<SEC-DOCUMENT>0001157523-15-000845.txt : 20150305
<SEC-HEADER>0001157523-15-000845.hdr.sgml : 20150305
<ACCEPTANCE-DATETIME>20150305084022
ACCESSION NUMBER:		0001157523-15-000845
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150305
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150305
DATE AS OF CHANGE:		20150305

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:		15675796

	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>a51052796.htm
<DESCRIPTION>U.S. PHYSICAL THERAPY, INC. 8-K
<TEXT>
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<!--Copyright 2015 Business Wire, a Berkshire Hathaway company.-->
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    <p style="text-align: center">
      <br>
      <br>
      <br>
      <font style="font-size: 12pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><font style="font-size: 14pt"><br style="font-size: 14pt"></font><font style="font-size: 14pt; font-family: Times New Roman"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-size: 14pt"><br style="font-size: 14pt"></font><font style="font-size: 14pt; font-family: Times New Roman"><b>WASHINGTON,
      DC 20549</b></font><br><br><font style="font-size: 14pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><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-size: 12pt; font-family: Times New Roman"><b>Securities
      Exchange Act of 1934</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><br><font style="font-size: 12pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported) March 5, 2015</font><font style="font-size: 12pt; font-family: Times New Roman"><b>
      (March 5, 2015)</b></font><br><br><font style="font-size: 14pt; font-family: Times New Roman"><b>U.S.
      PHYSICAL&#160;THERAPY, INC.</b></font><br><font style="font-size: 12pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" 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="text-align: center; white-space: nowrap; padding-left: 0.0px; width: 34%; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>1-11151</b></u>
          </p>
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; width: 33%; padding-right: 0.0px" 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="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" 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="text-align: center; white-space: nowrap; padding-left: 0.0px; width: 33%; padding-right: 0.0px" 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-size: 10pt; font-family: Times New Roman">(Address
            of Principal Executive Offices)</font>
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <font style="font-size: 10pt; font-family: Times New Roman">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-size: 10pt; font-family: Times New Roman">Registrant&#8217;s
      telephone number, including area code: </font><font style="font-size: 10pt; font-family: Times New Roman"><b>(713)
      297-7000</b></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Times New Roman">see</font></u><font style="font-size: 10pt; font-family: Times New Roman">
      General Instruction A.2. below):</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
      CFR 240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font><font style="font-size: 10pt; font-family: Times New Roman">
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))</font>
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; 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>
      <br>
      <b>ITEM 2.02&#160;&#160;&#160;RESULTS OF OPERATIONS AND FINANCIAL RESULTS</b>
    </p>
    <p style="text-align: justify">
      On March 5, 2015, U.S. Physical Therapy, Inc. (the &#8220;Company&#8221;) reported
      its results for the fourth quarter and year ended December 31, 2014. In
      addition, the Company announced that its board of directors declared a
      quarterly dividend of $.15 per share to holders of record of common
      stock as of the close of business on March 20, 2015 payable on April 3,
      2015.&#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 style="text-align: justify">
      <b>ITEM 7.01&#160;&#160;&#160;REGULATION FD DISCLOSURE</b>
    </p>
    <p style="text-align: justify">
      Although the Company&#8217;s new patient referrals thus far in 2015 have been
      good, the severe winter weather in many parts of the country in January
      and February negatively affected the number of patient visits by more
      than 16,000 with an estimated negative earnings impact of $.05 to $.07
      per share. After allowing for that, management currently expects the
      Company&#8217;s earnings from continuing operations attributable to common
      shareholders for the year 2015 to be in the range of $22.3 million to
      $22.9 million in net income and $1.80 to $1.86 in diluted earnings per
      share. Please note that management&#8217;s guidance range represents projected
      earnings from existing operations only and excludes future acquisitions.
      The annual guidance figures will not be updated unless there is a
      material development that causes management to believe that earnings
      will be significantly outside the given range.
    </p>
    <p style="text-align: justify; white-space: nowrap">
      <b>ITEM 8.01&#160;&#160;&#160;OTHER EVENTS</b>
    </p>
    <p style="text-align: justify">
      See Item 2.02 above.&#160;&#160;On March 3, 2015, the Company announced a dividend
      of $.15 per share to holders of record of its common stock as of the
      close of business on March 20, 2015 payable on April 3, 2015.
