Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 11, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'USPH | ' | ' |
Entity Registrant Name | 'U S PHYSICAL THERAPY INC /NV | ' | ' |
Entity Central Index Key | '0000885978 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 12,198,365 | ' |
Entity Public Float | ' | ' | $250,528,000 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $12,898 | $11,671 |
Patient accounts receivable, less allowance for doubtful accounts of $1,430 and $1,595, respectively | 30,820 | 25,973 |
Accounts receivable - other, less allowance for doubtful accounts of $198 and $514, respectively | 1,844 | 1,703 |
Other current assets | 4,098 | 5,975 |
Total current assets | 49,660 | 45,322 |
Fixed assets: | ' | ' |
Furniture and equipment | 38,965 | 36,316 |
Leasehold improvements | 21,891 | 20,858 |
Fixed assets, gross | 60,856 | 57,174 |
Less accumulated depreciation and amortization | 45,896 | 44,158 |
Fixed assets, net | 14,960 | 13,016 |
Goodwill | 143,955 | 100,188 |
Other intangible assets, net | 14,479 | 12,146 |
Other assets | 1,081 | 1,042 |
Total assets | 224,135 | 171,714 |
Current liabilities: | ' | ' |
Accounts payable - trade | 1,722 | 1,732 |
Accrued expenses | 20,625 | 14,116 |
Current portion of notes payable | 825 | 459 |
Total current liabilities | 23,172 | 16,307 |
Notes payable | 650 | 175 |
Revolving line of credit | 40,000 | 17,400 |
Deferred rent | 996 | 894 |
Other long-term liabilities | 4,196 | 2,279 |
Total liabilities | 69,014 | 37,055 |
Commitments and contingencies | ' | ' |
Redeemable non-controlling interests | 4,104 | ' |
U.S. Physical Therapy, Inc. shareholders' equity: | ' | ' |
Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding | ' | ' |
Common stock, $.01 par value, 20,000,000 shares authorized, 14,315,882 and 14,129,651 shares issued, respectively | 143 | 141 |
Additional paid-in capital | 40,569 | 37,489 |
Retained earnings | 119,206 | 111,321 |
Treasury stock at cost, 2,214,737 shares | -31,628 | -31,628 |
Total U.S. Physical Therapy, Inc. shareholders' equity | 128,290 | 117,323 |
Noncontrolling interests | 22,727 | 17,336 |
Total equity | 151,017 | 134,659 |
Total liabilities and stockholders' equity | $224,135 | $171,714 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts, patient accounts receivable | $1,430 | $1,595 |
Allowance for doubtful accounts, accounts receivable - other | $198 | $514 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 14,315,882 | 14,129,651 |
Treasury stock, shares | 2,214,737 | 2,214,737 |
CONSOLIDATED_STATEMENTS_OF_NET
CONSOLIDATED STATEMENTS OF NET INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net patient revenues | $258,283 | $244,100 | $225,804 |
Other revenues | 5,775 | 5,551 | 5,719 |
Net revenues | 264,058 | 249,651 | 231,523 |
Clinic operating costs: | ' | ' | ' |
Salaries and related costs | 141,840 | 131,604 | 124,820 |
Rent, clinic supplies, contract labor and other | 52,887 | 50,102 | 46,998 |
Provision for doubtful accounts | 4,384 | 4,824 | 3,778 |
Closure costs | 246 | 211 | 59 |
Total clinic operating costs | 199,357 | 186,741 | 175,655 |
Gross margin | 64,701 | 62,910 | 55,868 |
Corporate office costs | 25,931 | 24,504 | 24,440 |
Operating income from continuing operations | 38,770 | 38,406 | 31,428 |
Interest and other income, net | 7 | 6 | 5,445 |
Interest expense | -538 | -557 | -496 |
Income before taxes from continuing operations | 38,239 | 37,855 | 36,377 |
Provision for income taxes | 12,236 | 11,215 | 9,698 |
Net income from continuing operations including non-controlling interests | 26,003 | 26,640 | 26,679 |
Discontinued operations, net of tax benefit of $3,180 and $181 and provision of $1,399 | -5,007 | -423 | 3,104 |
Net income including non-controlling interests | 20,996 | 26,217 | 29,783 |
Less: net income attributable to non-controlling interests | -8,273 | -8,284 | -8,809 |
Net income attributable to common shareholders | 12,723 | 17,933 | 20,974 |
Basic earnings per share attributable to common shareholders: | ' | ' | ' |
From continuing operations | $1.45 | $1.54 | $1.60 |
From discontinued operations | ($0.40) | ($0.02) | $0.18 |
Basic | $1.05 | $1.52 | $1.78 |
Diluted earnings per share attributable to common shareholders: | ' | ' | ' |
From continuing operations | $1.45 | $1.53 | $1.57 |
From discontinued operations | ($0.40) | ($0.02) | $0.18 |
Diluted | $1.05 | $1.51 | $1.75 |
Shares used in computation: | ' | ' | ' |
Basic | 12,063 | 11,804 | 11,814 |
Diluted | 12,082 | 11,904 | 11,977 |
Dividends declared per common share | $0.40 | $0.76 | $0.32 |
Earnings attributable to common shareholders: | ' | ' | ' |
From continuing operations | 17,492 | 18,212 | 18,812 |
From discontinued operations | -4,769 | -279 | 2,162 |
Net income attributable to common shareholders | $12,723 | $17,933 | $20,974 |
CONSOLIDATED_STATEMENTS_OF_NET1
CONSOLIDATED STATEMENTS OF NET INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Tax benefit (provision) | $3,180 | $181 | ($1,399) |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total Shareholders' Equity [Member] | Non-controlling Interests [Member] |
In Thousands, except Share data | |||||||
Beginning Balance at Dec. 31, 2010 | $116,383 | $139 | $45,570 | $89,876 | ($31,628) | $103,957 | $12,426 |
Balance, shares at Dec. 31, 2010 | ' | 13,893,000 | ' | ' | -2,215,000 | ' | ' |
Proceeds from exercise of stock options, shares | 375,080 | 139,000 | ' | ' | ' | ' | ' |
Net tax benefit from exercise of stock options | 217 | ' | 217 | ' | ' | 217 | ' |
Issuance of restricted stock | ' | 160,000 | ' | ' | ' | ' | ' |
Cancellation of restricted stock | ' | -18,000 | ' | ' | ' | ' | ' |
Compensation expense - restricted stock | 2,032 | ' | 2,032 | ' | ' | 2,032 | ' |
Transfer of compensation liability for certain stock issued pursuant to long-term incentive plans | 199 | ' | 199 | ' | ' | 199 | ' |
Purchase of business | 8,096 | ' | ' | ' | ' | ' | 8,096 |
Acquisition of noncontrolling interests | -13,083 | ' | -11,885 | ' | ' | -11,885 | -1,198 |
Settlement of purchase price | -3,835 | ' | ' | ' | ' | ' | -3,835 |
Purchase and retirement of treasury stock | -4,656 | ' | ' | -4,656 | ' | -4,656 | ' |
Purchase and retirement of treasury stock, shares | ' | -255,000 | ' | ' | ' | ' | ' |
Distributions to noncontrolling interest partners | -9,767 | ' | ' | ' | ' | ' | -9,767 |
Cash dividends to shareholders | -3,789 | ' | ' | -3,789 | ' | -3,789 | ' |
Net income | 29,783 | ' | ' | 20,974 | ' | 20,974 | 8,809 |
Ending Balance at Dec. 31, 2011 | 121,580 | 139 | 36,133 | 102,405 | -31,628 | 107,049 | 14,531 |
Ending Balance, shares at Dec. 31, 2011 | ' | 13,919,000 | ' | ' | -2,215,000 | ' | ' |
Proceeds from exercise of stock options | 22 | 2 | 20 | ' | ' | 22 | ' |
Proceeds from exercise of stock options, shares | 272,750 | 130,000 | ' | ' | ' | ' | ' |
Net tax benefit from exercise of stock options | 1,209 | ' | 1,209 | ' | ' | 1,209 | ' |
Issuance of restricted stock | ' | 81,000 | ' | ' | ' | ' | ' |
Compensation expense - restricted stock | 2,102 | ' | 2,102 | ' | ' | 2,102 | ' |
Transfer of compensation liability for certain stock issued pursuant to long-term incentive plans | 135 | ' | 135 | ' | ' | 135 | ' |
Purchase of business | 2,892 | ' | ' | ' | ' | ' | 2,892 |
Acquisition of noncontrolling interests | -1,199 | ' | -955 | ' | ' | -955 | -244 |
Contribution of noncontrolling interest partners | 49 | ' | ' | ' | ' | ' | 49 |
Transfer of losses from noncontrolling interests | ' | ' | -1,155 | ' | ' | -1,155 | 1,155 |
Distributions to noncontrolling interest partners | -9,332 | ' | ' | ' | ' | ' | -9,332 |
Cash dividends to shareholders | -9,017 | ' | ' | -9,017 | ' | -9,017 | ' |
Net income | 26,217 | ' | ' | 17,933 | ' | 17,933 | 8,285 |
Ending Balance at Dec. 31, 2012 | 134,659 | 141 | 37,489 | 111,321 | -31,628 | 117,323 | 17,336 |
Ending Balance, shares at Dec. 31, 2012 | ' | 14,130,000 | ' | ' | -2,215,000 | ' | ' |
Proceeds from exercise of stock options | 47 | 2 | 45 | ' | ' | 47 | ' |
Proceeds from exercise of stock options, shares | 879,391 | 17,000 | ' | ' | ' | ' | ' |
Net tax benefit from exercise of stock options | 695 | ' | 695 | ' | ' | 695 | ' |
Issuance of restricted stock | ' | 175,000 | ' | ' | ' | ' | ' |
Cancellation of restricted stock | ' | -6,000 | ' | ' | ' | ' | ' |
Compensation expense - restricted stock | 2,743 | ' | 2,743 | ' | ' | 2,743 | ' |
Transfer of compensation liability for certain stock issued pursuant to long-term incentive plans | 248 | ' | 248 | ' | ' | 248 | ' |
Purchase of business | 10,541 | ' | ' | ' | ' | ' | 10,541 |
Acquisition of noncontrolling interests | -806 | ' | -651 | ' | ' | -651 | -155 |
Reclass to redeemable non-controlling interests | -4,104 | ' | ' | ' | ' | ' | -4,104 |
Distributions to noncontrolling interest partners | -9,164 | ' | ' | ' | ' | ' | -9,164 |
Cash dividends to shareholders | -4,838 | ' | ' | -4,838 | ' | -4,838 | ' |
Net income | 20,996 | ' | ' | 12,723 | ' | 12,723 | 8,273 |
Ending Balance at Dec. 31, 2013 | $151,017 | $143 | $40,569 | $119,206 | ($31,628) | $128,290 | $22,727 |
Ending Balance, shares at Dec. 31, 2013 | ' | 14,316,000 | ' | ' | -2,215,000 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income including noncontrolling interests | $20,996 | $26,217 | $29,783 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 5,562 | 5,287 | 5,449 |
Provision for doubtful accounts | 4,384 | 4,824 | 3,778 |
Gain on purchase price settlement | ' | ' | -5,435 |
Equity-based awards compensation expense | 2,743 | 2,102 | 2,032 |
Loss (gain) on sale of business and fixed assets | 7,335 | 175 | 182 |
Excess tax benefit from exercise of stock options | -695 | -1,351 | -217 |
Deferred income tax | 2,369 | 3,738 | 3,833 |
Other | ' | ' | 437 |
Changes in operating assets and liabilities: | ' | ' | ' |
Increase in patient accounts receivable | -5,389 | -1,663 | -5,147 |
Increase in accounts receivable - other | -5 | -561 | -990 |
(Increase) decrease in other assets | 1,803 | -585 | -1,972 |
(Decrease) increase in accounts payable and accrued expenses | 4,833 | -340 | 1,190 |
(Decrease) increase in other liabilities | 859 | 1,381 | -275 |
Net cash provided by operating activities | 44,795 | 39,249 | 32,655 |
INVESTING ACTIVITIES | ' | ' | ' |
Purchase of fixed assets | -4,637 | -4,234 | -3,222 |
Purchase of businesses, net of cash acquired | -46,628 | -7,929 | -9,451 |
Acquisitions of noncontrolling interests | -1,876 | -2,244 | -20,439 |
Sale of noncontrolling interests | 233 | 239 | ' |
Settlement of purchase price | ' | ' | -3,835 |
Proceeds on sale of business and fixed assets, net | 459 | 64 | 6 |
Net cash used in investing activities | -52,449 | -14,104 | -31,606 |
FINANCING ACTIVITIES | ' | ' | ' |
Distributions to noncontrolling interests | -9,164 | -9,332 | -9,767 |
Cash dividends to shareholders | -4,838 | -9,017 | -3,789 |
Purchase and retire of common stock | ' | ' | -4,656 |
Proceeds from revolving line of credit | 150,800 | 79,900 | 118,900 |
Payments on revolving line of credit | -128,200 | -86,000 | -100,900 |
Payment of notes payable | -459 | -434 | -250 |
Tax benefit from stock options exercised | 695 | 1,351 | 217 |
Other | 47 | 75 | ' |
Net cash provided by (used in) financing activities | 8,881 | -23,457 | -245 |
Net increase in cash and cash equivalents | 1,227 | 1,688 | 804 |
Cash and cash equivalents - beginning of period | 11,671 | 9,983 | 9,179 |
Cash and cash equivalents - end of period | 12,898 | 11,671 | 9,983 |
Cash paid during the period for: | ' | ' | ' |
Income taxes | 4,111 | 6,361 | 9,037 |
Interest | 352 | 639 | 325 |
Non-cash investing and financing transactions during the period: | ' | ' | ' |
Purchase of business - seller financing portion | 1,300 | 350 | 200 |
Acquisition of noncontrolling interest - seller financing portion | ' | ' | $367 |
Organization_Nature_of_Operati
Organization, Nature of Operations and Basis of Presentation | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Organization, Nature of Operations and Basis of Presentation | ' | ||||||||
1. Organization, Nature of Operations and Basis of Presentation | |||||||||
U.S. Physical Therapy, Inc. and its subsidiaries (together, the “Company”) operate outpatient physical therapy clinics that provide pre-and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers and neurological-related injuries. As of December 31, 2013 the Company owned and operated 472 clinics in 43 states. The clinics’ business primarily originates from physician referrals. The principal sources of payment for the clinics’ services are managed care programs, commercial health insurance, Medicare/Medicaid, workers’ compensation insurance and proceeds from personal injury cases. In addition to the Company’s ownership of outpatient physical therapy clinics, it also manages physical therapy facilities for third parties, primarily physicians, with 18 such third-party facilities under management as of December 31, 2013. | |||||||||
The consolidated financial statements include the accounts of U.S. Physical Therapy, Inc. and its subsidiaries. All significant intercompany transactions and balances have been eliminated. The Company primarily operates through subsidiary clinic partnerships, in which the Company generally owns a 1% general partnership interest and a 64% limited partnership interest. The managing therapist of each clinic owns the remaining limited partnership interest in the majority of the clinics (hereinafter referred to as “Clinic Partnership”). To a lesser extent, the Company operates some clinics through wholly-owned subsidiaries under profit sharing arrangements with therapists (hereinafter referred to as “Wholly-Owned Facilities”). | |||||||||
During the last three years, the Company completed the following multi-clinic acquisitions: | |||||||||
Acquisition | Date | % Interest | Number of | ||||||
Acquired | Clinics | ||||||||
2013 | |||||||||
February 2013 Acquisition | February 28 | 72 | % | 9 | |||||
April 2013 Acquisition | 30-Apr | 50 | % | 5 | |||||
May 2013 Acquistion | 24-May | 80 | % | 5 | |||||
December 9, 2013 Acquisition | 9-Dec | 60 | % | 12 | |||||
December 13, 2013 Acquisition | December 13 | 90 | % | 11 | |||||
2012 | |||||||||
May 2012 Acquisition | 22-May | 70 | % | 7 | |||||
2011 | |||||||||
July 2011 Acquisition | 25-Jul | 51 | % | 20 | |||||
In addition to the five multi-clinic acquisitions detailed above, in 2013, the Company acquired three individual clinics in separate transactions. In addition to the May 2012 Acquisition, in 2012, the Company acquired seven individual clinics in separate transactions. Two of the acquired clinic practices operate in two separate partnerships and the remaining five operate as satellites of existing partnerships. | |||||||||
Clinic Partnerships | |||||||||
For Clinic Partnerships, the earnings and liabilities attributable to the non-controlling interest, typically owned by the managing therapist, directly or indirectly, are recorded within the statements of net income and balance sheets as non-controlling interests. | |||||||||
Wholly-Owned Facilities | |||||||||
For Wholly-Owned Facilities with profit sharing arrangements, an appropriate accrual is recorded for the amount of profit sharing due the clinic partners/directors. The amount is expensed as compensation and included in clinic operating costs—salaries and related costs. The respective liability is included in current liabilities—accrued expenses on the balance sheet. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Significant Accounting Policies | ' | |||
2. Significant Accounting Policies | ||||
Cash Equivalents | ||||
The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at several institutions typically exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. Management believes that this risk is not significant. | ||||
Long-Lived Assets | ||||
Fixed assets are stated at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the related assets. Estimated useful lives for furniture and equipment range from three to eight years and for software purchased from three to seven years. Leasehold improvements are amortized over the shorter of the related lease term or estimated useful lives of the assets, which is generally three to five years. | ||||
Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of | ||||
The Company reviews property and equipment and intangible assets with finite lives for impairment upon the occurrence of certain events or circumstances that indicate the related amounts may be impaired. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. | ||||
Goodwill | ||||
Goodwill represents the excess of the amount paid and fair value of the non-controlling interests over the fair value of the acquired business assets, which include certain intangible assets. Historically, goodwill has been derived from acquisitions and, prior to 2009, from the purchase of some or all of a particular local management’s equity interest in an existing clinic. Effective January 1, 2009, if the purchase price of a non-controlling interest by the Company exceeds or is less than the book value at the time of purchase, any excess or shortfall is recognized as an adjustment to additional paid-in capital. | ||||
The fair value of goodwill and other intangible assets with indefinite lives are tested for impairment annually and upon the occurrence of certain events, and are written down to fair value if considered impaired. The Company evaluates goodwill for impairment on at least an annual basis (in its third quarter) by comparing the fair value of its reporting units to the carrying value of each reporting unit including related goodwill. The Company operates a one segment business which is made up of various clinics within partnerships. The partnerships are components of regions and are aggregated to the operating segment level for the purpose of determining the Company’s reporting units when performing its annual goodwill impairment test. | ||||
An impairment loss generally would be recognized when the carrying amount of the net assets of a reporting unit, inclusive of goodwill and other intangible assets, exceeds the estimated fair value of the reporting unit. The estimated fair value of a reporting unit is determined using two factors: (i) earnings prior to taxes, depreciation and amortization for the reporting unit multiplied by a price/earnings ratio used in the industry and (ii) a discounted cash flow analysis. A weight is assigned to each factor and the sum of each weight times the factor is considered the estimated fair value. For 2013, the factors (i.e., price/earnings ratio, discount rate and residual capitalization rate) were updated to reflect current market conditions. The evaluation of goodwill in 2013, 2012 and 2011 did not result in any goodwill amounts that were deemed impaired. | ||||
The Company has not identified any triggering events occurring after the testing date that would impact the impairment testing results obtained. Factors which could result in future impairment charges include but are not limited to: | ||||
• | changes as the result of government enacted national healthcare reform; | |||
• | changes in Medicare guidelines and reimbursement or failure of our clinics to maintain their Medicare certification status; | |||
• | business and regulatory conditions including federal and state regulations; | |||
• | changes in reimbursement rates or payment methods from third party payors including government agencies and deductibles and co-pays owed by patients; | |||
• | revenue and earnings expectations; | |||
• | general economic conditions; | |||
• | availability and cost of qualified physical and occupational therapists; | |||
• | personnel productivity; | |||
• | competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain operations and thereby incur losses and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets; | |||
• | maintaining adequate internal controls; | |||
• | availability, terms, and use of capital; | |||
• | acquisitions, purchase of non-controlling interests (minority interests) and the successful integration of the operations of the acquired businesses; and | |||
• | weather and other seasonal factors. | |||
The Company will continue to monitor for any triggering events or other indicators of impairment. | ||||
Non-controlling Interests | ||||
The Company recognizes non-controlling interests as equity in the consolidated financial statements separate from the parent entity’s equity. The amount of net income attributable to non-controlling interests is included in consolidated net income on the face of the income statement. Changes in a parent entity’s ownership interest in a subsidiary that do not result in deconsolidation are treated as equity transactions if the parent entity retains its controlling financial interest. The Company recognizes a gain or loss in net income when a subsidiary is deconsolidated. Such gain or loss is measured using the fair value of the non-controlling equity investment on the deconsolidation date. | ||||
When the purchase price of a non-controlling interest by the Company exceeds the book value at the time of purchase, any excess or shortfall is recognized as an adjustment to additional paid-in capital. Additionally, operating losses are allocated to non-controlling interests even when such allocation creates a deficit balance for the non-controlling interest partner. | ||||
The non-controlling interests that are reflected as redeemable non-controlling interests in the consolidated financial statements consist of those outside owners that have certain put rights that are currently exercisable, and that, if exercised, require that the Company purchases the non-controlling interest of the particular limited partner. The redeemable non-controlling interests reflect the book value of the respective non-controlling interests. The redeemable non-controlling interests will be adjusted to the fair value in the reporting period in which the Company deems it probable that the limited partner will assert the put rights. Typically, for acquisitions, the Company agrees to purchase the individual’s non-controlling interest at a predetermined multiple of earnings before interest and taxes. As of December 31, 2012, there were no non-controlling interests with put rights that were exercisable. | ||||
Revenue Recognition | ||||
Revenues are recognized in the period in which services are rendered. Net patient revenues (patient revenues less estimated contractual adjustments) are reported at the estimated net realizable amounts from third-party payors, patients and others for services rendered. The Company has agreements with third-party payors that provide for payments to the Company at amounts different from its established rates. The allowance for estimated contractual adjustments is based on terms of payor contracts and historical collection and write-off experience. | ||||
The Company determines allowances for doubtful accounts based on the specific agings and payor classifications at each clinic. The provision for doubtful accounts is included in clinic operating costs in the statement of net income. Net accounts receivable, which are stated at the historical carrying amount net of contractual allowances, write-offs and allowance for doubtful accounts, includes only those amounts the Company estimates to be collectible. | ||||
Medicare Reimbursement | ||||
The Medicare program reimburses outpatient rehabilitation providers based on the Medicare Physician Fee Schedule (“MPFS”). The MPFS rates are automatically updated annually based on a formula, called the sustainable growth rate (“SGR”) formula. The use of the SGR formula would have resulted in calculated automatic reductions in rates in every year since 2002; however, for each year through March 31, 2014, Centers for Medicare & Medicaid Services (“CMS”) or Congress has taken action to prevent the implementation of SGR formula reductions. The Bipartisan Budget Act of 2013 froze the Medicare physician fee schedule rates at 2013 levels through March 31, 2014, averting a scheduled 20.1% cut in the MPFS as a result of the SGR formula that would have taken effect on January 1, 2014. Unless Congress again takes legislative action to prevent the SGR formula reductions from going into effect automatic reductions in the MPFS will commence on April 1, 2014. | ||||
The Budget Control Act of 2011 increased the federal debt ceiling in connection with deficit reductions over the next ten years, and requires automatic reductions in federal spending by approximately $1.2 trillion. Payments to Medicare providers are subject to these automatic spending reductions, subject to a 2% cap. On April 1, 2013, a 2% reduction to Medicare payments was implemented. | ||||
As a result of the Balanced Budget Act of 1997, the formula for determining the total amount paid by Medicare in any one year for outpatient physical therapy, occupational therapy, and/or speech-language pathology services provided to any Medicare beneficiary (i.e., the “Therapy Cap” or “Limit”) was established. Based on the statutory definitions which constrained how the Therapy Cap would be applied, there is one Limit for Physical Therapy and Speech Language Pathology Services combined, and one Limit for Occupational Therapy. During 2013, the annual Limit on outpatient therapy services was $1,900 for Physical Therapy and Speech Language Pathology Services combined and $1,900 for Occupational Therapy Services. Effective January 1, 2014, the annual Limit on outpatient therapy services is $1,920 for Physical and Speech Language Pathology Services combined and $1,920 for Occupational Therapy Services. Historically, these Therapy Caps applied to outpatient therapy services provided in all settings, except for services provided in departments of hospitals. However, the American Taxpayer Relief Act of 2012 and the Bipartisan Budget Act of 2013 extended the annual limits on therapy expenses to services furnished in hospital outpatient department settings through March 31, 2014. Unless Congress enacts legislation to extend the application of these limits to therapy provided in hospital outpatient settings, the Therapy Caps will no longer apply to such services starting as of April 1, 2014. | ||||
