Select Medical (SEM) 10-Q30 Apr 152015 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015
Document and Entity Information
Entity Registrant Name	SELECT MEDICAL HOLDINGS CORP
Entity Central Index Key	1320414
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	131,087,980
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$6,588	$3,354
Accounts receivable, net of allowance for doubtful accounts of $46,425 and $48,572 at 2014 and 2015, respectively	493,409	444,269
Current deferred tax asset	15,961	15,991
Prepaid income taxes		17,888
Other current assets	52,093	46,142
Total Current Assets	568,051	527,644
Property and equipment, net	553,870	542,310
Goodwill	1,652,005	1,642,083
Other identifiable intangibles	72,640	72,519
Other assets	140,485	140,253
Total Assets	2,987,051	2,924,809
Current Liabilities:
Bank overdrafts	18,925	21,746
Current portion of long-term debt and notes payable	11,060	10,874
Accounts payable	101,013	108,532
Accrued payroll	80,382	97,090
Accrued vacation	65,929	63,132
Accrued interest	21,805	10,674
Accrued other	87,073	82,376
Income taxes payable	6,776
Total Current Liabilities	392,963	394,424
Long-term debt, net of current portion	1,569,627	1,542,102
Non-current deferred tax liability	106,702	109,203
Other non-current liabilities	98,245	92,855
Total Liabilities	2,167,537	2,138,584
Commitments and contingencies (Note 8)
Redeemable non-controlling interests	11,275	10,985
Stockholders' Equity:
Common stock	131	131
Capital in excess of par	418,288	413,706
Retained earnings (accumulated deficit)	347,303	325,678
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	765,722	739,515
Non-controlling interest	42,517	35,725
Total Equity	808,239	775,240
Total Liabilities and Equity	2,987,051	2,924,809
Select
Current Assets:
Cash and cash equivalents	6,588	3,354
Accounts receivable, net of allowance for doubtful accounts of $46,425 and $48,572 at 2014 and 2015, respectively	493,409	444,269
Current deferred tax asset	15,961	15,991
Prepaid income taxes		17,888
Other current assets	52,093	46,142
Total Current Assets	568,051	527,644
Property and equipment, net	553,870	542,310
Goodwill	1,652,005	1,642,083
Other identifiable intangibles	72,640	72,519
Other assets	140,485	140,253
Total Assets	2,987,051	2,924,809
Current Liabilities:
Bank overdrafts	18,925	21,746
Current portion of long-term debt and notes payable	11,060	10,874
Accounts payable	101,013	108,532
Accrued payroll	80,382	97,090
Accrued vacation	65,929	63,132
Accrued interest	21,805	10,674
Accrued other	87,073	82,376
Income taxes payable	6,776
Total Current Liabilities	392,963	394,424
Long-term debt, net of current portion	1,569,627	1,542,102
Non-current deferred tax liability	106,702	109,203
Other non-current liabilities	98,245	92,855
Total Liabilities	2,167,537	2,138,584
Commitments and contingencies (Note 8)
Redeemable non-controlling interests	11,275	10,985
Stockholders' Equity:
Common stock	0	0
Capital in excess of par	889,989	885,407
Retained earnings (accumulated deficit)	-124,267	-145,892
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	765,722	739,515
Non-controlling interest	42,517	35,725
Total Equity	808,239	775,240
Total Liabilities and Equity	$2,987,051	$2,924,809

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Accounts receivable, allowance for doubtful accounts (in dollars)	$48,572	$46,425
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	131,087,980	131,233,308
Common stock, shares outstanding	131,087,980	131,233,308
Select
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares issued	100	100
Common stock, shares outstanding	100	100

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Net operating revenues	$795,343	$762,578
Costs and expenses:
Cost of services	664,385	638,764
General and administrative	21,675	18,123
Bad debt expense	12,670	11,018
Depreciation and amortization	17,348	16,229
Total costs and expenses	716,078	684,134
Income (loss) from operations	79,265	78,444
Other income and expense:
Loss on early retirement of debt		-2,277
Equity in earnings of unconsolidated subsidiaries	2,592	908
Interest expense	-21,388	-20,616
Income before income taxes	60,469	56,459
Income tax expense	23,184	22,092
Net income	37,285	34,367
Less: Net income attributable to non-controlling interests	2,222	1,323
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	35,063	33,044
Income per common share:
Basic (in dollars per share)	$0.27	$0.24
Diluted (in dollars per share)	$0.27	$0.24
Dividends paid per share	$0.10	$0.10
Weighted Average Shares Outstanding:
Basic (in dollars per share)	127,565	135,540
Diluted (in dollars per share)	127,872	135,953
Select
Net operating revenues	795,343	762,578
Costs and expenses:
Cost of services	664,385	638,764
General and administrative	21,675	18,123
Bad debt expense	12,670	11,018
Depreciation and amortization	17,348	16,229
Total costs and expenses	716,078	684,134
Income (loss) from operations	79,265	78,444
Other income and expense:
Loss on early retirement of debt		-2,277
Equity in earnings of unconsolidated subsidiaries	2,592	908
Interest expense	-21,388	-20,616
Income before income taxes	60,469	56,459
Income tax expense	23,184	22,092
Net income	37,285	34,367
Less: Net income attributable to non-controlling interests	2,222	1,323
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	$35,063	$33,044

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Changes in Equity and Income (USD $)	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	Select	Total
In Thousands, unless otherwise specified	Select	Comprehensive Income	Select	Common Stock	Select	Capital in Excess of Par	Select	Retained Earnings (Accumulated Deficit)	Select	Non-controlling Interests	Select	Total
Balance at Dec. 31, 2014			$0	$131	$885,407	$413,706	($145,892)	$325,678	$35,725	$35,725	$775,240	$775,240
Balance (in shares) at Dec. 31, 2014			0	131,233
Increase (Decrease) in Stockholders' Equity
Net income	37,023	37,023					35,063	35,063	1,960	1,960	37,023	37,023
Net income - attributable to redeemable non-controlling interests	262	262
Total comprehensive income	37,285	37,285
Issuance and vesting of restricted stock				0		2,384						2,384
Issuance and vesting of restricted stock (in shares)				10
Tax benefit from stock based awards					5	5					5	5
Stock option expense						15						15
Exercise of stock options				0		489						489
Exercise of stock options (in shares)				54
Additional investment by Holdings					489						489
Dividends declared and paid							-13,129	-13,129			-13,129	-13,129
Contribution related to restricted stock awards and stock option issuances by Holdings					2,399						2,399
Distributions to non-controlling interests									-2,143	-2,143	-2,143	-2,143
Exchange of ownership interests with non-controlling interests					1,689	1,689			6,975	6,975	8,664	8,664
Other				0		0	-309	-309			-309	-309
Other (in shares)				-209
Balance at Mar. 31, 2015			$0	$131	$889,989	$418,288	($124,267)	$347,303	$42,517	$42,517	$808,239	$808,239
Balance (in shares) at Mar. 31, 2015			0	131,088

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net income	$37,285	$34,367
Adjustments to reconcile net income to net cash provided by operating activities:
Distributions from unconsolidated subsidiaries	28
Depreciation and amortization	17,348	16,229
Provision for bad debts	12,670	11,018
Equity in earnings of unconsolidated subsidiaries	-2,592	-908
Loss on early retirement of debt		2,277
Loss from disposal of assets	5	121
Non-cash stock compensation expense	2,399	2,155
Amortization of debt discount, premium and issuance costs	1,929	2,051
Deferred income taxes	-2,471	57
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Accounts receivable	-61,810	-87,437
Other current assets	-5,924	-3,144
Other assets	1,663	-3,938
Accounts payable	5,332	4,732
Accrued expenses	6,757	-12,803
Income taxes	24,916	19,223
Net cash provided by (used in) operating activities	37,535	-16,000
Investing activities
Purchases of property and equipment	-27,848	-27,299
Investment in businesses	-1,000	-124
Acquisition of businesses, net of cash acquired	-2,686	-375
Net cash used in investing activities	-31,534	-27,798
Financing activities
Borrowings on revolving credit facility	215,000	285,000
Payments on revolving credit facility	-175,000	-200,000
Payments on credit facility term loans	-26,884	-33,994
Issuance of 6.375% senior notes, includes premium		111,650
Borrowings of other debt	6,582	6,111
Principal payments on other debt	-4,584	-3,067
Debt issuance costs		-4,434
Dividends paid	-13,129	-14,056
Repurchase of common stock		-109,500
Proceeds from issuance of common stock	489	1,943
Proceeds from (repayments of) bank overdrafts	-2,821	5,970
Tax benefit from stock based awards	5
Distributions to non-controlling interests	-2,425	-1,452
Net cash provided by (used in) financing activities	-2,767	44,171
Net increase (decrease) in cash and cash equivalents	3,234	373
Cash and cash equivalents at beginning of period	3,354	4,319
Cash and cash equivalents at end of period	6,588	4,692
Supplemental Cash Flow Information
Cash paid for interest	8,735	14,407
Cash paid for taxes	733	2,812
Select
Operating activities
Net income	37,285	34,367
Adjustments to reconcile net income to net cash provided by operating activities:
Distributions from unconsolidated subsidiaries	28
Depreciation and amortization	17,348	16,229
Provision for bad debts	12,670	11,018
Equity in earnings of unconsolidated subsidiaries	-2,592	-908
Loss on early retirement of debt		2,277
Loss from disposal of assets	5	121
Non-cash stock compensation expense	2,399	2,155
Amortization of debt discount, premium and issuance costs	1,929	2,051
Deferred income taxes	-2,471	57
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Accounts receivable	-61,810	-87,437
Other current assets	-5,924	-3,144
Other assets	1,663	-3,938
Accounts payable	5,332	4,732
Accrued expenses	6,757	-12,803
Income taxes	24,916	19,223
Net cash provided by (used in) operating activities	37,535	-16,000
Investing activities
Purchases of property and equipment	-27,848	-27,299
Investment in businesses	-1,000	-124
Acquisition of businesses, net of cash acquired	-2,686	-375
Net cash used in investing activities	-31,534	-27,798
Financing activities
Borrowings on revolving credit facility	215,000	285,000
Payments on revolving credit facility	-175,000	-200,000
Payments on credit facility term loans	-26,884	-33,994
Issuance of 6.375% senior notes, includes premium		111,650
Borrowings of other debt	6,582	6,111
Principal payments on other debt	-4,584	-3,067
Debt issuance costs		-4,434
Dividends paid	-13,129	-123,556
Equity investment by Holdings	489	1,943
Proceeds from (repayments of) bank overdrafts	-2,821	5,970
Tax benefit from stock based awards	5
Distributions to non-controlling interests	-2,425	-1,452
Net cash provided by (used in) financing activities	-2,767	44,171
Net increase (decrease) in cash and cash equivalents	3,234	373
Cash and cash equivalents at beginning of period	3,354	4,319
Cash and cash equivalents at end of period	6,588	4,692
Supplemental Cash Flow Information
Cash paid for interest	8,735	14,407
Cash paid for taxes	$733	$2,812

