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NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2012
Accounting Policies [Abstract] |
Service fee revenue | Our service fee revenue, net of contractual allowances and discounts less the provision for bad debts for the years ended December 31, are summarized in the following table (in thousands):
|  | Years Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Commercial Insurance/Managed Care Capitation |  | $ | 447,226 |  |  | $ | 412,791 |  |  | $ | 373,520 |
Medicare |  |  | 134,426 |  |  |  | 118,109 |  |  |  | 113,891 |
Medicaid |  |  | 21,974 |  |  |  | 19,488 |  |  |  | 17,812 |
Workers’ Compensation/Personal Injury |  |  | 29,083 |  |  |  | 25,393 |  |  |  | 23,210 |
Other |  |  | 40,348 |  |  |  | 31,679 |  |  |  | 12,219 |
Service fee revenue, net of contractual allowances and discounts |  |  | 673,057 |  |  |  | 607,460 |  |  |  | 540,652 |
Provision for bad debts |  |  | (25,904 | ) |  |  | (22,339 | ) |  |  | (21,995 | )
Net service fee revenue |  | $ | 647,153 |  |  | $ | 585,121 |  |  | $ | 518,657 |
Fair values of certain of financial liabilities | The table below summarizes the estimated fair values of certain of our financial liabilities that are subject to fair value measurements, and the classification of these liabilities on our consolidated balance sheets, as follows (in thousands):
|  | As of December 31, 2011 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Accounts payable, accrued expenses and other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps |  | $ | – |  |  | $ | 5,064 |  |  | $ | – |  |  | $ | 5,064 |
Fair value and carrying amount of long-term debt | The table below summarizes the estimated fair value and carrying amount of our long-term debt as follows (in thousands):
|  | As of December 31, 2012 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Fair Value |  |  | Total Carrying Value |
Senior Secured Term Loan |  | $ | – |  |  | $ | 352,180 |  |  | $ | – |  |  | $ | 352,180 |  |  | $ | 349,125 |
Senior Notes |  |  | – |  |  |  | 204,500 |  |  |  | – |  |  |  | 204,500 |  |  |  | 200,000 |
|  | As of December 31, 2011 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Total Carrying Value |
Senior Secured Term Loan |  | $ | – |  |  | $ | 264,600 |  |  | $ | – |  |  | $ | 264,600 |  |  | $ | 280,000 |
Senior Notes |  |  | – |  |  |  | 180,000 |  |  |  | – |  |  |  | 180,000 |  |  |  | 200,000 |
Earnings per share | Earnings per share is based upon the weighted average number of shares of common stock and common stock equivalents outstanding, net of common stock held in treasury, as follows (in thousands except share and per share data):
|  | Years Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Net income (loss) attributable to RadNet, Inc.'s common stockholders |  | $ | 64,517 |  |  | $ | 7,231 |  |  | $ | (12,852 | )
BASIC NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC.'S COMMON STOCKHOLDERS |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of common shares outstanding during the period |  |  | 37,751,170 |  |  |  | 37,367,736 |  |  |  | 36,853,477 |
Basic net income (loss) per share attributable to RadNet, Inc.'s common stockholders |  | $ | 1.71 |  |  | $ | 0.19 |  |  | $ | (0.35 | )
DILUTED NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC.'S COMMON STOCKHOLDERS |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of common shares outstanding during the period |  |  | 37,751,170 |  |  |  | 37,367,736 |  |  |  | 36,853,477 |
Add nonvested restricted stock subject only to service vesting |  |  | 533,014 |  |  |  | – |  |  |  | – |
Add additional shares issuable upon exercise of stock options and warrants |  |  | 960,502 |  |  |  | 1,417,939 |  |  |  | – |
Weighted average number of common shares used in calculating diluted net income (loss) per share |  |  | 39,244,686 |  |  |  | 38,785,675 |  |  |  | 36,853,477 |
Diluted net income (loss) per share attributable to RadNet, Inc.'s common stockholders |  | $ | 1.64 |  |  | $ | 0.19 |  |  | $ | (0.35 | )
Investment in joint ventures | This increase is summarized as follows (in thousands):
Investment in joint ventures at December 31, 2011 |  | $ | 22,326 |
Fair value of remaining interest in de-consolidated joint venture (see Note 2) |  |  | 1,936 |
Initial investment in joint venture imaging center located in Cedar Knolls, New Jersey (see Note 2) |  |  | 1,836 |
Additional investment in an existing joint venture imaging center |  |  | 920 |
Final purchase accounting adjustment to the fair value of joint venture interests acquired with our acquisition of Raven Holdings (see Note 2) |  |  | 933 |
Fair value of joint venture interests acquired through our acquisition of |  |  |  |
Lenox Hill Radiology (see Note 2) |  |  | 648 |
Equity in earnings of joint ventures for the year ended December 31, 2012 |  |  | 6,476 |
Distributions from joint ventures received during the year ended December 31, 2012 |  |  | (6,477 | )
Investment in joint ventures at December 31, 2012 |  | $ | 28,598 |
Key financial data for joint ventures | The following table is a summary of key financial data for these joint ventures as of December 31, 2012 and 2011, respectively, and for the years ended December 31, 2012, 2011 and 2010, respectively, (in thousands):
|  | December 31, |
Balance Sheet Data: |  | 2012 |  |  | 2011 |
Current assets |  | $ | 17,026 |  |  | $ | 16,869 |
Noncurrent assets |  |  | 49,163 |  |  |  | 41,928 |
Current liabilities |  |  | (7,419 | ) |  |  | (9,575 | )
Noncurrent liabilities |  |  | (8,997 | ) |  |  | (9,370 | )
Total net assets |  | $ | 49,773 |  |  | $ | 39,852 |
Book value of RadNet joint venture interests |  | $ | 24,712 |  |  | $ | 18,566 |
Cost in excess of book value of acquired joint venture interests |  |  | 3,511 |  |  |  | 3,511 |
Elimination of intercompany profit remaining on Radnet's consolidated balance sheet |  |  | 375 |  |  |  | 249 |
Total value of Radnet joint venture interests |  | $ | 28,598 |  |  | $ | 22,326 |
Total book value of other joint venture partner interests |  | $ | 25,061 |  |  | $ | 21,286 |
Income statement data for the years ended December 31, |  | 2012 |  |  | 2011 |  |  | 2010 |
Net revenue |  | $ | 85,036 |  |  | $ | 76,076 |  |  | $ | 76,937 |
Net income |  | $ | 14,031 |  |  | $ | 11,655 |  |  | $ | 12,639 |

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