In the Deficit Reduction Act of 2005, Congress implemented an exceptions process to the annual Limit for therapy expenses for therapy services above the annual Limit. The Bipartisan Budget Act of 2013 extended the exceptions process for outpatient Therapy Caps through March 31, 2014. Therapy services above the annual Limit that are medically necessary satisfy an exception to the annual Limit and such claims are payable by the Medicare program. Unless Congress extends the exceptions process, the Therapy Caps will apply to all claims regardless of medical necessity beginning April 1, 2014. For any claim above the annual Limit, the claim must contain a modifier indicating that the services are medically necessary and justified by appropriate documentation in the medical record. | ||||
Furthermore, under the Middle Class Tax Relief and Job Creation Act of 2012 (“MCTRA”), since October 1, 2012, patients who met or exceeded $3,700 in therapy expenditures during a calendar year have been subject to a manual medical review to determine whether applicable payment criteria are satisfied. The $3,700 threshold is applied to Physical Therapy and Speech Language Pathology Services; a separate $3,700 threshold is applied to the Occupational Therapy. The Bipartisan Budget Relief Act of 2013 extended through March 31, 2014 the requirement that Medicare perform manual medical review of therapy services beyond the $3,700 threshold. In addition, as of January 1, 2013, CMS implemented a claims based data collection strategy that is designed to assist in reforming the Medicare payment system for outpatient therapy. Since January 1, 2013, all therapy claims must include additional codes and modifiers providing information about the beneficiary’s functional status at the outset of the therapy episode of care, specified points during treatment, and at the time of discharge. Effective July 1, 2013, claims submitted without the appropriate codes and modifiers are returned unpaid. | ||||
CMS adopted a multiple procedure payment reduction (“MPPR”) for therapy services in the final update to the MPFS for calendar year 2011. During 2011, the MPPR applied to all outpatient therapy services paid under Medicare Part B — occupational therapy, physical therapy and speech-language pathology. Under the policy, the Medicare program pays 100% of the practice expense component of the Relative Value Unit (“RVU”) for the therapy procedure with the highest practice expense RVU, then reduces the payment for the practice expense component for the second and subsequent therapy procedures or units of service furnished during the same day for the same patient, regardless of whether those therapy services are furnished in separate sessions. In 2011 and 2012, the practice expense component for the second and subsequent therapy service furnished during the same day for the same patient was reduced by 20% in office and other non-institutional settings and by 25% in institutional settings. The American Taxpayer Relief Act of 2012 increased the payment reduction of the practice expense component to 50%, on subsequent therapy procedures in either setting, effective April 1, 2013. In addition, the Middle Class Tax Relief and Job Creation Act of 2012 (“MCTRA”) directed CMS to implement a claims-based data collection program to gather additional data on patient function during the course of therapy in order to better understand patient conditions and outcomes. All practice settings that provide outpatient therapy services are required to include this data on the claim form. Since July 1, 2013, therapists have been required to report new codes and modifiers on the claim form that reflect a patient’s functional limitations and goals at initial evaluation, periodically throughout care, and at discharge. Since July 1, 2013, CMS has rejected claims if the required data is not included in the claim. | ||||
The Physician Quality Reporting System, or “PQRS,” is a CMS reporting program that uses a combination of incentive payments and payment reductions to promote reporting of quality information by “eligible professionals.” Although physical therapists, occupational therapists and qualified speech-language therapists are generally able to participate in the PQRS program, therapy professionals for whose services we bill through our rehab agencies cannot participate because the Medicare claims processing systems currently cannot accommodate institutional providers such as rehab agencies. Eligible professionals, such as those of our therapy professionals for whose services we bill using their individual Medicare provider numbers, who do not satisfactorily report data on quality measures will be subject to a 2% reduction in their Medicare payment in 2016. | ||||
Statutes, regulations, and payment rules governing the delivery of therapy services to Medicare beneficiaries are complex and subject to interpretation. The Company believes that it is in substantial compliance in all material respects with all applicable laws and regulations and is not aware of any pending or threatened investigations involving allegations of potential wrongdoing that would have a material effect on the Company’s financial statements as of December 31, 2013. Compliance with such laws and regulations can be subject to future government review and interpretation, as well as significant regulatory action including fines, penalties, and exclusion from the Medicare program. | ||||
Management Contract Revenues | ||||
Management contract revenues are derived from contractual arrangements whereby the Company manages a clinic for third party owners. The Company does not have any ownership interest in these clinics. Typically, revenues are determined based on the number of visits conducted at the clinic and recognized when services are performed. Costs, typically salaries for the Company’s employees, are recorded when incurred. Management contract revenues are included in “other revenues” in the accompanying Consolidated Statements of Net Income. | ||||
Contractual Allowances | ||||
Contractual allowances result from the differences between the rates charged for services performed and expected reimbursements by both insurance companies and government sponsored healthcare programs for such services. Medicare regulations and the various third party payors and managed care contracts are often complex and may include multiple reimbursement mechanisms payable for the services provided in Company clinics. The Company estimates contractual allowances based on its interpretation of the applicable regulations, payor contracts and historical calculations. Each month the Company estimates its contractual allowance for each clinic based on payor contracts and the historical collection experience of the clinic and applies an appropriate contractual allowance reserve percentage to the gross accounts receivable balances for each payor of the clinic. Based on the Company’s historical experience, calculating the contractual allowance reserve percentage at the payor level is sufficient to allow the Company to provide the necessary detail and accuracy with its collectibility estimates. However, the services authorized and provided and related reimbursement are subject to interpretation that could result in payments that differ from the Company’s estimates. Payor terms are periodically revised necessitating continual review and assessment of the estimates made by management. The Company’s billing system does not capture the exact change in its contractual allowance reserve estimate from period to period in order to assess the accuracy of its revenues and hence its contractual allowance reserves. Management regularly compares its cash collections to corresponding net revenues measured both in the aggregate and on a clinic-by-clinic basis. In the aggregate, historically the difference between net revenues and corresponding cash collections has generally reflected a difference within approximately 1% of net revenues. Additionally, analysis of subsequent period’s contractual write-offs on a payor basis reflects a difference within approximately 1% between the actual aggregate contractual reserve percentage as compared to the estimated contractual allowance reserve percentage associated with the same period end balance. As a result, the Company believes that a change in the contractual allowance reserve estimate would not likely be more than 1% at December 31, 2013. | ||||
Income Taxes | ||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||
The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount to be recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. | ||||
The Company did not have any accrued interest or penalties associated with any unrecognized tax benefits nor was any interest expense recognized during the twelve months ended December 31, 2013 and 2012. The Company will book any interest or penalties, if required, in interest and/or other income/expense as appropriate. | ||||
Fair Values of Financial Instruments | ||||
The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts receivable, accounts payable and notes payable approximate their fair values due to the short-term maturity of these financial instruments. The carrying amount of the revolving credit facility approximates its fair value. The interest rate on the Credit Agreement, which is tied to the Eurodollar Rate, is set at various short-term intervals, as detailed in the credit agreement. | ||||
Segment Reporting | ||||
Operating segments are components of an enterprise for which separate financial information is available that is evaluated regularly by chief operating decision makers in deciding how to allocate resources and in assessing performance. The Company identifies operating segments based on management responsibility and believes it meets the criteria for aggregating its operating segments into a single reporting segment. | ||||
Use of Estimates | ||||
In preparing the Company’s consolidated financial statements, management makes certain estimates and assumptions, especially in relation to, but not limited to, goodwill impairment, allowance for receivables, tax provision and contractual allowances, that affect the amounts reported in the consolidated financial statements and related disclosures. Actual results may differ from these estimates. | ||||
Self-Insurance Program | ||||
The Company utilizes a self insurance plan for its employee group health insurance coverage administered by a third party. Predetermined loss limits have been arranged with the insurance company to minimize the Company’s maximum liability and cash outlay. Accrued expenses include the estimated incurred but unreported costs to settle unpaid claims and estimated future claims. Management believes that the current accrued amounts are sufficient to pay claims arising from self insurance claims incurred through December 31, 2013. | ||||
Stock Options | ||||
The Company measures and recognizes compensation expense for all stock-based payments at fair value. Compensation cost recognized includes compensation for all stock-based payments granted prior to, but not yet vested on January 1, 2006, based on the grant-date fair value estimated at the time of grant and compensation cost for the stock-based payments granted subsequent to January 1, 2006, based on the grant-date fair value. There was no stock option compensation in the years ended December 31, 2013, 2012 and 2011. No stock options were granted during the years ended December 31, 2013, 2012 and 2011. As of December 31, 2013, there were no non vested stock options. | ||||
Restricted Stock | ||||
Restricted stock issued to employees and directors is subject to continued employment or continued service on the board, respectively. Typically, the transfer restrictions for shares granted to employees lapse in equal installments on the following four or five annual anniversaries of the date of grant. Compensation expense for grants of restricted stock is recognized based on the fair value per share on the date of grant amortized over the vesting period. The restricted stock issued is included in basic and diluted shares for the earnings per share computation. | ||||
Reclassifications | ||||
Reclassification has been made to prior period amounts to conform to the current period presentation of the physician services business, which was sold in 2013, as discontinued operations. | ||||
Subsequent Event | ||||
The Company has evaluated events occurring after the balance sheet date for possible disclosure as a subsequent event through the date that these financial statements were issued. |
Acquisitions_of_Businesses_and
Acquisitions of Businesses and Non-controlling Interests | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Acquisitions of Businesses and Non-controlling Interests | ' | ||||||||
3. Acquisitions of Businesses and Non-controlling Interests | |||||||||
Acquisition of Businesses | |||||||||
During 2013, 2012 and 2011, the Company completed the following multi-clinic acquisitions of physical therapy practices: | |||||||||
% Interest | Number of | ||||||||
Acquisition | Date | Acquired | Clinics | ||||||
2013 | |||||||||
February 2013 Acquisition | 28-Feb | 72 | % | 9 | |||||
April 2013 Acquisition | 30-Apr | 50 | % | 5 | |||||
May 2013 Acquisition | 24-May | 80 | % | 5 | |||||
December 9, 2013 Acquisition | 9-Dec | 60 | % | 12 | |||||
December 13, 2013 Acquisition | 13-Dec | 90 | % | 11 | |||||
2012 | |||||||||
May 2012 Acquisition | 22-May | 70 | % | 7 | |||||
2011 | |||||||||
July 2011 Acquisition | 25-Jul | 51 | % | 20 | |||||
In addition to the five multi-clinic acquisitions detailed above, in 2013, the Company acquired three individual clinics in separate transactions. In addition to the May 2012 Acquisition, in 2012, the Company acquired seven individual clinic in separate transactions. Two of the acquired clinic practices operate in two separate partnerships and the remaining five operate as satellites of existing partnerships. | |||||||||
The purchase price for the 72% interest in the February 2013 Acquisition was $4.3 million in cash and $400,000 in a seller note, that is payable in two principal installments totaling $200,000 each, plus accrued interest, in February 2014 and 2015. The purchase price for the 50% interest in the April 2013 Acquisition was $2.4 million in cash and $200,000 in a seller note, that is payable in two principal installments totaling $100,000 each, plus accrued interest, in April of 2014 and 2015. The purchase price for the 80% interest in the May 2013 Acquisition was $3.6 million in cash and $200,000 in a seller note, that is payable in two principal installments totaling $100,000 each, plus accrued interest, in May of 2014 and 2015. The purchase price for the 60% interest in the December 9, 2013 Acquisition was $1.7 million in cash. | |||||||||
The purchase price for the 90% interest in the December 13, 2013 Acquisition was $35.5 million in cash and $500,000 in a seller note, that is payable in two principal installments totaling $250,000 each, plus accrued interest, in December 2014 and 2015. On December 13, 2013, U.S. Physical Therapy, Ltd. (“USPT Ltd.” and “Purchaser”), a wholly-owned subsidiary of the Company, entered into a Reorganization and Purchase Agreement (the “Purchase Agreement”) with ARC Rehabilitation Services, LLC, Athletic & Rehabilitation Center, LLC, Matthew J. Condon and Kevin O’Rourke (collectively referred to as “Sellers”). Prior to, and in connection with the transaction contemplated by the Purchase Agreement, the Sellers and Purchaser, formed or caused to be formed ARC Physical Therapy Plus, Limited Partnership, a Texas limited partnership (“ARC PT”) and ARC PT Management GP, LLC, a Texas limited liability company (“ARC GP”). ARC GP, which owns a 1% interest in ARC PT, is the sole general partner of ARC PT. ARC PT owns and operates 11 outpatient physical and occupational therapy clinics and has three on site industrial client locations it serves. As a result of the closing under the Purchase Agreement, USPT Ltd. owns 89% of the limited partnership interests of ARC PT and 100% of the membership interests in ARC GP (the “Acquired Interests”). The business acquired complements the Company’s business since it focuses on developing programs for traditional physical and occupational therapy, work hardening, corporate wellness, as well as pre and post offer employment testing and functional capacity testing. The results of operations are included in the consolidated results of the Company since December 13, 2013 which includes $505,000 of net revenues and $119,000 of earnings from the December 13, 2013 Acquisition. | |||||||||
Unaudited proforma net revenue and net income from continuing operations for the Company as if the December 13, 2013 Acquisition occurred as of January 1, 2012 is as follows (in thousands, except per share data): | |||||||||
For the Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Net revenues | $ | 275,511 | $ | 261,231 | |||||
Net income attributable to common shareholders from continuing operations | $ | 19,231 | $ | 19,894 | |||||
Earnings per share: | |||||||||
Basic - net income attributable to common shareholders from continuing operations | $ | 1.6 | $ | 1.69 | |||||
Diluted - net income attributable to common shareholders from continuing operations | $ | 1.59 | $ | 1.67 | |||||
Shares used in computation: | |||||||||
Basic - net income attributable to common shareholders from continuing operations | 12,050 | 11,804 | |||||||
Diluted - net income attributable to common shareholders from continuing operations | 12,069 | 11,904 | |||||||
The aggregate purchase price for the three clinic practices acquired in 2013 was $238,000. | |||||||||
The purchase prices for the acquisitions in 2013 have been preliminarily allocated as follows (in thousands): | |||||||||
Cash paid, net of cash acquired | $ | 46,628 | |||||||
Seller notes | 1,300 | ||||||||
Total consideration | $ | 47,928 | |||||||
Estimated fair value of net tangible assets acquired: | |||||||||
Total current assets | $ | 3,895 | |||||||
Total non-current assets | 2,283 | ||||||||
Total liabilities | (1,082 | ) | |||||||
Net tangible assets acquired | $ | 5,096 | |||||||
Referral relationships | 400 | ||||||||
Non compete | 160 | ||||||||
Tradename | 600 | ||||||||
Goodwill | 52,213 | ||||||||
Fair value of noncontrolling interest | (10,541 | ) | |||||||
$ | 47,928 | ||||||||
The purchase price for the 70% interest in the May 2012 Acquisition was $6,090,000 in cash and $250,000 in seller notes, that are payable in two principal installments totaling $125,000 each, plus any accrued interest, in May 2013 and 2014. The seller notes accrue interest at 3.25% per annum. For the Company, 70% of the goodwill for the May 2012 Acquisition is tax deductible. In addition to the above multi-clinic acquisitions, in 2012, the Company, through its subsidiaries, purchased seven outpatient therapy practices in seven transactions for aggregate cash consideration of $1,938,000 and, in one transaction, a $100,000 note payable. For the Company, approximately 67% of the goodwill for the acquisitions in 2012 is tax deductible. | |||||||||
The purchase prices for the acquisitions in 2012 were allocated as follows (in thousands): | |||||||||
Cash paid, net of cash acquired | $ | 7,929 | |||||||
Seller notes | 350 | ||||||||
Total consideration | $ | 8,279 | |||||||
Estimated fair value of net tangible assets acquired: | |||||||||
Total current assets | $ | 410 | |||||||
Total non-current assets | 525 | ||||||||
Total liabilities | (333 | ) | |||||||
Net tangible assets acquired | $ | 602 | |||||||
Referral relationships | 857 | ||||||||
Non compete | 265 | ||||||||
Tradename | 1,300 | ||||||||
Goodwill | 8,147 | ||||||||
Fair value of noncontrolling interest | (2,892 | ) | |||||||
$ | 8,279 | ||||||||
The purchase price for the 51% interest in the July 2011 Acquisition was $8,426,000, which consisted of $8,226,000 in cash and a $200,000 seller note, that is payable in two principal installments totaling $100,000 each, plus any accrued interest, in July 2012 and 2013. The seller note accrues interest at 3.25% per annum. For the Company 51% of the goodwill for the July 2011 Acquisition is tax deductible. | |||||||||
The purchase price for the July 2011 Acquisition was allocated as follows (in thousands): | |||||||||
Cash paid, net of cash acquired | $ | 7,930 | |||||||
Seller notes | 200 | ||||||||
Total consideration | $ | 8,130 | |||||||
Estimated fair value of net tangible assets acquired: | |||||||||
Total current assets | $ | 1,341 | |||||||
Total non-current assets | 902 | ||||||||
Total liabilities | (581 | ) | |||||||
Net tangible assets acquired | $ | 1,662 | |||||||
Tradename | 1,900 | ||||||||
Referral relationships | 1,100 | ||||||||
Non compete | 300 | ||||||||
Goodwill | 11,263 | ||||||||
Fair value of noncontrolling interest | (8,095 | ) | |||||||
$ | 8,130 | ||||||||
The purchase prices plus the fair value of the non-controlling interests for the February 2013 Acquisition and the acquisitions in 2012 and 2011 were allocated to the fair value of the assets acquired, inclusive of identifiable intangible assets, i.e. tradenames, referral relationships and non compete agreements, and liabilities assumed based on the fair values at the acquisition date, with the amount exceeding the fair values being recorded as goodwill. For the remaining acquisitions in 2013, the purchase prices plus the fair value of the non-controlling interests were allocated to the fair value of the assets acquired, exclusive of identifiable intangible assets and liabilities assumed based on the preliminary estimates of the fair values at the acquisition date, with the amount exceeding the estimated fair values being recorded as goodwill. | |||||||||
For the remaining acquisitions in 2013, the Company is in the process of completing its formal valuation analysis to identify and determine the fair value of tangible and intangible assets acquired and the liabilities assumed. Thus, the final allocation of the purchase price may differ from the preliminary estimates used at December 31, 2013 based on additional information obtained and completion of the valuation of the identifiable intangible assets. Changes in the estimated valuation of the tangible assets acquired, the completion of the valuation of identifiable intangible assets and the completion by the Company of the identification of any unrecorded pre-acquisition contingencies, where the liability is probable and the amount can be reasonably estimated, will likely result in adjustments to goodwill. | |||||||||
For the February 2013 Acquisition and for the acquisitions in 2012 and 2011, the values assigned to the referral relationships and non compete agreements are being amortized to expense equally over the respective estimated lives. For referral relationships, the range of the estimated lives was 12 to 13 years, and for non compete agreements the estimated lives was six years. The values assigned to goodwill and tradenames are tested annually for impairment. | |||||||||
In April 2012, the Company sold 1% of its interest in the July 2011 Acquisition to the limited partners. The Company now owns a 50% interest in the July 2011 Acquisition, 1% as a general partner and 49% as a limited partner. | |||||||||
For the 2013, 2012 and 2011 acquisitions, total current assets primarily represent primarily patient accounts receivable. Total non current assets are fixed assets, primarily equipment, used in the practices. | |||||||||
The consideration paid for each of the acquisitions was derived through arm’s length negotiations. Funding for the cash portions was derived from proceeds from the Company’s previous revolving credit facility. The results of operations of the acquisitions have been included in the Company’s consolidated financial statements since their respective date of acquisition. Unaudited proforma consolidated financial information for the acquisitions in 2013, with the exception of the December 13, 2013 Acquisition, 2012 and 2011 acquisitions have not been included as the results, individually and in the aggregate, were not material to current operations. | |||||||||
In November 2011, the Company and the seller of an acquisition in 2010 reached an agreement regarding an adjustment to purchase price. The Company received $1.5 million cash, the forgiveness of the balance of $0.1 million on the notes payable as well as the 30% partnership interest originally held by the seller which had a book value of $3.8 million. | |||||||||
Acquisitions of Non-controlling Interests | |||||||||
In 15 separate transactions during 2013, the Company purchased partnership interests in 10 partnerships and sold interests in five partnerships . The interests in the partnerships purchased and sold ranged from less than 1% to 35%. The aggregate of the purchase prices paid, was $1.9 million and the proceeds for the sales was $0.8 million, which included cash of $0.2 million and notes receivable of $0.6 million. The purchase prices paid included a net of $0.1 million of undistributed earnings. The remaining $1.0 million, less future tax benefits of $0.4 million, was recognized as an adjustment to additional paid-in capital. | |||||||||
In 15 separate transactions during 2012, the Company purchased partnership interests in 15 partnerships. The interests in the partnerships purchased ranged from 10% to 35%. The aggregate of the purchase prices paid was $2.2 million, which included $0.2 million of undistributed earnings. The remaining purchase price of $2.0 million, less future tax benefits of $0.8 million, was recognized as an adjustment to additional paid-in capital. During 2012, the Company sold interests in the range of 0.64% to 1% in three partnerships for an aggregate price of $239,000. This amount less related undistributed earnings of $5,000 was credited to additional paid-in capital. | |||||||||
