Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 01, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 | |
Entity Registrant Name | Addus HomeCare Corp | |
Entity Central Index Key | 1,468,328 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,108,324 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash | $ 42,024 | $ 13,363 |
Accounts receivable, net of allowances of $3,657 and $3,881 at June 30, 2015 and December 31, 2014, respectively | 47,063 | 68,333 |
Prepaid expenses and other current assets | 4,249 | 7,168 |
Deferred tax assets | 8,508 | 8,508 |
Total current assets | 101,844 | 97,372 |
Property and equipment, net of accumulated depreciation and amortization | 8,062 | 7,695 |
Other assets | ||
Goodwill | 66,002 | 64,220 |
Intangibles, net of accumulated amortization | 10,946 | 10,347 |
Investments in joint ventures | 900 | 900 |
Other assets | 261 | 269 |
Total other assets | 78,109 | 75,736 |
Total assets | 188,015 | 180,803 |
Current Liabilities | ||
Accounts payable | 3,507 | 3,951 |
Current portion of capital lease obligations | 1,091 | 986 |
Current portion of contingent earn-out obligation | 920 | 1,000 |
Accrued expenses | 39,586 | 37,268 |
Total current liabilities | 45,104 | 43,205 |
Long-term liabilities | ||
Deferred tax liabilities | 5,845 | 5,845 |
Capital lease obligations, less current portion | 2,440 | 2,677 |
Contingent earn-out obligation, less current portion | 200 | 1,120 |
Total long-term liabilities | 8,485 | 9,642 |
Total liabilities | 53,589 | 52,847 |
Stockholders' equity | ||
Common stock-$.001 par value; 40,000 authorized and 11,108 and 11,010 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively | 11 | 11 |
Additional paid-in capital | 85,984 | 84,929 |
Retained earnings | 48,431 | 43,016 |
Total stockholders' equity | 134,426 | 127,956 |
Total liabilities and stockholders' equity | $ 188,015 | $ 180,803 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 3,657 | $ 3,881 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 11,108,000 | 11,010,000 |
Common stock, shares outstanding | 11,108,000 | 11,010,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Consolidated Statements Of Income [Abstract] | ||||
Net service revenues | $ 85,809 | $ 76,965 | $ 167,724 | $ 148,648 |
Cost of service revenues | 62,127 | 56,385 | 122,116 | 109,400 |
Gross profit | 23,682 | 20,580 | 45,608 | 39,248 |
General and administrative expenses | 17,423 | 15,399 | 34,576 | 29,802 |
Depreciation and amortization | 1,161 | 1,083 | 2,307 | 1,578 |
Total operating expenses | 18,584 | 16,482 | 36,883 | 31,380 |
Operating income | 5,098 | 4,098 | 8,725 | 7,868 |
Interest income | (6) | (5) | (10) | (7) |
Interest expense | 175 | 156 | 352 | 312 |
Total interest expense, net | 169 | 151 | 342 | 305 |
Income before income taxes | 4,929 | 3,947 | 8,383 | 7,563 |
Income tax expense | 1,676 | 1,218 | 2,968 | 2,480 |
Net income | $ 3,253 | $ 2,729 | $ 5,415 | $ 5,083 |
Net income per common share | ||||
Basic income per share | $ 0.30 | $ 0.25 | $ 0.49 | $ 0.47 |
Diluted income per share | $ 0.29 | $ 0.25 | $ 0.48 | $ 0.46 |
Weighted average number of common shares and potential common shares outstanding: | ||||
Basic | 10,989 | 10,903 | 10,970 | 10,878 |
Diluted | 11,212 | 11,138 | 11,188 | 11,121 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2014 | $ 11 | $ 84,929 | $ 43,016 | $ 127,956 |
Balance, shares at Dec. 31, 2014 | 11,010 | |||
Issuance of shares of common stock under restricted stock award agreement, Shares | 54 | |||
Stock-based compensation | 750 | 750 | ||
Shares issued | 305 | 305 | ||
Shares issued, shares | 44 | |||
Net income | 5,415 | 5,415 | ||
Balance at Jun. 30, 2015 | $ 11 | $ 85,984 | $ 48,431 | $ 134,426 |
Balance, shares at Jun. 30, 2015 | 11,108 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 5,415 | $ 5,083 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,307 | 1,578 |
Stock-based compensation | 750 | 331 |
Amortization of debt issuance costs | 29 | 79 |
Provision for doubtful accounts | 2,025 | 1,734 |
Changes in operating assets and liabilities, net of acqusitions: | ||
Accounts receivable | 20,196 | 11,416 |
Prepaid expenses and other current assets | 2,927 | 1,740 |
Accounts payable | (664) | (902) |
Accrued expenses | 2,059 | (6,056) |
Net cash provided by operating activities | 35,044 | 15,003 |
Cash flows from investing activities: | ||
Acquisitions of businesses | (4,250) | (7,233) |
Acquisition of customer list | (146) | (50) |
Purchases of property and equipment | (761) | (3,958) |
Net cash (used in) investing activities | (5,157) | (11,241) |
Cash flows from financing activities: | ||
Cash received from exercise of stock options | 305 | 214 |
Payments for debt issuance costs | (21) | |
Payments on capital lease obligations | (510) | |
Payment on Contingent Earn-out Obligation | (1,000) | |
Net cash (used in) provided by financing activities | (1,226) | 214 |
Net change in cash | 28,661 | 3,976 |
Cash, at beginning of period | 13,363 | 15,565 |
Cash, at end of period | 42,024 | 19,541 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 352 | 312 |
Cash paid for income taxes | 59 | 2,601 |
Supplemental disclosures of non-cash investing and financing activities | ||
Tax benefit related to the amortization of tax goodwill in excess of book basis | 80 | 80 |
Contingent and deferred consideration accrued for acquisitions | $ 1,020 | |
Property and equipment acquired under capital lease | $ 378 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation and Description of Business The condensed consolidated financial statements include the accounts of Addus HomeCare Corporation ("Holdings") and its subsidiaries (together with Holdings, the "Company" or "we"). The Company operates as one 33,000 127 22 5 Principles of Consolidation All intercompany balances and transactions have been eliminated in consolidation. The Company's investment in entities with less than 20% ownership or in which the Company does not have the ability to influence the operations of the investee are being accounted for using the cost method and are included in investments in joint ventures. Revenue Recognition The Company generates net service revenues by providing services directly to consumers. The Company receives payments for providing services from federal, state and local governmental agencies, commercial insurers and private consumers. The Company's services are principally provided based on authorized hours, determined by the relevant agency, at an hourly rate specified in agreements or fixed by legislation and recognized as revenues at the time services are rendered. Home and community based service revenues are reimbursed by state, local and other governmental programs which are partially funded by Medicaid or Medicaid waiver programs, with the remainder reimbursed through private duty and insurance programs. Laws and regulations governing the Medicaid and Medicare programs are complex and subject to interpretation. As a result, there is at least a reasonable possibility that recorded estimates may change in the near term. The Company believes that it is in compliance in all material respects with all applicable laws and regulations. Allowance for Doubtful Accounts The Company establishes its allowance for doubtful accounts to the extent it is probable that a portion or all of a particular account will not be collected. The Company estimates its provision for doubtful accounts primarily by aging receivables utilizing eight Property and Equipment Property and equipment are recorded at cost and depreciated over the estimated useful lives of the related assets by use of the straight-line method except for internally developed software which is amortized by the sum-of-years digits method. Maintenance and repairs are charged to expense as incurred. The estimated useful lives of the property and equipment are as follows: Computer equipment Furniture and equipment Transportation equipment Computer software Leasehold improvements 3 5 5 7 5 5 10 Lesser of useful life or lease term, unless probability of lease renewal is likely Goodwil The Company's carrying value of goodwill is the residual of the purchase price over the fair value of the net assets acquired from various acquisitions including the acquisition of Addus HealthCare, Inc. ("Addus HealthCare"). In accordance with Accounting Standards Codification ("ASC") Topic 350, "Goodwill and Other Intangible Assets ," goodwill and intangible assets with indefinite useful lives are not amortized. The Company tests goodwill for impairment at the reporting unit level on an annual basis, as of October 1, or whenever potential impairment triggers occur, such as a significant change in business climate or regulatory changes that would indicate that an impairment may have occurred. The Company may use a qualitative test, known as "Step 0," or a two-step quantitative method to determine whether impairment has occurred. In Step 0, the Company can elect to perform