'	'
Other non-current liabilities	95,090	91,875	'	'
Total Liabilities	2,170,452	1,987,396	'	'
Redeemable non-controlling interests	11,276	11,584	'	'
Stockholder's Equity:	'	'	'	'
Common stock	0	0	'	'
Capital in excess of par	875,264	869,576	'	'
Retained earnings	-173,861	-83,342	'	'
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	701,403	786,234	'	'
Non-controlling interests	32,595	32,408	'	'
Total Equity	733,998	818,642	'	'
Total Liabilities and Equity	2,915,726	2,817,622	'	'
Select Medical Corporation | Reportable legal entities | Select Medical Corporation (Parent Company Only)	'	'	'	'
Current Assets:	'	'	'	'
Cash and cash equivalents	70	71	50	35,070
Current deferred tax asset	7,288	7,965	'	'
Other current assets	11,788	9,745	'	'
Total Current Assets	19,146	17,781	'	'
Property and equipment, net	16,571	15,624	'	'
Investment in affiliates	3,091,734	3,059,581	'	'
Non-current deferred tax asset	8,878	7,662	'	'
Other assets	38,598	35,274	'	'
Total Assets	3,174,927	3,135,922	'	'
Current Liabilities:	'	'	'	'
Bank overdrafts	18,476	12,506	'	'
Current portion of long-term debt and notes payable	7,144	9,107	'	'
Accounts payable	8,023	6,749	'	'
Intercompany payables	1,137,408	1,184,764	'	'
Accrued payroll	913	1,167	'	'
Accrued vacation	4,781	4,619	'	'
Accrued interest	15,406	11,076	'	'
Accrued other	42,894	59,249	'	'
Income taxes payable	19,645	622	'	'
Total Current Liabilities	1,254,690	1,289,859	'	'
Long-term debt, net of current portion	1,163,004	1,006,201	'	'
Other non-current liabilities	55,830	53,628	'	'
Total Liabilities	2,473,524	2,349,688	'	'
Stockholder's Equity:	'	'	'	'
Common stock	0	0	'	'
Capital in excess of par	875,264	869,576	'	'
Retained earnings	-173,861	-83,342	'	'
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	701,403	786,234	'	'
Total Equity	701,403	786,234	'	'
Total Liabilities and Equity	3,174,927	3,135,922	'	'
Select Medical Corporation | Reportable legal entities | Subsidiary Guarantors	'	'	'	'
Current Assets:	'	'	'	'
Cash and cash equivalents	3,160	3,098	3,786	3,734
Accounts receivable, net	405,944	337,517	'	'
Current deferred tax asset	6,025	5,214	'	'
Intercompany receivables	1,040,402	1,079,736	'	'
Other current assets	27,702	26,545	'	'
Total Current Assets	1,483,233	1,452,110	'	'
Property and equipment, net	444,841	434,040	'	'
Investment in affiliates	76,777	83,012	'	'
Goodwill	1,642,857	1,642,633	'	'
Other identifiable intangibles	71,980	71,907	'	'
Other assets	106,982	103,696	'	'
Total Assets	3,826,670	3,787,398	'	'
Current Liabilities:	'	'	'	'
Current portion of long-term debt and notes payable	7,379	7,317	'	'
Accounts payable	71,790	68,574	'	'
Accrued payroll	71,878	88,599	'	'
Accrued vacation	49,620	47,682	'	'
Accrued interest	1,359	1,221	'	'
Accrued other	32,550	23,493	'	'
Due to third party payors	404	1	'	'
Total Current Liabilities	234,980	236,887	'	'
Long-term debt, net of current portion	370,919	364,060	'	'
Non-current deferred tax liability	97,656	96,111	'	'
Other non-current liabilities	34,140	33,123	'	'
Total Liabilities	737,695	730,181	'	'
Stockholder's Equity:	'	'	'	'
Retained earnings	952,332	920,694	'	'
Subsidiary investment	2,136,643	2,136,523	'	'
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	3,088,975	3,057,217	'	'
Total Equity	3,088,975	3,057,217	'	'
Total Liabilities and Equity	3,826,670	3,787,398	'	'
Select Medical Corporation | Reportable legal entities | Non-Guarantor Subsidiaries	'	'	'	'
Current Assets:	'	'	'	'
Cash and cash equivalents	1,462	1,150	664	1,340
Accounts receivable, net	61,794	54,452	'	'
Current deferred tax asset	4,468	4,445	'	'
Intercompany receivables	97,006	105,028	'	'
Other current assets	4,798	4,850	'	'
Total Current Assets	169,528	169,925	'	'