In six separate transactions during 2011, the Company purchased a total of 22.2% of the 30% non-controlling interest in STAR Physical Therapy, LP, a subsidiary of the Company (“STAR”). The aggregate purchase price paid for the 22.2% interest was $16.9 million, which included $0.8 million of undistributed earnings. The remaining purchase price of $16.1 million, less future tax benefits of $6.3 million, was recognized as an adjustment to additional paid-in capital. After these transactions, the Company owned 92.2% and the non-controlling interest limited partners in aggregate owned the remaining 7.8% in the partnership. Of the 22.2% aggregate non-controlling interests purchased, 17% was held by Regg Swanson, the Managing Director and a founder of STAR and a member of the Company’s Board of Directors (“Swanson”). The purchase prices were determined based on the contractual terms in the Reorganization of Securities Purchase Agreement dated as of September 6, 2007 among the Company, STAR, the limited partners of STAR and Regg Swanson as Seller Representative and in his individual capacity, which was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 7, 2007. After the sale of his 17.0% interest, Swanson owned 2.0% of STAR (“Swanson Interest”). | |||||||||
Effective June 30, 2011, the Company purchased the 35% non-controlling interest in one of its Texas partnerships. The aggregate purchase price for the 35% interest was $3.9 million, of which $3.5 million was paid in cash and $367,272 was paid in the form of a note to the seller, which is payable in two equal annual installments of principal plus any accrued and unpaid interest. Interest accrues at 3.25% per annum. The purchase price included $0.2 million of undistributed earnings and $0.2 million in invested capital. The remaining purchase price of $3.5 million, less future tax benefits of $1.4 million, was recognized as an adjustment to additional paid-in capital. After this transaction, the Company owns 100% of the partnership. | |||||||||
In addition, during 2011, the Company purchased the non-controlling interests of several other partners for $142,000, which included $48,000 of undistributed earnings and sold additional interest to an existing partner for $58,000. The net purchase price of approximately $36,000, less future tax benefits of $23,000, was recognized as an adjustment to additional paid-in capital. | |||||||||
The results of operations of the acquired non-controlling interests are included in the accompanying financial statements from the dates of purchase in the net income attributable to common shareholders. |
Divestiture_of_Business
Divestiture of Business | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Divestiture of Business | ' | ||||||||||||
4. Divestiture of Business | |||||||||||||
On September 30, 2013, the Company sold the remainder of its physician services business. Previously, the Company closed its two physician services facilities – one in August 2013 and the other in December 2012. As previously disclosed in the Company’s public filings, the physician services business incurred negative gross margins in 2012 and through the first nine months of 2013. Revenues from physician services were generated by patient visits, franchise arrangements and fees from third parties. The results of operations and the loss on the sale of the physician services business have been reclassified to discontinued operations for all periods presented. | |||||||||||||
The Company received $400,000 cash and a note receivable of $500,000. The sale less the write-off of assets, primarily of goodwill and other intangible assets, and recording of appropriate accruals resulted in an after-tax loss of $4.4 million. | |||||||||||||
The following table details the losses, including the operating results, from discontinued operations reported for the physician services business (in thousands): | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net revenues | $ | 864 | $ | 2,435 | $ | 5,483 | |||||||
Operating costs | 1,537 | 2,761 | 702 | ||||||||||
Gross margin | (673 | ) | (326 | ) | 4,781 | ||||||||
Direct general and administrative expenses less proceeds | 1,176 | 278 | 278 | ||||||||||
Write off of goodwill and other intangible assets | 6,338 | — | — | ||||||||||
(8,187 | ) | (604 | ) | 4,503 | |||||||||
Tax benefit (provision) | 3,180 | 181 | (1,399 | ) | |||||||||
(Loss) income from discontinued operations | $ | (5,007 | ) | $ | (423 | ) | $ | 3,104 | |||||
The cash flow impact of the sale and closures is deemed immaterial for the consolidated statements of cash flows. The reclassifications on the consolidated balance sheet as of December 31, 2012 are also deemed immaterial. |
Goodwill
Goodwill | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill | ' | ||||||||
5. Goodwill | |||||||||
The changes in the carrying amount of goodwill as of December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||
Year Ended | |||||||||
31-Dec | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 100,188 | $ | 92,750 | |||||
Goodwill acquired during the year | 52,213 | 10,538 | |||||||
Goodwill allocated to specific assets for businesses acquired in 2011 | — | (3,300 | ) | ||||||
Goodwill allocated to specific assets for businesses acquired in 2012 | (2,340 | ) | — | ||||||
Goodwill adjustments for purchase price allocation of businesses acquired | (48 | ) | 200 | ||||||
Goodwill written off - sale of physician services business | (6,058 | ) | — | ||||||
Ending balance | $ | 143,955 | $ | 100,188 | |||||
Intangible_Assets_net
Intangible Assets, net | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets, net | ' | ||||||||||||
6. Intangible Assets, net | |||||||||||||
Intangible assets, net as of December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Tradenames | $ | 9,814 | $ | 7,973 | |||||||||
Referral relationships, net of accumulated amortization of $1,582 and $1,217, respectively | 3,959 | 3,501 | |||||||||||
Non compete agreements, net of accumulated amortization of $1,950 and $1,848, respectively | 706 | 672 | |||||||||||
$ | 14,479 | $ | 12,146 | ||||||||||
Tradenames, referral relationships and non compete agreements are related to the businesses acquired. The value assigned to tradenames has an indefinite life and is tested at least annually for impairment using the relief from royalty method in conjunction with the Company’s annual goodwill impairment test. The value assigned to referral relationships is being amortized over their respective estimated useful lives which range from six to 16 years. Non compete agreements are amortized over the respective term of the agreements which range from five to six years. | |||||||||||||
The following table details the amount of amortization expense recorded for intangible assets for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Referral relationships | $ | 521 | $ | 433 | $ | 305 | |||||||
Non compete agreements | 372 | 405 | 390 | ||||||||||
$ | 893 | $ | 838 | $ | 695 | ||||||||
During 2013, in conjunction with the sale of the physician services business, the Company wrote-off the referral relationships and non compete agreements related to this business which included accumulated amortization of $156,000 and $270,000, respectively. | |||||||||||||
The remaining balance of referral relationships and non compete agreements is expected to be amortized as follows (in thousands): | |||||||||||||
Referral Relationships | Non Compete Agreements | ||||||||||||
Annual | Annual | ||||||||||||
Years | Amount | Years | Amount | ||||||||||
2014 | 461 | 2014 | 207 | ||||||||||
2015 | 440 | 2015 | 207 | ||||||||||
2016 | 440 | 2016 | 144 | ||||||||||
2017 | 440 | 2017 | 100 | ||||||||||
2018 | 404 | 2018 | 43 | ||||||||||
2019 | 367 | 2019 | 4 | ||||||||||
2020 | 367 | ||||||||||||
2021 | 367 | ||||||||||||
2022 | 318 | ||||||||||||
2023 | 211 | ||||||||||||
2024 | 108 | ||||||||||||
2025 | 31 | ||||||||||||
2026 | 5 |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
7. Accrued Expenses | |||||||||
Accrued expenses as of December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||
2013 | 2012 | ||||||||
Salaries and related costs | $ | 11,686 | $ | 8,941 | |||||
Group health insurance claims | 2,023 | 991 | |||||||
Credit balances and overpayments due to patients and payors | 2,371 | 1,513 | |||||||
Other | 4,545 | 2,671 | |||||||
Total | $ | 20,625 | $ | 14,116 | |||||
Notes_Payable
Notes Payable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Notes Payable | ' | ||||||||
8. Notes Payable | |||||||||
Notes payable as of December 31, 2013 and 2012 consisted of the following (dollars in thousands): | |||||||||
2013 | 2012 | ||||||||
Credit Agreement average effective interest rate of 2.9% inclusive of unused fee | $ | 40,000 | $ | 17,400 | |||||
Various notes payable with $825 plus accrued interest due in the next year interest accrues at 3.25% per annum | 1,475 | 634 | |||||||
41,475 | 18,034 | ||||||||
Less current portion | (825 | ) | (459 | ) | |||||
$ | 40,650 | $ | 17,575 | ||||||
Effective December 5, 2013, the Company entered into an Amended and Restated Credit Agreement with a commitment for a $125.0 million revolving credit facility with a maturity date of November 30, 2018 (“Credit Agreement”). The Credit Agreement is unsecured and has loan covenants, including requirements that the Company comply with a consolidated fixed charge coverage ratio and consolidated leverage ratio. Proceeds from the Credit Agreement may be used for working capital, acquisitions, purchases of the Company’s common stock, dividend payments to the Company’s common stockholders, capital expenditures and other corporate purposes. The pricing grid is based on the Company’s consolidated leverage ratio with the applicable spread over LIBOR ranging from 1.5% to 2.5% or the applicable spread over the Base Rate ranging from 0.1% to 1%. Fees under the Credit Agreement include an unused commitment fee ranging from 0.1% to 0.25% depending on the Company’s consolidated leverage ratio and the amount of funds outstanding under the Credit Agreement. | |||||||||
On December 31, 2013, $40.0 million was outstanding on the Credit Agreement resulting in $85.0 million of availability. As of December 30, 2013, the Company was in compliance with all of the covenants thereunder. | |||||||||
The Company generally enters into various notes payable as a means of financing a portion of its acquisitions and purchases of non-controlling interests. In conjunction with the acquisitions in 2013, the Company entered into notes payable in the aggregate amount of $1.3 million, each payable in two equal annual installments totaling $650,000 plus any accrued and unpaid interest. Interest accrues at 3.25% per annum, subject to adjustment. In conjunction with the acquisitions in 2012, the Company entered into notes payable in the aggregate amount of $350,000, each payable in two equal annual installments totaling $175,000 plus any accrued and unpaid interest. Interest accrues at 3.25% per annum. In conjunction with the July 2011 Acquisition, the Company entered into a note payable in the amount of $200,000 payable in two equal annual installments of $100,000 plus any accrued and unpaid interest. Interest accrues at 3.25% per annum. In June 2011, the Company, in conjunction with the purchase of a non-controlling interest, entered into a note payable in the amount of $367,272 payable in two equal annual installments of $183,636 plus any accrued and unpaid interest. Interest accrued at 3.25% per annum. | |||||||||
Aggregate annual payments of principal required pursuant to the Credit Agreement and the above notes payable subsequent to December 31, 2013 are as follows (in thousands): | |||||||||
During the twelve months ended December 30, 2014 | $ | 825 | |||||||
During the twelve months ended December 30, 2015 | 650 | ||||||||
During the twelve months ended December 30, 2018 | 40,000 | ||||||||
$ | 41,475 | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
9. Income Taxes | |||||||||||||||||||||||||
Significant components of deferred tax assets included in the consolidated balance sheets at December 31, 2013 and 2012 were as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Compensation | $ | 1,280 | $ | 1,059 | |||||||||||||||||||||
Allowance for doubtful accounts | 449 | 607 | |||||||||||||||||||||||
Lease obligations - closed clinics | 77 | 39 | |||||||||||||||||||||||
Other | — | 22 | |||||||||||||||||||||||
Deferred tax assets | $ | 1,806 | $ | 1,727 | |||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Depreciation and amortization | $ | (4,237 | ) | $ | (2,166 | ) | |||||||||||||||||||
Other | (546 | ) | (575 | ) | |||||||||||||||||||||
Deferred tax liabilities | (4,783 | ) | (2,741 | ) | |||||||||||||||||||||
Net deferred tax assets (liabilities) | $ | (2,977 | ) | $ | (1,014 | ) | |||||||||||||||||||
Amount included in: | |||||||||||||||||||||||||
Other current assets | $ | 482 | $ | 590 | |||||||||||||||||||||
Long term liabilities | $ | (3,459 | ) | $ | (1,604 | ) | |||||||||||||||||||
During 2013 and 2012, the Company recorded deferred tax assets of $0.4 million and $0.8 million, respectively, related to acquisitions of non-controlling interests. At December 31, 2013 and 2012, the Company had a tax receivable of $2.2 million and $4.2 million, respectively, included in other current assets on the accompanying consolidated balance sheets. | |||||||||||||||||||||||||
The differences between the federal tax rate and the Company’s effective tax rate for results of continuing operations for the years ended December 31, 2013, 2012 and 2011 were as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
U. S. tax at statutory rate | $ | 10,415 | 35 | % | $ | 10,299 | 35 | % | $ | 9,979 | 35 | % | |||||||||||||
State income taxes, net of federal benefit | 1,814 | 6.1 | % | 1,219 | 4.2 | % | 963 | 3.4 | % | ||||||||||||||||
Deductible losses | (98 | ) | -0.3 | % | (404 | ) | -1.4 | % | — | 0 | % | ||||||||||||||
Nontaxable gain | — | — | (1,342 | ) | -4.7 | % | |||||||||||||||||||
Nondeductible expenses | 105 | 0.3 | % | 101 | 0.3 | % | 98 | 0.3 | % | ||||||||||||||||
$ | 12,236 | 41.1 | % | $ | 11,215 | 38.1 | % | $ | 9,698 | 34 | % | ||||||||||||||
Significant components of the provision for income taxes for continuing operations for the years ended December 31, 2013, 2012 and 2011 were as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 8,445 | $ | 7,117 | $ | 6,376 | |||||||||||||||||||
State | 1,422 | 360 | (511 | ) | |||||||||||||||||||||
Total current | 9,867 | 7,477 | 5,865 | ||||||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal | 1,970 | 3,183 | 3,603 | ||||||||||||||||||||||
State | 399 | 555 | 230 | ||||||||||||||||||||||
Total deferred | 2,369 | 3,738 | 3,833 | ||||||||||||||||||||||
Total income tax provision for continuing operations | $ | 12,236 | $ | 11,215 | $ | 9,698 | |||||||||||||||||||
For 2012, 2011 and 2010, the Company performed a detailed reconciliation of its federal and state taxes payable and receivable accounts along with its federal and state deferred tax asset and liability accounts. As a result of this detailed analysis, the Company recorded an increase in the 2013 state income tax provision of $393,000, for the 2012 reconciliation, and $162,000 additional provision in 2012 for the 2011 reconciliation. No adjustment was necessary for the 2010 reconciliation. The Company considers this reconciliation process to be an annual control. | |||||||||||||||||||||||||
The Company is required to establish a valuation allowance for deferred tax assets if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income in the periods which the deferred tax assets are deductible, management believes that a valuation allowance is not required, as it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets. | |||||||||||||||||||||||||
The Company’s U.S. federal returns remain open to examination for 2010 through 2012 and U.S. state jurisdictions are open for periods ranging from 2009 through 2012. | |||||||||||||||||||||||||
The Company does not believe that it has any significant uncertain tax positions at December 31, 2013, nor is this expected to change within the next twelve months due to the settlement and expiration of statutes of limitation. | |||||||||||||||||||||||||
The Company did not have any accrued interest or penalties associated with any unrecognized tax benefits nor was any interest expense recognized during the years ended December 31, 2013, 2012 and 2011. |
Equity_Based_Plans
Equity Based Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Equity Based Plans | ' | ||||||||||||||||||||||||
10. Equity Based Plans | |||||||||||||||||||||||||
The Company has the following equity based plans with outstanding equity grants: | |||||||||||||||||||||||||
The Amended and Restated 1999 Employee Stock Option Plan (the “Amended 1999 Plan”) permits the Company to grant to non-employee directors and employees of the Company up to 600,000 non-qualified options to purchase shares of common stock and restricted stock (subject to proportionate adjustments in the event of stock dividends, splits, and similar corporate transactions). The exercise prices of options granted under the Amended 1999 Plan are determined by the Compensation Committee. The period within which each option will be exercisable is determined by the Compensation Committee. The Amended 1999 Plan was approved by the shareholders of the Company at the 2008 Shareholders Meeting on May 20, 2008. | |||||||||||||||||||||||||
The Amended and Restated 2003 Stock Option Plan (the “Amended 2003 Plan”) permits the Company to grant to key employees and outside directors of the Company incentive and non-qualified options and shares of restricted stock covering up to 1,750,000 shares of common stock (subject to proportionate adjustments in the event of stock dividends, splits, and similar corporate transactions). The Amended 2003 Plan was approved by the shareholders of the Company at the 2013 Shareholders Meeting on May 14, 2013. | |||||||||||||||||||||||||
A cumulative summary of equity plans as of December 31, 2013 follows: | |||||||||||||||||||||||||
Shares | |||||||||||||||||||||||||
Restricted | Outstanding | Stock Options | Stock Options | Available | |||||||||||||||||||||
Equity Plans | Authorized | Stock Issued | Stock Options | Exercised | Exercisable | for Grant | |||||||||||||||||||
Amended 1999 Plan | 600,000 | 360,900 | 8,700 | 131,091 | 8,700 | 99,309 | |||||||||||||||||||
Amended 2003 Plan | 1,750,000 | 422,663 | 30,000 | 748,300 | 30,000 | 549,037 | |||||||||||||||||||
2,350,000 | 783,563 | 38,700 | 879,391 | 38,700 | 648,346 | ||||||||||||||||||||
A summary of the status of the Company’s stock options granted under the plans as of December 31, 2013, 2012 and 2011 and the changes during the years then ended is presented below: | |||||||||||||||||||||||||
Weighted | |||||||||||||||||||||||||
Weighted | Average | Aggregate | |||||||||||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||||||||||
Number of | Exercise | Contractual | Value | ||||||||||||||||||||||
Shares | Price | Term | (000’s) | ||||||||||||||||||||||
Outstanding at December 31, 2010 | 723,890 | 14.3 | 3.6 Years | ||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | (375,080 | ) | 13.92 | ||||||||||||||||||||||
Cancelled | — | — | |||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||
Outstanding at December 31, 2011 | 348,810 | 14.3 | 2.6 Years | ||||||||||||||||||||||
Granted | — | ||||||||||||||||||||||||
Exercised | (272,750 | ) | 14.12 | ||||||||||||||||||||||
Cancelled | (220 | ) | 17.89 | ||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||
Outstanding at December 31, 2012 | 75,840 | 14.71 | 2.2 Years | ||||||||||||||||||||||
Granted | — | ||||||||||||||||||||||||
Exercised | (37,140 | ) | 15.25 | ||||||||||||||||||||||
Cancelled | — | ||||||||||||||||||||||||
Forfeited | — | ||||||||||||||||||||||||
Outstanding at December 31, 2013 | 38,700 | 18.36 | 1.6 Years | ||||||||||||||||||||||
Exercisable at December 31, 2013 | 38,700 | — | 1.6 Years | $ | 654 | ||||||||||||||||||||
All shares pursuant to stock options were fully vested at December 31, 2013 and 2012. | |||||||||||||||||||||||||
A summary of the intrinsic value of stock options exercised during the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||||||
Aggregate | |||||||||||||||||||||||||
Intrinsic | |||||||||||||||||||||||||
Number of | Value | ||||||||||||||||||||||||
Shares | (000’) | ||||||||||||||||||||||||
2011 | 375,080 | $ | 3,160 | ||||||||||||||||||||||
2012 | 272,750 | $ | 3,459 | ||||||||||||||||||||||
2013 | 37,140 | $ | 402 | ||||||||||||||||||||||
The following tables summarize information about the Company’s stock options outstanding as of December 31, 2013, 2012 and 2011, respectively: | |||||||||||||||||||||||||
Outstanding | Exercise | Weighted Average | Exercisable | Exercise | |||||||||||||||||||||
Options as of | Price | Remaining | Price | ||||||||||||||||||||||
December 31, 2013 | Contractual Life | ||||||||||||||||||||||||
1999 Plan | 8,700 | $12.60 - $18.42 | 1.6 Years | 8,700 | $12.60 - $18.42 | ||||||||||||||||||||
2003 Plan | 30,000 | $18.42 | 1.6 Years | 30,000 | $18.42 | ||||||||||||||||||||
38,700 | $12.60 - $18.42 | 1.6 Years | 38,700 | $12.60 - $18.42 | |||||||||||||||||||||
Outstanding | Exercise | Weighted Average | Exercisable | Exercise | |||||||||||||||||||||
Options as of | Price | Remaining | Price | ||||||||||||||||||||||
31-Dec-12 | Contractual Life | ||||||||||||||||||||||||
1999 Plan | 15,840 | $12.60 - $18.42 | 2.2 Years | 15,840 | $12.60 - $18.42 | ||||||||||||||||||||
2003 Plan | 60,000 | $12.51 - $18.80 | 2.2 Years | 60,000 | $12.51 - $18.80 | ||||||||||||||||||||
75,840 | $12.51 - $18.80 | 2.2 Years | 75,840 | $12.51 - $18.80 | |||||||||||||||||||||
Outstanding | Exercise | Weighted Average | Exercisable | Exercise | |||||||||||||||||||||
Options as of | Price | Remaining | Price | ||||||||||||||||||||||
31-Dec-11 | Contractual Life | ||||||||||||||||||||||||
1999 Plan | 17,310 | $12.60 - $18.42 | 3.2 Years | 17,310 | $12.60 - $18.42 | ||||||||||||||||||||
2003 Plan | 251,500 | $12.51 - $18.80 | 2.9 Years | 251,500 | $12.51 - $18.80 | ||||||||||||||||||||
Inducements | 80,000 | $12.75 - $14.32 | 1.7 Years | 80,000 | $12.75 - $14.32 | ||||||||||||||||||||
348,810 | $12.51 - $18.80 | 2.6 Years | 348,810 | $12.51 - $18.80 | |||||||||||||||||||||
During 2003, the Board of Directors of the Company granted inducement options (“Inducements”) to five individuals in connection with their offers of employment. In 2012, the remaining options were exercised. | |||||||||||||||||||||||||
The following table summarizes information about the Company’s stock options outstanding and those options that are exercisable as of December 31, 2013: | |||||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||||
Exercise Prices | Options | Options | |||||||||||||||||||||||
$12.60 | 400 | 400 | |||||||||||||||||||||||
$18.42 | 38,300 | 38,300 | |||||||||||||||||||||||
38,700 | 38,700 | ||||||||||||||||||||||||
During 2013, 2012 and 2011, the Company granted the following shares (net of those shares cancelled in their respective grant year due to employee terminations prior to restrictions lapsing) of restricted stock to directors, officers and employees pursuant to its equity plans as follows: | |||||||||||||||||||||||||
Weighted | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Year | Number of | Fair Value | |||||||||||||||||||||||
Granted | Shares | Per Share | |||||||||||||||||||||||
2011 | 156,750 | $ | 19.94 | ||||||||||||||||||||||
2012 | 80,650 | $ | 21.65 | ||||||||||||||||||||||
2013 | 174,938 | $ | 23.52 | ||||||||||||||||||||||
Generally, restrictions on the stock granted to employees lapse in equal annual installments on the following four or five anniversaries of the date of grant. For those shares granted to directors, the restrictions will lapse in equal quarterly installments during the first year after the date of grant. For those granted to executive officers, the restriction will lapse in equal quarterly installments during the three to four years following the date of grant. | |||||||||||||||||||||||||
As of December 31, 2013, there were 244,018 shares outstanding for which restrictions had not lapsed. The restrictions will lapse in 2014 through 2017. | |||||||||||||||||||||||||
Compensation expense for grants of restricted stock will be recognized based on the fair value on the date of grant. Compensation expense for restricted stock grants was $2,743,000, $2,102,000 and $2,032,000, respectively, for 2013, 2012 and 2011. As of December 31, 2013, the remaining $4.2 million of compensation expense will be recognized from 2014 through 2017. |
Preferred_Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Preferred Stock | ' |
11. Preferred Stock | |
The Board is empowered, without approval of the shareholders, to cause shares of preferred stock to be issued in one or more series and to establish the number of shares to be included in each such series and the rights, powers, preferences and limitations of each series. There are no provisions in the Company’s Articles of Incorporation specifying the vote required by the holders of preferred stock to take action. All such provisions would be set out in the designation of any series of preferred stock established by the Board. The bylaws of the Company specify that, when a quorum is present at any meeting, the vote of the holders of at least a majority of the outstanding shares entitled to vote who are present, in person or by proxy, shall decide any question brought before the meeting, unless a different vote is required by law or the Company’s Articles of Incorporation. Because the Board has the power to establish the preferences and rights of each series, it may afford the holders of any series of preferred stock, preferences, powers, and rights, voting or otherwise, senior to the right of holders of common stock. The issuance of the preferred stock could have the effect of delaying or preventing a change in control of the Company. |
Common_Stock
Common Stock | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Common Stock | ' |
12. Common Stock | |
From September 2001 through December 31, 2008, the Board authorized the Company to purchase, in the open market or in privately negotiated transactions, up to 2,250,000 shares of the Company’s common stock. In March 2009, the Board authorized the repurchase of up to 10% or approximately 1,200,000 shares of its common stock (“March 2009 Authorization”). In connection with the March 2009 Authorization, the Company amended the Credit Agreement to permit share repurchases of up to $15,000,000. The Company is required to retire shares purchased under the March 2009 Authorization. | |