an optional qualitative analysis and based on the results skip the two step analysis. In 2014, the Company elected to implement Step 0 and was not required to conduct the remaining two step analysis. The results of the Company's Step 0 assessment indicated that it was more likely than not that the fair value of its reporting unit exceeded its carrying value and therefore the Company concluded that there were no impairments for the year ended December 31, 2014. No Intangible Assets The Company's identifiable intangible assets consist of customer and referral relationships, trade names, trademarks, state licenses and non-compete agreements. Amortization is computed using straight-line and accelerated methods based upon the estimated useful lives of the respective assets, which range from two twenty-five Intangible assets with finite lives are amortized using the estimated economic benefit method over the useful life and assessed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company would recognize an impairment loss when the estimated future non-discounted cash flows associated with the intangible asset is less than the carrying value. An impairment change would then be recorded for the excess of the carrying value over the fair value. The Company estimates the fair value of these intangible assets using the income approach. No The income approach, which the Company uses to estimate the fair value of its intangible assets (other than goodwill), is dependent on a number of factors including estimates of future market growth and trends, forecasted revenue and costs, expected periods the assets will be utilized, appropriate discount rates and other variables. The Company bases its fair value estimates on assumptions the Company believes to be reasonable but which are unpredictable and inherently uncertain. Actual future results may differ from those estimates. The Company also has indefinite-lived intangible assets that are not subject to amortization expense such as certificates of need and licenses to conduct specific operations within geographic markets. The Company's management has concluded that certificates of need and licenses have indefinite lives, as management has determined that there are no legal, regulatory, contractual, economic or other factors that would limit the useful life of these intangible assets, and the Company intends to renew and operate the certificates of need and licenses indefinitely. The certificates of need and licenses are tested annually for impairment. No impairment was recorded for the three or six months ended June 30, 2015 or 2014. Workers' Compensation Program The Company's workers' compensation program has a $ 350,000 Interest Income Legislation enacted in Illinois entitles designated service program providers to receive a prompt payment interest penalty based on qualifying services approved for payment that remain unpaid after a designated period of time. As the amount and timing of the receipt of these payments are not certain, the interest income is recognized when received and reported in the statement of operations as interest income. For the three and six months ended June 30, 2015 and 2014, the Company did not receive any prompt payment interest. While the Company may be owed additional prompt payment interest, the amount and timing of receipt of such payments remains uncertain, and the Company has determined that it will continue to recognize prompt payment interest income when received. Interest Expense The Company's interest expense consists of interest costs on its credit facility and other debt instruments. Income Tax Expense The Company accounts for income taxes under the provisions of ASC Topic 740, "Income Taxes." The objective of accounting for income taxes is to recognize the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in its financial statements or tax returns. Deferred taxes, resulting from differences between the financial and tax basis of the Company's assets and liabilities, are also adjusted for changes in tax rates and tax laws when changes are enacted. ASC Topic 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. ASC Topic 740, also prescribes a recognition threshold and measurement process for recording in the financial statements uncertain tax positions taken or expected to be taken in a tax return. In addition, ASC Topic 740 provides guidance on derecognition, classification, accounting in interim periods and disclosure requirements for uncertain tax positions. Stock-based Compensation The Company has two Stock Compensation ." Compensation expense is recognized on a graded method under the 2006 Plan and on a straight-line basis under the 2009 Plan over the vesting period of the awards based on the fair value of the options and restricted stock awards. Under the 2006 Plan, the Company historically used the Black-Scholes option pricing model to estimate the fair value of its stock based payment awards, but beginning October 28, 2009 under its 2009 Plan it began using an enhanced Hull-White Trinomial model. The determination of the fair value of stock-based payments utilizing the Black-Scholes model and the Enhanced Hull-White Trinomial model is affected by Holdings' stock price and a number of assumptions, including expected volatility, risk-free interest rate, expected term, expected dividends yield, expected forfeiture rate, expected turn-over rate and the expected exercise multiple. Net Income Per Common Share Net income per common share, calculated on the treasury stock method, is based on the weighted average number of shares outstanding during the period. The Company's outstanding securities that may potentially dilute the common stock are stock options and restricted stock awards. Included in the Company's calculation for the three and six months ended June 30, 2015 were 650,000 205,000 189,000 99,000 18,000 29,000 Included in the Company's calculation for the three and six months ended June 30, 2014 were 589,000 217,000 225,000 60,000 18,000 Estimates The financial statements are prepared by management in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") and include estimated amounts and certain disclosures based on assumptions about future events. Accordingly, actual results could differ from those estimates. Fair Value of Financial Instruments The Company's financial instruments consist of cash, accounts receivable, payables and debt. The carrying amounts reported in the consolidated balance sheets for cash, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments. The carrying value of the Company's long-term debt with variable interest rates approximates fair value based on instruments with similar terms. The Company applies fair value techniques on a non-recurring basis associated with valuing potential impairment losses related to goodwill and indefinite-lived intangible assets and also when determining the fair value of contingent considerations. To determine the fair value in these situations, the Company uses Level 3 inputs, such as discounted cash flows, or if available, what a market participant would pay on the measurement date. The Company utilizes the income approach to estimate the fair value of its intangible assets derived from acquisitions. In addition, discounted cash flows were used to estimate the fair value of the Company's investment in joint ventures. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) , which requires an entity to recognize the amount of revenue for which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP. In July 2015, the FASB agreed to defer the effective date of the standard from January 1, 2017, to January 1, 2018, with an option that permits companies to adopt the standard as early as the original effective date. Early application prior to the original effective date is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. ASU 2015-03 is effective for annual and interim periods beginning on or after December 15, 2015. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern , which will explicitly require management to assess an entity's ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Currently, there is no guidance in GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern or to provide related footnote disclosures. The amendments in this update provide that guidance. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity's ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term "substantial doubt", (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management's plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management's plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this update are effective for the first annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the impact of adopting this update on its financial statements. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | 2. Acquisitions On April 24, 2015, the Company entered into a purchase agreement to acquire South Shore Home Health Service, Inc. and Acaring Home Care, LLC for approximately $ 18,000,000 445,000 Effective January 1, 2015, the Company acquired Priority Home Health Care, Inc. ("PHHC"), in order to further expand the Company's presence in the State of Ohio. The total consideration for the transaction was comprised of $ 4,250,000 454,000 The Company's acquisition of PHHC has been accounted for in accordance with ASC Topic 805, "Business Combinations," and the resultant goodwill and other intangible assets will be accounted for under ASC Topic 350 " Goodwill and Other Intangible Assets ." The acquisition was recorded at its fair value as of January 1, 2015. The total purchase price is $ 4,250,000 Total (Amounts in Thousands) Goodwill $ 1,862 Identifiable intangible assets 1,930 Accounts receivable (net) 951 Furniture, fixtures and equipment 58 Other current assets 8 Accrued liabilities (339 ) Accounts payable (220 ) Total purchase price allocation $ 4,250 Management's assessment of qualitative factors affecting goodwill for PHHC includes: estimates of market share at the date of purchase; ability to grow in the market; synergy with existing Company operations and the presence of managed care payors in the market. Identifiable intangible assets acquired consist of trade names and trademarks, customer relationships and non-compete agreements. The estimated fair value of identifiable intangible assets was determined by the Company's management. It is anticipated that the net intangible and identifiable intangible assets, including goodwill, are deductible for tax purposes. These estimates are provisional and are subject to change. The PHHC acquisition accounted for $ 2,277,000 4,660,000 Effective June 1, 2014, the Company acquired Cura Partners, LLC, which conducts business under the name Aid & Assist at Home, LLC ("Aid & Assist"), in order to further expand the Company's presence in the State of Tennessee. The total consideration for the transaction was $ 8,192,000 7,172,000 1,020,000 508,000 The Company's acquisition of Aid & Assist has been accounted for in accordance with ASC Topic 805, "Business Combinations," and the resultant goodwill and other intangible assets will be accounted for under ASC Topic 350 " Goodwill and Other Intangible Assets ." The acquisition was recorded at its fair value as of June 1, 2014. The total purchase price is $8,192,000 and is comprised of: Total (Amounts in Thousands) Cash $ 7,172 Contingent earn-out obligation 1,020 Total purchase price $ 8,192 The contingent earn-out obligation has been recorded at its fair value of $ 1,020,000 1,168,000 200,000 Under business combination accounting, the total purchase price will be allocated to Aid & Assist's net tangible and identifiable intangible assets based on their estimated fair values. Based upon management's valuation, the total purchase price has been allocated as follows: Total (Amounts in Thousands) Goodwill $ 4,317 Identifiable intangible assets 3,950 Accounts receivable (net) 521 Furniture, fixtures and equipment 65 Other current assets 60 Accrued liabilities (553 ) Accounts payable (168 ) Total purchase price allocation $ 8,192 Management's assessment of qualitative factors affecting goodwill for Aid & Assist includes: estimates of market share at the date of purchase; ability to grow in the market; synergy with existing Company operations and the presence of managed care payors in the market. Identifiable intangible assets acquired consist of trade names and trademarks, customer relationships and non-compete agreements. The estimated fair value of identifiable intangible assets was determined by the Company's management. It is anticipated that the net intangible and identifiable intangible assets, including goodwill, are deductible for tax purposes. The Aid & Assist acquisition accounted for $ 2,763,000 5,708,000 The Company entered into two two four two 12,325,000 2,250,000 sixteen effective December 1, 2013. The related acquisitions costs were $ 735,000 The Company's acquisition of the assets of CHHC has been accounted for in accordance with ASC Topic 805, "Business Combinations" and the resultant goodwill and other intangible assets will be accounted for under ASC Topic 350 "Goodwill and Other Intangible Assets". Assets acquired and liabilities assumed were recorded at their fair values as of December 1, 2013. The total purchase price was $12,825,000 and was comprised of: Total (Amounts in Thousands) Cash $ 11,725 Contingent earn-out obligation 1,100 Total purchase price $ 12,825 On December 1, 2013, the contingent earn-out obligation was recorded at its fair value of $ 1,100,000 2,250,000 1,000,000 920,000 1,000,000 Under business combination accounting, the total purchase price was allocated to CHHC's net tangible and identifiable intangible assets based on their estimated fair values. Based upon management's valuation, the total purchase price was allocated as follows: Total (Amounts in Thousands) Goodwill $ 9,488 Identifiable intangible assets 3,300 Accounts receivable 888 Prepaid expenses 35 Furniture, fixtures and equipment 58 Deposits 15 Accounts payable (81 ) Accrued liabilities (864 ) Other liabilities (14 ) Total purchase price allocation $ 12,825 Management's assessment of qualitative factors affecting goodwill for CHHC includes: estimates of market share at the date of purchase; ability to grow in the market; synergy with existing Company operations and the presence of managed care payors in the market. Identifiable intangible assets acquired consist of trade names and trademarks, customer relationships and non-compete agreements. The estimated fair value of identifiable intangible assets was determined by management. It is anticipated that the net intangible and identifiable intangible assets, including goodwill, are deductible for tax purposes. Acquisitions completed during the fourth quarter 2013 accounted for $ 6,062,000 11,871,000 5,446,000 10,911,000 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 3. Goodwill and Intangible Assets The Company's carrying value of goodwill is the residual of the purchase price over the fair value of the net assets acquired from various acquisitions including the acquisition of Addus HealthCare. In accordance with ASC Topic 350, "Goodwill and Other Intangible Assets," goodwill and intangible assets with indefinite useful lives are not amortized. The Company tests goodwill for impairment on an annual basis, as of October 1, or whenever potential impairment triggers occur, such as a significant change in business climate or regulatory changes that would indicate that impairment may have occurred. Goodwill is required to be tested for impairment at least annually. The Company can elect to perform Step 0, an optional qualitative analysis and based on the results skip the remaining two steps. In 2014, the Company elected to implement Step 0 and was not required to conduct the remaining two step analysis. In performing its goodwill assessment for 2014, the Company evaluated the following factors that affect future business performance: macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, entity-specific events, reporting unit factors and company stock price. As a result of the assessments of these qualitative factors, the Company concluded that it was more likely than not that the fair values of the reporting unit goodwill as of December 31, 2014 exceed the carrying values of the unit. Accordingly, the first and second steps of the goodwill impairment test as described in ASC 350-20-35, which includes estimating the fair values of the Company, were not considered necessary. The Company did not record any impairment charges for the three and six months ended June 30, 2015. The Company will perform its annual impairment test for fiscal 2015 during the fourth quarter of 2015. A summary of the goodwill activity for the six months ended June 30, 2015 is provided below: Goodwill (Amounts in Thousands) Goodwill, at December 31, 2014 $ 64,220 Additions for acquisitions 1,862 Adjustments to previously recorded goodwill (80 ) Goodwill, at June 30, 2015 $ 66,002 Adjustments to the previously recorded goodwill are primarily credits related to amortization of tax goodwill in excess of book basis. The Company's identifiable intangible assets consist of customer and referral relationships, trade names, trademarks, state licenses and non-compete agreements. Amortization is computed using straight-line and accelerated methods based upon the estimated useful lives of the respective assets, which range from two twenty-five The Company also has indefinite-lived assets that are not subject to amortization expense such as licenses and in certain states certificates of need to conduct specific operations within geographic markets. The Company has concluded these assets have indefinite lives, as management has determined that there are no legal, regulatory, contractual, economic or other factors that would limit the useful life of these intangible assets and the Company intends to renew the licenses indefinitely. The licenses and certificates of need are tested annually for impairment using the cost approach. Under this method assumptions are made about the cost to replace the certificates of need. No The carrying amount and accumulated amortization of each identifiable intangible asset category consisted of the following at June 30, 2015 and December 31, 2014: Customer and referral Trade names and Non-competition relationships trademarks State licenses agreements Total (Amounts in Thousands) Gross balance at December 31, 2014 $ 27,896 $ 7,181 $ 150 $ 2,058 $ 37,285 Accumulated amortization (22,497 ) (3,619 ) — (822 ) (26,938 ) Net Balance at December 31, 2014 5,399 3,562 150 1,236 10,347 Gross balance at January 1, 2015 27,896 7,181 150 2,058 37,285 Additions for acquisitions 910 980 — 40 1,930 Acquisition of customer list 146 — — — 146 Accumulated amortization (23,257 ) (4,103 ) — (1,055 ) (28,415 ) Net Balance at June 30, 2015 $ 5,695 $ 4,058 $ 150 $ 1,043 $ 10,946 Amortization expense related to the identifiable intangible assets amounted to $ 741,000 1,477,000 735,000 1,009,000 |
