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Quarterly Results
 12 Months Ended
Dec. 31, 2011
Quarterly Results [Abstract]  
Quarterly Results

12) QUARTERLY RESULTS (unaudited)

The following tables summarize the quarterly financial data for the two years ended December 31, 2011 and 2010:

 

2011

   First
Quarter		     Second
Quarter		     Third
Quarter		     Fourth
Quarter		     Total  
    (amounts in thousands, except per share amounts)  

Net revenues

   $ 1,910,528      $ 1,902,234      $ 1,848,662      $ 1,838,774      $ 7,500,198   

Net income

   $ 129,987      $ 116,034      $ 94,842      $ 108,007      $ 448,870   

Less: Net income attributable to noncontrolling interests

   $ 15,794      $ 12,385      $ 9,788      $ 12,736      $ 50,703   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income attributable to UHS

   $ 114,193      $ 103,649      $ 85,054      $ 95,271      $ 398,167   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share attributable to UHS-Basic:

          
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total basic earnings per share

   $ 1.17      $ 1.06      $ 0.87      $ 0.99      $ 4.09   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share attributable to UHS-Diluted:

          
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total diluted earnings per share

   $ 1.15      $ 1.04      $ 0.86      $ 0.98      $ 4.04   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

The 2011 quarterly financial data presented above includes the following:

Fourth Quarter:

 

  •  

(i) a favorable $10.4 million pre-tax reduction ($6.4 million, or $.07 per diluted share, net of taxes) to our professional and general liability self-insurance reserves relating to years prior to 2011, as discussed in Self-Insured Risks.

 

2010

   First
Quarter		     Second
Quarter		     Third
Quarter		     Fourth
Quarter		     Total  
    (amounts in thousands, except per share amounts)  

Net revenues

   $ 1,347,153      $ 1,338,315      $ 1,323,264      $ 1,559,453      $ 5,568,185   

Net income

   $ 82,762      $ 76,415      $ 65,802      $ 50,816      $ 275,795   

Less: Net income attributable to noncontrolling interests

   $ 10,943      $ 10,843      $ 10,192      $ 13,634      $ 45,612   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income attributable to UHS

   $ 71,819      $ 65,572      $ 55,610      $ 37,182      $ 230,183   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share attributable to UHS-Basic:

          
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total basic earnings per share

   $ 0.74      $ 0.68      $ 0.57      $ 0.38      $ 2.37   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share attributable to UHS-Diluted:

          
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total diluted earnings per share

   $ 0.73      $ 0.67      $ 0.57      $ 0.38      $ 2.34   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

The 2010 quarterly financial data presented above includes the following:

Second Quarter:

 

  •  

(i) a favorable $16.4 million pre-tax reduction ($10.2 million, or $.10 per diluted share, net of taxes) to our professional and general liability self-insurance reserves relating to years prior to 2010, as discussed in Self-Insured Risks, and; (ii) $18.2 million of pre-tax transaction costs ($11.3 million, or $.11 per diluted share, net of taxes) recorded in connection with our acquisition of Psychiatric Solutions, Inc. ("PSI") and;

Third Quarter:

 

  •  

(i) $3.9 million of pre-tax transaction costs ($2.4 million, or $.02 per diluted share, net of taxes) recorded in connection with our acquisition of "PSI" and; (ii) a favorable $4.3 million ($.04 per diluted share) discrete tax item recorded in connection with a settlement payment made to the government in connection with the investigation of our South Health Systems affiliates, and;

Fourth Quarter:

 

  •  

(i) a favorable $32.6 million pre-tax reduction ($17.9 million, or $.18 per diluted share, net of taxes) to our professional and general liability self-insurance reserves relating to years prior to 2010, as discussed in Self-Insured Risks, and; (ii) $31.1 million of pre-tax transaction costs ($24.9 million, or $.25 per diluted share, net of taxes) recorded in connection with our acquisition of "PSI" and; (iii) an unfavorable $6.7 million pre-tax ($4.1 million, or .$04 per diluted share, net of taxes) charge to write-off certain costs related to an acute care hospital construction project and; (iv) an unfavorable $9.2 million ($.09 per diluted share) charge in connection with split-dollar life insurance agreements on the lives of our Chief Executive Officer and his wife.