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (Parenthetical) (6.375% senior notes)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Long-term debt and notes payable
Interest rate of debt (as a percent)	6.38%	6.38%	6.38%
Select
Long-term debt and notes payable
Interest rate of debt (as a percent)	6.38%	6.38%	6.38%

Basis_of_Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2015
Basis of Presentation
Basis of Presentation	1.Basis of Presentation

	The unaudited condensed consolidated financial statements of Select Medical Holdings Corporation (“Holdings”) and Select Medical Corporation (“Select”) as of March 31, 2015 and for the three month periods ended March 31, 2014 and 2015 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, 2015 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2015. Holdings and Select and their subsidiaries are collectively referred to as the “Company.” The condensed 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, 2014 contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 25, 2015.

Accounting_Policies

Accounting Policies	3 Months Ended
Accounting Policies	Mar. 31, 2015
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, 2015
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,
		2014		2015
		(in thousands)

	Goodwill	$	1,642,083	$	1,652,005
	Trademarks	57,709		57,709
	Certificates of need	12,727		12,848
	Accreditations	2,083		2,083
	Total	$	1,714,602	$	1,724,645

	The Company’s accreditations and trademarks have renewal terms. The costs to renew these intangibles are expensed as incurred. At March 31, 2015, the accreditations and trademarks have a weighted average time until next renewal of approximately 1.5 years and 5.2 years, respectively.

	The changes in the carrying amount of goodwill for the Company’s reportable segments for the three months ended March 31, 2015 are as follows:

		Specialty		Outpatient		Total
		Hospitals		Rehabilitation
		(in thousands)
	Balance as of December 31, 2014	$	1,335,460	$	306,623	$	1,642,083
	Goodwill acquired during the period	9,922		—		9,922
	Balance as of March 31, 2015	$	1,345,382	$	306,623	$	1,652,005

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2015
Indebtedness
Indebtedness	4. Indebtedness

	The components of long-term debt and notes payable are as follows:

			December 31,		March 31,
			2014		2015
			(in thousands)

	6.375% senior notes (1)		$	711,465	$	711,408
	Senior secured credit facilities:
	Revolving loan		60,000		100,000
	Term loans (2)		775,996		749,490
	Other		5,515		19,789
	Total debt		1,552,976		1,580,687
	Less: current maturities		10,874		11,060
	Total long-term debt		$	1,542,102	$	1,569,627

		-1		Includes unamortized premium of $1.5 million and $1.4 million at December 31, 2014 and March 31, 2015, respectively.
		-2		Includes unamortized discounts of $4.2 million and $3.8 million at December 31, 2014 and March 31, 2015, respectively.

	Excess Cash Flow Payment

	On March 4, 2015, Select made a principal prepayment of $26.9 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.

	Maturities of Long-Term Debt and Notes Payable

	Maturities of the Company’s long-term debt for the period from April 1, 2015 through December 31, 2015 and the years after 2015 are approximately as follows and are presented including the discounts on the senior secured credit facility term loans and premium on the senior notes (in thousands):

	April 1, 2015 — December 31, 2015		$	8,805
	2016		281,913
	2017		6,444
	2018		570,713
	2019		2,489
	2020 and beyond		710,323

	Loss on Early Retirement of Debt

	On March 4, 2014, Select amended its term loans under its senior secured credit facilities. 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.

Fair_Value

Fair Value	3 Months Ended
Fair Value	Mar. 31, 2015
Fair Value
Fair Value	5. 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 facilities was $836.0 million and $849.5 million at December 31, 2014 and March 31, 2015, respectively. The fair value of Select’s senior secured credit facilities was $816.6 million and $846.1 million at December 31, 2014 and March 31, 2015, respectively. The fair value of Select’s senior secured credit facilities was based on quoted market prices for this debt in the syndicated loan market.

	The carrying value of Select’s 6.375% senior notes was $711.5 million and $711.4 million at December 31, 2014 and March 31, 2015, respectively. The fair value of Select’s 6.375% senior notes was $722.4 million and $701.1 million at December 31, 2014 and March 31, 2015, 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, 2015
Segment Information
Segment Information	6. 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.

		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

		Three Months Ended March 31, 2015
		Specialty			Outpatient			Other			Total
		Hospitals			Rehabilitation
		(in thousands)

	Net operating revenues	$	598,781		$	196,443		$	119		$	795,343
	Adjusted EBITDA	96,472			22,133			(19,665		)	98,940
	Total assets	2,332,591			540,473			113,987			2,987,051
	Capital expenditures	22,793			3,922			1,133			27,848

	A reconciliation of Adjusted EBITDA to income before income taxes is as follows:

		Three Months Ended March 31, 2014
		Specialty			Outpatient			Other			Total
		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		)
	Income (loss) from operations	$	80,055		$	17,777		$	(19,388	)	$	78,444
	Loss on early retirement of debt										(2,277		)
	Equity in earnings of unconsolidated subsidiaries										908
	Interest expense										(20,616		)
	Income before income taxes										$	56,459

		Three Months Ended March 31, 2015
		Specialty			Outpatient			Other			Total
		Hospitals			Rehabilitation
		(in thousands)
	Adjusted EBITDA	$	96,472		$	22,133		$	(19,665	)
	Depreciation and amortization	(13,223		)	(3,140		)	(985		)
	Stock compensation expense	—			—			(2,327		)
	Income (loss) from operations	$	83,249		$	18,993		$	(22,977	)	$	79,265
	Equity in earnings of unconsolidated subsidiaries										2,592
	Interest expense										(21,388		)
	Income before income taxes										$	60,469

Income_per_Common_Share

Income per Common Share	3 Months Ended
Income per Common Share	Mar. 31, 2015
Income per Common Share
Income per Common Share	7. Income per Common Share

	Holdings 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 Holdings’ 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,
		2014		2015
		(in thousands, except per share amounts)
	Numerator:
	Net income attributable to Select Medical Holdings Corporation	$	33,044	$	35,063
	Less: Earnings allocated to unvested restricted stockholders	770		973
	Net income available to common stockholders	$	32,274	$	34,090

	Denominator:
	Weighted average shares — basic	135,540		127,565
	Effect of dilutive securities:
	Stock options	413		307
	Weighted average shares — diluted	135,953		127,872

	Basic income per common share	$	0.24	$	0.27
	Diluted income per common share	$	0.24	$	0.27

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2015
Commitments and Contingencies.
Commitments and Contingencies	8. 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 is and has been a defendant in these cases in the past, and may be named as a defendant in similar cases from time to time in the future.

	On 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 identified 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 15, 2015.

	As previously disclosed, the Company and SSH-Evansville produced documents in response to various government subpoenas and demands relating to SSH-Evansville. In September 2014, representatives of the United States Attorney’s Office for the Southern District of Indiana and the Department of Justice informed the Company that, while the United States has not yet decided whether to intervene in the case, its investigation is continuing concerning the allegation that SSH-Evansville admitted patients for whom long-term acute care was not medically necessary. The Company intends to fully cooperate with this governmental investigation and is involved in ongoing discussions with the government regarding this matter. At this time, the Company is unable to predict the timing and outcome of this matter.

	Construction Commitments

	At March 31, 2015, the Company had outstanding commitments under construction contracts related to new construction, improvements and renovations at the Company’s long term acute care properties and inpatient rehabilitation facilities totaling approximately $67.5 million.

	Pending Concentra Acquisition

	The Company announced on March 23, 2015 that MJ Acquisition Corporation, a joint venture that the Company has created with Welsh, Carson, Anderson & Stowe XII, L.P. (“WCAS”), has entered into a stock purchase agreement, dated as of March 22, 2015 (the “Purchase Agreement”), as buyer with Concentra Inc. (“Concentra”) and Humana Inc. (“Humana”) to acquire all of the issued and outstanding equity securities of Concentra from Humana. Concentra, a subsidiary of Humana, is a national health care company that delivers a wide range of medical services to employers and patients, including urgent care, occupational medicine, physical therapy, primary care, and wellness programs. According to a Concentra press release, Concentra operates more than 300 medical centers and 170 onsite clinics in 40 states.

	For all of the outstanding stock of Concentra, MJ Acquisition Corporation has agreed to pay a purchase price of $1.055 billion, subject to adjustments for net working capital and net debt on the closing date. Should the Purchase Agreement be terminated by Humana under specified conditions, including circumstances where MJ Acquisition Corporation is required to close the transactions under the Purchase Agreement and there is a failure of the debt financing to be funded in accordance with its terms, a reverse termination fee of $60.0 million would be payable to Humana. The Company would be responsible for its pro rata share of the termination fee, based on its ownership interest in MJ Acquisition Corporation. The Company and WCAS own 50.1% and 49.9% common equity interest, respectively, in MJ Acquisition Corporation. The transaction, which is expected to close in the second quarter of 2015, is subject to a number of closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

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, 2015
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes	9. 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, 2014 and March 31, 2015 and for the three months ended March 31, 2014 and 2015.

	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.

	During the year ended December 31, 2014, the Company purchased the remaining outstanding non-controlling interest in a specialty hospital business changing the entity from a non-guarantor subsidiary to a guarantor subsidiary. The three months ended March 31, 2014 have been retrospectively revised based on the guarantor structure that existed at December 31, 2014.