Property and equipment, net	58,782	59,438	'	'
Other assets	616	608	'	'
Total Assets	228,926	229,971	'	'
Current Liabilities:	'	'	'	'
Current portion of long-term debt and notes payable	912	1,141	'	'
Accounts payable	13,209	12,962	'	'
Accrued payroll	290	245	'	'
Accrued vacation	7,779	7,429	'	'
Accrued other	6,856	7,729	'	'
Due to third party payors	787	686	'	'
Total Current Liabilities	29,833	30,192	'	'
Long-term debt, net of current portion	62,842	57,449	'	'
Non-current deferred tax liability	7,724	7,838	'	'
Other non-current liabilities	5,120	5,124	'	'
Total Liabilities	105,519	100,603	'	'
Redeemable non-controlling interests	11,276	11,584	'	'
Stockholder's Equity:	'	'	'	'
Retained earnings	15,346	21,186	'	'
Subsidiary investment	64,190	64,190	'	'
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	79,536	85,376	'	'
Non-controlling interests	32,595	32,408	'	'
Total Equity	112,131	117,784	'	'
Total Liabilities and Equity	228,926	229,971	'	'
Select Medical Corporation | Eliminations	'	'	'	'
Current Assets:	'	'	'	'
Accounts receivable, net	'	-650	'	'
Intercompany receivables	-1,137,408	-1,184,764	'	'
Total Current Assets	-1,137,408	-1,185,414	'	'
Investment in affiliates	-3,168,511	-3,142,593	'	'
Non-current deferred tax asset	-8,878	-7,662	'	'
Total Assets	-4,314,797	-4,335,669	'	'
Current Liabilities:	'	'	'	'
Intercompany payables	-1,137,408	-1,184,764	'	'
Due to third party payors	'	-650	'	'
Total Current Liabilities	-1,137,408	-1,185,414	'	'
Non-current deferred tax liability	-8,878	-7,662	'	'
Total Liabilities	-1,146,286	-1,193,076	'	'
Stockholder's Equity:	'	'	'	'
Retained earnings	-967,678	-941,880	'	'
Subsidiary investment	-2,200,833	-2,200,713	'	'
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	-3,168,511	-3,142,593	'	'
Total Equity	-3,168,511	-3,142,593	'	'
Total Liabilities and Equity	($4,314,797)	($4,335,669)	'	'

Financial_Information_for_Subs4

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes (Details 3) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Consolidating Statement of Operations	'	'
Net operating revenues	$762,578	$749,955
Costs and expenses:	'	'
Cost of services	638,764	624,904
General and administrative	18,123	17,398
Bad debt expense	11,018	9,321
Depreciation and amortization	16,229	15,802
Total costs and expenses	684,134	667,425
Income from operations	78,444	82,530
Other income and expense:	'	'
Equity in earnings of unconsolidated subsidiaries	908	1,058
Loss on early retirement of debt	-2,277	-1,467
Interest expense	-20,616	-23,458
Income before income taxes	56,459	58,663
Income tax expense (benefit)	22,092	21,861
Net income	34,367	36,802
Less: Net income attributable to non-controlling interests	1,323	2,384
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	33,044	34,418
Select Medical Corporation	'	'
Consolidating Statement of Operations	'	'
Net operating revenues	762,578	749,955
Costs and expenses:	'	'
Cost of services	638,764	624,904
General and administrative	18,123	17,398
Bad debt expense	11,018	9,321
Depreciation and amortization	16,229	15,802
Total costs and expenses	684,134	667,425
Income from operations	78,444	82,530
Other income and expense:	'	'
Equity in earnings of unconsolidated subsidiaries	908	1,058
Loss on early retirement of debt	-2,277	-508
Interest expense	-20,616	-21,048
Income before income taxes	56,459	62,032
Income tax expense (benefit)	22,092	23,040
Net income	34,367	38,992
Less: Net income attributable to non-controlling interests	1,323	2,384
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	33,044	36,608
Select Medical Corporation | Reportable legal entities | Select Medical Corporation (Parent Company Only)	'	'
Consolidating Statement of Operations	'	'
Net operating revenues	103	103