Details Of Certain Balance Shee
Details Of Certain Balance Sheet Accounts | 6 Months Ended |
Jun. 30, 2015 | |
Details Of Certain Balance Sheet Accounts [Abstract] | |
Details Of Certain Balance Sheet Accounts | 4. Details of Certain Balance Sheet Accounts Prepaid expenses and other current assets consisted of the following: June 30, 2015 December 31, 2014 (Amounts in (Amounts in Details of Certain Balance Sheet Accounts Thousands) Thousands) Prepaid health insurance $ 41 $ 2,762 Prepaid workers' compensation and liability insurance 754 1,326 Prepaid rent 587 595 Workers' compensation insurance receivable 1,781 1,457 Other 1,086 1,028 $ 4,249 $ 7,168 Accrued expenses consisted of the following: June 30, 2015 December 31, 2014 (Amounts in (Amounts in Thousands) Thousands) Accrued payroll $ 17,822 $ 12,703 Accrued workers' compensation insurance 14,914 14,081 Accrued health insurance (1) 995 3,540 Indemnification reserve (2) 1,263 1,263 Accrued professional fees 840 1,500 Other 3,752 4,181 $ 39,586 $ 37,268 (1) The Company provides health insurance coverage to qualified union employees providing home and community based services in Illinois through a Taft-Hartley multi-employer health and welfare plan under Section 302(c)(5) of the Labor Management Relations Act of 1947. The Company's insurance contributions equal the amount reimbursed by the State of Illinois. Contributions are due within five 49,000 2,404,000 (2) As a condition of the sale of substantially all of the assets used in the Company's home health business to subsidiaries of LHC Group. Inc. ("LHCG") in February 2013, the Company is responsible for any adjustments to Medicare and Medicaid billings prior to the closing. In connection with an internal evaluation of the Company's billing processes, the Company discovered documentation errors in a number of claims that it had submitted to Medicare. Consistent with applicable law, the Company voluntarily remitted $ 1,840,000 1,263,000 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 5. Long-Term Debt Capital Leases On July 12, 2014, September 11, 2014 and April 13, 2015, the Company executed three 48 2,650,000 1,428,000 378,000 3.0 3.6 The following is an analysis of the leased property under capital leases by major classes. Asset Balances at June 30, 2015 Classes of Property (Amounts in Thousands) Leasehold Improvements $ 2,928 Furniture & Equipment 526 Computer Equipment 635 Computer Software 303 Less: Accumulated Depreciation (462 ) $ 3,930 The future minimum payments for capital leases as of June 30, 2015 are as follows: Capital Lease (Amounts In Thousands) 2015 $ 606 2016 1,213 2017 1,213 2018 737 2019 29 Total minimum lease payments 3,798 Less: amount representing estimated executory costs (such as taxes, maintenance and insurance), including profit thereon, included in total minimum lease payments (82 ) Net minimum lease payments 3,716 Less: amount representing interest (a) (185 ) Present value of net minimum lease payments (b) $ 3,531 (a) Amount necessary to reduce net minimum lease payments to present value calculated at the Company's incremental borrowing rate at lease inception. (b) Reflected in the balance sheet as current and noncurrent obligations under capital leases of $ 1,091,000 2,440,000 Senior Secured Credit Facility On August 11, 2014, the Company renewed its credit facility. The Company's credit facility provides a $ 55,000,000 27,500,000 4.6 3.5 5,000,000 7,000,000 The availability of funds under the revolving portion of the credit facility, as amended, is based on the lesser of (i) the product of adjusted EBITDA, as defined in the credit agreement, for the most recent 12-month period for which financial statements have been delivered under the credit agreement multiplied by the specified advance multiple, up to 3.25 55,000,000 3.5 1.6 0.5 3 0.5 2.0 39,555,000 39,536,000 The credit facility contains customary affirmative covenants regarding, among other things, the maintenance of records, compliance with laws, maintenance of permits, maintenance of insurance and property and payment of taxes. The credit facility also contains certain customary financial covenants and negative covenants that, among other things, include a requirement to maintain a minimum fixed charge coverage ratio, a requirement to stay below a maximum senior leverage ratio and a requirement to stay below a maximum permitted amount of capital expenditures, as well as restrictions on guarantees, indebtedness, liens, distributions, investments and loans, subject to customary carve outs, a restriction on dividends (unless no default then exists or would occur as a result thereof, the Company is in pro forma compliance with the financial covenants contained in the credit facility after giving effect thereto, and the Company has an excess availability of at least 10% of the revolving credit commitment under the credit facility), restrictions on the Company's ability to enter into transactions other than in the ordinary course of business, a restriction on the ability to consummate more than three 2,000,000 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 6. Income Taxes A reconciliation of the statutory federal tax rate of 35.0% for the three and six months ended June 30, 2015 and 2014 is summarized as follows: Three Months Ended June 30, 2015 2014 Federal income tax at statutory rate 35.0 % 35.0 % State and local taxes, net of federal benefit 5.2 5.9 Jobs tax credits, net (7.8 ) (9.9 ) Nondeductible meals and entertainment 0.5 (0.1 ) Other 1.1 — Effective income tax rate 34.0 % 30.9 % Six Months Ended June 30, 2015 2014 Federal income tax at statutory rate 35.0 % 35.0 % State and local taxes, net of federal benefit 5.2 5.9 Jobs tax credits, net (6.6 ) (8.4 ) Nondeductible meals and entertainment 0.6 (0.3 ) Other 1.2 — Effective income tax rate 35.4 % 32.8 % |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 7. Commitments and Contingencies Legal Proceedings The Company is a party to legal and/or administrative proceedings arising in the ordinary course of its business. It is the opinion of management that the outcome of such proceedings will not have a material effect on the Company's financial position and results of operations. Employment Agreements The Company has entered into employment agreements with certain members of senior management. The terms of these agreements are up to four |
Significant Payors
Significant Payors | 6 Months Ended |
Jun. 30, 2015 | |
Significant Payors [Abstract] | |
Significant Payors | 8. Significant Payors A substantial portion of the Company's net service revenues and accounts receivables are derived from services performed for federal, state and local governmental agencies. The Illinois Department on Aging accounted for 48.0 54.2 47.9 54.6 The related receivables due from the Illinois Department on Aging represented 25.0 54.2 |
Concentration Of Cash
Concentration Of Cash | 6 Months Ended |
Jun. 30, 2015 | |
Concentration Of Cash [Abstract] | |
Concentration Of Cash | 9. Concentration of Cash Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash. The Company maintains cash with financial institutions which, at times, may exceed federally insured limits. The Company believes it is not exposed to any significant credit risk on cash. |
Summary Of Significant Accoun16
Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Description of Business | Basis of Presentation and Description of Business The condensed consolidated financial statements include the accounts of Addus HomeCare Corporation ("Holdings") and its subsidiaries (together with Holdings, the "Company" or "we"). The Company operates as one 33,000 127 22 5 |