			Select Medical Corporation
			Condensed Consolidating Balance Sheet
			March 31, 2015
			(unaudited)
			Select Medical			Subsidiary			Non-Guarantor			Eliminations			Consolidated
			Corporation (Parent			Guarantors			Subsidiaries
			Company Only)
			(in thousands)
	Assets
	Current Assets:
	Cash and cash equivalents		$	3,071		$	3,011		$	506		$	—		$	6,588
	Accounts receivable, net		—			415,657			77,752			—			493,409
	Current deferred tax asset		10,519			2,252			3,190			—			15,961
	Intercompany receivables		—			1,586,102			133,170			(1,719,272		)(a)	—
	Other current assets		14,060			32,902			5,131			—			52,093
	Total Current Assets		27,650			2,039,924			219,749			(1,719,272		)	568,051

	Property and equipment, net		30,151			467,027			56,692			—			553,870
	Investment in affiliates		3,774,640			84,150			—			(3,858,790		)(b)(c)	—
	Goodwill		—			1,652,005			—			—			1,652,005
	Non-current deferred tax asset		13,555			—			—			(13,555		)(d)	—
	Other identifiable intangibles		—			72,640			—			—			72,640
	Other assets		30,864			108,864			757			—			140,485

	Total Assets		$	3,876,860		$	4,424,610		$	277,198		$	(5,591,617	)	$	2,987,051

	Liabilities and Equity
	Current Liabilities:
	Bank overdrafts		$	18,925		$	—		$	—		$	—		$	18,925
	Current portion of long-term debt and notes payable		8,957			1,758			345			—			11,060
	Accounts payable		10,150			77,693			13,170			—			101,013
	Intercompany payables		1,852,442			(133,170		)	—			(1,719,272		)(a)	—
	Accrued payroll		6,940			73,120			322			—			80,382
	Accrued vacation		5,363			51,016			9,550			—			65,929
	Accrued interest		21,684			121			—			—			21,805
	Accrued other		38,855			39,593			8,625			—			87,073
	Income taxes payable		6,776			—			—			—			6,776
	Total Current Liabilities		1,970,092			110,131			32,012			(1,719,272		)	392,963

	Long-term debt, net of current portion		1,087,579			389,575			92,473			—			1,569,627
	Non-current deferred tax liability		—			112,305			7,952			(13,555		)(d)	106,702
	Other non-current liabilities		53,467			39,961			4,817			—			98,245

	Total Liabilities		3,111,138			651,972			137,254			(1,732,827		)	2,167,537

	Redeemable non-controlling interests		—			—			11,275			—			11,275

	Stockholder’s Equity:
	Common stock		0			—			—			—			0
	Capital in excess of par		889,989			—			—			—			889,989
	Retained earnings (accumulated deficit)		(124,267		)	1,080,777			3,586			(1,084,363		)(c)	(124,267		)
	Subsidiary investment		—			2,691,861			82,566			(2,774,427		)(b)	—
	Total Select Medical Corporation Stockholder’s Equity		765,722			3,772,638			86,152			(3,858,790		)	765,722

Non-controlling interests		—			—			42,517			—			42,517
Total Equity		765,722			3,772,638			128,669			(3,858,790		)	808,239

Total Liabilities and Equity		$	3,876,860		$	4,424,610		$	277,198		$	(5,591,617	)	$	2,987,051

	(a)		Elimination of intercompany.
	(b)		Elimination of investments in consolidated subsidiaries.
	(c)		Elimination of investments in consolidated subsidiaries’ earnings.
	(d)		Reclass of non-current deferred tax asset to report net non-current deferred tax liability in consolidation.

		Select Medical Corporation
		Condensed Consolidating Statement of Operations
		For the Three Months Ended March 31, 2015
		(unaudited)
		Select Medical			Subsidiary			Non-			Eliminations			Consolidated
		Corporation (Parent			Guarantors			Guarantor
		Company Only)						Subsidiaries
		(in thousands)

Net operating revenues		$	119		$	673,749		$	121,475		$	—		$	795,343

Costs and expenses:
Cost of services		436			561,093			102,856			—			664,385
General and administrative		21,751			(76		)	—			—			21,675
Bad debt expense		—			9,473			3,197			—			12,670
Depreciation and amortization		985			13,772			2,591			—			17,348
Total costs and expenses		23,172			584,262			108,644			—			716,078

Income (loss) from operations		(23,053		)	89,487			12,831			—			79,265

Other income and expense:
Intercompany interest and royalty fees		(286		)	280			6			—			—
Intercompany management fees		41,454			(35,247		)	(6,207		)	—			—
Equity in earnings of unconsolidated subsidiaries		—			2,571			21			—			2,592
Interest expense		(13,901		)	(6,003		)	(1,484		)	—			(21,388		)

Income from operations before income taxes		4,214			51,088			5,167			—			60,469

Income tax expense (benefit)		1,402			22,046			(264		)	—			23,184
Equity in earnings of subsidiaries		32,251			3,280			—			(35,531		)(a)	—

Net income		35,063			32,322			5,431			(35,531		)	37,285

Less: Net income attributable to non-controlling interests		—			—			2,222			—			2,222

Net income attributable to Select Medical Corporation		$	35,063		$	32,322		$	3,209		$	(35,531	)	$	35,063

	(a)		Elimination of equity in earnings of subsidiaries.

		Select Medical Corporation
		Condensed Consolidating Statement of Cash Flows
		For the Three Months Ended March 31, 2015
		(unaudited)
		Select Medical			Subsidiary			Non-			Eliminations			Consolidated
		Corporation			Guarantors			Guarantor
		(Parent Company						Subsidiaries
		Only)
		(in thousands)

Operating activities
Net income		$	35,063		$	32,322		$	5,431		$	(35,531	)(a)	$	37,285
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Distributions from unconsolidated subsidiaries		—			—			28			—			28
Depreciation and amortization		985			13,772			2,591			—			17,348
Provision for bad debts		—			9,473			3,197			—			12,670
Equity in earnings of unconsolidated subsidiaires		—			(2,571		)	(21		)	—			(2,592		)
Loss from disposal of assets		—			5			—			—			5
Non-cash stock compensation expense		2,399			—			—			—			2,399
Amortization of debt discount and issuance costs		1,929			—			—			—			1,929
Deferred income taxes		(2,471		)	—			—			—			(2,471		)
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Equity in earnings of subsidiaries		(32,251		)	(3,280		)	—			35,531		(a)	—
Accounts receivable		—			(48,350		)	(13,460		)	—			(61,810		)
Other current assets		(6,200		)	42			234			—			(5,924		)
Other assets		1,599			(140		)	204			—			1,663
Accounts payable		47			6,037			(752		)	—			5,332
Accrued expenses		1,016			5,048			693			—			6,757
Income taxes		24,916			—			—			—			24,916
Net cash provided by (used in) operating activities		27,032			12,358			(1,855		)	—			37,535

Investing activities
Purchases of property and equipment		(1,452		)	(25,067		)	(1,329		)	—			(27,848		)
Investment in businesses		—			(1,000		)	—			—			(1,000		)
Acquisition of businesses, net of cash acquired		—			—			(2,686		)	—			(2,686		)
Net cash used in investing activities		(1,452		)	(26,067		)	(4,015		)	—			(31,534		)

Financing activities
Borrowings on revolving credit facility		215,000			—			—			—			215,000
Payments on revolving credit facility		(175,000		)	—			—			—			(175,000		)
Payments on credit facility term loans		(26,884		)	—			—			—			(26,884		)
Borrowings of other debt		6,486			—			96			—			6,582
Principal payments on other debt		(4,201		)	(103		)	(280		)	—			(4,584		)
Repayments of bank overdrafts		(2,821		)	—			—			—			(2,821		)
Equity investment by Holdings		489			—			—			—			489
Dividends paid to Holdings		(13,129		)	—			—			—			(13,129		)
Intercompany		(22,524		)	14,369			8,155			—			—
Tax benefit from stock based awards		5			—			—			—			5
Distributions to non-controlling interests		—			—			(2,425		)	—			(2,425		)
Net cash provided by (used in) financing activities		(22,579		)	14,266			5,546			—			(2,767		)

Net increase (decrease) in cash and cash equivalents		3,001			557			(324		)	—			3,234

Cash and cash equivalents at beginning of period		70			2,454			830			—			3,354
Cash and cash equivalents at end of period		$	3,071		$	3,011		$	506		$	—		$	6,588

	(a)		Elimination of equity in earnings of consolidated subsidiaries.

		Select Medical Corporation
		Condensed Consolidating Balance Sheet
		December 31, 2014
		Select Medical			Subsidiary			Non-Guarantor			Eliminations			Consolidated
		Corporation (Parent			Guarantors			Subsidiaries
		Company Only)
		(in thousands)
Assets
Current Assets:
Cash and cash equivalents		$	70		$	2,454		$	830		$	—		$	3,354
Accounts receivable, net		—			376,780			67,489			—			444,269
Current deferred tax asset		10,186			2,458			3,347			—			15,991
Prepaid income taxes		17,888			—			—			—			17,888
Intercompany receivables		—			1,698,600			121,447			(1,820,047		)(a)	—
Other current assets		7,860			32,919			5,363			—			46,142
Total Current Assets		36,004			2,113,211			198,476			(1,820,047		)	527,644

Property and equipment, net		17,521			468,138			56,651			—			542,310
Investment in affiliates		3,725,915			82,514			—			(3,808,429		)(b) (c)	—
Goodwill		—			1,642,083			—			—			1,642,083
Non-current deferred tax asset		11,230			—			—			(11,230		)(d)	—
Other identifiable intangibles		—			72,519			—			—			72,519
Other assets		32,463			106,843			947			—			140,253

Total Assets		$	3,823,133		$	4,485,308		$	256,074		$	(5,639,706	)	$	2,924,809

Liabilities and Equity
Current Liabilities:
Bank overdrafts		$	21,746		$	—		$	—		$	—		$	21,746
Current portion of long-term debt and notes payable		8,496			1,844			534			—			10,874
Accounts payable		9,885			84,304			14,343			—			108,532
Intercompany payables		1,820,047			—			—			(1,820,047		)(a)	—
Accrued payroll		17,410			79,435			245			—			97,090
Accrued vacation		5,070			49,315			8,747			—			63,132
Accrued interest		10,596			78			—			—			10,674
Accrued other		39,801			34,107			8,468			—			82,376
Total Current Liabilities		1,933,051			249,083			32,337			(1,820,047		)	394,424

Long-term debt, net of current portion		1,098,151			364,794			79,157			—			1,542,102
Non-current deferred tax liability		—			112,013			8,420			(11,230		)(d)	109,203
Other non-current liabilities		52,416			35,576			4,863			—			92,855

Total Liabilities		3,083,618			761,466			124,777			(1,831,277		)	2,138,584

Redeemable non-controlling interests		—			—			10,985			—			10,985

Stockholder’s Equity:
Common stock		0			—			—			—			0
Capital in excess of par		885,407			—			—			—			885,407
Retained earnings (accumulated deficit)		(145,892		)	1,048,455			8,366			(1,056,821		)(c)	(145,892		)
Subsidiary investment		—			2,675,387			76,221			(2,751,608		)(b)	—
Total Select Medical Corporation Stockholder’s Equity		739,515			3,723,842			84,587			(3,808,429		)	739,515

Non-controlling interests		—			—			35,725			—			35,725
Total Equity		739,515			3,723,842			120,312			(3,808,429		)	775,240

Total Liabilities and Equity		$	3,823,133		$	4,485,308		$	256,074		$	(5,639,706	)	$	2,924,809

	(a)		Elimination of intercompany.
	(b)		Elimination of investments in consolidated subsidiaries.
	(c)		Elimination of investments in consolidated subsidiaries’ earnings.
	(d)		Reclass of non-current deferred tax asset to report net non-current deferred tax liability in consolidation.

