<SEC-DOCUMENT>0001157523-13-003986.txt : 20130808
<SEC-HEADER>0001157523-13-003986.hdr.sgml : 20130808
<ACCEPTANCE-DATETIME>20130808081049
ACCESSION NUMBER:		0001157523-13-003986
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130808
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130808
DATE AS OF CHANGE:		20130808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U S PHYSICAL THERAPY INC /NV
		CENTRAL INDEX KEY:			0000885978
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HEALTH SERVICES [8000]
		IRS NUMBER:				760364866
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11151
		FILM NUMBER:		131020001

	BUSINESS ADDRESS:	
		STREET 1:		1300 WEST SAM HOUSTON PARKWAY
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77043
		BUSINESS PHONE:		7132977000

	MAIL ADDRESS:	
		STREET 1:		1300 WEST SAM HOUSTON PARKWAY
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77043
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50687285.htm
<DESCRIPTION>U.S. PHYSICAL THERAPY, INC. 8-K
<TEXT>
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  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <br>
      <br>
      <br>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>UNITED
      STATES</b></font><font style="font-size: 14pt"><br style="font-size: 14pt"></font><font style="font-family: Times New Roman; font-size: 14pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-size: 14pt"><br style="font-size: 14pt"></font><font style="font-family: Times New Roman; font-size: 14pt"><b>WASHINGTON,
      DC 20549</b></font><br><br><font style="font-family: Times New Roman; font-size: 14pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of the</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt"><b>Securities
      Exchange Act of 1934</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><br><font style="font-family: Times New Roman; font-size: 12pt">Date
      of Report (Date of earliest event reported)&#160;August 8, 2013</font><font style="font-family: Times New Roman; font-size: 12pt"><b>
      </b></font><font style="font-family: Times New Roman; font-size: 12pt">(August
      8, 2013)</font><br><br><font style="font-family: Times New Roman; font-size: 14pt"><b>U.S.
      PHYSICAL&#160;THERAPY, INC.</b></font><br><font style="font-family: Times New Roman; font-size: 12pt">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Nevada</b></u>
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; width: 34%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>1-11151</b></u>
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>76-0364866</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            incorporation or organization)
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 34%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Number)
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 67%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>1300 West Sam Houston Parkway South, Suite 300, Houston,
            Texas</b></u>
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>77042</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 67%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of Principal Executive Offices)</font>
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code: </font><font style="font-family: Times New Roman; font-size: 10pt"><b>(713)
      297-7000</b></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (</font><u><font style="font-family: Times New Roman; font-size: 10pt">see</font></u><font style="font-family: Times New Roman; font-size: 10pt">
      General Instruction A.2. below):</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">
      Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font><font style="font-family: Times New Roman; font-size: 10pt">
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))</font>
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>ITEM 2.02&#160;&#160;&#160;RESULTS OF OPERATIONS AND FINANCIAL RESULTS</b>
    </p>
    <p style="text-align: justify">
      On August 8, 2013, U.S. Physical Therapy, Inc. (the &#8220;Company&#8221;) reported
      its results for the second quarter and six months ended June 30, 2013.
      In addition, the Company announced that its board of directors declared
      a quarterly dividend of $.10 per share to holders of record of common
      stock as of the close of business on August 20, 2013 payable on
      September 6, 2013.&#160;&#160;A copy of the press release is attached hereto as
      Exhibit 99.1.
    </p>
    <p style="text-align: justify">
      While the Company intends to declare dividends in subsequent quarters,
      any future dividends will be at the discretion of the Company&#8217;s board of
      directors after taking into account various factors, including general
      economic and business conditions, tax considerations, the Company&#8217;s
      strategic plan, the results of operation and financial condition of the
      Company, the acquisition and expansion plans of the Company, any
      contractual, legal or regulatory restrictions on the payment of
      dividends, and such other factors as the board considers relevant.