Principles of Consolidation | Principles of Consolidation All intercompany balances and transactions have been eliminated in consolidation. The Company's investment in entities with less than 20% ownership or in which the Company does not have the ability to influence the operations of the investee are being accounted for using the cost method and are included in investments in joint ventures. |
Revenue Recognition | Revenue Recognition The Company generates net service revenues by providing services directly to consumers. The Company receives payments for providing services from federal, state and local governmental agencies, commercial insurers and private consumers. The Company's services are principally provided based on authorized hours, determined by the relevant agency, at an hourly rate specified in agreements or fixed by legislation and recognized as revenues at the time services are rendered. Home and community based service revenues are reimbursed by state, local and other governmental programs which are partially funded by Medicaid or Medicaid waiver programs, with the remainder reimbursed through private duty and insurance programs. Laws and regulations governing the Medicaid and Medicare programs are complex and subject to interpretation. As a result, there is at least a reasonable possibility that recorded estimates may change in the near term. The Company believes that it is in compliance in all material respects with all applicable laws and regulations. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company establishes its allowance for doubtful accounts to the extent it is probable that a portion or all of a particular account will not be collected. The Company estimates its provision for doubtful accounts primarily by aging receivables utilizing eight |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated over the estimated useful lives of the related assets by use of the straight-line method except for internally developed software which is amortized by the sum-of-years digits method. Maintenance and repairs are charged to expense as incurred. The estimated useful lives of the property and equipment are as follows: Computer equipment Furniture and equipment Transportation equipment Computer software Leasehold improvements 3 5 5 7 5 5 10 Lesser of useful life or lease term, unless probability of lease renewal is likely |
Goodwill | Goodwil The Company's carrying value of goodwill is the residual of the purchase price over the fair value of the net assets acquired from various acquisitions including the acquisition of Addus HealthCare, Inc. ("Addus HealthCare"). In accordance with Accounting Standards Codification ("ASC") Topic 350, "Goodwill and Other Intangible Assets ," goodwill and intangible assets with indefinite useful lives are not amortized. The Company tests goodwill for impairment at the reporting unit level on an annual basis, as of October 1, or whenever potential impairment triggers occur, such as a significant change in business climate or regulatory changes that would indicate that an impairment may have occurred. The Company may use a qualitative test, known as "Step 0," or a two-step quantitative method to determine whether impairment has occurred. In Step 0, the Company can elect to perform an optional qualitative analysis and based on the results skip the two step analysis. In 2014, the Company elected to implement Step 0 and was not required to conduct the remaining two step analysis. The results of the Company's Step 0 assessment indicated that it was more likely than not that the fair value of its reporting unit exceeded its carrying value and therefore the Company concluded that there were no impairments for the year ended December 31, 2014. No |
Intangible Assets | Intangible Assets The Company's identifiable intangible assets consist of customer and referral relationships, trade names, trademarks, state licenses and non-compete agreements. Amortization is computed using straight-line and accelerated methods based upon the estimated useful lives of the respective assets, which range from two twenty-five Intangible assets with finite lives are amortized using the estimated economic benefit method over the useful life and assessed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company would recognize an impairment loss when the estimated future non-discounted cash flows associated with the intangible asset is less than the carrying value. An impairment change would then be recorded for the excess of the carrying value over the fair value. The Company estimates the fair value of these intangible assets using the income approach. No The income approach, which the Company uses to estimate the fair value of its intangible assets (other than goodwill), is dependent on a number of factors including estimates of future market growth and trends, forecasted revenue and costs, expected periods the assets will be utilized, appropriate discount rates and other variables. The Company bases its fair value estimates on assumptions the Company believes to be reasonable but which are unpredictable and inherently uncertain. Actual future results may differ from those estimates. The Company also has indefinite-lived intangible assets that are not subject to amortization expense such as certificates of need and licenses to conduct specific operations within geographic markets. The Company's management has concluded that certificates of need and licenses have indefinite lives, as management has determined that there are no legal, regulatory, contractual, economic or other factors that would limit the useful life of these intangible assets, and the Company intends to renew and operate the certificates of need and licenses indefinitely. The certificates of need and licenses are tested annually for impairment. No impairment was recorded for the three or six months ended June 30, 2015 or 2014. |
Workers' Compensation Program | Workers' Compensation Program The Company's workers' compensation program has a $ 350,000 |
Interest Income | Interest Income Legislation enacted in Illinois entitles designated service program providers to receive a prompt payment interest penalty based on qualifying services approved for payment that remain unpaid after a designated period of time. As the amount and timing of the receipt of these payments are not certain, the interest income is recognized when received and reported in the statement of operations as interest income. For the three and six months ended June 30, 2015 and 2014, the Company did not receive any prompt payment interest. While the Company may be owed additional prompt payment interest, the amount and timing of receipt of such payments remains uncertain, and the Company has determined that it will continue to recognize prompt payment interest income when received. |
Interest Expense | Interest Expense The Company's interest expense consists of interest costs on its credit facility and other debt instruments. |
Income Tax Expense | Income Tax Expense The Company accounts for income taxes under the provisions of ASC Topic 740, "Income Taxes." The objective of accounting for income taxes is to recognize the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in its financial statements or tax returns. Deferred taxes, resulting from differences between the financial and tax basis of the Company's assets and liabilities, are also adjusted for changes in tax rates and tax laws when changes are enacted. ASC Topic 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. ASC Topic 740, also prescribes a recognition threshold and measurement process for recording in the financial statements uncertain tax positions taken or expected to be taken in a tax return. In addition, ASC Topic 740 provides guidance on derecognition, classification, accounting in interim periods and disclosure requirements for uncertain tax positions. |
Stock-Based Compensation | Stock-based Compensation The Company has two Stock Compensation ." Compensation expense is recognized on a graded method under the 2006 Plan and on a straight-line basis under the 2009 Plan over the vesting period of the awards based on the fair value of the options and restricted stock awards. Under the 2006 Plan, the Company historically used the Black-Scholes option pricing model to estimate the fair value of its stock based payment awards, but beginning October 28, 2009 under its 2009 Plan it began using an enhanced Hull-White Trinomial model. The determination of the fair value of stock-based payments utilizing the Black-Scholes model and the Enhanced Hull-White Trinomial model is affected by Holdings' stock price and a number of assumptions, including expected volatility, risk-free interest rate, expected term, expected dividends yield, expected forfeiture rate, expected turn-over rate and the expected exercise multiple. |