    </p>
    <p style="text-align: justify; white-space: nowrap">
      <b>ITEM 9.01&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS</b>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 14%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Exhibits</b></u>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 86%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Description of Exhibits</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 14%">

        </td>
        <td style="width: 86%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; width: 14%; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 86%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Registrant's press release dated March 5, 2015 announcing results
            for the fourth quarter and year ended December 31, 2014.*
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 14%">

        </td>
        <td style="width: 86%">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            *&#160;Furnished herewith.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; 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-size: 10pt; font-family: Times New Roman"><b>SIGNATURE</b></font><br>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" 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">
          March 5, 2015
        </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="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; 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><br><br>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 15%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>EXHIBIT</b></u>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 85%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>DESCRIPTION OF EXHIBIT</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 85%" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; width: 15%; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 85%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release dated March 5, 2015.*
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 85%" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          * Furnished herewith
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51052796ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <head>
    <title></title>
<!--Copyright 2015 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
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  <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-size: 12pt; font-family: Times New Roman"><b>U.S.
      Physical Therapy Reports Record Earnings</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Raises
      Dividend and Provides 2015 Earnings Guidance</b></font>
    </p>
    <p>
      HOUSTON--(BUSINESS WIRE)--March 5, 2015--U.S. Physical Therapy, Inc.
      (NYSE: USPH), a national operator of outpatient physical therapy
      clinics, today reported results for the fourth quarter and year ended
      December 31, 2014.
    </p>
    <p>
      In the fourth quarter of 2014, U.S. Physical Therapy&#8217;s net income
      attributable to common shareholders from continuing operations prior to
      revaluation of redeemable non-controlling interests, net of tax
      (&#8220;operating results&#8221;) increased by 27.5% to $5.0 million as compared to
      approximately $3.9 million in the fourth quarter of 2013. Diluted
      earnings per share from operating results rose to $0.41 in the recent
      quarter as compared to $0.32 in the comparable 2013 period.
    </p>
    <p>
      For the year 2014, U.S. Physical Therapy&#8217;s operating results increased
      by 19.2% to $20.9 million as compared to approximately $17.5 million for
      the 2013 year. Diluted earnings per share from operating results rose to
      $1.71 in 2014 as compared to $1.45 in 2013.
    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; 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>Fourth Quarter 2014 Compared to Fourth Quarter 2013 from
      Continuing Operations Unless Otherwise Noted</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net revenues increased 15.7% from $68.6 million in the fourth quarter
        of 2013 to $79.4 million in the fourth quarter of 2014, due to an
        increase in patient visits of 15.6% from 638,000 to 737,000 and an
        increase in the average net revenue per visit of $0.32 to $105.79 from
        $105.47.
      </li>
    </ul>
    <ul>
      <li style="margin-bottom: 10.0px">
        Total clinic operating costs were $60.5 million, or 76.1% of net
        revenues, in the fourth quarter of 2014, as compared to $52.5 million,
        or 76.5% of net revenues, in the 2013 period. Of the dollar increase,
        $4.3 million was attributable to operating costs of new clinics opened
        or acquired in the past 12 months. Total clinic salaries and related
        costs, including that from new clinics, were 54.9% of net revenues in
        the recent quarter versus 53.2% in the 2013 period. Rent, clinic
        supplies, contract labor and other costs as a percentage of net
        revenues were reduced to 19.7% for the recent quarter versus 21.5% in
        the 2013 period. The provision for doubtful accounts as a percentage
        of net revenues was 1.3% for the 2014 period and 1.4% in the 2013
        period.
      </li>
      <li style="margin-bottom: 10.0px">
        The gross margin for the fourth quarter of 2014 increased by 17.4% to
        $18.9 million from $16.1 million in the fourth quarter of 2013. The
        gross margin percentage increased to 23.9% for the 2014 period as
        compared to 23.5% for the 2013 period.
      </li>
      <li style="margin-bottom: 10.0px">
        Corporate office costs were $8.2 million in the fourth quarter of 2014
        as compared to $6.8 million in the 2013 fourth quarter. Corporate
        office costs as a percentage of net revenues were 10.3% for the 2014
        period and 9.9% in the 2013 period<i>.</i>
      </li>
      <li style="margin-bottom: 10.0px">
        Operating income for the recent quarter increased by 14.8% to $10.8
        million as compared to $9.4 million in the 2013 fourth quarter.