		Select Medical Corporation
		Condensed Consolidating Statement of Operations
		For the 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		$	660,317		$	102,158		$	—		$	762,578

Costs and expenses:
Cost of services		445			550,224			88,095			—			638,764
General and administrative		19,312			(1,189		)	—			—			18,123
Bad debt expense		—			9,317			1,701			—			11,018
Depreciation and amortization		923			13,048			2,258			—			16,229
Total costs and expenses		20,680			571,400			92,054			—			684,134

Income (loss) from operations		(20,577		)	88,917			10,104			—			78,444

Other income and expense:
Intercompany interest and royalty fees		(282		)	285			(3		)	—			—
Intercompany management fees		38,868			(33,941		)	(4,927		)	—			—
Equity in earnings of unconsolidated subsidiaries		—			887			21			—			908
Loss on early retirement of debt		(2,277		)	—			—			—			(2,277		)
Interest expense		(13,796		)	(5,832		)	(988		)	—			(20,616		)

Income from operations before income taxes		1,936			50,316			4,207			—			56,459

Income tax expense		925			20,962			205			—			22,092
Equity in earnings of subsidiaries		32,033			2,337			—			(34,370		)(a)	—

Net income		33,044			31,691			4,002			(34,370		)	34,367

Less: Net income attributable to non-controlling interests		—			53			1,270			—			1,323

Net income attributable to Select Medical Corporation		$	33,044		$	31,638		$	2,732		$	(34,370	)	$	33,044

	(a)		Elimination of equity in earnings of subsidiaries.

		Select Medical Corporation
		Condensed 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		$	31,691		$	4,002		$	(34,370	)(a)	$	34,367
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		923			13,048			2,258			—			16,229
Provision for bad debts		—			9,317			1,701			—			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
Deferred income taxes		57			—			—			—			57
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Equity in earnings of subsidiaries		(32,033		)	(2,337		)	—			34,370		(a)	—
Accounts receivable		—			(80,083		)	(7,354		)	—			(87,437		)
Other current assets		(2,043		)	(1,959		)	858			—			(3,144		)
Other assets		(3,324		)	(597		)	(17		)	—			(3,938		)
Accounts payable		1,274			4,122			(664		)	—			4,732
Accrued expenses		(12,117		)	1,802			(2,488		)	—			(12,803		)
Income and deferred taxes		19,223			—			—			—			19,223
Net cash provided by (used in) operating activities		11,487			(25,877		)	(1,610		)	—			(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		)	50,154			5,286			—			—
Distributions to non-controlling interests		—			—			(1,452		)	—			(1,452		)
Net cash provided by (used in) financing activities		(9,317		)	50,074			3,414			—			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.

Accounting_Policies_Policies

Accounting Policies (Policies)	3 Months Ended
Accounting Policies (Policies)	Mar. 31, 2015
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, 2015
Intangible Assets
Schedule of gross carrying amounts of the Company's indefinite-lived intangible assets

		December 31,		March 31,
		2014		2015
		(in thousands)

	Goodwill	$	1,642,083	$	1,652,005
	Trademarks	57,709		57,709
	Certificates of need	12,727		12,848
	Accreditations	2,083		2,083
	Total	$	1,714,602	$	1,724,645



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, 2014	$	1,335,460	$	306,623	$	1,642,083
	Goodwill acquired during the period	9,922		—		9,922
	Balance as of March 31, 2015	$	1,345,382	$	306,623	$	1,652,005

Indebtedness_Tables

Indebtedness (Tables)	3 Months Ended
Indebtedness (Tables)	Mar. 31, 2015
Indebtedness
Schedule of components of long-term debt and notes payable

			December 31,		March 31,
			2014		2015
			(in thousands)

	6.375% senior notes (1)		$	711,465	$	711,408
	Senior secured credit facilities:
	Revolving loan		60,000		100,000
	Term loans (2)		775,996		749,490
	Other		5,515		19,789
	Total debt		1,552,976		1,580,687
	Less: current maturities		10,874		11,060
	Total long-term debt		$	1,542,102	$	1,569,627

		-1		Includes unamortized premium of $1.5 million and $1.4 million at December 31, 2014 and March 31, 2015, respectively.
		-2		Includes unamortized discounts of $4.2 million and $3.8 million at December 31, 2014 and March 31, 2015, 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, 2015 through December 31, 2015 and the years after 2015 are approximately as follows and are presented including the discounts on the senior secured credit facility term loans and premium on the senior notes (in thousands):


	April 1, 2015 — December 31, 2015		$	8,805
	2016		281,913
	2017		6,444
	2018		570,713
	2019		2,489
	2020 and beyond		710,323

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Information
Schedule of selected financial data for the Company's reportable segments

		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

		Three Months Ended March 31, 2015
		Specialty			Outpatient			Other			Total
		Hospitals			Rehabilitation
		(in thousands)

	Net operating revenues	$	598,781		$	196,443		$	119		$	795,343
	Adjusted EBITDA	96,472			22,133			(19,665		)	98,940
	Total assets	2,332,591			540,473			113,987			2,987,051
	Capital expenditures	22,793			3,922			1,133			27,848


Schedule of reconciliation of Adjusted EBITDA to income before income taxes

		Three Months Ended March 31, 2014
		Specialty			Outpatient			Other			Total
		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		)
	Income (loss) from operations	$	80,055		$	17,777		$	(19,388	)	$	78,444
	Loss on early retirement of debt										(2,277		)
	Equity in earnings of unconsolidated subsidiaries										908
	Interest expense										(20,616		)
	Income before income taxes										$	56,459

		Three Months Ended March 31, 2015
		Specialty			Outpatient			Other			Total
		Hospitals			Rehabilitation
		(in thousands)
	Adjusted EBITDA	$	96,472		$	22,133		$	(19,665	)
	Depreciation and amortization	(13,223		)	(3,140		)	(985		)
	Stock compensation expense	—			—			(2,327		)
	Income (loss) from operations	$	83,249		$	18,993		$	(22,977	)	$	79,265
	Equity in earnings of unconsolidated subsidiaries										2,592
	Interest expense										(21,388		)
	Income before income taxes										$	60,469

Income_per_Common_Share_Tables

Income per Common Share (Tables)	3 Months Ended
Income per Common Share (Tables)	Mar. 31, 2015
Income per Common Share
Schedule of computation of basic and diluted income per common share

		For the Three Months Ended March 31,
		2014		2015
		(in thousands, except per share amounts)
	Numerator:
	Net income attributable to Select Medical Holdings Corporation	$	33,044	$	35,063
	Less: Earnings allocated to unvested restricted stockholders	770		973
	Net income available to common stockholders	$	32,274	$	34,090

	Denominator:
	Weighted average shares — basic	135,540		127,565
	Effect of dilutive securities:
	Stock options	413		307
	Weighted average shares — diluted	135,953		127,872

	Basic income per common share	$	0.24	$	0.27
	Diluted income per common share	$	0.24	$	0.27

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, 2015
Financial Information for Subsidiary Guarantors and Non-Guarantor Subsidiaries under Select's 6.375% Senior Notes
Schedule of Consolidating Balance Sheet
			Select Medical Corporation
			Condensed Consolidating Balance Sheet
			March 31, 2015
			(unaudited)
			Select Medical			Subsidiary			Non-Guarantor			Eliminations			Consolidated
			Corporation (Parent			Guarantors			Subsidiaries
			Company Only)
			(in thousands)
	Assets
	Current Assets:
	Cash and cash equivalents		$	3,071		$	3,011		$	506		$	—		$	6,588
	Accounts receivable, net		—			415,657			77,752			—			493,409
	Current deferred tax asset		10,519			2,252			3,190			—			15,961
	Intercompany receivables		—			1,586,102			133,170			(1,719,272		)(a)	—
	Other current assets		14,060			32,902			5,131			—			52,093
	Total Current Assets		27,650			2,039,924			219,749			(1,719,272		)	568,051

	Property and equipment, net		30,151			467,027			56,692			—			553,870
	Investment in affiliates		3,774,640			84,150			—			(3,858,790		)(b)(c)	—
	Goodwill		—			1,652,005			—			—			1,652,005
	Non-current deferred tax asset		13,555			—			—			(13,555		)(d)	—
	Other identifiable intangibles		—			72,640			—			—			72,640
	Other assets		30,864			108,864			757			—			140,485

