Selected Quarterly Financial Information

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Information

17. Selected Quarterly Financial Information (Unaudited):

The following tables set forth a summary of the Company’s selected quarterly financial information for each of the four quarters ended December 31, 2014 and 2013 (in thousands, except for per share data):


	2014 Quarters
	First			Second			Third			Fourth
Net revenue	$	566,338		$	595,544		$	626,506		$	650,525

Operating expenses:
Practice salaries and benefits		372,040			372,216			394,794			404,345
Practice supplies and other operating expenses		21,417			22,466			21,570			23,549
General and administrative expenses		58,414			60,829			60,643			67,641
Depreciation and amortization		10,370			10,361			11,356			13,903

Total operating expenses		462,241			465,872			488,363			509,438

Income from operations		104,097			129,672			138,143			141,087
Investment income		1,635			335			563			195
Interest expense		(1,371	)		(2,188	)		(2,019	)		(3,313	)
Equity in earnings of unconsolidated affiliate		—			150			725			905

Total non-operating expenses		264			(1,703	)		(731	)		(2,213	)
Income before income taxes		104,361			127,969			137,412			138,874
Income tax provision		40,701			48,944			51,174			50,594

Net income		63,660			79,025			86,238			88,280
Net (income) loss attributable to noncontrolling interests		—			(9	)		(31	)		118

Net income attributable to MEDNAX, Inc.	$	63,660		$	79,016		$	86,207		$	88,398

Per common and common equivalent share data (1):
Net income attributable to MEDNAX, Inc.:
Basic	$	0.64		$	0.80		$	0.87		$	0.90

Diluted	$	0.63		$	0.79		$	0.86		$	0.89

Weighted average common shares:
Basic		99,076			98,411			99,088			98,066

Diluted		100,696			99,866			100,145			99,129

(1)	Basic and diluted per share amounts are computed for each of the periods presented. Accordingly, the sum of the quarterly per share amounts may not agree with the full year amount.


	2013 Quarters
	First			Second			Third			Fourth
Net revenue	$	502,715		$	529,180		$	554,730		$	567,387

Operating expenses:
Practice salaries and benefits		329,201			331,922			346,879			353,316
Practice supplies and other operating expenses		19,500			19,416			19,445			24,027
General and administrative expenses		53,318			54,601			54,654			55,636
Depreciation and amortization		9,144			9,870			10,461			10,491

Total operating expenses		411,163			415,809			431,439			443,470

Income from operations		91,552			113,371			123,291			123,917
Investment income		402			396			372			526
Interest expense		(1,189	)		(1,673	)		(1,507	)		(1,046	)

Income before income taxes		90,765			112,094			122,156			123,397
Income tax provision		35,398			42,876			45,198			44,423

Net income	$	55,367		$	69,218		$	76,958		$	78,974

Per common and common equivalent share data (1):
Net income:
Basic	$	0.56		$	0.70		$	0.77		$	0.79

Diluted	$	0.55		$	0.68		$	0.76		$	0.78

Weighted average shares:
Basic		98,618			99,116			99,506			99,469

Diluted		100,784			101,098			101,178			101,080

(1)	Basic and diluted per share amounts are computed for each of the periods presented. Accordingly, the sum of the quarterly per share amounts may not agree with the full year amount.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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