Acquisitions of Businesses and Non-controlling Interests (Tables)

12 Months Ended

Dec. 31, 2014

Acquisitions of Businesses and Non-controlling Interests [Abstract]

During 2014, 2013 and 2012, the Company completed the following multi-clinic acquisitions of physical therapy practices:

Acquisition	Date	% Interest Acquired			Number of Clinics

	2014
April 2014 Acquisition	April 30, 2014		70	%		13
August 2014 Acquisition	August 1, 2014		100	%		3

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

	2012
May 2012 Acquisition	May 22, 2012		70	%		7

Schedule of Preliminary Purchase Prices Allocation

The purchase prices for the 2014 acquisitions have been preliminarily allocated as follows:

Cash paid, net of cash acquired	$	12,270
Seller notes		400
Total consideration	$	12,670
Estimated fair value of net tangible assets acquired:
Total current assets	$	1,306
Total non-current assets		1,312
Total liabilities		(407	)
Net tangible assets acquired	$	2,211
Referral relationships		280
Non-compete		330
Tradename		1,600
Goodwill		12,974
Fair value of non-controlling interest		(4,725	)
	$	12,670

The purchase prices for the acquisitions in 2013 were 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	$	3,177
Total non-current assets		1,541
Total liabilities		(538	)
Net tangible assets acquired	$	4,180
Referral relationships		6,140
Non-compete		1,080
Tradename		3,700
Goodwill		43,369
Fair value of non-controlling interest		(10,541	)
	$	47,928

The purchase prices for the acquisitions in 2012 were allocated as follows (in thousands):

Cash paid, net of cash acquired	$	7,929
Seller notes		350
Total consideration	$	8,279
Estimated fair value of net tangible assets acquired:
Total current assets	$	410
Total non-current assets		525
Total liabilities		(333	)
Net tangible assets acquired	$	602
Referral relationships		857
Non-compete		265
Tradename		1,300
Goodwill		8,147
Fair value of non-controlling interest		(2,892	)
	$	8,279

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, 2013 is as follows (in thousands, except per share data):

	Year Ended December 31, 2013
Net revenues	$	275,511
Net income attributable to common shareholders from continuing operations	$	19,231
Earnings per share:
Basic - net income attributable to common shareholders from continuing operations		1.60
Diluted - net income attributable to common shareholders from continuing operations		1.59
Shares used in computation:
Basic - net income attributable to common shareholders from continuing operations		12,050
Diluted - net income attributable to common shareholders from continuing operations		12,069

Changes in Carrying Amount of Redeemable Non-Controlling Interest

For 2014, the following table details the changes in the carrying amount of redeemable non-controlling interest:

	Year Ended December 31, 2014
Beginning balance	$	4,104
Increase due to revaluation and operating results of redeemable non-controlling interests		1,784
Reclass of non-controlling interests		6,375
Purchases of redeemable non-controlling interests		(4,887	)
Ending balance	$	7,376