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5. INVESTMENT IN JOINT VENTURES | 6 Months Ended
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Jun. 30, 2013
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Joint Ventures | We have nine unconsolidated joint ventures with ownership interests ranging from 35% to 50%. These joint ventures represent partnerships with hospitals, health systems or radiology practices and were formed for the purpose of owning and operating diagnostic imaging centers. Professional services at the joint venture diagnostic imaging centers are performed by contracted radiology practices or a radiology practice that participates in the joint venture. Our investment in these joint ventures is accounted for under the equity method. The following table is a roll forward of our investment in joint ventures during the six months ended June 30, 2013 (in thousands):
Balance as of December 31, 2012 |  | $ | 28,598 |
Acquisition of a controlling interest in a joint venture (see Note 2) |  |  | (648 | )
Purchase of a 40% interest in a new joint venture (see Note 2) |  |  | 1,000 |
Equity contributions in existing joint ventures |  |  | 803 |
Equity earnings in these joint ventures |  |  | 2,864 |
Distribution of earnings |  |  | (3,971 | )
Balance as of June 30, 2013 |  | $ | 28,646 |
We received management service fees from the centers underlying these joint ventures of approximately $2.7 million and $1.7 million for the three months ended June 30, 2013 and 2012, respectively, and $4.7 million and $3.4 million for the six months ended June 30, 2013 and 2012, respectively, and eliminated the uncollected portion of the fees earned associated with our ownership from our net revenue with an offsetting increase to our equity earnings. The following table is a summary of key financial data for these joint ventures as of June 30, 2013 and for the six months ended June 30, 2013 and 2012 (in thousands):
Balance Sheet Data: |  | June 30, 2013 |  |  |  |
Current assets |  | $ | 14,802 |  |  |  |  |
Noncurrent assets |  |  | 49,216 |  |  |  |  |
Current liabilities |  |  | (6,995 | ) |  |  |  |
Noncurrent liabilities |  |  | (6,286 | ) |  |  |  |
Total net assets |  | $ | 50,737 |  |  |  |  |
Book value of Radnet joint venture interests |  | $ | 22,880 |  |  |  |  |
Cost in excess of book value of acquired joint venture interests |  |  | 5,273 |  |  |  |  |
Elimination of intercompany profit remaining on Radnet's consolidated balance sheet |  |  | 493 |  |  |  |  |
Total value of Radnet joint venture interests |  | $ | 28,646 |  |  |  |  |
Total book value of other joint venture partner interests |  | $ | 27,857 |  |  |  |  |
Income Statement Data for the six months ended June 30, |  |  | 2013 |  |  |  | 2012 |
Net revenue |  | $ | 45,209 |  |  | $ | 41,955 |
Net income |  | $ | 5,952 |  |  | $ | 7,016 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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