Costs and expenses:	'	'
Cost of services	445	553
General and administrative	19,312	17,366
Depreciation and amortization	923	970
Total costs and expenses	20,680	18,889
Income from operations	-20,577	-18,786
Other income and expense:	'	'
Intercompany interest and royalty fees	-282	-394
Intercompany management fees	38,868	19,729
Loss on early retirement of debt	-2,277	-508
Interest expense	-13,796	-14,726
Income before income taxes	1,936	-14,685
Income tax expense (benefit)	925	-4,643
Equity in earnings of subsidiaries	32,033	46,650
Net income	33,044	36,608
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	33,044	36,608
Select Medical Corporation | Reportable legal entities | Subsidiary Guarantors	'	'
Consolidating Statement of Operations	'	'
Net operating revenues	655,233	643,437
Costs and expenses:	'	'
Cost of services	545,809	536,247
General and administrative	-1,189	32
Bad debt expense	9,164	7,823
Depreciation and amortization	12,829	12,503
Total costs and expenses	566,613	556,605
Income from operations	88,620	86,832
Other income and expense:	'	'
Intercompany interest and royalty fees	285	386
Intercompany management fees	-33,818	-15,402
Equity in earnings of unconsolidated subsidiaries	887	1,025
Interest expense	-5,797	-5,322
Income before income taxes	50,177	67,519
Income tax expense (benefit)	20,973	27,664
Equity in earnings of subsidiaries	2,434	6,682
Net income	31,638	46,537
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	31,638	46,537
Select Medical Corporation | Reportable legal entities | Non-Guarantor Subsidiaries	'	'
Consolidating Statement of Operations	'	'
Net operating revenues	107,242	106,415
Costs and expenses:	'	'
Cost of services	92,510	88,104
Bad debt expense	1,854	1,498
Depreciation and amortization	2,477	2,329
Total costs and expenses	96,841	91,931
Income from operations	10,401	14,484
Other income and expense:	'	'
Intercompany interest and royalty fees	-3	8
Intercompany management fees	-5,050	-4,327
Equity in earnings of unconsolidated subsidiaries	21	33
Interest expense	-1,023	-1,000
Income before income taxes	4,346	9,198
Income tax expense (benefit)	194	19
Net income	4,152	9,179
Less: Net income attributable to non-controlling interests	1,323	2,384
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	2,829	6,795
Select Medical Corporation | Eliminations	'	'
Other income and expense:	'	'
Equity in earnings of subsidiaries	-34,467	-53,332
Net income	-34,467	-53,332
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	($34,467)	($53,332)

Financial_Information_for_Subs5

Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes (Details 4) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Operating activities	'	'
Net income	$34,367	$36,802
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	16,229	15,802
Provision for bad debts	11,018	9,321
Equity in earnings of unconsolidated subsidiaries	-908	-1,058
Loss on early retirement of debt	2,277	1,467
Loss from disposal of assets	121	41
Non-cash stock compensation expense	2,155	1,749
Amortization of debt discount, premium and issuance costs	2,051	2,304
Changes in operating assets and liabilities, net of effects from acquisition of businesses:	'	'
Accounts receivable	-87,437	-77,963
Other current assets	-3,144	-6,407
Other assets	-3,938	-652
Accounts payable	4,732	4,130
Due to third-party payors	1,154	1,897
Accrued expenses	-13,957	-20,700
Income and deferred taxes	19,280	21,293
Net cash used in operating activities	-16,000	-11,974
Investing activities	'	'
Purchases of property and equipment	-27,299	-13,999
Investment in businesses, net of distributions	-124	-9,977
Acquisition of businesses, net of cash acquired	-375	'
Net cash used in investing activities	-27,798	-23,976