Under the March 2009 Authorization, the Company has purchased a total of 859,499 shares. There is no expiration date for the share repurchase program. The Credit Agreement was further amended to permit the Company to purchase, commencing on October 24, 2012 and at all times thereafter, up to $15,000,000 of its common stock subject to compliance with covenants. There are currently an additional estimated 340,501 shares that may be purchased from time to time in the open market or private transactions depending on price, availability and the Company’s cash position. The Company did not purchase any shares of its common stock during 2012 or 2013. |
Defined_Contribution_Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | ' |
Defined Contribution Plan | ' |
13. Defined Contribution Plan | |
The Company has a 401(k) profit sharing plan covering all employees with three months of service. The Company may make discretionary contributions of up to 50% of employee contributions. The Company did not make any discretionary contributions and recognized no contribution expense for the years ended December 31, 2013, 2012 and 2011. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
14. Commitments and Contingencies | |||||
Operating Leases | |||||
The Company has entered into operating leases for its executive offices and clinic facilities. In connection with these agreements, the Company incurred rent expense of $22.0 million, $20.8 million and $19.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. Several of the leases provide for an annual increase in the rental payment based upon the Consumer Price Index. The majority of the leases provide for renewal periods ranging from one to five years. The agreements to extend the leases specify that rental rates would be adjusted to market rates as of each renewal date. | |||||
The future minimum operating lease commitments for each of the next five years and thereafter and in the aggregate as of December 31, 2013 are as follows (in thousands): | |||||
2014 | $ | 22,563 | |||
2015 | 18,263 | ||||
2016 | 12,761 | ||||
2017 | 7,859 | ||||
2018 | 4,274 | ||||
Thereafter | 1,902 | ||||
$ | 67,622 | ||||
Employment Agreements | |||||
At December 31, 2013, the Company had outstanding employment agreements with three of its executive officers. These agreements, which presently expire on December 31, 2015, provide for automatic one year renewals if not terminated on at least 12 month notice. All of the agreements contain a provision for annual adjustment of salaries. | |||||
In addition, the Company has outstanding employment agreements with most of the managing physical therapist partners of the Company’s physical therapy clinics and with certain other clinic employees which obligate subsidiaries of the Company to pay compensation of $18.1 million in 2014 and $4.5 million in the aggregate from 2015 through 2018. In addition, most of the employment agreements with the managing physical therapists provide for monthly bonus payments calculated as a percentage of each clinic’s net revenues (not in excess of operating profits) or operating profits. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
15. Earnings Per Share | |||||||||||||
The computations of basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands, except per share data): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Earnings attributable to common shareholders: | |||||||||||||
From continuing operations | $ | 17,492 | $ | 18,212 | $ | 18,812 | |||||||
From discontinued operations | (4,769 | ) | (279 | ) | 2,162 | ||||||||
$ | 12,723 | $ | 17,933 | $ | 20,974 | ||||||||
Basic earnings per share attributable to common shareholders: | |||||||||||||
From continuing operations | $ | 1.45 | $ | 1.54 | $ | 1.6 | |||||||
From discontinued operations | (0.40 | ) | (0.02 | ) | 0.18 | ||||||||
Basic | $ | 1.05 | $ | 1.52 | $ | 1.78 | |||||||
Diluted earnings per share attributable to common shareholders: | |||||||||||||
From continuing operations | $ | 1.45 | $ | 1.53 | $ | 1.57 | |||||||
From discontinued operations | (0.40 | ) | (0.02 | ) | 0.18 | ||||||||
Diluted | $ | 1.05 | $ | 1.51 | $ | 1.75 | |||||||
Shares used in computation: | |||||||||||||
Basic earnings per share - weighted-average shares | 12,063 | 11,804 | 11,814 | ||||||||||
Effect of dilutive securities - Stock options | 19 | 100 | 163 | ||||||||||
Denominator for diluted earnings per share - adjusted weighted-average shares | 12,082 | 11,904 | 11,977 | ||||||||||
All options to purchase shares for the year ended December 31, 2013, 2012 and 2011 were included in the diluted earnings per share calculation as the average market price for those years exceeded the options’ exercise price. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||||||
16. Selected Quarterly Financial Data (Unaudited) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | ||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||
Net patient revenues from continuing operations | $ | 61,432 | $ | 65,227 | $ | 64,368 | $ | 67,256 | |||||||||||||
Net revenues from continuing operations | $ | 62,756 | $ | 66,868 | $ | 65,829 | $ | 68,605 | |||||||||||||
Operating income from continuing operations | $ | 8,435 | $ | 11,059 | $ | 9,904 | $ | 9,372 | |||||||||||||
Net income from continuing operations including noncontrolling interests | $ | 5,809 | $ | 7,642 | $ | 6,756 | $ | 5,796 | |||||||||||||
Net income from continuing operations attributable to common shareholders | $ | 3,851 | $ | 5,079 | $ | 4,659 | $ | 3,903 | |||||||||||||
Net losses from discontinued operations attributable to common shareholders | $ | (130 | ) | $ | (165 | ) | $ | (4,432 | ) | $ | (42 | ) | |||||||||
Net income attributable to common shareholders. | $ | 3,721 | $ | 4,914 | $ | 227 | $ | 3,861 | |||||||||||||
Basic earnings per share attributable to common shareholders: | |||||||||||||||||||||
From continuing operations. | $ | 0.32 | $ | 0.42 | $ | 0.38 | $ | 0.32 | |||||||||||||
From discontinued operations | (0.01 | ) | (0.01 | ) | (0.36 | ) | — | ||||||||||||||
Basic | $ | 0.31 | $ | 0.41 | $ | 0.02 | $ | 0.32 | |||||||||||||
Diluted earnings per share attributable to common shareholders: | |||||||||||||||||||||
From continuing operations. | $ | 0.32 | $ | 0.42 | $ | 0.38 | $ | 0.32 | |||||||||||||
From discontinued operations | (0.01 | ) | (0.01 | ) | (0.36 | ) | — | ||||||||||||||
Diluted | $ | 0.31 | $ | 0.41 | $ | 0.02 | $ | 0.32 | |||||||||||||
Shares used in computation: | |||||||||||||||||||||
Basic. | 11,955 | 12,089 | 12,106 | 12,103 | |||||||||||||||||
Diluted | 11,979 | 12,110 | 12,120 | 12,117 | |||||||||||||||||
2012 | |||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | ||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||
Net patient revenues from continuing operations | $ | 60,366 | $ | 61,963 | $ | 60,719 | $ | 61,052 | |||||||||||||
Net revenues from continuing operations | $ | 61,771 | $ | 63,397 | $ | 62,102 | $ | 62,381 | |||||||||||||
Operating income from continuing operations | $ | 9,765 | $ | 10,806 | $ | 9,534 | $ | 8,301 | |||||||||||||
Net income from continuing operations including noncontrolling interests | $ | 6,733 | $ | 7,452 | $ | 6,423 | $ | 6,032 | |||||||||||||
Net income from continuing operations attributable to common shareholders | $ | 4,436 | $ | 4,958 | $ | 4,588 | $ | 4,230 | |||||||||||||
Net income (losses) from discontinued operations attributable to common shareholders | $ | 42 | $ | (109 | ) | $ | (25 | ) | $ | (187 | ) | ||||||||||
Net income attributable to common shareholders | $ | 4,478 | $ | 4,849 | $ | 4,563 | $ | 4,043 | |||||||||||||
Basic earnings per share attributable to common shareholders: | |||||||||||||||||||||
From continuing operations. | $ | 0.37 | $ | 0.41 | $ | 0.39 | $ | 0.35 | |||||||||||||
From discontinued operations | — | (0.01 | ) | — | (0.02 | ) | |||||||||||||||
Basic | $ | 0.37 | $ | 0.4 | $ | 0.39 | $ | 0.33 | |||||||||||||
Diluted earnings per share attributable to common shareholders: | |||||||||||||||||||||
From continuing operations. | $ | 0.37 | $ | 0.41 | $ | 0.38 | $ | 0.35 | |||||||||||||
From discontinued operations | — | (0.01 | ) | — | (0.02 | ) | |||||||||||||||
Diluted. | $ | 0.37 | $ | 0.4 | $ | 0.38 | $ | 0.33 | |||||||||||||
Shares used in computation: | |||||||||||||||||||||
Basic | 11,955 | 12,089 | 12,106 | 12,103 | |||||||||||||||||
Diluted. | 11,979 | 12,110 | 12,120 | 12,117 | |||||||||||||||||
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. | ||||||||||||||||||||
Not applicable. | |||||||||||||||||||||
ITEM 9A. | CONTROLS AND PROCEDURES. | ||||||||||||||||||||
Evaluation of Disclosure Controls and Procedures | |||||||||||||||||||||
Our management, including our Chief Executive Officer and Chief Financial Officer, has conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Exchange Act) as of the end of the fiscal period covered by this report. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are effective in ensuring that the information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding disclosure. | |||||||||||||||||||||
Changes in Internal Control Over Financial Reporting | |||||||||||||||||||||
There have been no changes in our internal control over financial reporting during the quarter ended December 31, 2013 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. | |||||||||||||||||||||
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING | |||||||||||||||||||||
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under Exchange Act. U.S. Physical Therapy, Inc and subsidiaries’ (the “Company”) internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. | |||||||||||||||||||||
Internal control over financial reporting includes those policies and procedures that: | |||||||||||||||||||||
• | Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; | ||||||||||||||||||||
• | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of the Company’s management and directors; and | ||||||||||||||||||||
• | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements. | ||||||||||||||||||||
Internal control over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting can also be circumvented by collusion or improper management override. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, the risk. | |||||||||||||||||||||
Management conducted an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2013. In making this assessment, management used the criteria described in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management concluded that our internal control over financial reporting was effective as of December 31, 2013. | |||||||||||||||||||||
The Company’s internal control over financial reporting has been audited by Grant Thornton LLP, an independent registered public accounting firm, as stated in their report included on page 38. | |||||||||||||||||||||
ITEM 9B. | OTHER INFORMATION | ||||||||||||||||||||
Not applicable. | |||||||||||||||||||||
PART III | |||||||||||||||||||||
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. | ||||||||||||||||||||
The information required in response to this Item 10 is incorporated herein by reference to our definitive proxy statement relating to our 2014 Annual Meeting of Stockholders to be filed with the SEC pursuant to Regulation 14A, not later than 120 days after the end of our fiscal year covered by this report. | |||||||||||||||||||||
ITEM 11. | EXECUTIVE COMPENSATION. | ||||||||||||||||||||
The information required in response to this Item 11 is incorporated herein by reference to our definitive proxy statement relating to our 2014 Annual Meeting of Stockholders to be filed with the SEC pursuant to Regulation 14A, not later than 120 days after the end of our fiscal year covered by this report. | |||||||||||||||||||||
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. | ||||||||||||||||||||
The information required in response to this Item 12 is incorporated herein by reference to our definitive proxy statement relating to our 2014 Annual Meeting of Stockholders to be filed with the SEC pursuant to Regulation 14A, not later than 120 days after the end of our fiscal year covered by this report. | |||||||||||||||||||||
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE. | ||||||||||||||||||||
The information required in response to this Item 13 is incorporated herein by reference to our definitive proxy statement relating to our 2014 Annual Meeting of Stockholders to be filed with the SEC pursuant to Regulation 14A, not later than 120 days after the end of our fiscal year covered by this report. | |||||||||||||||||||||
ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. | ||||||||||||||||||||
The information required in response to this Item 14 is incorporated herein by reference to our definitive proxy statement relating to our 2014 Annual Meeting of Stockholders to be filed with the SEC pursuant to Regulation 14A, not later than 120 days after the end of our fiscal year covered by this report. | |||||||||||||||||||||
PART IV | |||||||||||||||||||||
ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. | ||||||||||||||||||||
(a) Documents filed as a part of this report: | |||||||||||||||||||||
1. Financial Statements. Reference is made to the Index to Financial Statements and Related Information under Item 8 in Part II hereof, where these documents are listed. | |||||||||||||||||||||
2. Financial Statement Schedules. See page 73 for Schedule II — Valuation and Qualifying Accounts. All other schedules are omitted because of the absence of conditions under which they are required or because the required information is shown in the financial statements or notes thereto. | |||||||||||||||||||||
3. Exhibits. The exhibits listed in List of Exhibits on the next page are filed or incorporated by reference as part of this report. | |||||||||||||||||||||
EXHIBIT INDEX | |||||||||||||||||||||
LIST OF EXHIBITS NOT UPDATED | |||||||||||||||||||||
Number | Description | ||||||||||||||||||||
3.1 | Articles of Incorporation of the Company [filed as an exhibit to the Company’s Form 10-Q for the quarterly period ended June 30, 2001 and incorporated herein by reference]. | ||||||||||||||||||||
3.2 | Amendment to the Articles of Incorporation of the Company [filed as an exhibit to the Company’s Form 10-Q for the quarterly period ended June 30, 2001 and incorporated herein by reference]. | ||||||||||||||||||||
3.3 | Bylaws of the Company, as amended [filed as an exhibit to the Company’s Form 10-KSB for the year ended December 31, 1993 and incorporated herein by reference—Commission File Number—1-11151]. | ||||||||||||||||||||
10.1+ | 1992 Stock Option Plan, as amended [filed as an exhibit to the Company’s Form 10-Q for the quarterly period ended June 30, 2001 and incorporated herein by reference]. | ||||||||||||||||||||
10.2+ | Executive Option Plan [filed as an exhibit to the Company’s Registration Statement on Form S-8 (Reg. No. 33-63444) and incorporated herein by reference]. | ||||||||||||||||||||
10.3+ | 1999 Employee Stock Option Plan (as amended and restated May 20, 2008) [incorporated by reference to Appendix A to the Company’s Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 17, 2008]. | ||||||||||||||||||||
10.4+ | U. S. Physical Therapy, Inc. 2003 Stock Incentive Plan, as amended and restated March 26, 2010 [incorporated by reference to Appendix A to the Company’s proxy statement on Schedule 14A filed with the SEC on April 9, 2010]. | ||||||||||||||||||||
10.5+ | Non-Statutory Stock Option Agreement dated February 26, 2002 between the Company and Mary Dimick [filed as an exhibit to the Company’s Registration Statement on Form S-8 dated February 10, 2003—Reg. No. 333-103057- and incorporated herein by reference]. | ||||||||||||||||||||
10.6+ | Non-Statutory Stock Option Agreement dated May 20, 2003 between the Company and Jerald Pullins [filed as an exhibit to the Company’s Registration Statement on Form S-8 filed March 15, 2004—Reg. No. 333-113592—and incorporated herein by reference]. | ||||||||||||||||||||
10.7+ | Non-Statutory Stock Option Agreement dated November 18, 2003 between the Company and Christopher Reading [filed as an exhibit to the Company’s Registration Statement on Form S-8 filed March 15, 2004—Reg. No. 333-113592—and incorporated herein by reference]. | ||||||||||||||||||||
10.8+ | Non-Statutory Stock Option Agreement dated November 18, 2003 between the Company and Lawrance McAfee [filed as an exhibit to the Company’s Registration Statement on Form S-8 filed March 15, 2004—Reg. No. 333-113592—and incorporated herein by reference]. | ||||||||||||||||||||
10.9+ | Non-Statutory Stock Option Agreement dated November 18, 2003 between the Company and Janna King [filed as an exhibit to the Company’s Registration Statement on Form S-8 filed March 15, 2004—Reg. No. 333-113592—and incorporated herein by reference]. | ||||||||||||||||||||
10.10+ | Non-Statutory Stock Option Agreement dated November 18, 2003 between the Company and Glenn McDowell [filed as an exhibit to the Company’s Registration Statement on Form S-8 filed March 15, 2004—Reg. No. 333-113592—and incorporated herein by reference]. | ||||||||||||||||||||
10.11+ | Consulting agreement between the Company and J. Livingston Kosberg [filed as an exhibit to the Company’s Form 10-Q for the quarterly period ended June 30, 2001 and incorporated herein by reference]. | ||||||||||||||||||||
10.12+ | First Amendment to the Consulting Agreement between the Company and J. Livingston—Kosberg [filed as an exhibit to the Company’s Form 10-K for the year ended December 31, 2002 and incorporated herein by reference.] | ||||||||||||||||||||
10.13+ | Amended and Restated Employment Agreement dated May 24, 2007, between U.S. Physical Therapy, Inc. and Christopher J. Reading [incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on May 25, 2007]. | ||||||||||||||||||||
10.14+ | Amendment to Amended and Restated Employment Agreement dated December 2, 2008 between U.S. Physical Therapy, Inc. and Christopher J. Reading [incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on December 5, 2008]. | ||||||||||||||||||||
10.15+ | Amended and Restated Employment Agreement dated May 24, 2007, between U.S. Physical Therapy, Inc. and Lawrance W. McAfee [incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed with the SEC on May 25, 2007]. | ||||||||||||||||||||
10.16+ | Amendment to Amended and Restated Employment Agreement dated December 2, 2008 between U.S. Physical Therapy, Inc. and Lawrance W. McAfee [incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed with the SEC on December 5, 2008]. | ||||||||||||||||||||
10.17+ | Form of Restricted Stock Agreement*. | ||||||||||||||||||||
10.18+ | Employment Agreement dated May 24, 2007, between U. S. Physical Therapy, Inc. and Glenn D. McDowell [incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on May 25, 2007]. | ||||||||||||||||||||
10.19+ | Amendment to Employment Agreement dated December 2, 2008 between U.S. Physical Therapy, Inc. and Glenn D. McDowell [incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K, filed with the SEC on December 5, 2008]. | ||||||||||||||||||||
10.20+ | USPH Executive Long-Term Incentive Plan, as Amended [incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on December 31, 2008]. | ||||||||||||||||||||
10.21 | USPH 2009 Executive Bonus Plan (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 19, 2009). | ||||||||||||||||||||
10.22+ | U. S. Physical Therapy, Inc. Objective Long-Term Incentive Plan for Senior Management, effective March 31, 2011 [incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 6, 2011]. | ||||||||||||||||||||
10.23+ | U. S. Physical Therapy, Inc. Discretionary Long-Term Incentive Plan for Senior Management for 2011, effective March 31, 2011 [incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the SEC on April 6, 2011]. | ||||||||||||||||||||
10.24+ | U. S. Physical Therapy, Inc. Objective Cash Bonus Plan for 2011, effective March 31, 2011 [incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 8-K filed with the SEC on April 6, 2011]. | ||||||||||||||||||||
10.25+ | U. S. Physical Therapy, Inc. Discretionary Cash Bonus Plan for 2011, effective March 31, 2011 [incorporated by reference to Exhibit 99.4 to the Company’s Current Report on Form 8-K filed with the SEC on April 6, 2011]. | ||||||||||||||||||||
10.26 | Reorganization and Securities Purchase Agreement dated as of September 6, 2007 between U. S. Physical Therapy, Ltd., STAR Physical Therapy, LP (“STAR LP”), the limited partners of STAR LP, and Regg Swanson as Seller Representative and in his individual capacity [incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 7, 2007]. | ||||||||||||||||||||
10.27 | Credit Agreement, dated as of August 27, 2007 among U. S. Physical Therapy, Inc., as the Borrower, Bank of America, N. A., as Administrative Agent, Swing Line Lender and L/C Issuer, and The Other Lenders Party Hereto [incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K/A filed with the SEC on September 5, 2007]. | ||||||||||||||||||||
10.28 | First Amendment to Credit Agreement dated as of June 4, 2008 by and among U.S. Physical Therapy, Inc., a Nevada Corporation, the Lenders party hereto, and Bank of America, N. A., as Administrative Agent [incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2008, filed with the SEC on August 11, 2008]. | ||||||||||||||||||||
10.29 | Second Amendment to Credit Agreement and Consent by and among the Company and the Lenders party hereto, and Bank of America, N. A., as Administrative Agent (incorporated by reference to Exhibit 99.1 to the Company Current Report on Form 8-K filed with the SEC on March 18, 2010). | ||||||||||||||||||||
10.30 | Third Amendment to Credit Agreement dated as of October 13, 2010, by and among the Company and the Lenders party hereto, and Bank of America, N.A. as administrative Agent [incorporated by reference to Exhibit 10.30 to the Company Annual Report on Form 10-K filed with the SEC on March 10, 2011]. | ||||||||||||||||||||
10.31+ | U. S. Physical Therapy, Inc. Objective Long-Term Incentive Plan for Senior Management, effective March 27, 2012 (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2012). | ||||||||||||||||||||
10.32+ | U. S. Physical Therapy, Inc. Discretionary Long-Term Incentive Plan for Senior Management for 2012, effective March 27, 2012 (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2012). | ||||||||||||||||||||
10.33+ | U. S. Physical Therapy, Inc. Objective Cash Bonus Plan for 2012, effective March 27, 2012 (incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2012). | ||||||||||||||||||||
10.34+ | U. S. Physical Therapy, Inc. Discretionary Cash Bonus Plan for 2012, effective March 27, 2012 (incorporated by reference to Exhibit 99.4 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2012). | ||||||||||||||||||||
10.35 | Fourth Amendment to Credit Agreement by and among the Company and the Lenders party hereto, and Bank of America, N. A, as Administrative Agent.* | ||||||||||||||||||||
10.36 | Fifth Amendment to Credit Agreement by and among the Company and the Lenders party hereto, and Bank of America, N. A, as Administrative Agent (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 25, 2012). | ||||||||||||||||||||
10.37 | Amendment to employment agreement effective March 8, 2013 between U. S. Physical Therapy, Inc. and Christopher J. Reading. * | ||||||||||||||||||||
10.38 | Amendment to employment agreement effective March 8, 2013 between U. S. Physical Therapy, Inc. and Lawrance M. McAfee. * | ||||||||||||||||||||
10.39 | Amendment to employment agreement effective March 8, 2013 between U. S. Physical Therapy, Inc. and Glenn D. McDowell. * | ||||||||||||||||||||
21.1* | Subsidiaries of the Registrant | ||||||||||||||||||||
23.1* | Consent of Independent Registered Public Accounting Firm—Grant Thornton LLP | ||||||||||||||||||||
31.1* | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended | ||||||||||||||||||||
31.2* | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended | ||||||||||||||||||||
31.3* | Certification of Controller pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended | ||||||||||||||||||||
32.1* | Certification of Periodic Report of the Chief Executive Officer, Chief Financial Officer and Controller pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||||||||||||||
101.INS* | XBRL Instance Document | ||||||||||||||||||||
101.SCH* | XBRL Taxonomy Extension Schema Document | ||||||||||||||||||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||||||||||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||||||||||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | ||||||||||||||||||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||||||||||||
* | Filed herewith | ||||||||||||||||||||
+ | Management contract or compensatory plan or arrangement. | ||||||||||||||||||||
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | |||||||||||||||||||||
Board of Directors and Shareholders | |||||||||||||||||||||
U.S. Physical Therapy, Inc. | |||||||||||||||||||||
We have audited in accordance with the standards of the Public Company Accounting Oversight Board (United States) the consolidated financial statements of U.S. Physical Therapy, Inc. (a Nevada Corporation) and subsidiaries (the “Company”) referred to in our report dated March 11, 2014, which is included in the annual report to security holders and included in Part II of this form. Our audits of the basic consolidated financial statements included the financial statement schedule listed in the index appearing under item 15, which is the responsibility of the Company’s management. In our opinion, this financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein. | |||||||||||||||||||||
/s/ GRANT THORNTON LLP | |||||||||||||||||||||
Houston, Texas | |||||||||||||||||||||
March 11, 2014 | |||||||||||||||||||||
FINANCIAL STATEMENT SCHEDULE* | |||||||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES | |||||||||||||||||||||
COL. A | COL B | COL C | COL D | COL E | |||||||||||||||||
Additions | |||||||||||||||||||||
Description | Balance at | Charged to | Charged | Deductions | Balance at | ||||||||||||||||
Beginning | Costs and | to Other | End of | ||||||||||||||||||
of Period | Expenses | Accounts | Period | ||||||||||||||||||
(Amounts in Thousands) | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013: | |||||||||||||||||||||
Reserves and allowances deducted from asset accounts: | |||||||||||||||||||||