Net Income Per Common Share | Net Income Per Common Share Net income per common share, calculated on the treasury stock method, is based on the weighted average number of shares outstanding during the period. The Company's outstanding securities that may potentially dilute the common stock are stock options and restricted stock awards. Included in the Company's calculation for the three and six months ended June 30, 2015 were 650,000 205,000 189,000 99,000 18,000 29,000 Included in the Company's calculation for the three and six months ended June 30, 2014 were 589,000 217,000 225,000 60,000 18,000 |
Estimates | Estimates The financial statements are prepared by management in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") and include estimated amounts and certain disclosures based on assumptions about future events. Accordingly, actual results could differ from those estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company's financial instruments consist of cash, accounts receivable, payables and debt. The carrying amounts reported in the consolidated balance sheets for cash, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments. The carrying value of the Company's long-term debt with variable interest rates approximates fair value based on instruments with similar terms. The Company applies fair value techniques on a non-recurring basis associated with valuing potential impairment losses related to goodwill and indefinite-lived intangible assets and also when determining the fair value of contingent considerations. To determine the fair value in these situations, the Company uses Level 3 inputs, such as discounted cash flows, or if available, what a market participant would pay on the measurement date. The Company utilizes the income approach to estimate the fair value of its intangible assets derived from acquisitions. In addition, discounted cash flows were used to estimate the fair value of the Company's investment in joint ventures. |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) , which requires an entity to recognize the amount of revenue for which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP. In July 2015, the FASB agreed to defer the effective date of the standard from January 1, 2017, to January 1, 2018, with an option that permits companies to adopt the standard as early as the original effective date. Early application prior to the original effective date is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs . The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. ASU 2015-03 is effective for annual and interim periods beginning on or after December 15, 2015. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern , which will explicitly require management to assess an entity's ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Currently, there is no guidance in GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern or to provide related footnote disclosures. The amendments in this update provide that guidance. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity's ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term "substantial doubt", (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management's plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management's plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this update are effective for the first annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is currently evaluating the impact of adopting this update on its financial statements. |
Summary Of Significant Accoun17
Summary Of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Property, Plant And Equipment Useful Life | Computer equipment Furniture and equipment Transportation equipment Computer software Leasehold improvements 3 5 5 7 5 5 10 Lesser of useful life or lease term, unless probability of lease renewal is likely |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Priority Home Health Care, Inc [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Allocation | Total (Amounts in Thousands) Goodwill $ 1,862 Identifiable intangible assets 1,930 Accounts receivable (net) 951 Furniture, fixtures and equipment 58 Other current assets 8 Accrued liabilities (339 ) Accounts payable (220 ) Total purchase price allocation $ 4,250 |
Cura Partners, LLC [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Components | Total (Amounts in Thousands) Cash $ 7,172 Contingent earn-out obligation 1,020 Total purchase price $ 8,192 |
Schedule Of Purchase Price Allocation | Total (Amounts in Thousands) Goodwill $ 4,317 Identifiable intangible assets 3,950 Accounts receivable (net) 521 Furniture, fixtures and equipment 65 Other current assets 60 Accrued liabilities (553 ) Accounts payable (168 ) Total purchase price allocation $ 8,192 |
Coordinated Home Health Care, LLC [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Purchase Price Components | Total (Amounts in Thousands) Cash $ 11,725 Contingent earn-out obligation 1,100 Total purchase price $ 12,825 |
Schedule Of Purchase Price Allocation | Total (Amounts in Thousands) Goodwill $ 9,488 Identifiable intangible assets 3,300 Accounts receivable 888 Prepaid expenses 35 Furniture, fixtures and equipment 58 Deposits 15 Accounts payable (81 ) Accrued liabilities (864 ) Other liabilities (14 ) Total purchase price allocation $ 12,825 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets [Abstract] | |
Changes In Goodwill By Segment | Goodwill (Amounts in Thousands) Goodwill, at December 31, 2014 $ 64,220 Additions for acquisitions 1,862 Adjustments to previously recorded goodwill (80 ) Goodwill, at June 30, 2015 $ 66,002 |
Schedule Of Carrying Amount And Accumulated Amortization Of Intangible Asset | Customer and referral Trade names and Non-competition relationships trademarks State licenses agreements Total (Amounts in Thousands) Gross balance at December 31, 2014 $ 27,896 $ 7,181 $ 150 $ 2,058 $ 37,285 Accumulated amortization (22,497 ) (3,619 ) — (822 ) (26,938 ) Net Balance at December 31, 2014 5,399 3,562 150 1,236 10,347 Gross balance at January 1, 2015 27,896 7,181 150 2,058 37,285 Additions for acquisitions 910 980 — 40 1,930 Acquisition of customer list 146 — — — 146 Accumulated amortization (23,257 ) (4,103 ) — (1,055 ) (28,415 ) Net Balance at June 30, 2015 $ 5,695 $ 4,058 $ 150 $ 1,043 $ 10,946 |
Details Of Certain Balance Sh20
Details Of Certain Balance Sheet Accounts (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Details Of Certain Balance Sheet Accounts [Abstract] | |
Schedule Of Prepaid Expenses And Other Current Assets | June 30, 2015 December 31, 2014 (Amounts in (Amounts in Details of Certain Balance Sheet Accounts Thousands) Thousands) Prepaid health insurance $ 41 $ 2,762 Prepaid workers' compensation and liability insurance 754 1,326 Prepaid rent 587 595 Workers' compensation insurance receivable 1,781 1,457 Other 1,086 1,028 $ 4,249 $ 7,168 |
Schedule Of Accrued Expenses | June 30, 2015 December 31, 2014 (Amounts in (Amounts in Thousands) Thousands) Accrued payroll $ 17,822 $ 12,703 Accrued workers' compensation insurance 14,914 14,081 Accrued health insurance (1) 995 3,540 Indemnification reserve (2) 1,263 1,263 Accrued professional fees 840 1,500 Other 3,752 4,181 $ 39,586 $ 37,268 (1) The Company provides health insurance coverage to qualified union employees providing home and community based services in Illinois through a Taft-Hartley multi-employer health and welfare plan under Section 302(c)(5) of the Labor Management Relations Act of 1947. The Company's insurance contributions equal the amount reimbursed by the State of Illinois. Contributions are due within five 49,000 2,404,000 (2) As a condition of the sale of substantially all of the assets used in the Company's home health business to subsidiaries of LHC Group. Inc. ("LHCG") in February 2013, the Company is responsible for any adjustments to Medicare and Medicaid billings prior to the closing. In connection with an internal evaluation of the Company's billing processes, the Company discovered documentation errors in a number of claims that it had submitted to Medicare. Consistent with applicable law, the Company voluntarily remitted $ 1,840,000 1,263,000 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Long-Term Debt [Abstract] | |
Schedule Of Property Under Capital Leases | Asset Balances at June 30, 2015 Classes of Property (Amounts in Thousands) Leasehold Improvements $ 2,928 Furniture & Equipment 526 Computer Equipment 635 Computer Software 303 Less: Accumulated Depreciation (462 ) $ 3,930 |