Financing activities	'	'
Borrowings on revolving credit facility	285,000	190,000
Payments on revolving credit facility	-200,000	-230,000
Borrowings on credit facility term loans, net of discount	'	298,500
Payments on credit facility term loans	-33,994	-3,563
Repurchase of 7 5/8% senior subordinated notes, net of premiums	'	-70,000
Borrowings of other debt	6,111	5,826
Principal payments on other debt	-3,067	-2,291
Debt issuance costs	-4,434	-4,209
Dividends paid to Holdings	-14,056	'
Proceeds from (repayments of) bank overdrafts	5,970	-5,629
Distributions to non-controlling interests	-1,452	-1,045
Net cash provided by (used in) financing activities	44,171	306
Net increase (decrease) in cash and cash equivalents	373	-35,644
Cash and cash equivalents at beginning of period	4,319	40,144
Cash and cash equivalents at end of period	4,692	4,500
Select Medical Corporation	'	'
Operating activities	'	'
Net income	34,367	38,992
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	16,229	15,802
Provision for bad debts	11,018	9,321
Equity in earnings of unconsolidated subsidiaries	-908	-1,058
Loss on early retirement of debt	2,277	508
Loss from disposal of assets	121	41
Non-cash stock compensation expense	2,155	1,749
Amortization of debt discount, premium and issuance costs	2,051	2,215
Changes in operating assets and liabilities, net of effects from acquisition of businesses:	'	'
Accounts receivable	-87,437	-77,963
Other current assets	-3,144	-6,407
Other assets	-3,938	-652
Accounts payable	4,732	4,130
Due to third-party payors	1,154	1,897
Accrued expenses	-13,957	-17,442
Income and deferred taxes	19,280	22,472
Net cash used in operating activities	-16,000	-6,395
Investing activities	'	'
Purchases of property and equipment	-27,299	-13,999
Investment in businesses, net of distributions	-124	-9,977
Acquisition of businesses, net of cash acquired	-375	'
Net cash used in investing activities	-27,798	-23,976
Financing activities	'	'
Borrowings on revolving credit facility	285,000	190,000
Payments on revolving credit facility	-200,000	-230,000
Borrowings on credit facility term loans, net of discount	'	298,500
Payments on credit facility term loans	-33,994	-3,563
Issuance of 6.375% senior notes, includes premium	111,650	'
Repurchase of 7 5/8% senior subordinated notes, net of premiums	'	-70,000
Borrowings of other debt	6,111	5,826
Principal payments on other debt	-3,067	-2,291
Debt issuance costs	-4,434	-4,209
Dividends paid to Holdings	-123,556	-182,862
Proceeds from (repayments of) bank overdrafts	5,970	-5,629
Equity investment by Holdings	1,943	'
Distributions to non-controlling interests	-1,452	-1,045
Net cash provided by (used in) financing activities	44,171	-5,273
Net increase (decrease) in cash and cash equivalents	373	-35,644
Cash and cash equivalents at beginning of period	4,319	40,144
Cash and cash equivalents at end of period	4,692	4,500
Select Medical Corporation | Reportable legal entities | Select Medical Corporation (Parent Company Only)	'	'
Operating activities	'	'
Net income	33,044	36,608
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	923	970
Loss on early retirement of debt	2,277	508
Non-cash stock compensation expense	2,155	1,749
Amortization of debt discount, premium and issuance costs	2,051	2,215
Changes in operating assets and liabilities, net of effects from acquisition of businesses:	'	'
Equity in earnings of subsidiaries	-32,033	-46,650
Other current assets	-2,043	-4,337
Other assets	-3,324	-2,896
Accounts payable	1,274	1,497
Accrued expenses	-12,117	-18,957
Income and deferred taxes	19,280	22,472
Net cash used in operating activities	11,487	-6,821
Investing activities	'	'
Purchases of property and equipment	-2,171	-257