Allowance for doubtful accounts(1) | $ | 2,109 | $ | 4,370 | — | $ | 4,851 | (2) | $ | 1,628 | |||||||||||
YEAR ENDED DECEMBER 31, 2012: | |||||||||||||||||||||
Reserves and allowances deducted from asset accounts: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 3,037 | $ | 4,848 | — | $ | 5,776 | (2) | $ | 2,109 | |||||||||||
YEAR ENDED DECEMBER 31, 2011: | |||||||||||||||||||||
Reserves and allowances deducted from asset accounts: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 2,273 | $ | 3,785 | — | $ | 3,021 | (2) | $ | 3,037 | |||||||||||
-1 | Related to patient accounts receivable and accounts receivable—other. | ||||||||||||||||||||
-2 | Uncollectible accounts written off, net of recoveries. | ||||||||||||||||||||
* | All other schedules are omitted because of the absence of conditions under which they are required or because the required information is shown in the financial statements or notes thereto. | ||||||||||||||||||||
SIGNATURES | |||||||||||||||||||||
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | |||||||||||||||||||||
U.S. PHYSICAL THERAPY, INC. | |||||||||||||||||||||
(Registrant) | |||||||||||||||||||||
By: | /S/ LAWRANCE W. MCAFEE | ||||||||||||||||||||
Lawrance W. McAfee | |||||||||||||||||||||
Chief Financial Officer | |||||||||||||||||||||
By: | /S/ JON C. BATES | ||||||||||||||||||||
Jon C. Bates | |||||||||||||||||||||
Vice President/Controller | |||||||||||||||||||||
Date: March 11, 2014 | |||||||||||||||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated as of the date indicated above. | |||||||||||||||||||||
By: | /S/ CHRISTOPHER J. READING | President, Chief Executive Officer and Director | |||||||||||||||||||
Christopher J. Reading | (principal executive officer) | ||||||||||||||||||||
By: | /S/ LAWRANCE W. MCAFEE | Executive Vice President, Chief Financial Officer | |||||||||||||||||||
Lawrance W. McAfee | and Director | ||||||||||||||||||||
(principal financial and accounting officer) | |||||||||||||||||||||
By: | /S/ JERALD PULLINS | Chairman of the Board | |||||||||||||||||||
Jerald Pullins | |||||||||||||||||||||
By: | /S/ DANIEL C. ARNOLD | Vice Chairman of the Board | |||||||||||||||||||
Daniel C. Arnold | |||||||||||||||||||||
By: | /S/ MARK J. BROOKNER | Director | |||||||||||||||||||
Mark J. Brookner | |||||||||||||||||||||
By: | /S/ HARRY S. CHAPMAN | Director | |||||||||||||||||||
Harry S. Chapman | |||||||||||||||||||||
By: | /S/ BERNARD A. HARRIS, JR. | Director | |||||||||||||||||||
Bernard A. Harris, Jr. | |||||||||||||||||||||
By: | /S/ MARLIN W. JOHNSTON | Director | |||||||||||||||||||
Marlin W. Johnston | |||||||||||||||||||||
By: | /S/ REGG SWANSON | Director | |||||||||||||||||||
Regg Swanson | |||||||||||||||||||||
By: | /S/ CLAYTON TRIER | Director | |||||||||||||||||||
Clayton Trier | |||||||||||||||||||||
EXHIBIT INDEX | |||||||||||||||||||||
LIST OF EXHIBITS NOT UPDATED | |||||||||||||||||||||
Number | Description | ||||||||||||||||||||
3.1 | Articles of Incorporation of the Company [filed as an exhibit to the Company’s Form 10-Q for the quarterly period ended June 30, 2001 and incorporated herein by reference]. | ||||||||||||||||||||
3.2 | Amendment to the Articles of Incorporation of the Company [filed as an exhibit to the Company’s Form 10-Q for the quarterly period ended June 30, 2001 and incorporated herein by reference]. | ||||||||||||||||||||
3.3 | Bylaws of the Company, as amended [filed as an exhibit to the Company’s Form 10-KSB for the year ended December 31, 1993 and incorporated herein by reference—Commission File Number—1-11151]. | ||||||||||||||||||||
10.1+ | 1992 Stock Option Plan, as amended [filed as an exhibit to the Company’s Form 10-Q for the quarterly period ended June 30, 2001 and incorporated herein by reference]. | ||||||||||||||||||||
10.2+ | Executive Option Plan [filed as an exhibit to the Company’s Registration Statement on Form S-8 (Reg. No. 33-63444) and incorporated herein by reference]. | ||||||||||||||||||||
10.3+ | 1999 Employee Stock Option Plan (as amended and restated May 20, 2008) [incorporated by reference to Appendix A to the Company’s Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 17, 2008]. | ||||||||||||||||||||
10.4+ | U. S. Physical Therapy, Inc. 2003 Stock Incentive Plan, as amended and restated March 26, 2010 [incorporated by reference to Appendix A to the Company’s proxy statement on Schedule 14A filed with the SEC on April 9, 2010]. | ||||||||||||||||||||
10.5+ | Non-Statutory Stock Option Agreement dated February 26, 2002 between the Company and Mary Dimick [filed as an exhibit to the Company’s Registration Statement on Form S-8 dated February 10, 2003—Reg. No. 333-103057- and incorporated herein by reference]. | ||||||||||||||||||||
10.6+ | Non-Statutory Stock Option Agreement dated May 20, 2003 between the Company and Jerald Pullins [filed as an exhibit to the Company’s Registration Statement on Form S-8 filed March 15, 2004—Reg. No. 333-113592—and incorporated herein by reference]. | ||||||||||||||||||||
10.7+ | Non-Statutory Stock Option Agreement dated November 18, 2003 between the Company and Christopher Reading [filed as an exhibit to the Company’s Registration Statement on Form S-8 filed March 15, 2004—Reg. No. 333-113592—and incorporated herein by reference]. | ||||||||||||||||||||
10.8+ | Non-Statutory Stock Option Agreement dated November 18, 2003 between the Company and Lawrance McAfee [filed as an exhibit to the Company’s Registration Statement on Form S-8 filed March 15, 2004—Reg. No. 333-113592—and incorporated herein by reference]. | ||||||||||||||||||||
10.9+ | Non-Statutory Stock Option Agreement dated November 18, 2003 between the Company and Janna King [filed as an exhibit to the Company’s Registration Statement on Form S-8 filed March 15, 2004—Reg. No. 333-113592—and incorporated herein by reference]. | ||||||||||||||||||||
10.10+ | Non-Statutory Stock Option Agreement dated November 18, 2003 between the Company and Glenn McDowell [filed as an exhibit to the Company’s Registration Statement on Form S-8 filed March 15, 2004—Reg. No. 333-113592—and incorporated herein by reference]. | ||||||||||||||||||||
10.11+ | Consulting agreement between the Company and J. Livingston Kosberg [filed as an exhibit to the Company’s Form 10-Q for the quarterly period ended June 30, 2001 and incorporated herein by reference]. | ||||||||||||||||||||
10.12+ | First Amendment to the Consulting Agreement between the Company and J. Livingston—Kosberg [filed as an exhibit to the Company’s Form 10-K for the year ended December 31, 2002 and incorporated herein by reference.] | ||||||||||||||||||||
10.13+ | Amended and Restated Employment Agreement dated May 24, 2007, between U.S. Physical Therapy, Inc. and Christopher J. Reading [incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on May 25, 2007]. | ||||||||||||||||||||
10.14+ | Amendment to Amended and Restated Employment Agreement dated December 2, 2008 between U.S. Physical Therapy, Inc. and Christopher J. Reading [incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on December 5, 2008]. | ||||||||||||||||||||
10.15+ | Amended and Restated Employment Agreement dated May 24, 2007, between U.S. Physical Therapy, Inc. and Lawrance W. McAfee [incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed with the SEC on May 25, 2007]. | ||||||||||||||||||||
10.16+ | Amendment to Amended and Restated Employment Agreement dated December 2, 2008 between U.S. Physical Therapy, Inc. and Lawrance W. McAfee [incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed with the SEC on December 5, 2008]. | ||||||||||||||||||||
10.17+ | Form of Restricted Stock Agreement. * | ||||||||||||||||||||
10.18+ | Employment Agreement dated May 24, 2007, between U. S. Physical Therapy, Inc. and Glenn D. McDowell [incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on May 25, 2007]. | ||||||||||||||||||||
10.19+ | Amendment to Employment Agreement dated December 2, 2008 between U.S. Physical Therapy, Inc. and Glenn D. McDowell [incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K, filed with the SEC on December 5, 2008]. | ||||||||||||||||||||
10.20+ | USPH Executive Long-Term Incentive Plan, as Amended [incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on December 31, 2008]. | ||||||||||||||||||||
10.21 | USPH 2009 Executive Bonus Plan (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 19, 2009). | ||||||||||||||||||||
10.22+ | U. S. Physical Therapy, Inc. Objective Long-Term Incentive Plan for Senior Management, effective March 31, 2011 [incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 6, 2011]. | ||||||||||||||||||||
10.23+ | U. S. Physical Therapy, Inc. Discretionary Long-Term Incentive Plan for Senior Management for 2011, effective March 31, 2011 [incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the SEC on April 6, 2011]. | ||||||||||||||||||||
10.24+ | U. S. Physical Therapy, Inc. Objective Cash Bonus Plan for 2011, effective March 31, 2011 [incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 8-K filed with the SEC on April 6, 2011]. | ||||||||||||||||||||
10.25+ | U. S. Physical Therapy, Inc. Discretionary Cash Bonus Plan for 2011, effective March 31, 2011 [incorporated by reference to Exhibit 99.4 to the Company’s Current Report on Form 8-K filed with the SEC on April 6, 2011]. | ||||||||||||||||||||
10.26 | Reorganization and Securities Purchase Agreement dated as of September 6, 2007 between U. S. Physical Therapy, Ltd., STAR Physical Therapy, LP (“STAR LP”), the limited partners of STAR LP, and Regg Swanson as Seller Representative and in his individual capacity [incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 7, 2007]. | ||||||||||||||||||||
10.27 | Credit Agreement, dated as of August 27, 2007 among U. S. Physical Therapy, Inc., as the Borrower, Bank of America, N. A., as Administrative Agent, Swing Line Lender and L/C Issuer, and The Other Lenders Party Hereto [incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K/A filed with the SEC on September 5, 2007]. | ||||||||||||||||||||
10.28 | First Amendment to Credit Agreement dated as of June 4, 2008 by and among U.S. Physical Therapy, Inc., a Nevada Corporation, the Lenders party hereto, and Bank of America, N. A., as Administrative Agent [incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2008, filed with the SEC on August 11, 2008]. | ||||||||||||||||||||
10.29 | Second Amendment to Credit Agreement and Consent by and among the Company and the Lenders party hereto, and Bank of America, N. A., as Administrative Agent (incorporated by reference to Exhibit 99.1 to the Company Current Report on Form 8-K filed with the SEC on March 18, 2010). | ||||||||||||||||||||
10.30 | Third Amendment to Credit Agreement dated as of October 13, 2010, by and among the Company and the Lenders party hereto, and Bank of America, N.A. as administrative Agent [incorporated by reference to Exhibit 10.30 to the Company Annual Report on Form 10-K filed with the SEC on March 10, 2011]. | ||||||||||||||||||||
10.31+ | U. S. Physical Therapy, Inc. Objective Long-Term Incentive Plan for Senior Management, effective March 27, 2012 (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2012). | ||||||||||||||||||||
10.32+ | U. S. Physical Therapy, Inc. Discretionary Long-Term Incentive Plan for Senior Management for 2012, effective March 27, 2012 (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2012). | ||||||||||||||||||||
10.33+ | U. S. Physical Therapy, Inc. Objective Cash Bonus Plan for 2012, effective March 27, 2012 (incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2012). | ||||||||||||||||||||
10.34+ | U. S. Physical Therapy, Inc. Discretionary Cash Bonus Plan for 2012, effective March 27, 2012 (incorporated by reference to Exhibit 99.4 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2012). | ||||||||||||||||||||
10.35 | Fourth Amendment to Credit Agreement by and among the Company and the Lenders party hereto, and Bank of America, N. A, as Administrative Agent.* | ||||||||||||||||||||
10.36 | Fifth Amendment to Credit Agreement by and among the Company and the Lenders party hereto, and Bank of America, N. A, as Administrative Agent (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 25, 2012). | ||||||||||||||||||||
10.37 | Amendment to employment agreement effective March 8, 2013 between U. S. Physical Therapy, Inc. and Christopher J. Reading. * | ||||||||||||||||||||
10.38 | Amendment to employment agreement effective March 8, 2013 between U. S. Physical Therapy, Inc. and Lawrance M. McAfee. * | ||||||||||||||||||||
10.39 | Amendment to employment agreement effective March 8, 2013 between U. S. Physical Therapy, Inc. and Glenn D. McDowell. * | ||||||||||||||||||||
21.1* | Subsidiaries of the Registrant | ||||||||||||||||||||
23.1* | Consent of Independent Registered Public Accounting Firm—Grant Thornton LLP | ||||||||||||||||||||
31.1* | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended | ||||||||||||||||||||
31.2* | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended | ||||||||||||||||||||
31.3* | Certification of Controller pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended | ||||||||||||||||||||
32.1* | Certification of Periodic Report of the Chief Executive Officer, Chief Financial Officer and Controller pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||||||||||||||
101.INS* | XBRL Instance Document | ||||||||||||||||||||
101.SCH* | XBRL Taxonomy Extension Schema Document | ||||||||||||||||||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||||||||||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||||||||||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | ||||||||||||||||||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||||||||||||
* | Filed herewith | ||||||||||||||||||||
+ | Management contract or compensatory plan or arrangement. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Cash Equivalents | ' | |||
Cash Equivalents | ||||
The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at several institutions typically exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. Management believes that this risk is not significant. | ||||
Long-Lived Assets | ' | |||
Long-Lived Assets | ||||
Fixed assets are stated at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the related assets. Estimated useful lives for furniture and equipment range from three to eight years and for software purchased from three to seven years. Leasehold improvements are amortized over the shorter of the related lease term or estimated useful lives of the assets, which is generally three to five years. | ||||
Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed of | ' | |||
Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of | ||||
The Company reviews property and equipment and intangible assets with finite lives for impairment upon the occurrence of certain events or circumstances that indicate the related amounts may be impaired. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. | ||||
Goodwill | ' | |||
Goodwill | ||||
Goodwill represents the excess of the amount paid and fair value of the non-controlling interests over the fair value of the acquired business assets, which include certain intangible assets. Historically, goodwill has been derived from acquisitions and, prior to 2009, from the purchase of some or all of a particular local management’s equity interest in an existing clinic. Effective January 1, 2009, if the purchase price of a non-controlling interest by the Company exceeds or is less than the book value at the time of purchase, any excess or shortfall is recognized as an adjustment to additional paid-in capital. | ||||
The fair value of goodwill and other intangible assets with indefinite lives are tested for impairment annually and upon the occurrence of certain events, and are written down to fair value if considered impaired. The Company evaluates goodwill for impairment on at least an annual basis (in its third quarter) by comparing the fair value of its reporting units to the carrying value of each reporting unit including related goodwill. The Company operates a one segment business which is made up of various clinics within partnerships. The partnerships are components of regions and are aggregated to the operating segment level for the purpose of determining the Company’s reporting units when performing its annual goodwill impairment test. | ||||
An impairment loss generally would be recognized when the carrying amount of the net assets of a reporting unit, inclusive of goodwill and other intangible assets, exceeds the estimated fair value of the reporting unit. The estimated fair value of a reporting unit is determined using two factors: (i) earnings prior to taxes, depreciation and amortization for the reporting unit multiplied by a price/earnings ratio used in the industry and (ii) a discounted cash flow analysis. A weight is assigned to each factor and the sum of each weight times the factor is considered the estimated fair value. For 2013, the factors (i.e., price/earnings ratio, discount rate and residual capitalization rate) were updated to reflect current market conditions. The evaluation of goodwill in 2013, 2012 and 2011 did not result in any goodwill amounts that were deemed impaired. | ||||
The Company has not identified any triggering events occurring after the testing date that would impact the impairment testing results obtained. Factors which could result in future impairment charges include but are not limited to: | ||||
• | changes as the result of government enacted national healthcare reform; | |||
• | changes in Medicare guidelines and reimbursement or failure of our clinics to maintain their Medicare certification status; | |||
• | business and regulatory conditions including federal and state regulations; | |||
• | changes in reimbursement rates or payment methods from third party payors including government agencies and deductibles and co-pays owed by patients; | |||
• | revenue and earnings expectations; | |||
• | general economic conditions; | |||
• | availability and cost of qualified physical and occupational therapists; | |||
• | personnel productivity; | |||
• | competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain operations and thereby incur losses and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets; | |||
• | maintaining adequate internal controls; | |||
• | availability, terms, and use of capital; | |||
• | acquisitions, purchase of non-controlling interests (minority interests) and the successful integration of the operations of the acquired businesses; and | |||
• | weather and other seasonal factors. | |||
The Company will continue to monitor for any triggering events or other indicators of impairment. | ||||
Non-controlling Interests | ' | |||
Non-controlling Interests | ||||
The Company recognizes non-controlling interests as equity in the consolidated financial statements separate from the parent entity’s equity. The amount of net income attributable to non-controlling interests is included in consolidated net income on the face of the income statement. Changes in a parent entity’s ownership interest in a subsidiary that do not result in deconsolidation are treated as equity transactions if the parent entity retains its controlling financial interest. The Company recognizes a gain or loss in net income when a subsidiary is deconsolidated. Such gain or loss is measured using the fair value of the non-controlling equity investment on the deconsolidation date. | ||||
When the purchase price of a non-controlling interest by the Company exceeds the book value at the time of purchase, any excess or shortfall is recognized as an adjustment to additional paid-in capital. Additionally, operating losses are allocated to non-controlling interests even when such allocation creates a deficit balance for the non-controlling interest partner. | ||||
The non-controlling interests that are reflected as redeemable non-controlling interests in the consolidated financial statements consist of those outside owners that have certain put rights that are currently exercisable, and that, if exercised, require that the Company purchases the non-controlling interest of the particular limited partner. The redeemable non-controlling interests reflect the book value of the respective non-controlling interests. The redeemable non-controlling interests will be adjusted to the fair value in the reporting period in which the Company deems it probable that the limited partner will assert the put rights. Typically, for acquisitions, the Company agrees to purchase the individual’s non-controlling interest at a predetermined multiple of earnings before interest and taxes. As of December 31, 2012, there were no non-controlling interests with put rights that were exercisable. | ||||
Revenue Recognition | ' | |||
Revenue Recognition | ||||
Revenues are recognized in the period in which services are rendered. Net patient revenues (patient revenues less estimated contractual adjustments) are reported at the estimated net realizable amounts from third-party payors, patients and others for services rendered. The Company has agreements with third-party payors that provide for payments to the Company at amounts different from its established rates. The allowance for estimated contractual adjustments is based on terms of payor contracts and historical collection and write-off experience. | ||||
The Company determines allowances for doubtful accounts based on the specific agings and payor classifications at each clinic. The provision for doubtful accounts is included in clinic operating costs in the statement of net income. Net accounts receivable, which are stated at the historical carrying amount net of contractual allowances, write-offs and allowance for doubtful accounts, includes only those amounts the Company estimates to be collectible. | ||||
Medicare Reimbursement | ||||
The Medicare program reimburses outpatient rehabilitation providers based on the Medicare Physician Fee Schedule (“MPFS”). The MPFS rates are automatically updated annually based on a formula, called the sustainable growth rate (“SGR”) formula. The use of the SGR formula would have resulted in calculated automatic reductions in rates in every year since 2002; however, for each year through March 31, 2014, Centers for Medicare & Medicaid Services (“CMS”) or Congress has taken action to prevent the implementation of SGR formula reductions. The Bipartisan Budget Act of 2013 froze the Medicare physician fee schedule rates at 2013 levels through March 31, 2014, averting a scheduled 20.1% cut in the MPFS as a result of the SGR formula that would have taken effect on January 1, 2014. Unless Congress again takes legislative action to prevent the SGR formula reductions from going into effect automatic reductions in the MPFS will commence on April 1, 2014. | ||||
The Budget Control Act of 2011 increased the federal debt ceiling in connection with deficit reductions over the next ten years, and requires automatic reductions in federal spending by approximately $1.2 trillion. Payments to Medicare providers are subject to these automatic spending reductions, subject to a 2% cap. On April 1, 2013, a 2% reduction to Medicare payments was implemented. | ||||
As a result of the Balanced Budget Act of 1997, the formula for determining the total amount paid by Medicare in any one year for outpatient physical therapy, occupational therapy, and/or speech-language pathology services provided to any Medicare beneficiary (i.e., the “Therapy Cap” or “Limit”) was established. Based on the statutory definitions which constrained how the Therapy Cap would be applied, there is one Limit for Physical Therapy and Speech Language Pathology Services combined, and one Limit for Occupational Therapy. During 2013, the annual Limit on outpatient therapy services was $1,900 for Physical Therapy and Speech Language Pathology Services combined and $1,900 for Occupational Therapy Services. Effective January 1, 2014, the annual Limit on outpatient therapy services is $1,920 for Physical and Speech Language Pathology Services combined and $1,920 for Occupational Therapy Services. Historically, these Therapy Caps applied to outpatient therapy services provided in all settings, except for services provided in departments of hospitals. However, the American Taxpayer Relief Act of 2012 and the Bipartisan Budget Act of 2013 extended the annual limits on therapy expenses to services furnished in hospital outpatient department settings through March 31, 2014. Unless Congress enacts legislation to extend the application of these limits to therapy provided in hospital outpatient settings, the Therapy Caps will no longer apply to such services starting as of April 1, 2014. | ||||
In the Deficit Reduction Act of 2005, Congress implemented an exceptions process to the annual Limit for therapy expenses for therapy services above the annual Limit. The Bipartisan Budget Act of 2013 extended the exceptions process for outpatient Therapy Caps through March 31, 2014. Therapy services above the annual Limit that are medically necessary satisfy an exception to the annual Limit and such claims are payable by the Medicare program. Unless Congress extends the exceptions process, the Therapy Caps will apply to all claims regardless of medical necessity beginning April 1, 2014. For any claim above the annual Limit, the claim must contain a modifier indicating that the services are medically necessary and justified by appropriate documentation in the medical record. | ||||
Furthermore, under the Middle Class Tax Relief and Job Creation Act of 2012 (“MCTRA”), since October 1, 2012, patients who met or exceeded $3,700 in therapy expenditures during a calendar year have been subject to a manual medical review to determine whether applicable payment criteria are satisfied. The $3,700 threshold is applied to Physical Therapy and Speech Language Pathology Services; a separate $3,700 threshold is applied to the Occupational Therapy. The Bipartisan Budget Relief Act of 2013 extended through March 31, 2014 the requirement that Medicare perform manual medical review of therapy services beyond the $3,700 threshold. In addition, as of January 1, 2013, CMS implemented a claims based data collection strategy that is designed to assist in reforming the Medicare payment system for outpatient therapy. Since January 1, 2013, all therapy claims must include additional codes and modifiers providing information about the beneficiary’s functional status at the outset of the therapy episode of care, specified points during treatment, and at the time of discharge. Effective July 1, 2013, claims submitted without the appropriate codes and modifiers are returned unpaid. | ||||