    </p>
    <p style="text-align: justify">
      In accordance with General Instruction B.2 of Form 8-K, the information
      in this Current Report on Form 8-K, including the exhibits, shall not be
      deemed to be &#8220;filed&#8221; for purposes of Section 18 of the Securities
      Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise
      subject to the liabilities of that section, and shall not be
      incorporated by reference into any registration statement or other
      document filed under the Securities Act of 1933, as amended, or the
      Exchange Act, except as shall be expressly set forth by specific
      reference in such filing.
    </p>
    <p>
      <br>
      <b>ITEM 8.01&#160;&#160;&#160;OTHER EVENTS</b>
    </p>
    <p style="text-align: justify">
      See Item 2.02 above.&#160;&#160;On August 8, 2013, the Company announced a
      dividend of $.10 per share to holders of record of its common stock as
      of the close of business on August 20, 2013 payable on September 6, 2013.
    </p>
    <p style="text-align: justify">
      <br>
      <b>ITEM 9.01&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS</b>
    </p>
    <p style="white-space: nowrap; text-align: justify">
      <br>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 8%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Exhibits</b></u>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 87%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Description of Exhibits</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 8%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 87%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 8%" valign="top">
          99.1
        </td>
        <td style="width: 5%">

        </td>
        <td style="padding-left: 0.0px; width: 87%" valign="top">
          Registrant's press release dated August 8, 2013 announcing results
          for the second quarter and six months ended June 30, 2013.*
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      *Furnished herewith.
    </p>
    <p>

    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURE</b></font><br>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p>
      <br>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 40%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>U.S. PHYSICAL THERAPY, INC.</b>
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 5%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated:
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 45%" valign="top">
          August 8, 2013
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 40%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By: <u>&#160;&#160;&#160;/s/ LAWRANCE W. MCAFEE</u>
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 40%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Lawrance W. McAfee
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 40%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 40%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;(duly authorized officer and principal financial
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 40%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            and accounting officer)
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>INDEX TO EXHIBITS</b>
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 8%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>EXHIBIT</b></u>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 87%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>DESCRIPTION OF EXHIBIT</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 8%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 87%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; width: 8%" valign="top">
          99.1
        </td>
        <td style="width: 5%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 87%" valign="top">
          Press Release dated August 8, 2013.*
        </td>
      </tr>
    </table>
    </div>
    <p>
      * Furnished herewith
    </p>
    <p>

    </p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50687285ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2013 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>U. S.
      Physical Therapy Reports Second Quarter and Six Months 2013 Results</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Company
      Declares Quarterly Dividend</b></font>
    </p>
    <p>
      HOUSTON--(BUSINESS WIRE)--August 8, 2013--U.S. Physical Therapy, Inc.
      (NYSE: USPH), a national operator of outpatient physical therapy
      clinics, today reported results for the second quarter and six months
      ended June 30, 2013.
    </p>
    <p>
      U.S. Physical Therapy&#8217;s net income for the three months ended June 30,
      2013 was $4.9 million and diluted earnings per share were $0.41.
    </p>
    <p>
      U.S. Physical Therapy&#8217;s net income for the six months ended June 30,
      2013 was $8.6 million and diluted earnings per share were $0.72.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>Second Quarter 2013 compared to Second Quarter 2012</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net revenues increased 5.1% from $63,959,000 in the second quarter of
        2012 to $67,224,000 in the second quarter of 2013, due to an increase
        in visits from 587,000 to 614,000 and an increase in the average net
        patient revenue per visit to $106.30 from $105.65 in the comparable
        2012 period.
      </li>
      <li style="margin-bottom: 10.0px">
        Total clinic operating costs were $49,918,000, or 74.3% of net
        revenues, in the second quarter of 2013, as compared to $46,965,000,
        or 73.4% of net revenues, in the 2012 period. The increase was
        primarily attributable to $3,288,000 in operating costs of new clinics
        opened or acquired in the past 12 months offset by a reduction in
        operating costs of $335,000 for those clinics opened or acquired prior
        to the past 12 months. Clinic salaries and related costs were 53.3% of
        net revenues in the recent quarter versus 51.1% in the 2012 period.
