Acquisitions of Businesses (Tables)

3 Months Ended

Mar. 31, 2014

During 2013, the Company acquired the following clinic groups:

		% Interest		Number of
Acquisition	Date	Acquired		Clinics

February 2013 Acquisition	February 28		72%	9
April 2013 Acquisition	April 30		50%	5
May 2013 Acquisition	May 24		80%	5
December 9, 2013 Acquisition	December 9		60%	12
December 13, 2013 Acquisition	December 13		90%	11

Schedule of Preliminary Purchase Prices Allocation

The purchase prices for the 2013 acquisitions have been preliminarily allocated as follows (in thousands):


Cash paid, net of cash acquired	$	46,628
Seller notes		1,300
Total consideration	$	47,928
Estimated fair value of net tangible assets acquired:
Total current assets	$	3,756
Total non-current assets		2,283
Total liabilities		(1,082	)
Net tangible assets acquired		4,957
Referral relationships		940
Non-competition agreements		400
Tradename		1,500
Goodwill		50,672
Fair value of non-controlling interest		(10,541	)
	$	47,928

Schedule of Unaudited Proforma Net Revenue and Net Income from Continuing Operations

Unaudited proforma net revenue and net income from continuing operations for the Company as if the December 13, 2013 Acquisition occurred as of January 1, 2012 is as follows (in thousands, except per share data):

	Three Months
		Ended
		March 31, 2013

Net revenues		$	65,461
Net income attributable to common shareholders from continuing operations		$	4,033

Earnings per share:
Basic - net income attributable to common shareholders from continuing operations		$	0.33
Diluted - net income attributable to common shareholders from continuing operations		$	0.33

Shares used in computation:
Basic - net income attributable to common shareholders from continuing operations			12,129
Diluted - net income attributable to common shareholders from continuing operations			12,144

Multi Clinic Acquisitions of Physical Therapy

Schedule of Clinic Acquisition

During 2013, the Company completed the following multi-clinic acquisitions of physical therapy practices:

		% Interest		Number of
Acquisition	Date	Acquired		Clinics

February 2013 Acquisition	February 28		72%	9
April 2013 Acquisition	April 30		50%	5
May 2013 Acquisition	May 24		80%	5
December 9, 2013 Acquisition	December 9		60%	12
December 13, 2013 Acquisition	December 13		90%	11