CMS adopted a multiple procedure payment reduction (“MPPR”) for therapy services in the final update to the MPFS for calendar year 2011. During 2011, the MPPR applied to all outpatient therapy services paid under Medicare Part B — occupational therapy, physical therapy and speech-language pathology. Under the policy, the Medicare program pays 100% of the practice expense component of the Relative Value Unit (“RVU”) for the therapy procedure with the highest practice expense RVU, then reduces the payment for the practice expense component for the second and subsequent therapy procedures or units of service furnished during the same day for the same patient, regardless of whether those therapy services are furnished in separate sessions. In 2011 and 2012, the practice expense component for the second and subsequent therapy service furnished during the same day for the same patient was reduced by 20% in office and other non-institutional settings and by 25% in institutional settings. The American Taxpayer Relief Act of 2012 increased the payment reduction of the practice expense component to 50%, on subsequent therapy procedures in either setting, effective April 1, 2013. In addition, the Middle Class Tax Relief and Job Creation Act of 2012 (“MCTRA”) directed CMS to implement a claims-based data collection program to gather additional data on patient function during the course of therapy in order to better understand patient conditions and outcomes. All practice settings that provide outpatient therapy services are required to include this data on the claim form. Since July 1, 2013, therapists have been required to report new codes and modifiers on the claim form that reflect a patient’s functional limitations and goals at initial evaluation, periodically throughout care, and at discharge. Since July 1, 2013, CMS has rejected claims if the required data is not included in the claim. | ||||
The Physician Quality Reporting System, or “PQRS,” is a CMS reporting program that uses a combination of incentive payments and payment reductions to promote reporting of quality information by “eligible professionals.” Although physical therapists, occupational therapists and qualified speech-language therapists are generally able to participate in the PQRS program, therapy professionals for whose services we bill through our rehab agencies cannot participate because the Medicare claims processing systems currently cannot accommodate institutional providers such as rehab agencies. Eligible professionals, such as those of our therapy professionals for whose services we bill using their individual Medicare provider numbers, who do not satisfactorily report data on quality measures will be subject to a 2% reduction in their Medicare payment in 2016. | ||||
Statutes, regulations, and payment rules governing the delivery of therapy services to Medicare beneficiaries are complex and subject to interpretation. The Company believes that it is in substantial compliance in all material respects with all applicable laws and regulations and is not aware of any pending or threatened investigations involving allegations of potential wrongdoing that would have a material effect on the Company’s financial statements as of December 31, 2013. Compliance with such laws and regulations can be subject to future government review and interpretation, as well as significant regulatory action including fines, penalties, and exclusion from the Medicare program. | ||||
Management Contract Revenues | ||||
Management contract revenues are derived from contractual arrangements whereby the Company manages a clinic for third party owners. The Company does not have any ownership interest in these clinics. Typically, revenues are determined based on the number of visits conducted at the clinic and recognized when services are performed. Costs, typically salaries for the Company’s employees, are recorded when incurred. Management contract revenues are included in “other revenues” in the accompanying Consolidated Statements of Net Income. | ||||
Contractual Allowances | ' | |||
Contractual Allowances | ||||
Contractual allowances result from the differences between the rates charged for services performed and expected reimbursements by both insurance companies and government sponsored healthcare programs for such services. Medicare regulations and the various third party payors and managed care contracts are often complex and may include multiple reimbursement mechanisms payable for the services provided in Company clinics. The Company estimates contractual allowances based on its interpretation of the applicable regulations, payor contracts and historical calculations. Each month the Company estimates its contractual allowance for each clinic based on payor contracts and the historical collection experience of the clinic and applies an appropriate contractual allowance reserve percentage to the gross accounts receivable balances for each payor of the clinic. Based on the Company’s historical experience, calculating the contractual allowance reserve percentage at the payor level is sufficient to allow the Company to provide the necessary detail and accuracy with its collectibility estimates. However, the services authorized and provided and related reimbursement are subject to interpretation that could result in payments that differ from the Company’s estimates. Payor terms are periodically revised necessitating continual review and assessment of the estimates made by management. The Company’s billing system does not capture the exact change in its contractual allowance reserve estimate from period to period in order to assess the accuracy of its revenues and hence its contractual allowance reserves. Management regularly compares its cash collections to corresponding net revenues measured both in the aggregate and on a clinic-by-clinic basis. In the aggregate, historically the difference between net revenues and corresponding cash collections has generally reflected a difference within approximately 1% of net revenues. Additionally, analysis of subsequent period’s contractual write-offs on a payor basis reflects a difference within approximately 1% between the actual aggregate contractual reserve percentage as compared to the estimated contractual allowance reserve percentage associated with the same period end balance. As a result, the Company believes that a change in the contractual allowance reserve estimate would not likely be more than 1% at December 31, 2013. | ||||
Income Taxes | ' | |||
Income Taxes | ||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||
The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount to be recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. | ||||
The Company did not have any accrued interest or penalties associated with any unrecognized tax benefits nor was any interest expense recognized during the twelve months ended December 31, 2013 and 2012. The Company will book any interest or penalties, if required, in interest and/or other income/expense as appropriate. | ||||
Fair Values of Financial Instruments | ' | |||
Fair Values of Financial Instruments | ||||
The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts receivable, accounts payable and notes payable approximate their fair values due to the short-term maturity of these financial instruments. The carrying amount of the revolving credit facility approximates its fair value. The interest rate on the Credit Agreement, which is tied to the Eurodollar Rate, is set at various short-term intervals, as detailed in the credit agreement. | ||||
Segment Reporting | ' | |||
Segment Reporting | ||||
Operating segments are components of an enterprise for which separate financial information is available that is evaluated regularly by chief operating decision makers in deciding how to allocate resources and in assessing performance. The Company identifies operating segments based on management responsibility and believes it meets the criteria for aggregating its operating segments into a single reporting segment. | ||||
Use of Estimates | ' | |||
Use of Estimates | ||||
In preparing the Company’s consolidated financial statements, management makes certain estimates and assumptions, especially in relation to, but not limited to, goodwill impairment, allowance for receivables, tax provision and contractual allowances, that affect the amounts reported in the consolidated financial statements and related disclosures. Actual results may differ from these estimates. | ||||
Self-Insurance Program | ' | |||
Self-Insurance Program | ||||
The Company utilizes a self insurance plan for its employee group health insurance coverage administered by a third party. Predetermined loss limits have been arranged with the insurance company to minimize the Company’s maximum liability and cash outlay. Accrued expenses include the estimated incurred but unreported costs to settle unpaid claims and estimated future claims. Management believes that the current accrued amounts are sufficient to pay claims arising from self insurance claims incurred through December 31, 2013. | ||||
Stock Options | ' | |||
Stock Options | ||||
The Company measures and recognizes compensation expense for all stock-based payments at fair value. Compensation cost recognized includes compensation for all stock-based payments granted prior to, but not yet vested on January 1, 2006, based on the grant-date fair value estimated at the time of grant and compensation cost for the stock-based payments granted subsequent to January 1, 2006, based on the grant-date fair value. There was no stock option compensation in the years ended December 31, 2013, 2012 and 2011. No stock options were granted during the years ended December 31, 2013, 2012 and 2011. As of December 31, 2013, there were no non vested stock options. | ||||
Restricted Stock | ' | |||
Restricted Stock | ||||
Restricted stock issued to employees and directors is subject to continued employment or continued service on the board, respectively. Typically, the transfer restrictions for shares granted to employees lapse in equal installments on the following four or five annual anniversaries of the date of grant. Compensation expense for grants of restricted stock is recognized based on the fair value per share on the date of grant amortized over the vesting period. The restricted stock issued is included in basic and diluted shares for the earnings per share computation. | ||||
Reclassifications | ' | |||
Reclassifications | ||||
Reclassification has been made to prior period amounts to conform to the current period presentation of the physician services business, which was sold in 2013, as discontinued operations. | ||||
Subsequent Event | ' | |||
Subsequent Event | ||||
The Company has evaluated events occurring after the balance sheet date for possible disclosure as a subsequent event through the date that these financial statements were issued. |
Organization_Nature_of_Operati1
Organization, Nature of Operations and Basis of Presentation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Multi Clinic Acquisition | ' | ||||||||
During the last three years, the Company completed the following multi-clinic acquisitions: | |||||||||
Acquisition | Date | % Interest | Number of | ||||||
Acquired | Clinics | ||||||||
2013 | |||||||||
February 2013 Acquisition | February 28 | 72 | % | 9 | |||||
April 2013 Acquisition | 30-Apr | 50 | % | 5 | |||||
May 2013 Acquistion | 24-May | 80 | % | 5 | |||||
December 9, 2013 Acquisition | 9-Dec | 60 | % | 12 | |||||
December 13, 2013 Acquisition | December 13 | 90 | % | 11 | |||||
2012 | |||||||||
May 2012 Acquisition | 22-May | 70 | % | 7 | |||||
2011 | |||||||||
July 2011 Acquisition | 25-Jul | 51 | % | 20 | |||||
Multi Clinic Acquisitions of Physical Therapy [Member] | ' | ||||||||
Schedule of Multi Clinic Acquisition | ' | ||||||||
During 2013, 2012 and 2011, the Company completed the following multi-clinic acquisitions of physical therapy practices: | |||||||||
% Interest | Number of | ||||||||
Acquisition | Date | Acquired | Clinics | ||||||
2013 | |||||||||
February 2013 Acquisition | 28-Feb | 72 | % | 9 | |||||
April 2013 Acquisition | 30-Apr | 50 | % | 5 | |||||
May 2013 Acquisition | 24-May | 80 | % | 5 | |||||
December 9, 2013 Acquisition | 9-Dec | 60 | % | 12 | |||||
December 13, 2013 Acquisition | 13-Dec | 90 | % | 11 | |||||
2012 | |||||||||
May 2012 Acquisition | 22-May | 70 | % | 7 | |||||
2011 | |||||||||
July 2011 Acquisition | 25-Jul | 51 | % | 20 |
Acquisitions_of_Businesses_and1
Acquisitions of Businesses and Non-controlling Interests (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Schedule of Unaudited Proforma Net Revenue and Net Income from Continuing Operations | ' | ||||||||
Unaudited proforma net revenue and net income from continuing operations for the Company as if the December 13, 2013 Acquisition occurred as of January 1, 2012 is as follows (in thousands, except per share data): | |||||||||
For the Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Net revenues | $ | 275,511 | $ | 261,231 | |||||
Net income attributable to common shareholders from continuing operations | $ | 19,231 | $ | 19,894 | |||||
Earnings per share: | |||||||||
Basic - net income attributable to common shareholders from continuing operations | $ | 1.6 | $ | 1.69 | |||||
Diluted - net income attributable to common shareholders from continuing operations | $ | 1.59 | $ | 1.67 | |||||
Shares used in computation: | |||||||||
Basic - net income attributable to common shareholders from continuing operations | 12,050 | 11,804 | |||||||
Diluted - net income attributable to common shareholders from continuing operations | 12,069 | 11,904 | |||||||
Schedule of Preliminary Purchase Prices Allocation | ' | ||||||||
The purchase prices for the acquisitions in 2013 have been preliminarily allocated as follows (in thousands): | |||||||||
Cash paid, net of cash acquired | $ | 46,628 | |||||||
Seller notes | 1,300 | ||||||||
Total consideration | 47,928 | ||||||||
Estimated fair value of net tangible assets acquired: | |||||||||
Total current assets | 3,895 | ||||||||
Total non-current assets | 2,283 | ||||||||
Total liabilities | (1,082 | ) | |||||||
Net tangible assets acquired | 5,096 | ||||||||
Referral relationships | 400 | ||||||||
Non compete | 160 | ||||||||
Tradename | 600 | ||||||||
Goodwill | 52,213 | ||||||||
Fair value of noncontrolling interest | (10,541 | ) | |||||||
47,928 | |||||||||
The purchase prices for the acquisitions in 2012 were allocated as follows (in thousands): | |||||||||
Cash paid, net of cash acquired | $ | 7,929 | |||||||
Seller notes | 350 | ||||||||
Total consideration | $ | 8,279 | |||||||
Estimated fair value of net tangible assets acquired: | |||||||||
Total current assets | $ | 410 | |||||||
Total non-current assets | 525 | ||||||||
Total liabilities | (333 | ) | |||||||
Net tangible assets acquired | $ | 602 | |||||||
Referral relationships | 857 | ||||||||
Non compete | 265 | ||||||||
Tradename | 1,300 | ||||||||
Goodwill | 8,147 | ||||||||
Fair value of noncontrolling interest | (2,892 | ) | |||||||
$ | 8,279 | ||||||||
The purchase price for the July 2011 Acquisition was allocated as follows (in thousands): | |||||||||
Cash paid, net of cash acquired | $ | 7,930 | |||||||
Seller notes | 200 | ||||||||
Total consideration | $ | 8,130 | |||||||
Estimated fair value of net tangible assets acquired: | |||||||||
Total current assets | $ | 1,341 | |||||||
Total non-current assets | 902 | ||||||||
Total liabilities | (581 | ) | |||||||
Net tangible assets acquired | $ | 1,662 | |||||||
Tradename | 1,900 | ||||||||
Referral relationships | 1,100 | ||||||||
Non compete | 300 | ||||||||
Goodwill | 11,263 | ||||||||
Fair value of noncontrolling interest | (8,095 | ) | |||||||
$ | 8,130 | ||||||||
Divestiture_of_Business_Tables
Divestiture of Business (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of Details of Losses Reported for Physician Services | ' | ||||||||||||
The following table details the losses, including the operating results, from discontinued operations reported for the physician services business (in thousands): | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net revenues | $ | 864 | $ | 2,435 | $ | 5,483 | |||||||
Operating costs | 1,537 | 2,761 | 702 | ||||||||||
Gross margin | (673 | ) | (326 | ) | 4,781 | ||||||||
Direct general and administrative expenses less proceeds | 1,176 | 278 | 278 | ||||||||||
Write off of goodwill and other intangible assets | 6,338 | — | — | ||||||||||
(8,187 | ) | (604 | ) | 4,503 | |||||||||
Tax benefit (provision) | 3,180 | 181 | (1,399 | ) | |||||||||
(Loss) income from discontinued operations | $ | (5,007 | ) | $ | (423 | ) | $ | 3,104 | |||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Summary of Changes in Carrying Amount of Goodwill | ' | ||||||||
The changes in the carrying amount of goodwill as of December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||
Year Ended | |||||||||
31-Dec | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 100,188 | $ | 92,750 | |||||
Goodwill acquired during the year | 52,213 | 10,538 | |||||||
Goodwill allocated to specific assets for businesses acquired in 2011 | — | (3,300 | ) | ||||||
Goodwill allocated to specific assets for businesses acquired in 2012 | (2,340 | ) | — | ||||||
Goodwill adjustments for purchase price allocation of businesses acquired | (48 | ) | 200 | ||||||
Goodwill written off - sale of physician services business | (6,058 | ) | — | ||||||
Ending balance | $ | 143,955 | $ | 100,188 | |||||
Intangible_Assets_net_Tables
Intangible Assets, net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets, Net | ' | ||||||||||||
Intangible assets, net as of December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Tradenames | $ | 9,814 | $ | 7,973 | |||||||||
Referral relationships, net of accumulated amortization of $1,582 and $1,217, respectively | 3,959 | 3,501 | |||||||||||
Non compete agreements, net of accumulated amortization of $1,950 and $1,848, respectively | 706 | 672 | |||||||||||
$ | 14,479 | $ | 12,146 | ||||||||||
Amortization Expenses | ' | ||||||||||||
The following table details the amount of amortization expense recorded for intangible assets for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Referral relationships | $ | 521 | $ | 433 | $ | 305 | |||||||
Non compete agreements | 372 | 405 | 390 | ||||||||||
$ | 893 | $ | 838 | $ | 695 | ||||||||
Amortization of Referral Relationships and Non Competition Agreements | ' | ||||||||||||
The remaining balance of referral relationships and non compete agreements is expected to be amortized as follows (in thousands): | |||||||||||||
Referral Relationships | Non Compete Agreements | ||||||||||||
Annual | Annual | ||||||||||||
Years | Amount | Years | Amount | ||||||||||
2014 | 461 | 2014 | 207 | ||||||||||
2015 | 440 | 2015 | 207 | ||||||||||
2016 | 440 | 2016 | 144 | ||||||||||
2017 | 440 | 2017 | 100 | ||||||||||
2018 | 404 | 2018 | 43 | ||||||||||
2019 | 367 | 2019 | 4 | ||||||||||
2020 | 367 | ||||||||||||
2021 | 367 | ||||||||||||
2022 | 318 | ||||||||||||
2023 | 211 | ||||||||||||
2024 | 108 | ||||||||||||
2025 | 31 | ||||||||||||
2026 | 5 |
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Summary of Accrued Expenses | ' | ||||||||
Accrued expenses as of December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||
2013 | 2012 | ||||||||
Salaries and related costs | $ | 11,686 | $ | 8,941 | |||||
Group health insurance claims | 2,023 | 991 | |||||||
Credit balances and overpayments due to patients and payors | 2,371 | 1,513 | |||||||
Other | 4,545 | 2,671 | |||||||
Total | $ | 20,625 | $ | 14,116 | |||||
Notes_Payable_Tables
Notes Payable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Credit Agreement and Notes Payable | ' | ||||||||
Notes payable as of December 31, 2013 and 2012 consisted of the following (dollars in thousands): | |||||||||
2013 | 2012 | ||||||||
Credit Agreement average effective interest rate of 2.9% inclusive of unused fee | $ | 40,000 | $ | 17,400 | |||||
Various notes payable with $825 plus accrued interest due in the next year interest accrues at 3.25% per annum | 1,475 | 634 | |||||||
41,475 | 18,034 | ||||||||
Less current portion | (825 | ) | (459 | ) | |||||
$ | 40,650 | $ | 17,575 | ||||||
Summary of Aggregate Annual Payments of Principal Required to Revolving Credit Facility | ' | ||||||||
Aggregate annual payments of principal required pursuant to the Credit Agreement and the above notes payable subsequent to December 31, 2013 are as follows (in thousands): | |||||||||
During the twelve months ended December 30, 2014 | $ | 825 | |||||||
During the twelve months ended December 30, 2015 | 650 | ||||||||
During the twelve months ended December 30, 2018 | 40,000 | ||||||||
$ | 41,475 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Components of Deferred Tax Assets Included in Consolidated Balance Sheets | ' | ||||||||||||||||||||||||
Significant components of deferred tax assets included in the consolidated balance sheets at December 31, 2013 and 2012 were as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Compensation | $ | 1,280 | $ | 1,059 | |||||||||||||||||||||
Allowance for doubtful accounts | 449 | 607 | |||||||||||||||||||||||
Lease obligations - closed clinics | 77 | 39 | |||||||||||||||||||||||
Other | — | 22 | |||||||||||||||||||||||
Deferred tax assets | $ | 1,806 | $ | 1,727 | |||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Depreciation and amortization | $ | (4,237 | ) | $ | (2,166 | ) | |||||||||||||||||||
Other | (546 | ) | (575 | ) | |||||||||||||||||||||
Deferred tax liabilities | (4,783 | ) | (2,741 | ) | |||||||||||||||||||||
Net deferred tax assets (liabilities) | $ | (2,977 | ) | $ | (1,014 | ) | |||||||||||||||||||
Amount included in: | |||||||||||||||||||||||||
Other current assets | $ | 482 | $ | 590 | |||||||||||||||||||||
Long term liabilities | $ | (3,459 | ) | $ | (1,604 | ) | |||||||||||||||||||
Schedule of Differences Between Federal Tax Rate and Company's Effective Tax Rate for Results of Continuing Operations | ' | ||||||||||||||||||||||||
The differences between the federal tax rate and the Company’s effective tax rate for results of continuing operations for the years ended December 31, 2013, 2012 and 2011 were as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
U. S. tax at statutory rate | $ | 10,415 | 35 | % | $ | 10,299 | 35 | % | $ | 9,979 | 35 | % | |||||||||||||
State income taxes, net of federal benefit | 1,814 | 6.1 | % | 1,219 | 4.2 | % | 963 | 3.4 | % | ||||||||||||||||
Deductible losses | (98 | ) | -0.3 | % | (404 | ) | -1.4 | % | — | 0 | % | ||||||||||||||
Nontaxable gain | — | — | (1,342 | ) | -4.7 | % | |||||||||||||||||||
Nondeductible expenses | 105 | 0.3 | % | 101 | 0.3 | % | 98 | 0.3 | % | ||||||||||||||||
$ | 12,236 | 41.1 | % | $ | 11,215 | 38.1 | % | $ | 9,698 | 34 | % | ||||||||||||||
Schedule of Significant Components of Provision for Income Taxes for Continuing Operations | ' | ||||||||||||||||||||||||
Significant components of the provision for income taxes for continuing operations for the years ended December 31, 2013, 2012 and 2011 were as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 8,445 | $ | 7,117 | $ | 6,376 | |||||||||||||||||||
State | 1,422 | 360 | (511 | ) | |||||||||||||||||||||
Total current | 9,867 | 7,477 | 5,865 | ||||||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal | 1,970 | 3,183 | 3,603 | ||||||||||||||||||||||
State | 399 | 555 | 230 | ||||||||||||||||||||||
Total deferred | 2,369 | 3,738 | 3,833 | ||||||||||||||||||||||
Total income tax provision for continuing operations | $ | 12,236 | $ | 11,215 | $ | 9,698 | |||||||||||||||||||
Equity_Based_Plans_Tables
Equity Based Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Summary of Cumulative Summary of Equity Plans | ' | ||||||||||||||||||||||||
A cumulative summary of equity plans as of December 31, 2013 follows: | |||||||||||||||||||||||||
Shares | |||||||||||||||||||||||||
Restricted | Outstanding | Stock Options | Stock Options | Available | |||||||||||||||||||||
Equity Plans | Authorized | Stock Issued | Stock Options | Exercised | Exercisable | for Grant | |||||||||||||||||||
Amended 1999 Plan | 600,000 | 360,900 | 8,700 | 131,091 | 8,700 | 99,309 | |||||||||||||||||||
Amended 2003 Plan | 1,750,000 | 422,663 | 30,000 | 748,300 | 30,000 | 549,037 | |||||||||||||||||||
2,350,000 | 783,563 | 38,700 | 879,391 | 38,700 | 648,346 | ||||||||||||||||||||
Summary of Stock Options Granted Under the Plans | ' | ||||||||||||||||||||||||
A summary of the status of the Company’s stock options granted under the plans as of December 31, 2013, 2012 and 2011 and the changes during the years then ended is presented below: | |||||||||||||||||||||||||
Weighted | |||||||||||||||||||||||||
Weighted | Average | Aggregate | |||||||||||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||||||||||
Number of | Exercise | Contractual | Value | ||||||||||||||||||||||
Shares | Price | Term | (000’s) | ||||||||||||||||||||||
Outstanding at December 31, 2010 | 723,890 | 14.3 | 3.6 Years | ||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | (375,080 | ) | 13.92 | ||||||||||||||||||||||
Cancelled | — | — | |||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||
Outstanding at December 31, 2011 | 348,810 | 14.3 | 2.6 Years | ||||||||||||||||||||||
Granted | — | ||||||||||||||||||||||||
Exercised | (272,750 | ) | 14.12 | ||||||||||||||||||||||
Cancelled | (220 | ) | 17.89 | ||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||
Outstanding at December 31, 2012 | 75,840 | 14.71 | 2.2 Years | ||||||||||||||||||||||
Granted | — | ||||||||||||||||||||||||
Exercised | (37,140 | ) | 15.25 | ||||||||||||||||||||||
Cancelled | — | ||||||||||||||||||||||||
Forfeited | — | ||||||||||||||||||||||||
Outstanding at December 31, 2013 | 38,700 | 18.36 | 1.6 Years | ||||||||||||||||||||||
Exercisable at December 31, 2013 | 38,700 | — | 1.6 Years | $ | 654 | ||||||||||||||||||||