        Rent, clinic supplies, contract labor and other costs as a percentage
        of net revenues were 19.2% for the recent quarter versus 20.3% in the
        2012 period. The provision for doubtful accounts as a percentage of
        net revenues was 1.8% for the 2013 period versus 2.0% in the 2012
        period.
      </li>
      <li style="margin-bottom: 10.0px">
        The gross margin dollars for the second quarter of 2013 increased by
        $312,000; however, the gross margin percentage decreased to 25.7% for
        the 2013 quarter, compared to 26.6% for the comparable 2012 quarter.
        Gross margin percentage decreased due to a lower average number of
        patient visits per clinic per day in the 2013 quarter compared to the
        2012 quarter and a larger negative gross margin incurred in physician
        services in the 2013 quarter compared to the 2012 quarter.
      </li>
      <li style="margin-bottom: 10.0px">
        Corporate office costs were $6,622,000 in the second quarter of 2013
        as compared to $6,396,000 in the 2012 second quarter. Corporate office
        costs were 9.9% of net revenues in the 2013 period versus 10.0% in 2012<i>.</i>
      </li>
      <li style="margin-bottom: 10.0px">
        Operating income for the second quarter of 2013 was $10,684,000
        compared to $10,598,000 in the 2012 second quarter.
      </li>
      <li style="margin-bottom: 10.0px">
        Interest expense was $130,000 in the second quarter of 2013 versus
        $145,000 in the second quarter of 2012.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income attributable to non-controlling interests was $2,460,000 in
        the recent quarter as compared to $2,465,000 in the year earlier
        period.
      </li>
      <li style="margin-bottom: 10.0px">
        The provision for income taxes as a percentage of income before taxes
        less net income attributable to non-controlling interests was 39.3% in
        both periods.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income for the three months ended June 30, 2013 was $4,914,000
        compared to $4,849,000 for the three months ended June 30, 2012.
        Diluted earnings per share were $0.41 for both periods.
      </li>
      <li style="margin-bottom: 10.0px">
        Same store revenues for de novo and acquired clinics open for one year
        or more decreased slightly. The net rate per visit and visits for de
        novo and acquired clinics open for one year or more remained
        relatively flat.
      </li>
    </ul>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>Six Months 2013 compared to Six Months 2012</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net revenues increased 3.0% from $126,541,000 in the first six months
        of 2012 to $130,322,000 in the first six months of 2013, due to an
        increase in visits from 1,166,000 to 1,192,000 and an increase in the
        average net patient revenue per visit to $106.37 from $105.10 in the
        comparable 2012 period.
      </li>
      <li style="margin-bottom: 10.0px">
        Total clinic operating costs were $98,358,000, or 75.5% of net
        revenues, in the first six months of 2013, as compared to $93,414,000,
        or 73.8% of net revenues, in the 2012 period. The increase was
        primarily attributable to $4,878,000 in operating costs of new clinics
        opened or acquired in the past 12 months and a slight increase in
        operating costs of $66,000 for those clinics opened or acquired prior
        to the past 12 months. Clinic salaries and related costs were 53.9% of
        net revenues in the recent six months versus 51.7% in the 2012 period.
        Rent, clinic supplies, contract labor and other costs as a percentage
        of net revenues were 19.8% for the recent six months versus 20.1% in
        the 2012 period. The provision for doubtful accounts as a percentage
        of net revenues was 1.8% for the 2013 period versus 1.9% in the 2012
        period.
      </li>
      <li style="margin-bottom: 10.0px">
        Gross margin for the first six months of 2013 was $31,964,000, or
        24.5%, compared to $33,127,000, or 26.2%, for the comparable 2012
        period. Gross margin decreased due to a lower average number of
        patient visits per clinic per day in the 2013 period compared to the
        2012 period and a negative gross margin incurred in physician services
        in the 2013 period.