	Total Assets		$	3,876,860		$	4,424,610		$	277,198		$	(5,591,617	)	$	2,987,051

	Liabilities and Equity
	Current Liabilities:
	Bank overdrafts		$	18,925		$	—		$	—		$	—		$	18,925
	Current portion of long-term debt and notes payable		8,957			1,758			345			—			11,060
	Accounts payable		10,150			77,693			13,170			—			101,013
	Intercompany payables		1,852,442			(133,170		)	—			(1,719,272		)(a)	—
	Accrued payroll		6,940			73,120			322			—			80,382
	Accrued vacation		5,363			51,016			9,550			—			65,929
	Accrued interest		21,684			121			—			—			21,805
	Accrued other		38,855			39,593			8,625			—			87,073
	Income taxes payable		6,776			—			—			—			6,776
	Total Current Liabilities		1,970,092			110,131			32,012			(1,719,272		)	392,963

	Long-term debt, net of current portion		1,087,579			389,575			92,473			—			1,569,627
	Non-current deferred tax liability		—			112,305			7,952			(13,555		)(d)	106,702
	Other non-current liabilities		53,467			39,961			4,817			—			98,245

	Total Liabilities		3,111,138			651,972			137,254			(1,732,827		)	2,167,537

	Redeemable non-controlling interests		—			—			11,275			—			11,275

	Stockholder’s Equity:
	Common stock		0			—			—			—			0
	Capital in excess of par		889,989			—			—			—			889,989
	Retained earnings (accumulated deficit)		(124,267		)	1,080,777			3,586			(1,084,363		)(c)	(124,267		)
	Subsidiary investment		—			2,691,861			82,566			(2,774,427		)(b)	—
	Total Select Medical Corporation Stockholder’s Equity		765,722			3,772,638			86,152			(3,858,790		)	765,722

	Non-controlling interests		—			—			42,517			—			42,517
	Total Equity		765,722			3,772,638			128,669			(3,858,790		)	808,239

	Total Liabilities and Equity		$	3,876,860		$	4,424,610		$	277,198		$	(5,591,617	)	$	2,987,051

		(a)		Elimination of intercompany.
		(b)		Elimination of investments in consolidated subsidiaries.
		(c)		Elimination of investments in consolidated subsidiaries’ earnings.
		(d)		Reclass of non-current deferred tax asset to report net non-current deferred tax liability in consolidation.

		Select Medical Corporation
		Condensed Consolidating Balance Sheet
		December 31, 2014
		Select Medical			Subsidiary			Non-Guarantor			Eliminations			Consolidated
		Corporation (Parent			Guarantors			Subsidiaries
		Company Only)
		(in thousands)
Assets
Current Assets:
Cash and cash equivalents		$	70		$	2,454		$	830		$	—		$	3,354
Accounts receivable, net		—			376,780			67,489			—			444,269
Current deferred tax asset		10,186			2,458			3,347			—			15,991
Prepaid income taxes		17,888			—			—			—			17,888
Intercompany receivables		—			1,698,600			121,447			(1,820,047		)(a)	—
Other current assets		7,860			32,919			5,363			—			46,142
Total Current Assets		36,004			2,113,211			198,476			(1,820,047		)	527,644

Property and equipment, net		17,521			468,138			56,651			—			542,310
Investment in affiliates		3,725,915			82,514			—			(3,808,429		)(b) (c)	—
Goodwill		—			1,642,083			—			—			1,642,083
Non-current deferred tax asset		11,230			—			—			(11,230		)(d)	—
Other identifiable intangibles		—			72,519			—			—			72,519
Other assets		32,463			106,843			947			—			140,253

Total Assets		$	3,823,133		$	4,485,308		$	256,074		$	(5,639,706	)	$	2,924,809

Liabilities and Equity
Current Liabilities:
Bank overdrafts		$	21,746		$	—		$	—		$	—		$	21,746
Current portion of long-term debt and notes payable		8,496			1,844			534			—			10,874
Accounts payable		9,885			84,304			14,343			—			108,532
Intercompany payables		1,820,047			—			—			(1,820,047		)(a)	—
Accrued payroll		17,410			79,435			245			—			97,090
Accrued vacation		5,070			49,315			8,747			—			63,132
Accrued interest		10,596			78			—			—			10,674
Accrued other		39,801			34,107			8,468			—			82,376
Total Current Liabilities		1,933,051			249,083			32,337			(1,820,047		)	394,424

Long-term debt, net of current portion		1,098,151			364,794			79,157			—			1,542,102
Non-current deferred tax liability		—			112,013			8,420			(11,230		)(d)	109,203
Other non-current liabilities		52,416			35,576			4,863			—			92,855

Total Liabilities		3,083,618			761,466			124,777			(1,831,277		)	2,138,584

Redeemable non-controlling interests		—			—			10,985			—			10,985

Stockholder’s Equity:
Common stock		0			—			—			—			0
Capital in excess of par		885,407			—			—			—			885,407
Retained earnings (accumulated deficit)		(145,892		)	1,048,455			8,366			(1,056,821		)(c)	(145,892		)
Subsidiary investment		—			2,675,387			76,221			(2,751,608		)(b)	—
Total Select Medical Corporation Stockholder’s Equity		739,515			3,723,842			84,587			(3,808,429		)	739,515

Non-controlling interests		—			—			35,725			—			35,725
Total Equity		739,515			3,723,842			120,312			(3,808,429		)	775,240

Total Liabilities and Equity		$	3,823,133		$	4,485,308		$	256,074		$	(5,639,706	)	$	2,924,809

	(a)		Elimination of intercompany.
	(b)		Elimination of investments in consolidated subsidiaries.
	(c)		Elimination of investments in consolidated subsidiaries’ earnings.
	(d)		Reclass of non-current deferred tax asset to report net non-current deferred tax liability in consolidation.

Schedule of Consolidating Statement of Operations
			Select Medical Corporation
			Condensed Consolidating Statement of Operations
			For the Three Months Ended March 31, 2015
			(unaudited)
			Select Medical			Subsidiary			Non-			Eliminations			Consolidated
			Corporation (Parent			Guarantors			Guarantor
			Company Only)						Subsidiaries
			(in thousands)

	Net operating revenues		$	119		$	673,749		$	121,475		$	—		$	795,343

	Costs and expenses:
	Cost of services		436			561,093			102,856			—			664,385
	General and administrative		21,751			(76		)	—			—			21,675
	Bad debt expense		—			9,473			3,197			—			12,670
	Depreciation and amortization		985			13,772			2,591			—			17,348
	Total costs and expenses		23,172			584,262			108,644			—			716,078

	Income (loss) from operations		(23,053		)	89,487			12,831			—			79,265

	Other income and expense:
	Intercompany interest and royalty fees		(286		)	280			6			—			—
	Intercompany management fees		41,454			(35,247		)	(6,207		)	—			—
	Equity in earnings of unconsolidated subsidiaries		—			2,571			21			—			2,592
	Interest expense		(13,901		)	(6,003		)	(1,484		)	—			(21,388		)

	Income from operations before income taxes		4,214			51,088			5,167			—			60,469

	Income tax expense (benefit)		1,402			22,046			(264		)	—			23,184
	Equity in earnings of subsidiaries		32,251			3,280			—			(35,531		)(a)	—

	Net income		35,063			32,322			5,431			(35,531		)	37,285

	Less: Net income attributable to non-controlling interests		—			—			2,222			—			2,222

	Net income attributable to Select Medical Corporation		$	35,063		$	32,322		$	3,209		$	(35,531	)	$	35,063


		(a)		Elimination of equity in earnings of subsidiaries.

			Select Medical Corporation
			Condensed 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		$	660,317		$	102,158		$	—		$	762,578

	Costs and expenses:
	Cost of services		445			550,224			88,095			—			638,764
	General and administrative		19,312			(1,189		)	—			—			18,123
	Bad debt expense		—			9,317			1,701			—			11,018
	Depreciation and amortization		923			13,048			2,258			—			16,229
	Total costs and expenses		20,680			571,400			92,054			—			684,134

	Income (loss) from operations		(20,577		)	88,917			10,104			—			78,444

	Other income and expense:
	Intercompany interest and royalty fees		(282		)	285			(3		)	—			—
	Intercompany management fees		38,868			(33,941		)	(4,927		)	—			—
Equity in earnings of unconsolidated subsidiaries		—			887			21			—			908
Loss on early retirement of debt		(2,277		)	—			—			—			(2,277		)
Interest expense		(13,796		)	(5,832		)	(988		)	—			(20,616		)

Income from operations before income taxes		1,936			50,316			4,207			—			56,459

Income tax expense		925			20,962			205			—			22,092
Equity in earnings of subsidiaries		32,033			2,337			—			(34,370		)(a)	—

Net income		33,044			31,691			4,002			(34,370		)	34,367

Less: Net income attributable to non-controlling interests		—			53			1,270			—			1,323

Net income attributable to Select Medical Corporation		$	33,044		$	31,638		$	2,732		$	(34,370	)	$	33,044

	(a)		Elimination of equity in earnings of subsidiaries.

Schedule of Consolidating Statement of Cash Flows


			Select Medical Corporation
			Condensed Consolidating Statement of Cash Flows
			For the Three Months Ended March 31, 2015
			(unaudited)
			Select Medical			Subsidiary			Non-			Eliminations			Consolidated
			Corporation			Guarantors			Guarantor
			(Parent Company						Subsidiaries
			Only)
			(in thousands)

	Operating activities
	Net income		$	35,063		$	32,322		$	5,431		$	(35,531	)(a)	$	37,285
	Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Distributions from unconsolidated subsidiaries		—			—			28			—			28
	Depreciation and amortization		985			13,772			2,591			—			17,348
	Provision for bad debts		—			9,473			3,197			—			12,670
	Equity in earnings of unconsolidated subsidiaires		—			(2,571		)	(21		)	—			(2,592		)
	Loss from disposal of assets		—			5			—			—			5
	Non-cash stock compensation expense		2,399			—			—			—			2,399
	Amortization of debt discount and issuance costs		1,929			—			—			—			1,929
	Deferred income taxes		(2,471		)	—			—			—			(2,471		)
	Changes in operating assets and liabilities, net of effects from acquisition of businesses:
	Equity in earnings of subsidiaries		(32,251		)	(3,280		)	—			35,531		(a)	—
	Accounts receivable		—			(48,350		)	(13,460		)	—			(61,810		)
	Other current assets		(6,200		)	42			234			—			(5,924		)
	Other assets		1,599			(140		)	204			—			1,663
	Accounts payable		47			6,037			(752		)	—			5,332
	Accrued expenses		1,016			5,048			693			—			6,757
	Income taxes		24,916			—			—			—			24,916
	Net cash provided by (used in) operating activities		27,032			12,358			(1,855		)	—			37,535