Net cash used in investing activities	-2,171	-257
Financing activities	'	'
Borrowings on revolving credit facility	285,000	190,000
Payments on revolving credit facility	-200,000	-230,000
Borrowings on credit facility term loans, net of discount	'	298,500
Payments on credit facility term loans	-33,994	-3,563
Issuance of 6.375% senior notes, includes premium	111,650	'
Repurchase of 7 5/8% senior subordinated notes, net of premiums	'	-70,000
Borrowings of other debt	6,111	5,826
Principal payments on other debt	-2,567	-2,079
Debt issuance costs	-4,434	-4,209
Dividends paid to Holdings	-123,556	-182,862
Proceeds from (repayments of) bank overdrafts	5,970	-5,629
Equity investment by Holdings	1,943	'
Intercompany	-55,440	-23,926
Net cash provided by (used in) financing activities	-9,317	-27,942
Net increase (decrease) in cash and cash equivalents	-1	-35,020
Cash and cash equivalents at beginning of period	71	35,070
Cash and cash equivalents at end of period	70	50
Select Medical Corporation | Reportable legal entities | Subsidiary Guarantors	'	'
Operating activities	'	'
Net income	31,638	46,537
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	12,829	12,503
Provision for bad debts	9,164	7,823
Equity in earnings of unconsolidated subsidiaries	-887	-1,025
Loss from disposal of assets	6	34
Changes in operating assets and liabilities, net of effects from acquisition of businesses:	'	'
Equity in earnings of subsidiaries	-2,434	-6,682
Accounts receivable	-78,241	-63,260
Other current assets	-1,153	-4,008
Other assets	-606	13,060
Accounts payable	3,211	2,337
Due to third-party payors	1,053	1,601
Accrued expenses	-1,362	1,784
Net cash used in operating activities	-26,782	10,704
Investing activities	'	'
Purchases of property and equipment	-23,636	-11,672
Investment in businesses, net of distributions	-124	-9,977
Acquisition of businesses, net of cash acquired	-375	'
Net cash used in investing activities	-24,135	-21,649
Financing activities	'	'
Principal payments on other debt	-80	-88
Intercompany	51,059	11,085
Net cash provided by (used in) financing activities	50,979	10,997
Net increase (decrease) in cash and cash equivalents	62	52
Cash and cash equivalents at beginning of period	3,098	3,734
Cash and cash equivalents at end of period	3,160	3,786
Select Medical Corporation | Reportable legal entities | Non-Guarantor Subsidiaries	'	'
Operating activities	'	'
Net income	4,152	9,179
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	2,477	2,329
Provision for bad debts	1,854	1,498
Equity in earnings of unconsolidated subsidiaries	-21	-33
Loss from disposal of assets	115	7
Changes in operating assets and liabilities, net of effects from acquisition of businesses:	'	'
Accounts receivable	-9,196	-14,703
Other current assets	52	1,938
Other assets	-8	-10,816
Accounts payable	247	296
Due to third-party payors	101	296
Accrued expenses	-478	-269
Net cash used in operating activities	-705	-10,278
Investing activities	'	'
Purchases of property and equipment	-1,492	-2,070
Net cash used in investing activities	-1,492	-2,070
Financing activities	'	'
Principal payments on other debt	-420	-124
Intercompany	4,381	12,841
Distributions to non-controlling interests	-1,452	-1,045
Net cash provided by (used in) financing activities	2,509	11,672
Net increase (decrease) in cash and cash equivalents	312	-676
Cash and cash equivalents at beginning of period	1,150	1,340
Cash and cash equivalents at end of period	1,462	664
Select Medical Corporation | Eliminations	'	'
Operating activities	'	'
Net income	-34,467	-53,332
Changes in operating assets and liabilities, net of effects from acquisition of businesses:	'	'
Equity in earnings of subsidiaries	$34,467	$53,332