      </li>
      <li style="margin-bottom: 10.0px">
        Corporate office costs were $13,129,000 in the first six months of
        2013 as compared to $12,658,000 in the 2012 first six months.
        Corporate office costs were 10.1% of net revenues in the 2013 period
        versus 10.0% in 2012<i>.</i>
      </li>
      <li style="margin-bottom: 10.0px">
        Operating income for the first six months of 2013 was $18,835,000
        compared to $20,469,000 in the 2012 first six months.
      </li>
      <li style="margin-bottom: 10.0px">
        Interest expense was $265,000 in the first six months of 2013 versus
        $307,000 in the first six months of 2012.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income attributable to non-controlling interests was $4,348,000 in
        the first six months of 2013 as compared to $4,799,000 in the year
        earlier period.
      </li>
      <li style="margin-bottom: 10.0px">
        The provision for income taxes as a percentage of income before taxes
        less net income attributable to non-controlling interests was 39.3% in
        both periods.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income for the six months ended June 30, 2013 was $8,635,000
        compared to $9,327,000 for the six months ended June 30, 2012. Diluted
        earnings per share were $0.72 for the 2013 period compared to $0.79
        for the 2012 period.
      </li>
      <li style="margin-bottom: 10.0px">
        Same store revenues for de novo and acquired clinics open for one year
        or more were flat. While the net rate per visit increased 1.3%, visits
        for de novo and acquired clinics open for one year or more decreased
        by 1.8%. Same store revenues and visits were adjusted to reflect the
        same number of days in each period as the 2013 period included 127
        days of operations while the 2012 period included 128 days. Patient
        visits for the first six months of 2013 would have been higher were it
        not for the effects of severe weather and the flu in the first quarter
        of 2013.
      </li>
    </ul>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Chris Reading, Chief Executive Officer, said, &#8220;For the quarter our team
      made solid progress from the first quarter although we have more work to
      do. Development activity has been strong so far this year and we expect
      that to continue as our active discussions with physical therapy owners
      continue to be very steady. We remain focused on growing and improving
      our core physical therapy business and continuing our progress with our
      Fit2WRK workplace solutions.&#8221;
    </p>
    <p>
      Larry McAfee, Chief Financial Officer, noted, &#8220;The Company&#8217;s receivable
      collections have been excellent. Average A/R days outstanding is at an
      all-time low of 40 days. Despite having added 21 clinics through
      acquisition in the first half of 2013, the amount outstanding under our
      credit line was reduced to $15,750,000 as of June 30 as compared to
      $17,400,000 at year end 2012.&#8221;
    </p>
    <p>
      <u><b>U.S. Physical Therapy Declares Quarterly Dividend</b></u>
    </p>
    <p>
      The third quarterly dividend of 2013 for $.10 per share will be paid on
      September 6 to shareholders of record as of August 20.
    </p>
    <p>
      <u><b>Second Quarter 2013 Conference Call</b></u>
    </p>
    <p>
      U.S. Physical Therapy's management will host a conference call at 10:30
      a.m. Eastern Time, 9:30 a.m. Central Time, on Thursday, August 8, 2013
      to discuss the Company&#8217;s Quarter and Six Months Ended June 30, 2013
      results. Interested parties may participate in the call by dialing
      1-888-335-5539 or 973-582-2857 and enter reservation number 19128414
      approximately 10 minutes before the call is scheduled to begin. To
      listen to the live call via web-cast, go to the Company's website at <u>www.usph.com</u>
      at least 15 minutes early to register, download and install any
      necessary audio software. The conference call will be archived and can
      be accessed until October 8, 2013.