      </li>
      <li style="margin-bottom: 10.0px">
        Interest expense was $0.3 million in the fourth quarter of 2014 versus
        $0.1 million in the fourth quarter of last year. The increase in
        interest expense is due to a higher average debt balance as the result
        of acquisitions.
      </li>
      <li style="margin-bottom: 10.0px">
        The provision for income taxes for the 2014 period was $3.2 million
        and for the 2013 period $3.4 million. The provision for income taxes
        as a percentage of income before taxes less net income attributable to
        non-controlling interest was 39.4% in the 2014 fourth quarter and
        46.8% in the 2013 period. In the current period, after a
        reconciliation of the 2013 federal and state tax returns to our book
        provision, we reduced our 2014 tax rate to 40.0% from 41.0% previously
        accrued for the first nine months of 2014 and recorded an additional
        provision of $0.2 million for 2013.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income attributable to non-controlling interests, inclusive of
        discontinued operations, was $2.3 million in the recent quarter as
        compared to $1.9 million in the period 2013.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income attributable to common shareholders for the three months
        ended December 31, 2014 increased by 27.5% to $5.0 million compared to
        $3.9 million for the three months ended December 31, 2013. Diluted
        earnings per share from operating results were $0.41 for the 2014
        period and $0.32 for the 2013 period.
      </li>
      <li style="margin-bottom: 10.0px">
        Same store visits increased 2.8% for de novo and acquired clinics open
        for one year or more while same store revenue increased 2.0% as the
        average net rate per visit decreased by $0.81.
      </li>
    </ul>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; 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>Year 2014 Compared to Year 2013 from Continuing Operations Unless
      Otherwise Noted</b></u>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net revenues increased 15.5% from $264.1 million in 2013 to $305.1
        million in 2014, due to an increase in patient visits of 15.5% from
        2,441,000 to 2,819,000 and an increase in the average net revenue per
        visit to $106.08 for the past year from $105.83 in 2013.
      </li>
    </ul>
    <ul>
      <li style="margin-bottom: 10.0px">
        Total clinic operating costs were $228.9 million or 75.0% of net
        revenues for 2014, as compared to $199.4 million or 75.5% of net
        revenues, for 2013. The dollar increase included $10.2 million in
        operating costs of new clinics opened or acquired in 2014. Of the
        remaining increase, $18.5 million was from clinics added throughout
        2013. Total clinic salaries and related costs were 53.6% of net
        revenues in 2014 versus 53.7% in 2013. Rent, clinic supplies, contract
        labor and other costs as a percentage of net revenues were 20.1% for
        the past year versus 20.0% in 2013. The provision for doubtful
        accounts as a percentage of net revenues was 1.3% for 2014 and 1.7% in
        2013.
      </li>
      <li style="margin-bottom: 10.0px">
        The gross margin for 2014 increased by 17.7% to $76.2 million from
        $64.7 million in 2013. The gross margin percentage increased to 25.0%
        in 2014 as compared to 24.5% in 2013.
      </li>
      <li style="margin-bottom: 10.0px">
        Corporate office costs were $30.4 million for 2014 as compared to
        $25.9 million for 2013. Corporate office costs were 10.0% of net
        revenues for 2014 and 9.8% for 2013<i>.</i>
      </li>
      <li style="margin-bottom: 10.0px">
        Operating income increased 18.1% to $45.8 million in 2014 as compared
        to $38.8 million in 2013.
      </li>
      <li style="margin-bottom: 10.0px">
        Interest expense was $1.1 million in 2014 versus $0.5 million in 2013.
        The increase in interest expense is due to a higher average
        outstanding debt balance as the result of acquisitions.
      </li>
      <li style="margin-bottom: 10.0px">
        The provision for income taxes for 2014 was $14.3 million and for 2013
        it was $12.2 million. The provision for income taxes as a percentage
        of income before taxes less net income attributable to non-controlling
        interest was 40.6% in 2014 and 41.1% in 2013.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income attributable to non-controlling interests, inclusive of
        discontinued operations, was $9.6 million in 2014 as compared to $8.3
        million in 2013.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income attributable to common shareholders for the year ended
        December 31, 2014 increased 19.2% to $20.9 million as compared to
        $17.5 million for the year ended December 31, 2013. Diluted earnings
        per share from operating results rose to $1.71 for 2014 versus $1.45
        for 2013.
