U.S. Physical Therapy (USPH) 8-K U.S. Physical Therapy Reports First Quarter Results

Exhibit 99.2

U.S. Physical Therapy, Inc.
Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA (1)
Amounts in 000's
Quarter Ended March 31st
	Quarter Ended March 31st:
Continuing Operations		2009			2008
Net revenues	$	48,169		$	45,251
Net income attributable to U. S. Physical Therapy, Inc.		2,754			2,385
Adjustments:
Depreciation and amortization		1,472			1,484
Interest, net (income) / expense		85			124
Noncontrolling interests		1,839			1,672
Equity/stock option expense		414			339
Provision for income taxes		1,779			1,556
Adjusted EBITDA from operations including noncontrolling interests		8,343			7,560
Noncontrolling interests		(1,839	)		(1,672	)
Adjusted EBITDA	$	6,504		$	5,888
(1) Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, and equity compensation expense.

U.S. Physical Therapy, Inc.
Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA (1)
Amounts in 000's
Trailing Twelve Months Ended March 31, 2009
	Trailing Twelve Months
	Ended March 31st:
Continuing Operations		2009			2008
Net revenues	$	190,604		$	162,317
Net income attributable to U. S. Physical Therapy, Inc.		10,373			9,294
Adjustments:
Depreciation and amortization		5,954			5,345
Interest, net (income) / expense		435			193
Noncontrolling interests		7,252			6,084
Equity/stock option expense		1,649			1,359
Provision for income taxes		6,728			5,852
Adjusted EBITDA from operations including noncontrolling interests		32,391			28,127
Noncontrolling interests		(7,252	)		(6,084	)
Adjusted EBITDA	$	25,139		$	22,043
(1) Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, and equity compensation expense.