    </p>
    <p>
      <u><b>Forward-Looking Statements</b></u>
    </p>
    <p>
      This press release contains statements that are considered to be
      forward-looking within the meaning under Section 21E of the Securities
      Exchange Act of 1934, as amended. These statements contain
      forward-looking information relating to the financial condition, results
      of operations, plans, objectives, future performance and business of our
      Company. These statements (often using words such as &#8220;believes&#8221;,
      &#8220;expects&#8221;, &#8220;intends&#8221;, &#8220;plans&#8221;, &#8220;appear&#8221;, &#8220;should&#8221; and similar words)
      involve risks and uncertainties that could cause actual results to
      differ materially from those we project. Included among such statements
      are those relating to new clinics, availability of personnel and the
      reimbursement environment. The forward-looking statements are based on
      our current views and assumptions and actual results could differ
      materially from those anticipated in such forward-looking statements as
      a result of certain risks, uncertainties, and factors, which include,
      but are not limited to:
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <ul>
      <li style="margin-bottom: 10.0px">
        changes in Medicare guidelines and reimbursement or failure of our
        clinics to maintain their Medicare certification status;
      </li>
      <li style="margin-bottom: 10.0px">
        revenue and earnings expectations;
      </li>
      <li style="margin-bottom: 10.0px">
        general economic conditions;
      </li>
      <li style="margin-bottom: 10.0px">
        business and regulatory conditions including federal and state
        regulations;
      </li>
      <li style="margin-bottom: 10.0px">
        changes as the result of government enacted national healthcare reform;
      </li>
      <li style="margin-bottom: 10.0px">
        availability and cost of qualified physical and occupational
        therapists;
      </li>
      <li style="margin-bottom: 10.0px">
        personnel productivity;
      </li>
      <li style="margin-bottom: 10.0px">
        competitive, economic or reimbursement conditions in our markets which
        may require us to reorganize or close certain operations and thereby
        incur losses and/or closure costs including the possible write-down or
        write-off of goodwill and other intangible assets;
      </li>
      <li style="margin-bottom: 10.0px">
        changes in reimbursement rates or payment methods from third party
        payors including government agencies and deductibles and co-pays owed
        by patients;
      </li>
      <li style="margin-bottom: 10.0px">
        maintaining adequate internal controls;
      </li>
      <li style="margin-bottom: 10.0px">
        availability, terms, and use of capital;
      </li>
      <li style="margin-bottom: 10.0px">
        acquisitions, purchase of non controlling interests (minority
        interests) and the successful integration of the operations of the
        acquired businesses; and
      </li>
      <li style="margin-bottom: 10.0px">
        weather and other seasonal factors.
      </li>
    </ul>
    <p>
      Many factors are beyond our control. Given these uncertainties, you
      should not place undue reliance on our forward-looking statements.
      Please see our periodic reports filed with the Securities and Exchange
      Commission for more information on these factors. Our forward-looking
      statements represent our estimates and assumptions only as of the date
      of this press release. Except as required by law, we are under no
      obligation to update any forward-looking statement, regardless of the
      reason the statement is no longer accurate.
    </p>
    <p>
      <u><b>About U.S. Physical Therapy, Inc.</b></u>
    </p>
    <p>
      Founded in 1990, U.S. Physical Therapy, Inc. operates 449 clinics in 43
      states. The Company's clinics provide preventative and post-operative
      care for a variety of orthopedic-related disorders and sports-related
      injuries, non-surgical treatment of osteoarthritis, treatment for
      neurologically-related injuries and rehabilitation of injured workers.
      In addition to owning and operating clinics, the Company manages 17
      physical therapy facilities for third parties, including hospitals and
      physician groups.
    </p>
    <p>
      More information about U.S. Physical Therapy, Inc. is available at <u>www.usph.com</u>.
      The information included on that website is not incorporated into this
      press release.