	Investing activities
	Purchases of property and equipment		(1,452		)	(25,067		)	(1,329		)	—			(27,848		)
	Investment in businesses		—			(1,000		)	—			—			(1,000		)
	Acquisition of businesses, net of cash acquired		—			—			(2,686		)	—			(2,686		)
	Net cash used in investing activities		(1,452		)	(26,067		)	(4,015		)	—			(31,534		)

	Financing activities
	Borrowings on revolving credit facility		215,000			—			—			—			215,000
	Payments on revolving credit facility		(175,000		)	—			—			—			(175,000		)
	Payments on credit facility term loans		(26,884		)	—			—			—			(26,884		)
	Borrowings of other debt		6,486			—			96			—			6,582
	Principal payments on other debt		(4,201		)	(103		)	(280		)	—			(4,584		)
	Repayments of bank overdrafts		(2,821		)	—			—			—			(2,821		)
	Equity investment by Holdings		489			—			—			—			489
	Dividends paid to Holdings		(13,129		)	—			—			—			(13,129		)
	Intercompany		(22,524		)	14,369			8,155			—			—
	Tax benefit from stock based awards		5			—			—			—			5
	Distributions to non-controlling interests		—			—			(2,425		)	—			(2,425		)
	Net cash provided by (used in) financing activities		(22,579		)	14,266			5,546			—			(2,767		)

	Net increase (decrease) in cash and cash equivalents		3,001			557			(324		)	—			3,234

	Cash and cash equivalents at beginning of period		70			2,454			830			—			3,354
	Cash and cash equivalents at end of period		$	3,071		$	3,011		$	506		$	—		$	6,588

		(a)		Elimination of equity in earnings of consolidated subsidiaries.


			Select Medical Corporation
			Condensed 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		$	31,691		$	4,002		$	(34,370	)(a)	$	34,367
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		923			13,048			2,258			—			16,229
Provision for bad debts		—			9,317			1,701			—			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
Deferred income taxes		57			—			—			—			57
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Equity in earnings of subsidiaries		(32,033		)	(2,337		)	—			34,370		(a)	—
Accounts receivable		—			(80,083		)	(7,354		)	—			(87,437		)
Other current assets		(2,043		)	(1,959		)	858			—			(3,144		)
Other assets		(3,324		)	(597		)	(17		)	—			(3,938		)
Accounts payable		1,274			4,122			(664		)	—			4,732
Accrued expenses		(12,117		)	1,802			(2,488		)	—			(12,803		)
Income and deferred taxes		19,223			—			—			—			19,223
Net cash provided by (used in) operating activities		11,487			(25,877		)	(1,610		)	—			(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		)	50,154			5,286			—			—
Distributions to non-controlling interests		—			—			(1,452		)	—			(1,452		)
Net cash provided by (used in) financing activities		(9,317		)	50,074			3,414			—			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.

Intangible_Assets_Details

Intangible Assets (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Indefinite-lived intangible assets:
Goodwill	$1,652,005	$1,642,083
Total	1,724,645	1,714,602
Trademarks
Indefinite-lived intangible assets:
Intangible assets excluding goodwill	57,709	57,709
Weighted average time until next renewal	5 years 2 months 12 days
Certificates of need
Indefinite-lived intangible assets:
Intangible assets excluding goodwill	12,848	12,727
Accreditations
Indefinite-lived intangible assets:
Intangible assets excluding goodwill	$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
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Goodwill
Balance at the beginning of the period	$1,642,083
Goodwill acquired during the period	9,922
Balance at the end of the period	1,652,005
Specialty Hospitals
Goodwill
Balance at the beginning of the period	1,335,460
Goodwill acquired during the period	9,922
Balance at the end of the period	1,345,382
Outpatient Rehabilitation
Goodwill
Balance at the beginning of the period		306,623
Balance at the end of the period	$306,623	$306,623

Indebtedness_Details

Indebtedness (Details) (USD $)	3 Months Ended	0 Months Ended
Indebtedness (Details) (USD $)	Mar. 31, 2014	Mar. 04, 2014	Mar. 31, 2015	Dec. 31, 2014
Long-term debt and notes payable
Total debt			$1,580,687,000	$1,552,976,000
Less: current maturities			11,060,000	10,874,000
Total long-term debt			1,569,627,000	1,542,102,000
Gross proceeds from issuance of additional notes	111,650,000
Maturities of Long-Term Debt and Notes Payable
April 1, 2015 - December 31, 2015			8,805,000
2016			281,913,000
2017			6,444,000
2018			570,713,000
2019			2,489,000
2020 and beyond			710,323,000
Loss recognized associated with refinancing activities	2,277,000
Select
Long-term debt and notes payable
Less: current maturities			11,060,000	10,874,000
Total long-term debt			1,569,627,000	1,542,102,000
Gross proceeds from issuance of additional notes	111,650,000
Maturities of Long-Term Debt and Notes Payable
Loss recognized associated with refinancing activities	2,277,000
6.375% senior notes
Long-term debt and notes payable
Interest rate of debt (as a percent)	6.38%		6.38%	6.38%
Total debt			711,408,000	711,465,000
Unamortized premiums			1,400,000	1,500,000
6.375% senior notes \| Select
Long-term debt and notes payable
Interest rate of debt (as a percent)	6.38%		6.38%	6.38%
Total debt			711,400,000	711,500,000
Revolving loan
Long-term debt and notes payable
Total debt			100,000,000	60,000,000
Term loans
Long-term debt and notes payable
Total debt			749,490,000	775,996,000
Unamortized discounts			3,800,000	4,200,000
Term loans \| Select
Long-term debt and notes payable
Principal prepayments from excess cash flow		26,900,000
Maturities of Long-Term Debt and Notes Payable
Loss recognized associated with refinancing activities	2,300,000
Other
Long-term debt and notes payable
Total debt			$19,789,000	$5,515,000

Fair_Value_Details

Fair Value (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Fair Value
Carrying value	$1,580,687,000	$1,552,976,000
Senior secured credit facility \| Select
Fair Value
Carrying value	849,500,000	836,000,000
Fair value	846,100,000	816,600,000
6.375% senior notes
Fair Value
Carrying value	711,408,000	711,465,000
Interest rate of debt (as a percent)	6.38%	6.38%	6.38%
6.375% senior notes \| Select
Fair Value
Carrying value	711,400,000	711,500,000
Fair value	$701,100,000	$722,400,000
Interest rate of debt (as a percent)	6.38%	6.38%	6.38%

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Summary of selected financial data
Net operating revenues	$795,343	$762,578
Adjusted EBITDA	98,940	96,828
Total assets	2,987,051	2,915,726	2,924,809
Capital expenditures	27,848	27,299
Specialty Hospitals
Summary of selected financial data
Net operating revenues	598,781	564,625
Adjusted EBITDA	96,472	92,150
Total assets	2,332,591	2,290,655
Capital expenditures	22,793	21,498
Outpatient Rehabilitation
Summary of selected financial data
Net operating revenues	196,443	197,850
Adjusted EBITDA	22,133	20,989
Total assets	540,473	525,040
Capital expenditures	3,922	3,630
Select
Summary of selected financial data
Net operating revenues	795,343	762,578
Total assets	2,987,051		2,924,809
Capital expenditures	27,848	27,299
Operating Segments \| Outpatient Rehabilitation
Segment information
Number of operating segments	2
Other
Summary of selected financial data
Net operating revenues	119	103
Adjusted EBITDA	-19,665	-16,311
Total assets	113,987	100,031
Capital expenditures	$1,133	$2,171

Segment_Information_Details_2

Segment Information (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Segment information
Adjusted EBITDA	$98,940	$96,828
Depreciation and amortization	-17,348	-16,229
Income (loss) from operations	79,265	78,444
Loss on early retirement of debt		-2,277
Equity in earnings of unconsolidated subsidiaries	2,592	908
Interest expense	-21,388	-20,616
Income before income taxes	60,469	56,459
Select
Segment information
Depreciation and amortization	-17,348	-16,229
Income (loss) from operations	79,265	78,444
Loss on early retirement of debt		-2,277
Equity in earnings of unconsolidated subsidiaries	2,592	908
Interest expense	-21,388	-20,616
Income before income taxes	60,469	56,459
Specialty Hospitals
Segment information
Adjusted EBITDA	96,472	92,150
Depreciation and amortization	-13,223	-12,095
Income (loss) from operations	83,249	80,055
Outpatient Rehabilitation
Segment information
Adjusted EBITDA	22,133	20,989
Depreciation and amortization	-3,140	-3,212
Income (loss) from operations	18,993	17,777
Other
Segment information
Adjusted EBITDA	-19,665	-16,311
Depreciation and amortization	-985	-922
Stock compensation expense	-2,327	-2,155
Income (loss) from operations	($22,977)	($19,388)

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, 2015	Mar. 31, 2014
Numerator:
Net income attributable to Select Medical Holdings Corporation	$35,063	$33,044
Less: Earnings allocated to unvested restricted stockholders	973	770
Net income available to common stockholders	$34,090	$32,274
Denominator:
Weighted average shares - basic	127,565	135,540
Effect of dilutive securities: Stock options (in shares)	307	413
Weighted average shares - diluted	127,872	135,953
Income per common share
Basic income per common share (in dollars per share)	$0.27	$0.24
Diluted income per common share (in dollars per share)	$0.27	$0.24

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	0 Months Ended	3 Months Ended	0 Months Ended
In Millions, unless otherwise specified	Mar. 23, 2015	Mar. 31, 2015	Jan. 08, 2013
	item		item
	state
Commitments and Contingencies
Outstanding commitments under construction contracts		$67.50
Concentra Inc
Commitments and Contingencies
Minimum number of medical centers operates	300
Number of onsite clinics operates	170
Number of states in which the entity had facilities	40
MJ Acquisition Corporation \| Concentra Inc
Commitments and Contingencies
Purchase price	1,055
Reverse termination fee if there is a failure of the debt financing to be funded in accordance with its terms	60
MJ Acquisition Corporation \| Select
Commitments and Contingencies
Percentage of ownership	50.10%
MJ Acquisition Corporation \| Welsh Carson Anderson And Stowe Xiilp
Commitments and Contingencies
Percentage of ownership	49.90%
Professional liability claims
Commitments and Contingencies
Self insurance retention per occurrence		2
General liability claims
Commitments and Contingencies
Self insurance retention per occurrence		$2
Amended complaint \| SSH-Evansville
Commitments and Contingencies
Number of case managers identified as plaintiff			2
Number of physicians named as defendants			2
Number of days the deadlines have been stayed from the Magistrate judge			90 days