Schedule Of Future Minimum Payments For Capital Leases | Capital Lease (Amounts In Thousands) 2015 $ 606 2016 1,213 2017 1,213 2018 737 2019 29 Total minimum lease payments 3,798 Less: amount representing estimated executory costs (such as taxes, maintenance and insurance), including profit thereon, included in total minimum lease payments (82 ) Net minimum lease payments 3,716 Less: amount representing interest (a) (185 ) Present value of net minimum lease payments (b) $ 3,531 (a) Amount necessary to reduce net minimum lease payments to present value calculated at the Company's incremental borrowing rate at lease inception. (b) Reflected in the balance sheet as current and noncurrent obligations under capital leases of $ 1,091,000 2,440,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Reconciliation Of Effective Tax Rate | Three Months Ended June 30, 2015 2014 Federal income tax at statutory rate 35.0 % 35.0 % State and local taxes, net of federal benefit 5.2 5.9 Jobs tax credits, net (7.8 ) (9.9 ) Nondeductible meals and entertainment 0.5 (0.1 ) Other 1.1 — Effective income tax rate 34.0 % 30.9 % Six Months Ended June 30, 2015 2014 Federal income tax at statutory rate 35.0 % 35.0 % State and local taxes, net of federal benefit 5.2 5.9 Jobs tax credits, net (6.6 ) (8.4 ) Nondeductible meals and entertainment 0.6 (0.3 ) Other 1.2 — Effective income tax rate 35.4 % 32.8 % |
Summary Of Significant Accoun23
Summary Of Significant Accounting Policies (Narrative) (Details) shares in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($)stateshares | Jun. 30, 2014USD ($)shares | Jun. 30, 2015USD ($)statesegmentitemshares | Jun. 30, 2014USD ($)shares | Dec. 31, 2014USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of business segments | segment | 1 | ||||
Number of states in which the company operates | state | 22 | 22 | |||
Number of consumers | 33,000 | ||||
Number of locations | 127 | ||||
Number of adult day centers | 5 | ||||
Allowances for doubtful accounts, number of aging categories | 8 | ||||
Goodwill impairment | $ | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Impairment of intangible assets excluding goodwill | $ | $ 0 | $ 0 | 0 | $ 0 | |
Deductible component of workers' compensation | $ | $ 350,000 | ||||
Number of stock options included in calculation | shares | 650 | 589 | 650 | 589 | |
Number of dilutive shares of outstanding stock options and restricted stock awards | shares | 205 | 217 | 189 | 225 | |
Number of stock incentive plans | 2 | ||||
Restricted Stock [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Shares of restricted stock awards | shares | 99 | 60 | 99 | 60 | |
Number of dilutive shares of outstanding stock options and restricted stock awards | shares | 18 | 18 | 29 | 18 | |
Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Intangible assets, estimated useful lives | 2 years | ||||
Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Intangible assets, estimated useful lives | 25 years |
Summary Of Significant Accoun24
Summary Of Significant Accounting Policies (Schedule Of Property, Plant And Equipment Useful Life) (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Transportation Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 5 years |
Minimum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 3 years |
Minimum [Member] | Furniture And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 5 years |
Minimum [Member] | Computer Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 5 years |
Maximum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 5 years |
Maximum [Member] | Furniture And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 7 years |
Maximum [Member] | Computer Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 10 years |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) | Apr. 24, 2015USD ($) | Jan. 01, 2015USD ($) | Jun. 01, 2014USD ($) | Dec. 01, 2013USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)item | Jun. 30, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | ||||||||||
Acquisitions of businesses | $ 4,250,000 | $ 7,233,000 | ||||||||
Current portion of contingent earn-out obligation | $ 920,000 | 920,000 | $ 1,000,000 | |||||||
Contingent earn-out obligation, less current portion | 200,000 | $ 200,000 | 1,120,000 | |||||||
Number of aquisition agreements | item | 2 | |||||||||
Net service revenues | 85,809,000 | $ 76,965,000 | $ 167,724,000 | 148,648,000 | ||||||
Medical Services of America, Inc. and Coordinated Home and Health Care, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisitions of businesses | $ 12,325,000 | |||||||||
Medical Services of America, Inc. [Member] | South Carolina [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of Agencies Acquired | item | 2 | |||||||||
Medical Services of America, Inc. [Member] | Tennessee [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of Agencies Acquired | item | 4 | |||||||||
Medical Services of America, Inc. [Member] | Ohio [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of Agencies Acquired | item | 2 | |||||||||
Cura Partners, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisitions of businesses | $ 7,172,000 | |||||||||
Acquisition related costs | 508,000 | |||||||||
Business acquisition, contingent earn-out obligation | 1,020,000 | |||||||||
Business acquisition, contingent earn-out obligation, present value | 1,168,000 | |||||||||
Contingent earn-out obligation, less current portion | 200,000 | $ 200,000 | 200,000 | |||||||
Total purchase price for business acquisition | 8,192,000 | |||||||||
Acquisition costs | $ 1,020,000 | |||||||||
Net service revenues | 2,763,000 | 5,708,000 | ||||||||
Coordinated Home Health Care, LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisitions of businesses | $ 11,725,000 | |||||||||
Business acquisition, contingent earn-out obligation | 1,100,000 | $ 1,100,000 | ||||||||
Business acquisition, contingent earn-out obligation, present value | $ 2,250,000 | |||||||||
Potential future consideration | 2,250,000 | |||||||||
Current portion of contingent earn-out obligation | 1,000,000 | |||||||||
Contingent earn-out obligation, less current portion | $ 920,000 | |||||||||
Total purchase price for business acquisition | $ 12,825,000 | |||||||||
Contingent earn-out obligation, amount paid current portion | 1,000,000 | |||||||||
Acquisition costs | 735,000 | 735,000 | ||||||||
Net service revenues | 6,062,000 | $ 5,446,000 | $ 11,871,000 | $ 10,911,000 | ||||||
Coordinated Home Health Care, LLC [Member] | New Mexico [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of Offices | item | 16 | |||||||||
Priority Home Health Care, Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisitions of businesses | $ 4,250,000 | |||||||||
Acquisition related costs | 454,000 | |||||||||
Total purchase price for business acquisition | $ 4,250,000 | |||||||||
Net service revenues | $ 2,277,000 | $ 4,660,000 | ||||||||
South Shore Home Health Service, Inc [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisitions of businesses | $ 18,000,000 | |||||||||
Acquisition related costs | $ 445,000 |
Acquisitions (Schedule Of Purch
Acquisitions (Schedule Of Purchase Price Components) (Details) - USD ($) | Jun. 01, 2014 | Dec. 01, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||||
Cash | $ 4,250,000 | $ 7,233,000 | |||
Coordinated Home Health Care, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 11,725,000 | ||||
Contingent earn-out obligation (net of discount) | 1,100,000 | $ 1,100,000 | |||
Total purchase price | $ 12,825,000 | ||||
Cura Partners, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 7,172,000 | ||||
Contingent earn-out obligation (net of discount) | 1,020,000 | ||||
Total purchase price | $ 8,192,000 |
Acquisitions (Schedule Of Pur27
Acquisitions (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 01, 2014 | Dec. 01, 2013 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 66,002 | $ 64,220 | ||
Cura Partners, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 4,317 | |||
Identifiable intangible assets | 3,950 | |||
Accounts receivable (net) | 521 | |||
Furniture, fixtures and equipment | 65 | |||
Other current assets | 60 | |||
Accrued liabilities | (553) | |||
Accounts payable | (168) | |||
Total purchase price allocation | $ 8,192 | |||
Coordinated Home Health Care, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 9,488 | |||
Identifiable intangible assets | 3,300 | |||
Accounts receivable (net) | 888 | |||
Prepaid expenses | 35 | |||
Furniture, fixtures and equipment | 58 | |||
Deposits | 15 | |||
Accrued liabilities | (864) | |||
Accounts payable | (81) | |||
Other liabilities | (14) | |||
Total purchase price allocation | $ 12,825 | |||
Priority Home Health Care, Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 1,862 | |||
Identifiable intangible assets | 1,930 | |||
Accounts receivable (net) | 951 | |||
Furniture, fixtures and equipment | 58 | |||
Other current assets | 8 | |||
Accrued liabilities | (339) | |||
Accounts payable | (220) | |||
Total purchase price allocation | $ 4,250 |
Goodwill And Intangible Asset28
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||||
Impairment of intangible assets excluding goodwill | $ 0 | $ 0 | $ 0 | $ 0 | |
Amortization expense | 741,000 | 735,000 | 1,477,000 | 1,009,000 | |
Impairment charge | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Minimum [Member] | |||||
Goodwill [Line Items] | |||||
Intangible assets, estimated useful lives | 2 years | ||||
Maximum [Member] | |||||
Goodwill [Line Items] | |||||
Intangible assets, estimated useful lives | 25 years |
Goodwill And Intangible Asset29