    </p>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          <b>U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          <b>CONSOLIDATED STATEMENTS OF NET INCOME</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          <b>(IN THOUSANDS, EXCEPT PER SHARE DATA)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="7" valign="top">
          Three Months Ended June 30,
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="7" valign="top">
          Six Months Ended June 30,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          2012
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          2012
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net patient revenues
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          65,295
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          62,052
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          126,800
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          122,551
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Other revenues
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          1,929
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          1,907
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          3,522
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          3,990
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Net revenues
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          67,224
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          63,959
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          130,322
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          126,541
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Clinic operating costs:
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Salaries and related costs
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          35,813
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          32,671
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          70,228
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          65,470
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Rent, clinic supplies, contract labor and other
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          12,904
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          12,992
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          25,822
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          25,476
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Provision for doubtful accounts
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1,193
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1,280
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          2,282
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          2,397
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="top">
          Closure costs
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          8
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          22
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          26
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          71
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px" valign="top">
          Total clinic operating costs
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          49,918
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          46,965
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          98,358
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          93,414
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Gross margin
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          17,306
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          16,994
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          31,964
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          33,127
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Corporate office costs
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          6,622
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          6,396
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          13,129
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          12,658
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating income
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          10,684
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          10,598
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          18,835
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          20,469
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Interest and other income, net
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Interest expense
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          (130
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          (145
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          (265
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          (307
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income before taxes
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          10,555
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          10,454
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          18,573
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          20,165
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          3,181
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          3,140
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          5,590
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          6,039
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net income including noncontrolling interests
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          7,374
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          7,314
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          12,983
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          14,126
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="top">
          Less: net income attributable to noncontrolling interests
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          (2,460
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          (2,465
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          (4,348
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          (4,799
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Net income attributable to common shareholders
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          4,914
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          4,849
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          8,635
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          9,327
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Earnings per share attributable to common shareholders:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.41
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.41
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.72
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.79
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.41
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.41
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.72
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.79
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Shares used in computation:
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          12,089
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          11,781
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          12,022
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          11,754
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          12,110
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          11,903
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          12,044
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          11,872
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Dividends declared per common share
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.10
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.09
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.20
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.18
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="11" valign="top">
          <b>U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="11" valign="top">
          <b>CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="11" valign="top">
          <b>(IN THOUSANDS, EXCEPT SHARE DATA)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          June 30,
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          2012
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          (unaudited)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          ASSETS
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current assets:
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          10,287
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          11,671
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Patient accounts receivable, less allowance for doubtful
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="top">
          accounts of $1,469 and $1,595, respectively
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          27,564
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          25,973
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Accounts receivable - other, less allowance for doubtful
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="top">
          accounts of $412 and $514, respectively
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1,700
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1,703
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="top">
          Other current assets
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          1,878
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          5,975
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          41,429
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          45,322
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Fixed assets:
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Furniture and equipment
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          37,941
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          36,316
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="top">
          Leasehold improvements
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          21,404
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          20,858
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          59,345
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          57,174
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="top">
          Less accumulated depreciation and amortization
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          45,588
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          44,158
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          13,757
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          13,016
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Goodwill
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          112,248
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          100,188
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other intangible assets, net
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          14,029
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          12,146
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Other assets
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          967
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          1,042
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          182,430
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          171,714
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          LIABILITIES AND SHAREHOLDERS' EQUITY
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current liabilities:
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Accounts payable - trade
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1,275
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1,732
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Accrued expenses
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          15,298
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          14,116
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="top">
          Current portion of notes payable
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          800
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          459
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          17,373
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          16,307
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Notes payable
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          400
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          175
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Revolving line of credit
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          15,750
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          17,400
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Deferred rent
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          972
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          894
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          706
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          2,279
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          35,201
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          37,055
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Commitments and contingencies
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Shareholders' equity:
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          U. S. Physical Therapy, Inc. shareholders' equity:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Preferred stock, $.01 par value, 500,000 shares authorized,
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="top">
          no shares issued and outstanding
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Common stock, $.01 par value, 20,000,000 shares authorized,
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="top">
          14,319,911 and 14,129,651 shares issued, respectively
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          143
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          141
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          38,571
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          37,489
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Retained earnings
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          117,538
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          111,321
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px" valign="top">
          Treasury stock at cost, 2,214,737 shares
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          (31,628
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          (31,628
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Total U. S. Physical Therapy, Inc. shareholders' equity
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          124,624
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          117,323
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="top">
          Noncontrolling interests
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          22,605
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          17,336
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="top">
          Total equity
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          147,229
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          134,659
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          182,430
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          171,714
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="11" valign="top">
          <b>U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="11" valign="top">
          <b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="11" valign="top">
          <b>(IN THOUSANDS)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="11" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="8" valign="top">
          Six Months Ended June 30,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          2012
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>OPERATING ACTIVITIES</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net income including noncontrolling interests
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          12,983
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          14,126
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Adjustments to reconcile net income including noncontrolling
          interests
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="top">
          to net cash provided by operating activities:
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          2,730
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          2,646
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Provision for doubtful accounts
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          2,282
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          2,397
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Equity-based awards compensation expense
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1,370
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1,043
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Loss on sale or abandonment of assets, net
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          84
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          83
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Deferred income tax
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (796
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1,046
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          33
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Changes in operating assets and liabilities:
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Increase in patient accounts receivable
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (2,542
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (1,613
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Decrease (increase) in accounts receivable - other
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (400
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Decrease in other assets
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          3,867
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          301
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Increase (decrease) in accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          682
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (693
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="top">
          Increase in other liabilities
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          19
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          31
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          20,716
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          18,967
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>INVESTING ACTIVITIES</b>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Purchase of fixed assets
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (2,394
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (1,943
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Purchase of businesses, net of cash acquired
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (9,998
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (7,180
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Acquisitions of noncontrolling interests, net of sales
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (1,064
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (726
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Net proceeds on sale of fixed assets and business
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          15
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          28
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (13,441
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (9,821
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>FINANCING ACTIVITIES</b>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Distributions to noncontrolling interests
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (4,410
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (4,751
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Cash dividends to shareholders
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (2,418
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (2,117
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Proceeds from revolving line of credit
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          62,550
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          32,400
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Payments on revolving line of credit
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (64,200
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (35,900
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Payment of notes payable
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (234
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (184
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Excess tax benefit from stock options exercised
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          33
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          184
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          20
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          50
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net cash used in financing activities
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (8,659
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (10,318
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net decrease in cash
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (1,384
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (1,172
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Cash - beginning of period
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          11,671
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          9,983
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Cash - end of period
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          10,287
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          8,811
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION</b>
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Cash paid during the period for:
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Income taxes
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1,999
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          3,886
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Interest
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          237
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          422
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Non-cash investing and financing transactions during the period:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Purchase of business - seller financing portion
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          800
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          350
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          <b>U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          <b>DETAIL OF GROSS MARGIN</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          <b>(IN THOUSANDS)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="8" valign="top">
          Three Months Ended June 30,
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="6" valign="top">
          Six Months Ended June 30,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          2012
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="2" valign="bottom">
          2012
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Gross margin - physical therapy services
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          17,586
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          17,140
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          32,437
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          33,106
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Gross margin - physician services
        </td>
        <td>

        </td>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          (280
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          (146
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          (473
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          21
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="top">
          Gross margin
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          17,306
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          16,994
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          31,964
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          33,127
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>RECAP OF CLINIC COUNT</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Number</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>of</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Date</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Clinics</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          December 31, 2010
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" valign="bottom">
          392
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          March 31, 2011
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" valign="bottom">
          397
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          June 30, 2011
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" valign="bottom">
          398
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          September 30, 2011
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" valign="bottom">
          420
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          December 31, 2011
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" valign="bottom">
          416
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          March 31, 2012
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" valign="bottom">
          414
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          June 30, 2012
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" valign="bottom">
          419
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          September 30, 2012
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" valign="bottom">
          423
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          December 31, 2012
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" valign="bottom">
          431
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          March 31, 2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" valign="bottom">
          441
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          June 30, 2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" valign="bottom">
          449
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>U.S. Physical Therapy, Inc.<br>Larry McAfee, 713-297-7000<br>Chief
      Financial Officer<br>or<br>Chris Reading, 713-297-7000<br>Chief
      Executive Officer<br>or<br>The Ruth Group<br>Stephanie Carrington,
      646-536-7017
    </p>
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