Summary of Intrinsic Value of Stock Options Exercised | ' | ||||||||||||||||||||||||
A summary of the intrinsic value of stock options exercised during the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||||||||||||||
Aggregate | |||||||||||||||||||||||||
Intrinsic | |||||||||||||||||||||||||
Number of | Value | ||||||||||||||||||||||||
Shares | (000’) | ||||||||||||||||||||||||
2011 | 375,080 | $ | 3,160 | ||||||||||||||||||||||
2012 | 272,750 | $ | 3,459 | ||||||||||||||||||||||
2013 | 37,140 | $ | 402 | ||||||||||||||||||||||
Summary of Stock Options Outstanding | ' | ||||||||||||||||||||||||
The following tables summarize information about the Company’s stock options outstanding as of December 31, 2013, 2012 and 2011, respectively: | |||||||||||||||||||||||||
Outstanding | Exercise | Weighted Average | Exercisable | Exercise | |||||||||||||||||||||
Options as of | Price | Remaining | Price | ||||||||||||||||||||||
December 31, 2013 | Contractual Life | ||||||||||||||||||||||||
1999 Plan | 8,700 | $12.60 - $18.42 | 1.6 Years | 8,700 | $12.60 - $18.42 | ||||||||||||||||||||
2003 Plan | 30,000 | $18.42 | 1.6 Years | 30,000 | $18.42 | ||||||||||||||||||||
38,700 | $12.60 - $18.42 | 1.6 Years | 38,700 | $12.60 - $18.42 | |||||||||||||||||||||
Outstanding | Exercise | Weighted Average | Exercisable | Exercise | |||||||||||||||||||||
Options as of | Price | Remaining | Price | ||||||||||||||||||||||
31-Dec-12 | Contractual Life | ||||||||||||||||||||||||
1999 Plan | 15,840 | $12.60 - $18.42 | 2.2 Years | 15,840 | $12.60 - $18.42 | ||||||||||||||||||||
2003 Plan | 60,000 | $12.51 - $18.80 | 2.2 Years | 60,000 | $12.51 - $18.80 | ||||||||||||||||||||
75,840 | $12.51 - $18.80 | 2.2 Years | 75,840 | $12.51 - $18.80 | |||||||||||||||||||||
Outstanding | Exercise | Weighted Average | Exercisable | Exercise | |||||||||||||||||||||
Options as of | Price | Remaining | Price | ||||||||||||||||||||||
31-Dec-11 | Contractual Life | ||||||||||||||||||||||||
1999 Plan | 17,310 | $12.60 - $18.42 | 3.2 Years | 17,310 | $12.60 - $18.42 | ||||||||||||||||||||
2003 Plan | 251,500 | $12.51 - $18.80 | 2.9 Years | 251,500 | $12.51 - $18.80 | ||||||||||||||||||||
Inducements | 80,000 | $12.75 - $14.32 | 1.7 Years | 80,000 | $12.75 - $14.32 | ||||||||||||||||||||
348,810 | $12.51 - $18.80 | 2.6 Years | 348,810 | $12.51 - $18.80 | |||||||||||||||||||||
Summary of Stock Options Outstanding and Exercisable | ' | ||||||||||||||||||||||||
The following table summarizes information about the Company’s stock options outstanding and those options that are exercisable as of December 31, 2013: | |||||||||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||||||||
Exercise Prices | Options | Options | |||||||||||||||||||||||
$12.60 | 400 | 400 | |||||||||||||||||||||||
$18.42 | 38,300 | 38,300 | |||||||||||||||||||||||
38,700 | 38,700 | ||||||||||||||||||||||||
Summary of Restricted Stock Granted to Directors, Officers and Employees Pursuant to Its Equity Plans | ' | ||||||||||||||||||||||||
During 2013, 2012 and 2011, the Company granted the following shares (net of those shares cancelled in their respective grant year due to employee terminations prior to restrictions lapsing) of restricted stock to directors, officers and employees pursuant to its equity plans as follows: | |||||||||||||||||||||||||
Weighted | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Year | Number of | Fair Value | |||||||||||||||||||||||
Granted | Shares | Per Share | |||||||||||||||||||||||
2011 | 156,750 | $ | 19.94 | ||||||||||||||||||||||
2012 | 80,650 | $ | 21.65 | ||||||||||||||||||||||
2013 | 174,938 | $ | 23.52 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Future Minimum Operating Lease Commitments | ' | ||||
The future minimum operating lease commitments for each of the next five years and thereafter and in the aggregate as of December 31, 2013 are as follows (in thousands): | |||||
2014 | $ | 22,563 | |||
2015 | 18,263 | ||||
2016 | 12,761 | ||||
2017 | 7,859 | ||||
2018 | 4,274 | ||||
Thereafter | 1,902 | ||||
$ | 67,622 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computations of Basic and Diluted Earnings Per Share | ' | ||||||||||||
The computations of basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands, except per share data): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Earnings attributable to common shareholders: | |||||||||||||
From continuing operations | $ | 17,492 | $ | 18,212 | $ | 18,812 | |||||||
From discontinued operations | (4,769 | ) | (279 | ) | 2,162 | ||||||||
$ | 12,723 | $ | 17,933 | $ | 20,974 | ||||||||
Basic earnings per share attributable to common shareholders: | |||||||||||||
From continuing operations | $ | 1.45 | $ | 1.54 | $ | 1.6 | |||||||
From discontinued operations | (0.40 | ) | (0.02 | ) | 0.18 | ||||||||
Basic | $ | 1.05 | $ | 1.52 | $ | 1.78 | |||||||
Diluted earnings per share attributable to common shareholders: | |||||||||||||
From continuing operations | $ | 1.45 | $ | 1.53 | $ | 1.57 | |||||||
From discontinued operations | (0.40 | ) | (0.02 | ) | 0.18 | ||||||||
Diluted | $ | 1.05 | $ | 1.51 | $ | 1.75 | |||||||
Shares used in computation: | |||||||||||||
Basic earnings per share - weighted-average shares | 12,063 | 11,804 | 11,814 | ||||||||||
Effect of dilutive securities - Stock options | 19 | 100 | 163 | ||||||||||
Denominator for diluted earnings per share - adjusted weighted-average shares | 12,082 | 11,904 | 11,977 | ||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Selected Quarterly Financial Data | ' | ||||||||||||||||
2013 | |||||||||||||||||
Q1 | Q2 | Q3 | Q4 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Net patient revenues from continuing operations | $ | 61,432 | $ | 65,227 | $ | 64,368 | $ | 67,256 | |||||||||
Net revenues from continuing operations | $ | 62,756 | $ | 66,868 | $ | 65,829 | $ | 68,605 | |||||||||
Operating income from continuing operations | $ | 8,435 | $ | 11,059 | $ | 9,904 | $ | 9,372 | |||||||||
Net income from continuing operations including noncontrolling interests | $ | 5,809 | $ | 7,642 | $ | 6,756 | $ | 5,796 | |||||||||
Net income from continuing operations attributable to common shareholders | $ | 3,851 | $ | 5,079 | $ | 4,659 | $ | 3,903 | |||||||||
Net losses from discontinued operations attributable to common shareholders | $ | (130 | ) | $ | (165 | ) | $ | (4,432 | ) | $ | (42 | ) | |||||
Net income attributable to common shareholders. | $ | 3,721 | $ | 4,914 | $ | 227 | $ | 3,861 | |||||||||
Basic earnings per share attributable to common shareholders: | |||||||||||||||||
From continuing operations. | $ | 0.32 | $ | 0.42 | $ | 0.38 | $ | 0.32 | |||||||||
From discontinued operations | (0.01 | ) | (0.01 | ) | (0.36 | ) | — | ||||||||||
Basic | $ | 0.31 | $ | 0.41 | $ | 0.02 | $ | 0.32 | |||||||||
Diluted earnings per share attributable to common shareholders: | |||||||||||||||||
From continuing operations. | $ | 0.32 | $ | 0.42 | $ | 0.38 | $ | 0.32 | |||||||||
From discontinued operations | (0.01 | ) | (0.01 | ) | (0.36 | ) | — | ||||||||||
Diluted | $ | 0.31 | $ | 0.41 | $ | 0.02 | $ | 0.32 | |||||||||
Shares used in computation: | |||||||||||||||||
Basic. | 11,955 | 12,089 | 12,106 | 12,103 | |||||||||||||
Diluted | 11,979 | 12,110 | 12,120 | 12,117 | |||||||||||||
2012 | |||||||||||||||||
Q1 | Q2 | Q3 | Q4 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Net patient revenues from continuing operations | $ | 60,366 | $ | 61,963 | $ | 60,719 | $ | 61,052 | |||||||||
Net revenues from continuing operations | $ | 61,771 | $ | 63,397 | $ | 62,102 | $ | 62,381 | |||||||||
Operating income from continuing operations | $ | 9,765 | $ | 10,806 | $ | 9,534 | $ | 8,301 | |||||||||
Net income from continuing operations including noncontrolling interests | $ | 6,733 | $ | 7,452 | $ | 6,423 | $ | 6,032 | |||||||||
Net income from continuing operations attributable to common shareholders | $ | 4,436 | $ | 4,958 | $ | 4,588 | $ | 4,230 | |||||||||
Net income (losses) from discontinued operations attributable to common shareholders | $ | 42 | $ | (109 | ) | $ | (25 | ) | $ | (187 | ) | ||||||
Net income attributable to common shareholders | $ | 4,478 | $ | 4,849 | $ | 4,563 | $ | 4,043 | |||||||||
Basic earnings per share attributable to common shareholders: | |||||||||||||||||
From continuing operations. | $ | 0.37 | $ | 0.41 | $ | 0.39 | $ | 0.35 | |||||||||
From discontinued operations | — | (0.01 | ) | — | (0.02 | ) | |||||||||||
Basic | $ | 0.37 | $ | 0.4 | $ | 0.39 | $ | 0.33 | |||||||||
Diluted earnings per share attributable to common shareholders: | |||||||||||||||||
From continuing operations. | $ | 0.37 | $ | 0.41 | $ | 0.38 | $ | 0.35 | |||||||||
From discontinued operations | — | (0.01 | ) | — | (0.02 | ) | |||||||||||
Diluted. | $ | 0.37 | $ | 0.4 | $ | 0.38 | $ | 0.33 | |||||||||
Shares used in computation: | |||||||||||||||||
Basic | 11,955 | 12,089 | 12,106 | 12,103 | |||||||||||||
Diluted. | 11,979 | 12,110 | 12,120 | 12,117 |
Organization_Nature_of_Operati2
Organization, Nature of Operations and Basis of Presentation - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Clinic | Clinic | |
Facility | ||
State | ||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' |
Number of clinics operated | 472 | ' |
Number of states where clinics are operated | 43 | ' |
Number of third party facilities | 18 | ' |
Percentage of general partnership interest owned | 1.00% | ' |
Percentage of limited partnership interest owned | 64.00% | ' |
Number of clinic practices acquired | 3 | 7 |
Number of clinic practices operated under separate partnership | 2 | 2 |
Number of clinic practices operated under existing partnership | 5 | 5 |
Number of Clinics | 5 | ' |
Organization_Nature_of_Operati3
Organization, Nature of Operations and Basis of Presentation - Schedule of Multi Clinic Acquisition (Detail) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 13, 2013 | Dec. 09, 2013 | 22-May-12 | Jul. 31, 2011 | Jun. 30, 2011 | |
Clinic | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of interest acquired | ' | 90.00% | 60.00% | 70.00% | 51.00% | 100.00% |
Number of Clinics | 5 | ' | ' | ' | ' | ' |
February 2013 Acquisition [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition date | 28-Feb-13 | ' | ' | ' | ' | ' |
Percentage of interest acquired | 72.00% | ' | ' | ' | ' | ' |
Number of Clinics | 9 | ' | ' | ' | ' | ' |
April 2013 Acquisition [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition date | 30-Apr-13 | ' | ' | ' | ' | ' |
Percentage of interest acquired | 50.00% | ' | ' | ' | ' | ' |
Number of Clinics | 5 | ' | ' | ' | ' | ' |
May 2013 Acquisition [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition date | 24-May-13 | ' | ' | ' | ' | ' |
Percentage of interest acquired | 80.00% | ' | ' | ' | ' | ' |
Number of Clinics | 5 | ' | ' | ' | ' | ' |
December 9, 2013 Acquisition [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition date | 9-Dec-13 | ' | ' | ' | ' | ' |
Percentage of interest acquired | 60.00% | ' | ' | ' | ' | ' |
Number of Clinics | 12 | ' | ' | ' | ' | ' |
December 13, 2013 Acquisition [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition date | 13-Dec-13 | ' | ' | ' | ' | ' |
Percentage of interest acquired | 90.00% | ' | ' | ' | ' | ' |
Number of Clinics | 11 | ' | ' | ' | ' | ' |
May 2012 Acquisition [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition date | 22-May-12 | ' | ' | ' | ' | ' |
Percentage of interest acquired | 70.00% | ' | ' | ' | ' | ' |
Number of Clinics | 7 | ' | ' | ' | ' | ' |
July 2011 Acquisition [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition date | 25-Jul-11 | ' | ' | ' | ' | ' |
Percentage of interest acquired | 51.00% | ' | ' | ' | ' | ' |
Number of Clinics | 20 | ' | ' | ' | ' | ' |
Significant_Accounting_Policie2
Significant Accounting Policies - Additional information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Depreciation Amortization Impairment [Line Items] | ' | ' | ' |
Exercisable non controlling interest with put rights | ' | $0 | ' |
Percentage of reduction prevented in Medicare Fee rate | 20.10% | ' | ' |
Effective date of reduction in Medicare physician fee payment rate | 1-Apr-13 | ' | ' |
Federal debt ceiling in connection with deficit reductions | '10 years | ' | ' |
Reductions in federal spending | 1,200,000,000,000 | ' | ' |
Medicare spending cut percentage | 2.00% | ' | ' |
Expected reduction in Medicare spending percentage | 2.00% | ' | ' |
Effective date of change in annual limit on outpatient therapy services | 1-Jan-14 | ' | ' |
Percentage of practice expense component | 100.00% | ' | ' |
Percentage reduction for service | 20.00% | ' | ' |
Percentage reduction for service in institutional settings | 25.00% | ' | ' |
Percentage of increased payment reduction | 50.00% | ' | ' |
Difference between net revenues and corresponding cash collections, approximately of net revenues | 1.00% | ' | ' |
Maximum difference between actual aggregate contractual reserve and estimated contractual allowance reserve | 1.00% | ' | ' |
Minimum difference between actual aggregate contractual reserve and estimated contractual allowance reserve | 1.00% | ' | ' |
Minimum percentage of fair value reporting unit less than carrying amount | 50.00% | ' | ' |
Unrecognized tax benefit | 0 | 0 | ' |
Accrued interest and penalties associated with any unrecognized tax benefits | 0 | 0 | 0 |
Interest expense recognized | 0 | 0 | ' |
Stock option compensation | 0 | 0 | 0 |
Number of Shares, Granted | 648,346 | ' | 0 |
Shares granted to employees lapse in equal installments on the following four or five annual anniversaries of the date of grant | 'Shares granted to employees lapse in equal installments on the following four or five annual anniversaries of the date of grant | ' | ' |
Year 2016 [Member] | ' | ' | ' |
Depreciation Amortization Impairment [Line Items] | ' | ' | ' |
Expected reduction in Medicare spending percentage | 2.00% | ' | ' |
Minimum [Member] | ' | ' | ' |
Depreciation Amortization Impairment [Line Items] | ' | ' | ' |
Combined physical therapy/speech language pathology expenses | 3,700 | ' | ' |
Minimum [Member] | Furniture & equipment [Member] | ' | ' | ' |
Depreciation Amortization Impairment [Line Items] | ' | ' | ' |
Estimated useful lives | '3 years | ' | ' |
Minimum [Member] | Computer Software, Intangible Asset [Member] | ' | ' | ' |
Depreciation Amortization Impairment [Line Items] | ' | ' | ' |
Estimated useful lives | '3 years | ' | ' |
Minimum [Member] | Leasehold improvements [Member] | ' | ' | ' |
Depreciation Amortization Impairment [Line Items] | ' | ' | ' |
Estimated useful lives | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Depreciation Amortization Impairment [Line Items] | ' | ' | ' |
Annual limit on physical therapy and speech language pathology services | 1,900 | ' | ' |
Annual limit occupational therapy services | 1,900 | ' | ' |
Maximum [Member] | Effective Date One [Member] | ' | ' | ' |
Depreciation Amortization Impairment [Line Items] | ' | ' | ' |
Annual limit on physical therapy and speech language pathology services | 1,920 | ' | ' |
Annual limit occupational therapy services | $1,920 | ' | ' |
Maximum [Member] | Furniture & equipment [Member] | ' | ' | ' |
Depreciation Amortization Impairment [Line Items] | ' | ' | ' |
Estimated useful lives | '8 years | ' | ' |
Maximum [Member] | Computer Software, Intangible Asset [Member] | ' | ' | ' |
Depreciation Amortization Impairment [Line Items] | ' | ' | ' |
Estimated useful lives | '7 years | ' | ' |
Maximum [Member] | Leasehold improvements [Member] | ' | ' | ' |
Depreciation Amortization Impairment [Line Items] | ' | ' | ' |
Estimated useful lives | '5 years | ' | ' |
Acquisitions_of_Businesses_and2
Acquisitions of Businesses and Non-Controlling Interests - Schedule of Multi Clinic Acquisition (Detail) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 13, 2013 | Dec. 09, 2013 | 22-May-12 | Jul. 31, 2011 | Jun. 30, 2011 | |
Clinic | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of interest acquired | ' | 90.00% | 60.00% | 70.00% | 51.00% | 100.00% |
Number of Clinics | 5 | ' | ' | ' | ' | ' |
February 2013 Acquisition [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition date | 28-Feb-13 | ' | ' | ' | ' | ' |
Percentage of interest acquired | 72.00% | ' | ' | ' | ' | ' |
Number of Clinics | 9 | ' | ' | ' | ' | ' |
April 2013 Acquisition [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition date | 30-Apr-13 | ' | ' | ' | ' | ' |
Percentage of interest acquired | 50.00% | ' | ' | ' | ' | ' |
Number of Clinics | 5 | ' | ' | ' | ' | ' |
May 2013 Acquisition [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition date | 24-May-13 | ' | ' | ' | ' | ' |
Percentage of interest acquired | 80.00% | ' | ' | ' | ' | ' |
Number of Clinics | 5 | ' | ' | ' | ' | ' |
December 9, 2013 Acquisition [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition date | 9-Dec-13 | ' | ' | ' | ' | ' |
Percentage of interest acquired | 60.00% | ' | ' | ' | ' | ' |
Number of Clinics | 12 | ' | ' | ' | ' | ' |
December 13, 2013 Acquisition [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition date | 13-Dec-13 | ' | ' | ' | ' | ' |
Percentage of interest acquired | 90.00% | ' | ' | ' | ' | ' |
Number of Clinics | 11 | ' | ' | ' | ' | ' |
May 2012 Acquisition [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition date | 22-May-12 | ' | ' | ' | ' | ' |
Percentage of interest acquired | 70.00% | ' | ' | ' | ' | ' |
Number of Clinics | 7 | ' | ' | ' | ' | ' |
July 2011 Acquisition [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition date | 25-Jul-11 | ' | ' | ' | ' | ' |
Percentage of interest acquired | 51.00% | ' | ' | ' | ' | ' |
Number of Clinics | 20 | ' | ' | ' | ' | ' |
Acquisitions_of_Businesses_and3
Acquisitions of Businesses and Non-Controlling Interests - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||
Dec. 13, 2013 | Dec. 09, 2013 | Jul. 31, 2012 | 31-May-12 | Apr. 30, 2012 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 22-May-12 | Jul. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2012 | Apr. 30, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-12 | 31-May-13 | 31-May-12 | Feb. 28, 2013 | Feb. 28, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | 31-May-13 | Dec. 13, 2013 | Dec. 13, 2013 | |
Installment | Clinic | PartnershipUnit | Installment | Installment | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Non competition agreements [Member] | Referral relationships [Member] | Referral relationships [Member] | February 2013 Acquisition [Member] | April 2013 Acquisition [Member] | May 2013 Acquisition [Member] | General Partner [Member] | Limited Partner [Member] | STAR Physical Therapy, LP [Member] | Texas Partnerships [Member] | Texas Partnerships [Member] | Texas Partnerships [Member] | Texas Partnerships [Member] | Texas Limited Liability Company [Member] | May 2013 [Member] | May 2014 [Member] | May 2014 [Member] | February 2014 [Member] | February 2015 [Member] | April 2014 [Member] | April 2015 [Member] | May 2015 [Member] | December Two Thousand Fourteen [Member] | December Two Thousand Fifteen [Member] | ||||||||
Partnership | Clinic | Minimum [Member] | Maximum [Member] | Installment | Installment | Installment | Transactions | Installment | Outpatient Physical and Occupational Therapy Clinics [Member] | Industrial Client Locations [Member] | ||||||||||||||||||||||||||||||
Transactions | Transactions | Clinic | Clinic | |||||||||||||||||||||||||||||||||||||
Installment | Partnership | |||||||||||||||||||||||||||||||||||||||
Installment | ||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of clinic practices acquired | ' | ' | ' | ' | ' | ' | 3 | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of clinic practices operated under separate partnership | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of clinic practices operated under existing partnership | ' | ' | ' | ' | ' | ' | 5 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of purchase of non controlling interest | 90.00% | 60.00% | ' | ' | ' | ' | ' | ' | ' | 70.00% | 51.00% | 100.00% | 10.00% | 1.00% | 35.00% | 35.00% | ' | ' | ' | 72.00% | 50.00% | 80.00% | ' | ' | 22.20% | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for acquisition of interest in clinic | $35,500,000 | $1,700,000 | ' | $6,090,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,300,000 | $2,400,000 | $3,600,000 | ' | ' | ' | $3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Seller notes issued for acquisition of interest in clinic | 500,000 | ' | ' | 100,000 | ' | ' | 1,300,000 | 350,000 | ' | 250,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 200,000 | 200,000 | ' | ' | ' | 367,272 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition cost payable in two principal installments including accrued interest | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | 100,000 | 125,000 | 200,000 | 200,000 | 100,000 | 100,000 | 100,000 | 250,000 | 250,000 |
Business acquisition number of installments to payment of purchase consideration | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partnership interest owned by USPT Ltd. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Membership Interest owned by USPT Ltd. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue recognized | ' | ' | ' | ' | ' | ' | 505,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings recognized | ' | ' | ' | ' | ' | ' | 119,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price for the acquired clinic practices | ' | ' | ' | ' | ' | ' | 238,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Tax Deductible Goodwill | ' | ' | ' | 67.00% | ' | ' | ' | ' | ' | 70.00% | 51.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest seller note | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cost of acquired entity | ' | ' | ' | 1,938,000 | ' | ' | ' | ' | ' | ' | 8,226,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,900,000 | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of annual installments | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Values assigned being amortized to expense equally over the respective estimated life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | '12 years | '13 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining proportion of July 2011 acquisition, the company owned. | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of proportion of interest in acquisition to limited partner | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received by company under agreement regarding an adjustment to purchase price | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forgiveness of the balance on notes payable under agreement regarding an adjustment to purchase price | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of forgiveness on notes payable held by seller under agreement regarding an adjustment to purchase price | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Book value of notes payable held by seller | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of separate transactions to purchase partnership interest | ' | ' | ' | ' | ' | ' | 15 | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Partnership in which Interest Acquired | ' | ' | ' | ' | ' | ' | 10 | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price for additional non controlling interest | ' | ' | ' | ' | ' | ' | 1,900,000 | 2,200,000 | 142,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sales of interest | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition cost of acquired entity charge from cash | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition cost of acquired entity charge from notes receivable | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undistributed earnings | ' | ' | ' | ' | ' | ' | 100,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future tax benefits | ' | ' | ' | ' | ' | ' | 400,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining purchase price | ' | ' | ' | ' | ' | ' | 1,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,100,000 | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidation less than wholly owned subsidiary parent ownership interest changes sale of interest percent by parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.64% | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of partnership in interest sale by parent | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | ' | ' | ' | ' | ' | ' | ' | 239,000 | 58,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidation less than wholly owned subsidiary parent ownership interest changes sale of interest amount credit to additional paid up capital | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non controlling interest of minority shareholders' before purchase of non controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non controlling interest of minority shareholders' after purchase of non controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | 92.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non controlling interest after purchase | ' | ' | ' | ' | ' | ' | ' | ' | 7.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non controlling interest of purchased interest held by Managing Director and a founder of STAR, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of non controlling interest by Managing Director and a founder of STAR, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining percentage on interest by Managing Director and a founder of STAR after sale | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidation less than wholly owned subsidiary parent ownership interest amount changes purchase consideration charge from invested capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidation less than wholly owned subsidiary parent ownership interest changes purchase consideration amount charge from additional paid up capital | ' | ' | ' | ' | ' | ' | ' | ' | 36,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidation less than wholly owned subsidiary parent ownership interest amount changes purchase consideration charge from undistributed earning | ' | ' | ' | ' | ' | ' | ' | ' | 48,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidation less than wholly owned subsidiary parent ownership interest changes future tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | $23,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_of_Businesses_and4