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, 2015	Dec. 31, 2014	Mar. 31, 2014
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%	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%	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, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Current Assets:
Cash and cash equivalents	$6,588	$3,354	$4,692	$4,319
Accounts receivable, net	493,409	444,269
Current deferred tax asset	15,961	15,991
Prepaid income taxes		17,888
Other current assets	52,093	46,142
Total Current Assets	568,051	527,644
Property and equipment, net	553,870	542,310
Goodwill	1,652,005	1,642,083
Other identifiable intangibles	72,640	72,519
Other assets	140,485	140,253
Total Assets	2,987,051	2,924,809	2,915,726
Current Liabilities:
Bank overdrafts	18,925	21,746
Current portion of long-term debt and notes payable	11,060	10,874
Accounts payable	101,013	108,532
Accrued payroll	80,382	97,090
Accrued vacation	65,929	63,132
Accrued interest	21,805	10,674
Accrued other	87,073	82,376
Income taxes payable	6,776
Total Current Liabilities	392,963	394,424
Long-term debt, net of current portion	1,569,627	1,542,102
Non-current deferred tax liability	106,702	109,203
Other non-current liabilities	98,245	92,855
Total Liabilities	2,167,537	2,138,584
Redeemable non-controlling interests	11,275	10,985
Stockholder's Equity:
Common stock	131	131
Capital in excess of par	418,288	413,706
Retained earnings (accumulated deficit)	347,303	325,678
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	765,722	739,515
Non-controlling interests	42,517	35,725
Total Equity	808,239	775,240
Total Liabilities and Equity	2,987,051	2,924,809
Select
Current Assets:
Cash and cash equivalents	6,588	3,354	4,692	4,319
Accounts receivable, net	493,409	444,269
Current deferred tax asset	15,961	15,991
Prepaid income taxes		17,888
Other current assets	52,093	46,142
Total Current Assets	568,051	527,644
Property and equipment, net	553,870	542,310
Goodwill	1,652,005	1,642,083
Other identifiable intangibles	72,640	72,519
Other assets	140,485	140,253
Total Assets	2,987,051	2,924,809
Current Liabilities:
Bank overdrafts	18,925	21,746
Current portion of long-term debt and notes payable	11,060	10,874
Accounts payable	101,013	108,532
Accrued payroll	80,382	97,090
Accrued vacation	65,929	63,132
Accrued interest	21,805	10,674
Accrued other	87,073	82,376
Income taxes payable	6,776
Total Current Liabilities	392,963	394,424
Long-term debt, net of current portion	1,569,627	1,542,102
Non-current deferred tax liability	106,702	109,203
Other non-current liabilities	98,245	92,855
Total Liabilities	2,167,537	2,138,584
Redeemable non-controlling interests	11,275	10,985
Stockholder's Equity:
Common stock	0	0
Capital in excess of par	889,989	885,407
Retained earnings (accumulated deficit)	-124,267	-145,892
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	765,722	739,515
Non-controlling interests	42,517	35,725
Total Equity	808,239	775,240
Total Liabilities and Equity	2,987,051	2,924,809
Select \| Reportable legal entities \| Select Medical Corporation (Parent Company Only)
Current Assets:
Cash and cash equivalents	3,071	70	70	71
Current deferred tax asset	10,519	10,186
Prepaid income taxes		17,888
Other current assets	14,060	7,860
Total Current Assets	27,650	36,004
Property and equipment, net	30,151	17,521
Investment in affiliates	3,774,640	3,725,915
Non-current deferred tax asset	13,555	11,230
Other assets	30,864	32,463
Total Assets	3,876,860	3,823,133
Current Liabilities:
Bank overdrafts	18,925	21,746
Current portion of long-term debt and notes payable	8,957	8,496
Accounts payable	10,150	9,885
Intercompany payables	1,852,442	1,820,047
Accrued payroll	6,940	17,410
Accrued vacation	5,363	5,070
Accrued interest	21,684	10,596
Accrued other	38,855	39,801
Income taxes payable	6,776
Total Current Liabilities	1,970,092	1,933,051
Long-term debt, net of current portion	1,087,579	1,098,151
Other non-current liabilities	53,467	52,416
Total Liabilities	3,111,138	3,083,618
Stockholder's Equity:
Common stock	0	0
Capital in excess of par	889,989	885,407
Retained earnings (accumulated deficit)	-124,267	-145,892
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	765,722	739,515
Total Equity	765,722	739,515
Total Liabilities and Equity	3,876,860	3,823,133
Select \| Reportable legal entities \| Subsidiary Guarantors
Current Assets:
Cash and cash equivalents	3,011	2,454	3,160	3,098
Accounts receivable, net	415,657	376,780
Current deferred tax asset	2,252	2,458
Intercompany receivables	1,586,102	1,698,600
Other current assets	32,902	32,919
Total Current Assets	2,039,924	2,113,211
Property and equipment, net	467,027	468,138
Investment in affiliates	84,150	82,514
Goodwill	1,652,005	1,642,083
Other identifiable intangibles	72,640	72,519
Other assets	108,864	106,843
Total Assets	4,424,610	4,485,308
Current Liabilities:
Current portion of long-term debt and notes payable	1,758	1,844
Accounts payable	77,693	84,304
Intercompany payables	-133,170
Accrued payroll	73,120	79,435
Accrued vacation	51,016	49,315
Accrued interest	121	78
Accrued other	39,593	34,107
Total Current Liabilities	110,131	249,083
Long-term debt, net of current portion	389,575	364,794
Non-current deferred tax liability	112,305	112,013
Other non-current liabilities	39,961	35,576
Total Liabilities	651,972	761,466
Stockholder's Equity:
Retained earnings (accumulated deficit)	1,080,777	1,048,455
Subsidiary investment	2,691,861	2,675,387
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	3,772,638	3,723,842
Total Equity	3,772,638	3,723,842
Total Liabilities and Equity	4,424,610	4,485,308
Select \| Reportable legal entities \| Non-Guarantor Subsidiaries
Current Assets:
Cash and cash equivalents	506	830	1,462	1,150
Accounts receivable, net	77,752	67,489
Current deferred tax asset	3,190	3,347
Intercompany receivables	133,170	121,447
Other current assets	5,131	5,363
Total Current Assets	219,749	198,476
Property and equipment, net	56,692	56,651
Other assets	757	947
Total Assets	277,198	256,074
Current Liabilities:
Current portion of long-term debt and notes payable	345	534
Accounts payable	13,170	14,343
Accrued payroll	322	245
Accrued vacation	9,550	8,747
Accrued other	8,625	8,468
Total Current Liabilities	32,012	32,337
Long-term debt, net of current portion	92,473	79,157
Non-current deferred tax liability	7,952	8,420
Other non-current liabilities	4,817	4,863
Total Liabilities	137,254	124,777
Redeemable non-controlling interests	11,275	10,985
Stockholder's Equity:
Retained earnings (accumulated deficit)	3,586	8,366
Subsidiary investment	82,566	76,221
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	86,152	84,587
Non-controlling interests	42,517	35,725
Total Equity	128,669	120,312
Total Liabilities and Equity	277,198	256,074
Select \| Eliminations
Current Assets:
Intercompany receivables	-1,719,272	-1,820,047
Total Current Assets	-1,719,272	-1,820,047
Investment in affiliates	-3,858,790	-3,808,429
Non-current deferred tax asset	-13,555	-11,230
Total Assets	-5,591,617	-5,639,706
Current Liabilities:
Intercompany payables	-1,719,272	-1,820,047
Total Current Liabilities	-1,719,272	-1,820,047
Non-current deferred tax liability	-13,555	-11,230
Total Liabilities	-1,732,827	-1,831,277
Stockholder's Equity:
Retained earnings (accumulated deficit)	-1,084,363	-1,056,821
Subsidiary investment	-2,774,427	-2,751,608
Total Select Medical Holdings Corporation and Select Medical Corporation Stockholders' Equity	-3,858,790	-3,808,429
Total Equity	-3,858,790	-3,808,429
Total Liabilities and Equity	($5,591,617)	($5,639,706)