Goodwill And Intangible Assets (Changes In Goodwill By Segment) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill, at Beginning of Period | $ 64,220 |
Additions for Acquisitions | 1,862 |
Adjustments to previously recorded goodwill | (80) |
Goodwill, at End of Period | $ 66,002 |
Goodwill And Intangible Asset30
Goodwill And Intangible Assets (Schedule Of Carrying Amount And Accumulated Amortization Of Intangible Asset) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross balance | $ 37,285 | $ 37,285 |
Additions for acquisitions | 1,930 | |
Acquisiton of customer list | 146 | |
Accumulated amortization | (28,415) | (26,938) |
Net Balance | 10,946 | 10,347 |
Customer And Referral Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross balance | 27,896 | 27,896 |
Additions for acquisitions | 910 | |
Acquisiton of customer list | 146 | |
Accumulated amortization | (23,257) | (22,497) |
Net Balance | 5,695 | 5,399 |
Trade Names And Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross balance | 7,181 | 7,181 |
Additions for acquisitions | 980 | |
Accumulated amortization | (4,103) | (3,619) |
Net Balance | 4,058 | 3,562 |
State Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross balance | 150 | 150 |
Net Balance | 150 | 150 |
Non-competition Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross balance | 2,058 | 2,058 |
Additions for acquisitions | 40 | |
Accumulated amortization | (1,055) | (822) |
Net Balance | $ 1,043 | $ 1,236 |
Details Of Certain Balance Sh31
Details Of Certain Balance Sheet Accounts (Schedule Of Prepaid Expenses And Other Current Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Details Of Certain Balance Sheet Accounts [Abstract] | ||
Prepaid health insurance | $ 41 | $ 2,762 |
Prepaid workers' compensation and liability insurance | 754 | 1,326 |
Prepaid rent | 587 | 595 |
Workers' compensation insurance receivable | 1,781 | 1,457 |
Other | 1,086 | 1,028 |
Prepaid expenses and other current assets | $ 4,249 | $ 7,168 |
Details Of Certain Balance Sh32
Details Of Certain Balance Sheet Accounts (Schedule Of Accrued Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | ||
Details Of Certain Balance Sheet Accounts [Abstract] | ||||
Accrued payroll | $ 17,822 | $ 12,703 | ||
Accrued workers' compensation insurance | [1] | 14,914 | 14,081 | |
Accrued health insurance | [2] | 995 | 3,540 | |
Indemnification reserve | 1,263 | 1,263 | ||
Accrued professional fees | 840 | 1,500 | ||
Other | 3,752 | 4,181 | ||
Accrued expenses | $ 39,586 | 37,268 | ||
Remittance payment | $ 1,840 | |||
Contributions due after fund received, period | 5 days | |||
Health insurance reimbursement and contribution due | $ 49 | $ 2,404 | ||
Estimated remaining remittance payment | $ 1,263 | |||
[1] | The Company provides health insurance coverage to qualified union employees providing home and community based services in Illinois through a Taft-Hartley multi-employer health and welfare plan under Section 302(c)(5) of the Labor Management Relations Act of 1947. The Company's insurance contributions equal the amount reimbursed by the State of Illinois. Contributions are due within five business days from the date the funds are received from the State. Amounts due of $49,000 and $2,404,000 for health insurance reimbursements and contributions were reflected in prepaid insurance and accrued insurance at June 30, 2015 and December 31, 2014, respectively. | |||
[2] | As a condition of the sale of substantially all of the assets used in the Company's home health business to subsidiaries of LHC Group. Inc. ("LHCG") in February 2013, the Company is responsible for any adjustments to Medicare and Medicaid billings prior to the closing. In connection with an internal evaluation of the Company's billing processes, the Company discovered documentation errors in a number of claims that it had submitted to Medicare. Consistent with applicable law, the Company voluntarily remitted $1,840,000 to the U.S. Government in March 2014. The Company, using its best judgment, has estimated a total of $1,263,000 for billing adjustments remaining. |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) $ in Thousands | Nov. 06, 2014USD ($) | Jun. 30, 2015USD ($)agreementitem | Apr. 13, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 11, 2014USD ($) | Jul. 12, 2014USD ($) |
Debt Instrument [Line Items] | ||||||
Capital lease term | 48 months | |||||
Number of capital lease agreements | agreement | 3 | |||||
Capital lease agreement | $ 378 | $ 1,428 | $ 2,650 | |||
Revolving Credit Loan [Member] | Senior Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum aggregate amount of revolving loans available | $ 55,000 | |||||
Sublimit for issuance of letters of credit | $ 27,500 | |||||
Specified advance multiple used to determine funds availability under credit facility | 3.25 | |||||
Maximum number of acquisitions in a year | item | 3 | |||||
Maximum single acquisition price | $ 2,000 | |||||
Allowed capital expenditures | $ 5,000 | |||||
Fee charged on unused portion of revolving credit facility | 0.50% | |||||
Total availability under the revolving credit loan facility | $ 39,555 | $ 39,536 | ||||
Revolving Credit Loan [Member] | Amended Senior Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Allowed capital expenditures | $ 7,000 | |||||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.00% | |||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.60% | |||||
Letters of Credit [Member] | Senior Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 2.00% | |||||
One Month LIBOR [Member] | Revolving Credit Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 3.50% | |||||
Interest rate margin over base rate | 3.00% | |||||
One Month LIBOR [Member] | Revolving Credit Loan [Member] | Senior Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 4.60% | |||||
One Month LIBOR [Member] | Revolving Credit Loan [Member] | Amended Senior Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 3.50% | |||||
Base Rate [Member] | Revolving Credit Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 1.60% | |||||
Federal Funds Rate [Member] | Revolving Credit Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin over base rate | 0.50% |
Long-Term Debt (Schedule Of Pro
Long-Term Debt (Schedule Of Property Under Capital Leases) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Capital Leased Assets [Line Items] | |
Less: Accumulated Depreciation | $ (462) |
Capital leased assets, net | 3,930 |
Leasehold Improvements [Member] | |
Capital Leased Assets [Line Items] | |
Capital leased assets | 2,928 |
Furniture And Equipment [Member] | |
Capital Leased Assets [Line Items] | |
Capital leased assets | 526 |
Computer Equipment [Member] | |
Capital Leased Assets [Line Items] | |
Capital leased assets | 635 |
Computer Software [Member] | |
Capital Leased Assets [Line Items] | |
Capital leased assets | $ 303 |
Long-Term Debt (Schedule Of Fut
Long-Term Debt (Schedule Of Future Minimum Payments For Capital Leases) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | |
Long-Term Debt [Abstract] | |||
2,015 | $ 606,000 | ||
2,016 | 1,213,000 | ||
2,017 | 1,213,000 | ||
2,018 | 737,000 | ||
2,019 | 29,000 | ||
Total minimum lease payments | 3,798,000 | ||
Less: amount representing estimated executory costs (such as taxes, maintenance and insurance), including profit thereon, included in total minimum lease payments | (82,000) | ||
Net minimum lease payments | 3,716,000 | ||
Less: amount representing interest | [1] | (185,000) | |
Present value of net minimum lease payments | [2] | 3,531,000 | |
Current obligations under capital leases | 1,091,000 | $ 986,000 | |
Noncurrent obligations under capital leases | $ 2,440,000 | $ 2,677,000 | |
[1] | Amount necessary to reduce net minimum lease payments to present value calculated at the Company's incremental borrowing rate at lease inception. | ||
[2] | Reflected in the balance sheet as current and noncurrent obligations under capital leases of $1,091,000 and $2,440,000, respectively. |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Effective Tax Rate) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||
Federal income tax at statutory rate | 35.00% | 35.00% | 35.00% | 35.00% |
State and local taxes, net of federal benefit | 5.20% | 5.90% | 5.20% | 5.90% |
Jobs tax credits, net | (7.80%) | (9.90%) | (6.60%) | (8.40%) |
Nondeductible meals and entertainment | 0.50% | (0.10%) | 0.60% | (0.30%) |
Other | 1.10% | 1.20% | ||
Effective income tax rate | 34.00% | 30.90% | 35.40% | 32.80% |
Commitments And Contingencies (
Commitments And Contingencies (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Maximum term of employment agreements | 4 years |
Significant Payors (Details)
Significant Payors (Details) - State Governmental Agency [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Service Revenues, Net [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 48.00% | 54.20% | 47.90% | 54.60% | |
Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 25.00% | 54.20% |