Acquisitions of Businesses and Non-Controlling Interests - Unaudited Proforma Net Revenue and Net Income from Continuing Operations (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combinations [Abstract] | ' | ' |
Net revenues | $275,511 | $261,231 |
Net income attributable to common shareholders from continuing operations | $19,231 | $19,894 |
Earnings per share: | ' | ' |
Basic - net income attributable to common shareholders from continuing operations | $1.60 | $1.69 |
Diluted - net income attributable to common shareholders from continuing operations | $1.59 | $1.67 |
Shares used in computation: | ' | ' |
Basic - net income attributable to common shareholders from continuing operations | 12,050 | 11,804 |
Diluted - net income attributable to common shareholders from continuing operations | 12,069 | 11,904 |
Acquisitions_of_Businesses_and5
Acquisitions of Businesses and Non-Controlling Interests - Schedule of Preliminary Purchase Price Allocation (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||||
Jul. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 13, 2013 | 31-May-12 | 22-May-12 | |
Business Combinations [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Cash paid, net of cash acquired | $7,930,000 | $46,628,000 | $7,929,000 | $9,451,000 | ' | ' | ' |
Seller notes | 200,000 | 1,300,000 | 350,000 | ' | 500,000 | 100,000 | 250,000 |
Total consideration | 8,130,000 | 47,928,000 | 8,279,000 | ' | ' | ' | ' |
Estimated fair value of net tangible assets acquired: | ' | ' | ' | ' | ' | ' | ' |
Total current assets | 1,341,000 | 3,895,000 | 410,000 | ' | ' | ' | ' |
Total non-current assets | 902,000 | 2,283,000 | 525,000 | ' | ' | ' | ' |
Total liabilities | -581,000 | -1,082,000 | -333,000 | ' | ' | ' | ' |
Net tangible assets acquired | 1,662,000 | 5,096,000 | 602,000 | ' | ' | ' | ' |
Referral relationships | 1,100,000 | 400,000 | 857,000 | ' | ' | ' | ' |
Non compete | 300,000 | 160,000 | 265,000 | ' | ' | ' | ' |
Tradename | 1,900,000 | 600,000 | 1,300,000 | ' | ' | ' | ' |
Goodwill | 11,263,000 | 52,213,000 | 8,147,000 | ' | ' | ' | ' |
Fair value of noncontrolling interest | -8,095,000 | -10,541,000 | -2,892,000 | ' | ' | ' | ' |
Total consideration | $8,130,000 | $47,928,000 | $8,279,000 | ' | ' | ' | ' |
Divesture_of_Business_Addition
Divesture of Business - Additional information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Facility | Facility | Physician Services Business [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Cash proceeds from sale of business | ' | ' | $400,000 |
Notes receivable, received from sale of business | ' | ' | 500,000 |
Loss on sale of business | ' | ' | $4,400,000 |
Facilities previously closed | 1 | 1 | ' |
Divesture_of_Business_Schedule
Divesture of Business - Schedule of Details of Losses Reported for Physician Services (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Tax benefit (provision) | ($3,180) | ($181) | $1,399 |
(Loss) income from discontinued operations | -5,007 | -423 | 3,104 |
Physician Services Business [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Net revenues | 864 | 2,435 | 5,483 |
Operating costs | 1,537 | 2,761 | 702 |
Gross margin | -673 | -326 | 4,781 |
Direct general and administrative expenses less proceeds | 1,176 | 278 | 278 |
Write off of goodwill and other intangible assets | 6,338 | ' | ' |
Loss from discontinued operations, before tax | -8,187 | -604 | 4,503 |
Tax benefit (provision) | 3,180 | 181 | -1,399 |
(Loss) income from discontinued operations | ($5,007) | ($423) | $3,104 |
Goodwill_Summary_of_Changes_in
Goodwill - Summary of Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Beginning balance | $100,188 | $92,750 |
Goodwill acquired during the year | 52,213 | 10,538 |
Goodwill adjustments for purchase price allocation of businesses acquired | -48 | 200 |
Goodwill written off - sale of physician services business | -6,058 | ' |
Ending balance | 143,955 | 100,188 |
2011 Acquisition [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill allocated to specific assets for businesses acquired | ' | -3,300 |
Two Thousand Twelve Acquisition [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill allocated to specific assets for businesses acquired | ($2,340) | ' |
Intangible_Assets_Net_Intangib
Intangible Assets, Net - Intangible Assets, Net (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total | $14,479 | $12,146 |
Tradenames [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total | 9,814 | 7,973 |
Referral relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total | 3,959 | 3,501 |
Non competition agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Total | $706 | $672 |
Intangible_Assets_Net_Intangib1
Intangible Assets, Net - Intangible Assets, Net (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Referral relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Accumulated amortization | $1,582 | $1,217 |
Non competition agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Accumulated amortization | $1,950 | $1,848 |
Intangible_Assets_Net_Addition
Intangible Assets, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Accumulated amortization | $893 | $838 | $695 |
Referral relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Accumulated amortization | 521 | 433 | 305 |
Referral relationships [Member] | Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life | '6 years | ' | ' |
Referral relationships [Member] | Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life | '16 years | ' | ' |
Non competition agreements [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Accumulated amortization | $372 | $405 | $390 |
Non competition agreements [Member] | Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life | '5 years | ' | ' |
Non competition agreements [Member] | Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life | '6 years | ' | ' |
Intangible_Assets_Net_Amortiza
Intangible Assets, Net - Amortization Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Total amortization expenses | $893 | $838 | $695 |
Referral relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Total amortization expenses | 521 | 433 | 305 |
Non competition agreements [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Total amortization expenses | $372 | $405 | $390 |
Intangible_Assets_Net_Amortiza1
Intangible Assets, Net - Amortization of Referral Relationships and Non Competition Agreements (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Referral relationships [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | $461 |
2015 | 440 |
2016 | 440 |
2017 | 440 |
2018 | 404 |
2019 | 367 |
2020 | 367 |
2021 | 367 |
2022 | 318 |
2023 | 211 |
2024 | 108 |
2025 | 31 |
2026 | 5 |
Non competition agreements [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | 207 |
2015 | 207 |
2016 | 144 |
2017 | 100 |
2018 | 43 |
2019 | $4 |
Accrued_Expenses_Summary_of_Ac
Accrued Expenses - Summary of Accrued Expenses (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Salaries and related costs | $11,686 | $8,941 |
Group health insurance claims | 2,023 | 991 |
Credit balances and overpayments due to patients and payors | 2,371 | 1,513 |
Other | 4,545 | 2,671 |
Total | $20,625 | $14,116 |
Notes_Payable_Summary_of_Notes
Notes Payable - Summary of Notes Payable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Payments/Long term debt, Total | $41,475 | $18,034 |
Less current portion | -825 | -459 |
Long term portion | 40,650 | 17,575 |
Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Payments/Long term debt, Total | 40,000 | 17,400 |
3.25 % notes payable due in next year [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Payments/Long term debt, Total | $1,475 | $634 |
Notes_Payable_Summary_of_Notes1
Notes Payable - Summary of Notes Payable (Parenthetical) (Detail) (USD $) | 22-May-12 | Jul. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Credit Facility [Member] | 3.25 % notes payable due in next year [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Average effective interest rate | ' | ' | 2.90% | ' |
Annual installments | ' | ' | ' | $825 |
Percentage of Interest accrues | 3.25% | 3.25% | ' | 3.25% |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2011 | Jun. 30, 2011 | Jul. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 05, 2013 | Dec. 31, 2013 |
Installment | Installment | Installment | Installment | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Minimum [Member] | Maximum [Member] | Revolving credit agreement average effective interest rate of 3.0% inclusive of unused fee [Member] | Revolving credit agreement average effective interest rate of 3.0% inclusive of unused fee [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $125,000,000 | ' |
Revolving credit facility maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Nov-18 | 30-Nov-18 |
Spread on Libor variable rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 2.50% | ' | ' |
Spread on base variable rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | 1.00% | ' | ' |
Percentage of unused commitment fee | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | 0.25% | ' | ' |
Revolving credit outstanding | 41,475,000 | 18,034,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 |
Remaining revolving credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,000,000 |
Aggregate amount of Notes Payable | ' | ' | ' | ' | 200,000 | 367,272 | 1,300,000 | 350,000 | ' | ' | ' | ' |
Aggregate principal installments | ' | ' | ' | ' | $100,000 | $183,636 | $650,000 | $175,000 | ' | ' | ' | ' |
Average effective interest rate | ' | ' | ' | ' | 3.25% | 3.25% | 3.25% | 3.25% | ' | ' | ' | ' |
Number of annual installments | 2 | 2 | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Notes_Payable_Summary_of_Aggre
Notes Payable - Summary of Aggregate Annual Payments of Principal Required to Revolving Credit Facility (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long Term Debt By Maturity [Abstract] | ' | ' |
During the twelve months ended September 30, 2014 | $825 | ' |
During the twelve months ended September 30, 2015 | 650 | ' |
During the twelve months ended September 30, 2018 | 0 | ' |
Payments/Long term debt, Total | $41,475 | $18,034 |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Deferred Tax Assets Included in Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Compensation | $1,280 | $1,059 |
Allowance for doubtful accounts | 449 | 607 |
Lease obligations - closed clinics | 77 | 39 |
Other | ' | 22 |
Deferred tax assets | 1,806 | 1,727 |
Deferred tax liabilities: | ' | ' |
Depreciation and amortization | -4,237 | -2,166 |
Other | -546 | -575 |
Deferred tax liabilities | -4,783 | -2,741 |
Net deferred tax assets (liabilities) | -2,977 | -1,014 |
Amount included in: | ' | ' |
Other current assets | 482 | 590 |
Long term liabilities | ($3,459) | ($1,604) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' |
Deferred tax assets related to acquisitions of non controlling interests | $400,000 | $800,000 | ' |
Tax receivable included in other current assets | 2,200,000 | 4,200,000 | ' |
Increase in current state income tax provision | 393,000 | ' | ' |
Adjustment to state tax provision | ' | 162,000 | ' |
Accrued interest and penalties associated with any unrecognized tax benefits | 0 | 0 | 0 |
Interest expense recognized | $0 | $0 | $0 |
State [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Periods open for examination | '2009 through 2012 | ' | ' |
Federal [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Periods open for examination | '2010 through 2012 | ' | ' |
Income_Taxes_Schedule_of_Diffe
Income Taxes - Schedule of Differences Between Federal Tax Rate and Company's Effective Tax Rate for Results of Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
U.S. tax at statutory rate | $10,415 | $10,299 | $9,979 |
State income taxes, net of federal benefit | 1,814 | 1,219 | 963 |
Deductible losses | -98 | -404 | ' |
Nontaxable gain | ' | ' | -1,342 |
Nondeductible expenses | 105 | 101 | 98 |
Total income tax provision for continuing operations | $12,236 | $11,215 | $9,698 |
U.S. tax at statutory rate, percentage | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit, percentage | 6.10% | 4.20% | 3.40% |
Deductible losses, percentage | -0.30% | -1.40% | 0.00% |
Nontaxable gain, percentage | ' | ' | -4.70% |
Nondeductible expenses, percentage | 0.30% | 0.30% | 0.30% |
Total | 41.10% | 38.10% | 34.00% |
Income_Taxes_Schedule_of_Signi
Income Taxes - Schedule of Significant Components of Provision for Income Taxes for Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $8,445 | $7,117 | $6,376 |
State | 1,422 | 360 | -511 |
Total current | 9,867 | 7,477 | 5,865 |
Deferred: | ' | ' | ' |
Federal | 1,970 | 3,183 | 3,603 |
State | 399 | 555 | 230 |
Total deferred | 2,369 | 3,738 | 3,833 |
Total income tax provision for continuing operations | $12,236 | $11,215 | $9,698 |
Equity_Based_Plans_Additional_
Equity Based Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares outstanding for which restrictions had not lapsed | 244,018 | ' | ' |
Compensation expense | $0 | $0 | $0 |
Share based compensation expense | 4,200,000 | ' | ' |
Restrictions will lapse in | '2014 through 2017 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense | $2,743,000 | $2,102,000 | $2,032,000 |
Inducement options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of employees, awarded with inducement options | 5 | ' | ' |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-qualified options to purchase shares | 600,000 | ' | ' |
Maximum [Member] | Amended 2003 Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of common shares available for grant | 1,750,000 | ' | ' |
Maximum [Member] | Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restrictions on the stock granted lapsed | '5 years | ' | ' |
Maximum [Member] | Executive Officer [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restrictions on the stock granted lapsed | '4 years | ' | ' |
Minimum [Member] | Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restrictions on the stock granted lapsed | '4 years | ' | ' |
Minimum [Member] | Executive Officer [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restrictions on the stock granted lapsed | '3 years | ' | ' |
Equity_Based_Plans_Summary_of_
Equity Based Plans - Summary of Cumulative Summary of Equity Plans (Detail) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Authorized | 2,350,000 | ' | ' | ' |
Restricted Stock Issued | 783,563 | 80,650 | 156,750 | ' |
Outstanding stock options | 38,700 | 75,840 | 348,810 | 723,890 |
Stock Options Exercised | 879,391 | 272,750 | 375,080 | ' |
Stock Options Exercisable | 38,700 | 75,840 | 348,810 | ' |
Shares Available for Grant | 648,346 | ' | 0 | ' |
Amended 1999 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Authorized | 600,000 | ' | ' | ' |
Restricted Stock Issued | 360,900 | ' | ' | ' |
Outstanding stock options | 8,700 | ' | ' | ' |
Stock Options Exercised | 131,091 | ' | ' | ' |
Stock Options Exercisable | 8,700 | ' | ' | ' |
Shares Available for Grant | 99,309 | ' | ' | ' |
Amended 2003 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Authorized | 1,750,000 | ' | ' | ' |
Restricted Stock Issued | 422,663 | ' | ' | ' |
Outstanding stock options | 30,000 | ' | ' | ' |
Stock Options Exercised | 748,300 | ' | ' | ' |
Stock Options Exercisable | 30,000 | ' | ' | ' |
Shares Available for Grant | 549,037 | ' | ' | ' |
Equity_Based_Plans_Summary_of_1
Equity Based Plans - Summary of Stock Options Granted Under the Plans (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
Number of Shares, Outstanding, Beginning Balance | 75,840 | 348,810 | 723,890 | ' |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $14.71 | $14.30 | $14.30 | ' |
Number of Shares, Granted | 648,346 | ' | 0 | ' |
Number of Shares, Exercised | -879,391 | -272,750 | -375,080 | ' |
Number of Shares, Cancelled | ' | -220 | ' | ' |
Number of Shares, Forfeited | ' | ' | ' | ' |
Number of Shares, Outstanding, Ending Balance | 38,700 | 75,840 | 348,810 | 723,890 |
Number of Shares, Exercisable, Ending Balance | 38,700 | 75,840 | 348,810 | ' |
Weighted Average Exercise Price, Granted | ' | ' | ' | ' |
Weighted Average Exercise Price, Exercised | $15.25 | $14.12 | $13.92 | ' |
Weighted Average Exercise Price, Cancelled | ' | $17.89 | ' | ' |
Weighted Average Exercise Price, Forfeited | ' | ' | ' | ' |
Weighted Average Exercise Price, Outstanding, Ending Balance | $18.36 | $14.71 | $14.30 | $14.30 |
Weighted Average Exercise Price, Exercisable, Ending Balance | ' | ' | ' | ' |
Weighted Average Remaining Contractual Term | '1 year 7 months 6 days | '2 years 2 months 12 days | '2 years 7 months 6 days | '3 years 7 months 6 days |
Weighted Average Remaining Contractual Term, Exercisable | '1 year 7 months 6 days | ' | ' | ' |
Aggregate Intrinsic Value, Exercisable | $654,000 | ' | ' | ' |
Equity_Based_Plans_Summary_of_2
Equity Based Plans - Summary of Intrinsic Value of Stock Options Exercised (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Stock Options Exercised | 879,391 | 272,750 | 375,080 |
Aggregate Intrinsic Value | $402 | $3,459 | $3,160 |
Equity_Based_Plans_Summary_of_3
Equity Based Plans - Summary of Stock Options Outstanding (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Outstanding stock options | 38,700 | 75,840 | 348,810 | 723,890 |
Outstanding Stock Options, Exercise price Lower Limit | $12.60 | $12.51 | $12.51 | ' |
Outstanding Stock Options, Exercise price Upper Limit | $18.42 | $18.80 | $18.80 | ' |
Exercisable, Exercise price Lower Limit | $12.60 | $12.51 | $12.51 | ' |
Exercisable, Exercise price Upper Limit | $18.42 | $18.80 | $18.80 | ' |
Weighted Average Remaining Contractual Life | '1 year 7 months 6 days | '2 years 2 months 12 days | '2 years 7 months 6 days | '3 years 7 months 6 days |
Exercisable | 38,700 | 75,840 | 348,810 | ' |
1999 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Outstanding stock options | 8,700 | 15,840 | 17,310 | ' |
Outstanding Stock Options, Exercise price Lower Limit | $12.60 | $12.60 | $12.60 | ' |
Outstanding Stock Options, Exercise price Upper Limit | $18.42 | $18.42 | $18.42 | ' |
Exercisable, Exercise price Lower Limit | $12.60 | $12.60 | $12.60 | ' |
Exercisable, Exercise price Upper Limit | $18.42 | $18.42 | $18.42 | ' |
Weighted Average Remaining Contractual Life | '1 year 7 months 6 days | '2 years 2 months 12 days | '3 years 2 months 12 days | ' |
Exercisable | 8,700 | 15,840 | 17,310 | ' |
2003 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Outstanding stock options | 30,000 | 60,000 | 251,500 | ' |
Outstanding Stock Options, Exercise price Lower Limit | ' | $12.51 | $12.51 | ' |
Outstanding Stock Options, Exercise price Upper Limit | $18.42 | $18.80 | $18.80 | ' |
Exercisable, Exercise price Lower Limit | ' | $12.51 | $12.51 | ' |
Exercisable, Exercise price Upper Limit | $18.42 | $18.80 | $18.80 | ' |
Weighted Average Remaining Contractual Life | '1 year 7 months 6 days | '2 years 2 months 12 days | '2 years 10 months 24 days | ' |
Exercisable | 30,000 | 60,000 | 251,500 | ' |
Inducements [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Outstanding stock options | ' | ' | 80,000 | ' |
Outstanding Stock Options, Exercise price Lower Limit | ' | ' | $12.75 | ' |
Outstanding Stock Options, Exercise price Upper Limit | ' | ' | $14.32 | ' |
Exercisable, Exercise price Lower Limit | ' | ' | $12.75 | ' |
Exercisable, Exercise price Upper Limit | ' | ' | $14.32 | ' |
Weighted Average Remaining Contractual Life | ' | ' | '1 year 8 months 12 days | ' |
Exercisable | ' | ' | 80,000 | ' |
Equity_Based_Plans_Summary_of_4
Equity Based Plans - Summary of Stock Options Outstanding and Exercisable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 |
Range Of Exercise Price One [Member] | Range Of Exercise Price Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Exercise Prices | ' | ' | ' | ' | $12.60 | $18.42 |
Outstanding stock options | 38,700 | 75,840 | 348,810 | 723,890 | 400 | 38,300 |
Exercisable Options | 38,700 | 75,840 | 348,810 | ' | 400 | 38,300 |
Equity_Based_Plans_Summary_of_5
Equity Based Plans - Summary of Restricted Stock Granted to Directors, Officers and Employees Pursuant to Its Equity Plans (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Number of Shares | 783,563 | 80,650 | 156,750 |
Weighted Average Fair Value Per Share | $23.52 | $21.65 | $19.94 |
Common_Stock_Additional_Inform
Common Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | |
Statement Of Partners Capital [Abstract] | ' | ' | ' | ' |
Common stock authorized by the Board of Directors | ' | ' | ' | 2,250,000 |
Maximum percentage of repurchase of common stock | 10.00% | ' | ' | ' |
Repurchase of common stock | 1,200,000 | ' | ' | ' |
Bank credit agreement to permit share repurchases of common stock | $15,000,000 | ' | ' | ' |
Total purchased shares | 859,499 | 0 | 0 | ' |
Additional estimated shares | 340,501 | ' | ' | ' |
Defined_Contribution_Plan_Addi
Defined Contribution Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Required time period for employees for profit sharing plan | '3 months | ' | ' |
Maximum employer contribution as a percentage of employee contribution | 50.00% | ' | ' |
Contribution expense recognized | $0 | $0 | $0 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Rent expense | $22 | $20.80 | $19.40 |
Renewal period of employment agreements | '1 year | ' | ' |
Minimum notice period | 31-Dec-15 | ' | ' |
Future compensation - 2014 | 18.1 | ' | ' |
Future compensation - 2015 through 2018 | $4.50 | ' | ' |
Executive Officer [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Number of officers with the company had employee agreement | 3 | ' | ' |
Maximum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating leases renewal period | '5 years | ' | ' |
Minimum [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating leases renewal period | '1 year | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Operating Lease Commitments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $22,563 |
2015 | 18,263 |
2016 | 12,761 |
2017 | 7,859 |
2018 | 4,274 |
Thereafter | 1,902 |
Total | $67,622 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings attributable to common shareholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
From continuing operations | $3,903 | $4,659 | $5,079 | $3,851 | $4,230 | $4,588 | $4,958 | $4,436 | $17,492 | $18,212 | $18,812 |
From discontinued operations | -42 | -4,432 | -165 | -130 | -187 | -25 | -109 | 42 | -4,769 | -279 | 2,162 |
Net income attributable to common shareholders | $3,861 | $227 | $4,914 | $3,721 | $4,043 | $4,563 | $4,849 | $4,478 | $12,723 | $17,933 | $20,974 |
Basic earnings per share attributable to common shareholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
From continuing operations | $0.32 | $0.38 | $0.42 | $0.32 | $0.35 | $0.39 | $0.41 | $0.37 | $1.45 | $1.54 | $1.60 |
From discontinued operations | ' | ($0.36) | ($0.01) | ($0.01) | ($0.02) | ' | ($0.01) | ' | ($0.40) | ($0.02) | $0.18 |
Basic | $0.32 | $0.02 | $0.41 | $0.31 | $0.33 | $0.39 | $0.40 | $0.37 | $1.05 | $1.52 | $1.78 |
Diluted earnings per share attributable to common shareholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
From continuing operations | $0.32 | $0.38 | $0.42 | $0.32 | $0.35 | $0.38 | $0.41 | $0.37 | $1.45 | $1.53 | $1.57 |
From discontinued operations | ' | ($0.36) | ($0.01) | ($0.01) | ($0.02) | ' | ($0.01) | ' | ($0.40) | ($0.02) | $0.18 |
Diluted | $0.32 | $0.02 | $0.41 | $0.31 | $0.33 | $0.38 | $0.40 | $0.37 | $1.05 | $1.51 | $1.75 |
Shares used in computation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share - weighted-average shares | 12,103 | 12,106 | 12,089 | 11,955 | 12,103 | 12,106 | 12,089 | 11,955 | 12,063 | 11,804 | 11,814 |
Effect of dilutive securities - Stock options | ' | ' | ' | ' | ' | ' | ' | ' | 19 | 100 | 163 |
Denominator for diluted earnings per share - adjusted weighted-average shares | 12,117 | 12,120 | 12,110 | 11,979 | 12,117 | 12,120 | 12,110 | 11,979 | 12,082 | 11,904 | 11,977 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) - Summary of Selected Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net patient revenues from continuing operations | $67,256 | $64,368 | $65,227 | $61,432 | $61,052 | $60,719 | $61,963 | $60,366 | $258,283 | $244,100 | $225,804 |
Net revenues from continuing operations | 68,605 | 65,829 | 66,868 | 62,756 | 62,381 | 62,102 | 63,397 | 61,771 | 264,058 | 249,651 | 231,523 |
Operating income from continuing operations | 9,372 | 9,904 | 11,059 | 8,435 | 8,301 | 9,534 | 10,806 | 9,765 | 38,770 | 38,406 | 31,428 |
Net income from continuing operations including noncontrolling interests | 5,796 | 6,756 | 7,642 | 5,809 | 6,032 | 6,423 | 7,452 | 6,733 | 26,003 | 26,640 | 26,679 |
Net income from continuing operations attributable to common shareholders | 3,903 | 4,659 | 5,079 | 3,851 | 4,230 | 4,588 | 4,958 | 4,436 | 17,492 | 18,212 | 18,812 |
Net losses (income) from discontinued operations attributable to common shareholders | -42 | -4,432 | -165 | -130 | -187 | -25 | -109 | 42 | -4,769 | -279 | 2,162 |
Net income attributable to common shareholders | $3,861 | $227 | $4,914 | $3,721 | $4,043 | $4,563 | $4,849 | $4,478 | $12,723 | $17,933 | $20,974 |
Basic earnings per share attributable to common shareholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
From continuing operations. | $0.32 | $0.38 | $0.42 | $0.32 | $0.35 | $0.39 | $0.41 | $0.37 | $1.45 | $1.54 | $1.60 |
From discontinued operations | ' | ($0.36) | ($0.01) | ($0.01) | ($0.02) | ' | ($0.01) | ' | ($0.40) | ($0.02) | $0.18 |
Basic | $0.32 | $0.02 | $0.41 | $0.31 | $0.33 | $0.39 | $0.40 | $0.37 | $1.05 | $1.52 | $1.78 |
Diluted earnings per share attributable to common shareholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
From continuing operations. | $0.32 | $0.38 | $0.42 | $0.32 | $0.35 | $0.38 | $0.41 | $0.37 | $1.45 | $1.53 | $1.57 |
From discontinued operations | ' | ($0.36) | ($0.01) | ($0.01) | ($0.02) | ' | ($0.01) | ' | ($0.40) | ($0.02) | $0.18 |
Diluted | $0.32 | $0.02 | $0.41 | $0.31 | $0.33 | $0.38 | $0.40 | $0.37 | $1.05 | $1.51 | $1.75 |
Shares used in computation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 12,103 | 12,106 | 12,089 | 11,955 | 12,103 | 12,106 | 12,089 | 11,955 | 12,063 | 11,804 | 11,814 |
Diluted | 12,117 | 12,120 | 12,110 | 11,979 | 12,117 | 12,120 | 12,110 | 11,979 | 12,082 | 11,904 | 11,977 |