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, 2015	Mar. 31, 2014
Consolidating Statement of Operations
Net operating revenues	$795,343	$762,578
Costs and expenses:
Cost of services	664,385	638,764
General and administrative	21,675	18,123
Bad debt expense	12,670	11,018
Depreciation and amortization	17,348	16,229
Total costs and expenses	716,078	684,134
Income (loss) from operations	79,265	78,444
Other income and expense:
Equity in earnings of unconsolidated subsidiaries	2,592	908
Loss on early retirement of debt		-2,277
Interest expense	-21,388	-20,616
Income before income taxes	60,469	56,459
Income tax expense	23,184	22,092
Net income	37,285	34,367
Less: Net income attributable to non-controlling interests	2,222	1,323
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	35,063	33,044
Select
Consolidating Statement of Operations
Net operating revenues	795,343	762,578
Costs and expenses:
Cost of services	664,385	638,764
General and administrative	21,675	18,123
Bad debt expense	12,670	11,018
Depreciation and amortization	17,348	16,229
Total costs and expenses	716,078	684,134
Income (loss) from operations	79,265	78,444
Other income and expense:
Equity in earnings of unconsolidated subsidiaries	2,592	908
Loss on early retirement of debt		-2,277
Interest expense	-21,388	-20,616
Income before income taxes	60,469	56,459
Income tax expense	23,184	22,092
Net income	37,285	34,367
Less: Net income attributable to non-controlling interests	2,222	1,323
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	35,063	33,044
Select \| Reportable legal entities \| Select Medical Corporation (Parent Company Only)
Consolidating Statement of Operations
Net operating revenues	119	103
Costs and expenses:
Cost of services	436	445
General and administrative	21,751	19,312
Depreciation and amortization	985	923
Total costs and expenses	23,172	20,680
Income (loss) from operations	-23,053	-20,577
Other income and expense:
Intercompany interest and royalty fees	-286	-282
Intercompany management fees	41,454	38,868
Loss on early retirement of debt		-2,277
Interest expense	-13,901	-13,796
Income before income taxes	4,214	1,936
Income tax expense	1,402	925
Equity in earnings of subsidiaries	32,251	32,033
Net income	35,063	33,044
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	35,063	33,044
Select \| Reportable legal entities \| Subsidiary Guarantors
Consolidating Statement of Operations
Net operating revenues	673,749	660,317
Costs and expenses:
Cost of services	561,093	550,224
General and administrative	-76	-1,189
Bad debt expense	9,473	9,317
Depreciation and amortization	13,772	13,048
Total costs and expenses	584,262	571,400
Income (loss) from operations	89,487	88,917
Other income and expense:
Intercompany interest and royalty fees	280	285
Intercompany management fees	-35,247	-33,941
Equity in earnings of unconsolidated subsidiaries	2,571	887
Interest expense	-6,003	-5,832
Income before income taxes	51,088	50,316
Income tax expense	22,046	20,962
Equity in earnings of subsidiaries	3,280	2,337
Net income	32,322	31,691
Less: Net income attributable to non-controlling interests		53
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	32,322	31,638
Select \| Reportable legal entities \| Non-Guarantor Subsidiaries
Consolidating Statement of Operations
Net operating revenues	121,475	102,158
Costs and expenses:
Cost of services	102,856	88,095
Bad debt expense	3,197	1,701
Depreciation and amortization	2,591	2,258
Total costs and expenses	108,644	92,054
Income (loss) from operations	12,831	10,104
Other income and expense:
Intercompany interest and royalty fees	6	-3
Intercompany management fees	-6,207	-4,927
Equity in earnings of unconsolidated subsidiaries	21	21
Interest expense	-1,484	-988
Income before income taxes	5,167	4,207
Income tax expense	-264	205
Net income	5,431	4,002
Less: Net income attributable to non-controlling interests	2,222	1,270
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	3,209	2,732
Select \| Eliminations
Other income and expense:
Equity in earnings of subsidiaries	-35,531	-34,370
Net income	-35,531	-34,370
Net income attributable to Select Medical Holdings Corporation and Select Medical Corporation	($35,531)	($34,370)

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, 2015	Mar. 31, 2014
Operating activities
Net income	$37,285	$34,367
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Distributions from unconsolidated subsidiaries	28
Depreciation and amortization	17,348	16,229
Provision for bad debts	12,670	11,018
Equity in earnings of unconsolidated subsidiaries	-2,592	-908
Loss on early retirement of debt		2,277
Loss from disposal of assets	5	121
Non-cash stock compensation expense	2,399	2,155
Amortization of debt discount, premium and issuance costs	1,929	2,051
Deferred income taxes	-2,471	57
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Accounts receivable	-61,810	-87,437
Other current assets	-5,924	-3,144
Other assets	1,663	-3,938
Accounts payable	5,332	4,732
Accrued expenses	6,757	-12,803
Income taxes	24,916	19,223
Net cash provided by (used in) operating activities	37,535	-16,000
Investing activities
Purchases of property and equipment	-27,848	-27,299
Investment in businesses	-1,000	-124
Acquisition of businesses, net of cash acquired	-2,686	-375
Net cash used in investing activities	-31,534	-27,798
Financing activities
Borrowings on revolving credit facility	215,000	285,000
Payments on revolving credit facility	-175,000	-200,000
Payments on credit facility term loans	-26,884	-33,994
Issuance of 6.375% senior notes, includes premium		111,650
Borrowings of other debt	6,582	6,111
Principal payments on other debt	-4,584	-3,067
Debt issuance costs		-4,434
Proceeds from (repayments of) bank overdrafts	-2,821	5,970
Dividends paid	-13,129	-14,056
Tax benefit from stock based awards	5
Distributions to non-controlling interests	-2,425	-1,452
Net cash provided by (used in) financing activities	-2,767	44,171
Net increase (decrease) in cash and cash equivalents	3,234	373
Cash and cash equivalents at beginning of period	3,354	4,319
Cash and cash equivalents at end of period	6,588	4,692
Select
Operating activities
Net income	37,285	34,367
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Distributions from unconsolidated subsidiaries	28
Depreciation and amortization	17,348	16,229
Provision for bad debts	12,670	11,018
Equity in earnings of unconsolidated subsidiaries	-2,592	-908
Loss on early retirement of debt		2,277
Loss from disposal of assets	5	121
Non-cash stock compensation expense	2,399	2,155
Amortization of debt discount, premium and issuance costs	1,929	2,051
Deferred income taxes	-2,471	57
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Accounts receivable	-61,810	-87,437
Other current assets	-5,924	-3,144
Other assets	1,663	-3,938
Accounts payable	5,332	4,732
Accrued expenses	6,757	-12,803
Income taxes	24,916	19,223
Net cash provided by (used in) operating activities	37,535	-16,000
Investing activities
Purchases of property and equipment	-27,848	-27,299
Investment in businesses	-1,000	-124
Acquisition of businesses, net of cash acquired	-2,686	-375
Net cash used in investing activities	-31,534	-27,798
Financing activities
Borrowings on revolving credit facility	215,000	285,000
Payments on revolving credit facility	-175,000	-200,000
Payments on credit facility term loans	-26,884	-33,994
Issuance of 6.375% senior notes, includes premium		111,650
Borrowings of other debt	6,582	6,111
Principal payments on other debt	-4,584	-3,067
Debt issuance costs		-4,434
Proceeds from (repayments of) bank overdrafts	-2,821	5,970
Equity investment by Holdings	489	1,943
Dividends paid	-13,129	-123,556
Tax benefit from stock based awards	5
Distributions to non-controlling interests	-2,425	-1,452
Net cash provided by (used in) financing activities	-2,767	44,171
Net increase (decrease) in cash and cash equivalents	3,234	373
Cash and cash equivalents at beginning of period	3,354	4,319
Cash and cash equivalents at end of period	6,588	4,692
Select \| Reportable legal entities \| Select Medical Corporation (Parent Company Only)
Operating activities
Net income	35,063	33,044
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	985	923
Loss on early retirement of debt		2,277
Non-cash stock compensation expense	2,399	2,155
Amortization of debt discount, premium and issuance costs	1,929	2,051
Deferred income taxes	-2,471	57
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Equity in earnings of subsidiaries	-32,251	-32,033
Other current assets	-6,200	-2,043
Other assets	1,599	-3,324
Accounts payable	47	1,274
Accrued expenses	1,016	-12,117
Income taxes	24,916	19,223
Net cash provided by (used in) operating activities	27,032	11,487
Investing activities
Purchases of property and equipment	-1,452	-2,171
Net cash used in investing activities	-1,452	-2,171
Financing activities
Borrowings on revolving credit facility	215,000	285,000
Payments on revolving credit facility	-175,000	-200,000
Payments on credit facility term loans	-26,884	-33,994
Issuance of 6.375% senior notes, includes premium		111,650
Borrowings of other debt	6,486	6,111
Principal payments on other debt	-4,201	-2,567
Debt issuance costs		-4,434
Proceeds from (repayments of) bank overdrafts	-2,821	5,970
Equity investment by Holdings	489	1,943
Dividends paid	-13,129	-123,556
Intercompany	-22,524	-55,440
Tax benefit from stock based awards	5
Net cash provided by (used in) financing activities	-22,579	-9,317
Net increase (decrease) in cash and cash equivalents	3,001	-1
Cash and cash equivalents at beginning of period	70	71
Cash and cash equivalents at end of period	3,071	70
Select \| Reportable legal entities \| Subsidiary Guarantors
Operating activities
Net income	32,322	31,691
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	13,772	13,048
Provision for bad debts	9,473	9,317
Equity in earnings of unconsolidated subsidiaries	-2,571	-887
Loss from disposal of assets	5	6
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Equity in earnings of subsidiaries	-3,280	-2,337
Accounts receivable	-48,350	-80,083
Other current assets	42	-1,959
Other assets	-140	-597
Accounts payable	6,037	4,122
Accrued expenses	5,048	1,802
Net cash provided by (used in) operating activities	12,358	-25,877
Investing activities
Purchases of property and equipment	-25,067	-23,636
Investment in businesses	-1,000	-124
Acquisition of businesses, net of cash acquired		-375
Net cash used in investing activities	-26,067	-24,135
Financing activities
Principal payments on other debt	-103	-80
Intercompany	14,369	50,154
Net cash provided by (used in) financing activities	14,266	50,074
Net increase (decrease) in cash and cash equivalents	557	62
Cash and cash equivalents at beginning of period	2,454	3,098
Cash and cash equivalents at end of period	3,011	3,160
Select \| Reportable legal entities \| Non-Guarantor Subsidiaries
Operating activities
Net income	5,431	4,002
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Distributions from unconsolidated subsidiaries	28
Depreciation and amortization	2,591	2,258
Provision for bad debts	3,197	1,701
Equity in earnings of unconsolidated subsidiaries	-21	-21
Loss from disposal of assets		115
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Accounts receivable	-13,460	-7,354
Other current assets	234	858
Other assets	204	-17
Accounts payable	-752	-664
Accrued expenses	693	-2,488
Net cash provided by (used in) operating activities	-1,855	-1,610
Investing activities
Purchases of property and equipment	-1,329	-1,492
Acquisition of businesses, net of cash acquired	-2,686
Net cash used in investing activities	-4,015	-1,492
Financing activities
Borrowings of other debt	96
Principal payments on other debt	-280	-420
Intercompany	8,155	5,286
Distributions to non-controlling interests	-2,425	-1,452
Net cash provided by (used in) financing activities	5,546	3,414
Net increase (decrease) in cash and cash equivalents	-324	312
Cash and cash equivalents at beginning of period	830	1,150
Cash and cash equivalents at end of period	506	1,462
Select \| Eliminations
Operating activities
Net income	-35,531	-34,370
Changes in operating assets and liabilities, net of effects from acquisition of businesses:
Equity in earnings of subsidiaries	$35,531	$34,370