Organization, Nature of Operations and Basis of Presentation (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Organization, Nature of Operations and Basis of Presentation [Abstract] |
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| Schedule of Multi Clinic Acquisition |
During 2016, 2015 and 2014, the Company completed the following multi-clinic acquisitions of physical therapy practices:
| Date | | | % Interest Acquired | | | Number of Clinics | | | | | | | | | | | | | 2016 | | | | | | | | February 2016 Acquisition | February 29 | | | | 55 | % | | | 8 | | November 2016 Acquisition | November 30 | | | | 60 | % | | | 12 | | | | | | | | | | | | | | | 2015 | | | | | | | | | | January 2015 Acquisition | January 31 | | | | 60 | % | | | 9 | | April 2015 Acquisition | April 30 | | | | 70 | % | | | 3 | | June 2015 Acquisition | June 30 | | | | 70 | % | | | 4 | | December 2015 Acquisition | December 31 | | | | 59 | % | | | 4 | | | | | | | | | | | | | | | 2014 | | | | | | | | | | April 2014 Acquisition | April 30 | | | | 70 | % | | | 13 | | August 2014 Acquisition | August 1 | | | | 100 | % | | | 3 | |
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| Consolidated Balance Sheet |
Consolidated Balance Sheet on December 31, 2015:
Description | | As Reported | | | Adjustment | | | As Restated | | Goodwill | | $ | 171,457 | | | $ | 23,916 | | | $ | 195,373 | | Total assets | | $ | 279,913 | | | $ | 23,844 | | | $ | 303,757 | | MRNCI (1) | | | - | | | $ | 45,974 | | | $ | 45,974 | | Deferred taxes (liability) | | $ | 8,355 | | | $ | 7,153 | | | $ | 15,508 | | Total liabilities | | $ | 77,960 | | | $ | 53,487 | | | $ | 131,447 | | RNCI (2) | | $ | 8,843 | | | $ | (8,843 | ) | | | - | | Additional paid-in capital | | $ | 45,251 | | | $ | 18,987 | | | $ | 64,238 | | Retained earnings | | $ | 149,016 | | | $ | (10,715 | ) | | $ | 138,301 | | Total liabilities and equity | | $ | 279,913 | | | $ | 23,844 | | | $ | 303,757 | |
| (1) | Mandatorily redeemable non-controlling interests |
| (2) | Redeemable non-controlling interests |
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| Consolidated Statement of Net Income |
Consolidated Statement of Net Income for the Year Ended December 31, 2015: Description | | As Reported | | | Adjustment | | | As Restated | | Interest expense | | | | | | | | | | MRNCI (1) – changes in redemption value | | | - | | | $ | 2,670 | | | $ | 2,670 | | MRNCI (1) – earnings allocable | | | - | | | $ | 3,538 | | | $ | 3,538 | | Total interest expense | | $ | 1,031 | | | $ | 6,208 | | | $ | 7,239 | | Net income before taxes | | $ | 46,344 | | | $ | (6,208 | ) | | $ | 40,136 | | Provision for income taxes | | $ | 14,653 | | | $ | (1,006 | ) | | $ | 13,647 | | Net income | | $ | 31,691 | | | $ | (5,202 | ) | | $ | 26,489 | | Less: net income attributable to non-controlling interests | | $ | 9,412 | | | $ | (3,538 | ) | | $ | 5,874 | | Net income attributable to USPH shareholders | | $ | 22,279 | | | $ | (1,664 | ) | | $ | 20,615 | | Earnings per share | | $ | 1.77 | | | $ | (0.11 | ) | | $ | 1.66 | |
Consolidated Statement of Net Income for the Year Ended December 31, 2014:
Description | | As Reported | | | Adjustment | | | As Restated | | Interest expense | | | | | | | | | | MRNCI (1) – change in redemption value | | | - | | | $ | 2,978 | | | $ | 2,978 | | MRNCI (1) – earnings allocable | | | - | | | $ | 3,388 | | | $ | 3,388 | | Total interest expense | | $ | 1,088 | | | $ | 6,366 | | | $ | 7,454 | | Net income before taxes | | $ | 44,698 | | | $ | (6,366 | ) | | $ | 38,332 | | Provision for income taxes | | $ | 14,274 | | | $ | (1,256 | ) | | $ | 13,018 | | Net income | | $ | 30,424 | | | $ | (5,110 | ) | | $ | 25,314 | | Less: net income attributable to non-controlling interests | | $ | 9,571 | | | $ | (3,388 | ) | | $ | 6,183 | | Net income attributable to USPH shareholders | | $ | 20,853 | | | $ | (1,722 | ) | | $ | 19,131 | | Earnings per share | | $ | 1.62 | | | $ | (0.05 | ) | | $ | 1.57 | |
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| Consolidated Statement of Cash Flows |
Consolidated Statement of Cash Flows for the Year Ended December 31, 2015:
Description | | As Reported | | | Adjustment | | | As Restated | | Net income | | $ | 31,691 | | | $ | (5,202 | ) | | $ | 26,489 | | Deferred taxes | | $ | 7,001 | | | $ | (1,048 | ) | | $ | 5,953 | | (Increase) decrease in other assets | | $ | (1,477 | ) | | $ | 102 | | | $ | (1,375 | ) | (Decrease) increase in accounts payable and accrued expenses | | $ | (7,013 | ) | | $ | 2 | | | $ | (7,011 | ) | Increase in mandatorily redeemable non-controlling interest | | $ | - | | | $ | 2,509 | | | $ | 2,509 | | (Decrease) increase in other liabilities | | $ | 1,482 | | | $ | (86 | ) | | $ | 1,396 | | Net cash provided by operating activities | | $ | 41,243 | | | $ | (3,723 | ) | | $ | 37,520 | | Acquisitions of non-controlling interests | | $ | (7,083 | ) | | $ | 6,115 | | | $ | (968 | ) | Net cash used in investing activities | | $ | (32,240 | ) | | $ | 6,115 | | | $ | (26,125 | ) | Distributions to non-controlling interests (including redeemable non-controlling interests) | | $ | (9,632 | ) | | $ | 9,632 | | | $ | - | | Distributions to non-controlling interests | | $ | - | | | $ | (5,892 | ) | | $ | (5,892 | ) | Payments to settle mandatorily redeemable non-controlling interests | | $ | - | | | $ | (6,115 | ) | | $ | (6,115 | ) | Other | | $ | 22 | | | $ | (17 | ) | | $ | 5 | | Net cash used in financing activities | | $ | (7,496 | ) | | $ | (2,392 | ) | | $ | (9,888 | ) |
Consolidated Statement of Cash Flows for the Year Ended December 31, 2014:
Description | | As Reported | | | Adjustment | | | As Restated | | Net income | | $ | 30,424 | | | $ | (5,110 | ) | | $ | 25,314 | | Deferred taxes | | $ | 6,275 | | | $ | (1,169 | ) | | $ | 5,106 | | (Increase) decrease in other assets | | $ | (2,493 | ) | | $ | 3,648 | | | $ | 1,155 | | Increase in mandatorily redeemable non-controlling interest | | $ | - | | | $ | 2,936 | | | $ | 2,936 | | (Decrease) increase in other liabilities | | $ | 730 | | | $ | (4,108 | ) | | $ | (3,378 | ) | Net cash provided by operating activities | | $ | 45,194 | | | $ | (3,803 | ) | | $ | 41,391 | | Acquisitions of non-controlling interests | | $ | (5,490 | ) | | $ | 5,263 | | | $ | (227 | ) | Net cash used in investing activities | | $ | (22,880 | ) | | $ | 5,263 | | | $ | (17,617 | ) | Distributions to non-controlling interests (including redeemable non-controlling interests) | | $ | (9,913 | ) | | $ | 9,913 | | | $ | - | | Distributions to non-controlling interests | | $ | - | | | $ | (5,963 | ) | | $ | (5,963 | ) | Payments to settle mandatorily redeemable non-controlling interests | | $ | - | | | $ | (5,233 | ) | | $ | (5,233 | ) | Other | | $ | 222 | | | $ | (177 | ) | | $ | 45 | | Net cash used in financing activities | | $ | (20,941 | ) | | $ | (1,460 | ) | | $ | (22,401 | ) |
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