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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2015
Accounting Policies [Abstract] |
Service Fee Revenue | Our service fee revenue, net of contractual allowances and discounts, the provision for bad debts, and revenue under capitation arrangements for the years ended December 31, are summarized in the following table (in thousands) :
|  | Years Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Commercial insurance (1) |  | $ | 486,489 |  |  | $ | 437,525 |  |  | $ | 430,735 |
Medicare |  |  | 168,545 |  |  |  | 159,562 |  |  |  | 156,066 |
Medicaid |  |  | 23,948 |  |  |  | 24,499 |  |  |  | 24,017 |
Workers' compensation/personal injury |  |  | 32,728 |  |  |  | 30,543 |  |  |  | 34,821 |
Other (2) |  |  | 35,046 |  |  |  | 18,007 |  |  |  | 19,668 |
Service fee revenue, net of contractual allowances and discounts |  |  | 746,756 |  |  |  | 670,136 |  |  |  | 665,307 |
Provision for bad debts |  |  | (36,033 | ) |  |  | (29,807 | ) |  |  | (27,911 | )
Net service fee revenue |  |  | 710,723 |  |  |  | 640,329 |  |  |  | 637,396 |
Revenue under capitation arrangements |  |  | 98,905 |  |  |  | 77,240 |  |  |  | 65,590 |
Total net revenue |  | $ | 809,628 |  |  | $ | 717,569 |  |  | $ | 702,986 |
_________________ (1) 20% of our net service fees revenue for each of the years ended December 31, 2015, 2014 and 2013 were earned from a single payor. (2) Other consists of revenue from teleradiology services, consulting fees and software revenue.
Fair Value 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, 2015 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Fair Value |  |  | Total Face Value |
First Lien Term Loans |  | $ | – |  |  | $ | 444,258 |  |  | $ | – |  |  | $ | 444,258 |  |  | $ | 451,023 |
Second Lien Term Loans |  | $ | – |  |  | $ | 173,700 |  |  | $ | – |  |  |  | 173,700 |  |  | $ | 180,000 |
|  | As of December 31, 2014 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Total Face Value |
First Lien Term Loans |  | $ | – |  |  | $ | 394,753 |  |  | $ | – |  |  | $ | 394,753 |  |  | $ | 399,750 |
Second Lien Term Loans |  |  | – |  |  |  | 178,200 |  |  |  | – |  |  |  | 178,200 |  |  |  | 180,000 |
Earnings per share |
|  | Years Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Net income attributable to RadNet, Inc. common stockholders |  | $ | 7,709 |  |  | $ | 1,376 |  |  | $ | 2,120 |
BASIC NET INCOME PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of common shares outstanding during the period |  |  | 43,805,794 |  |  |  | 41,070,077 |  |  |  | 39,140,480 |
Basic net income per share attributable to RadNet, Inc. common stockholders |  | $ | 0.18 |  |  | $ | 0.03 |  |  | $ | 0.05 |
DILUTED NET INCOME PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS |  |  |  |  |  |  |  |  |  |  |  |
Weighted average number of common shares outstanding during the period |  |  | 43,805,794 |  |  |  | 41,070,077 |  |  |  | 39,140,480 |
Add nonvested restricted stock subject only to service vesting |  |  | 865,326 |  |  |  | 994,610 |  |  |  | 316,905 |
Add additional shares issuable upon exercise of stock options and warrants |  |  | 500,252 |  |  |  | 1,084,509 |  |  |  | 357,150 |
Weighted average number of common shares used in calculating diluted net income per share |  |  | 45,171,372 |  |  |  | 43,149,196 |  |  |  | 39,814,535 |
Diluted net income per share attributable to RadNet, Inc. common stockholders |  | $ | 0.17 |  |  | $ | 0.03 |  |  | $ | 0.05 |
Investment in joint ventures |
Balance as of December 31, 2013 |  | $ | 28,949 |
Purchase of a 49% interest in a new joint venture |  |  | 2,168 |
Equity contributions in existing joint ventures |  |  | 1,394 |
Equity in earnings in these joint ventures |  |  | 6,970 |
Distribution of earnings |  |  | (7,358 | )
Balance as of December 31, 2014 |  | $ | 32,123 |
Equity contributions in existing joint ventures |  |  | 265 |
Equity in earnings in these joint ventures |  |  | 8,927 |
Distribution of earnings |  |  | (7,731 | )
Balance as of December 31, 2015 |  | $ | 33,584 |
Key financial data on joint ventures | The following table is a summary of key financial data for these joint ventures as of December 31, 2015 and 2014, respectively, and for the years ended December 31, 2015, 2014 and 2013, respectively, (in thousands):
|  | December 31, |
|  | 2015 |  |  | 2014 |
Balance Sheet Data: |  |  |  |  |  |
Current assets |  | $ | 28,186 |  |  | $ | 23,636 |
Noncurrent assets |  |  | 91,660 |  |  |  | 49,347 |
Current liabilities |  |  | (15,258 | ) |  |  | (9,534 | )
Noncurrent liabilities |  |  | (44,059 | ) |  |  | (6,386 | )
Total net assets |  | $ | 60,529 |  |  | $ | 57,063 |
Book value of RadNet joint venture interests |  | $ | 28,397 |  |  | $ | 26,791 |
Cost in excess of book value of acquired joint venture interests |  |  | 4,970 |  |  |  | 4,970 |
Elimination of intercompany profit remaining on Radnet's consolidated balance sheet |  |  | 217 |  |  |  | 362 |
Total value of Radnet joint venture interests |  | $ | 33,584 |  |  | $ | 32,123 |
Total book value of other joint venture partner interests |  | $ | 32,132 |  |  | $ | 30,272 |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Net revenue |  | $ | 125,544 |  |  | $ | 101,189 |  |  | $ | 93,134 |
Net income |  | $ | 19,485 |  |  | $ | 14,854 |  |  | $ | 13,633 |

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