      </li>
      <li style="margin-bottom: 10.0px">
        Same store visits increased 4.6% for de novo and acquired clinics open
        for one year or more and same store revenue increased 3.8% as the
        average net rate per visit decreased by $0.79.
      </li>
    </ul>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; 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;I am very pleased with
      the strong results that our entire team delivered for the year. Our
      organic and acquired partnerships are growing, we are attracting great
      talent in all areas of our Company and we are rolling out new programs
      which will further help us to impact more patient lives in a very
      positive way. Our development activities are generating great results
      and are bringing some exciting newly acquired partnerships into our
      already strong family of partners. In 2015 we remain focused on all of
      the core initiatives that helped to produce an exceptional 2014.&#8221;
    </p>
    <p>
      Larry McAfee, Chief Financial Officer, noted, &#8220;Despite increasing the
      Company&#8217;s dividend and opening or acquiring 35 clinics during the year
      the Company&#8217;s ending debt balance was reduced by approximately $5.9
      million, or 14%, in 2014 as cash flow from operations remained strong.&#8221;
    </p>
    <p>
      <u><b>U.S. Physical Therapy Declares Quarterly Dividend</b></u>
    </p>
    <p>
      The Company is increasing its quarterly dividend by 25% to $.15 from
      $.12. The first quarterly dividend of 2015 will be paid on April 3, 2015
      to shareholders of record as of March 20, 2015.
    </p>
    <p>
      <u><b>Management 2015 Earnings Guidance</b></u>
    </p>
    <p>
      Although the Company&#8217;s new patient referrals thus far in 2015 have been
      good, the severe winter weather in many parts of the country in January
      and February negatively affected the number of patient visits by more
      than 16,000 with an estimated negative earnings impact of $.05 to $.07
      per share. After allowing for that, management currently expects the
      Company&#8217;s earnings from continuing operations for the year 2015 to be in
      the range of $22.3 million to $22.9 million in net income and $1.80 to
      $1.86 in diluted earnings per share. Please note that management&#8217;s
      guidance range represents projected earnings from existing operations
      only and excludes future acquisitions. The annual guidance figures will
      not be updated unless there is a material development that causes
      management to believe that earnings will be significantly outside the
      given range.
    </p>
    <p>
      <u><b>Fourth Quarter 2014 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, March 5, 2015 to
      discuss the Company&#8217;s Fourth Quarter and Year Ended December 31, 2014
      results. Interested parties may participate in the call by dialing
      1-888-335-5539 or 973-582-2857 and entering reservation number 63028333
      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 May 6, 2015.
    </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 expect. Included among such statements
      may be 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="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; 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 as the result of government enacted national healthcare reform;
      </li>
      <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">
        business and regulatory conditions including federal and state
        regulations;
      </li>
    </ul>
    <ul>
      <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">
        revenue and earnings expectations;
      </li>
      <li style="margin-bottom: 10.0px">
        general economic conditions;
      </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">
        acquisitions, purchase of non-controlling interests (minority
        interests) and the successful integration of the operations of the
        acquired businesses;
      </li>
      <li style="margin-bottom: 10.0px">
        maintaining adequate internal controls;
      </li>
      <li style="margin-bottom: 10.0px">
        availability, terms, and use of capital; 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 applicable.
    </p>
    <p>
      <u><b>About U.S. Physical Therapy, Inc.</b></u>
    </p>
    <p>
      Founded in 1990, U.S. Physical Therapy, Inc. operates 499 outpatient
      physical and occupational therapy clinics in 42 states. The Company's
      clinics provide preventative and post-operative care for a variety of
      orthopedic-related disorders and sports-related injuries, treatment for
      neurologically-related injuries and rehabilitation of injured workers.
      In addition to owning and operating clinics, the Company manages 16
      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="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; 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="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </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 colspan="18" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES</b>
          </p>
        </td>
      </tr>
      <tr>
        <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 colspan="18" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>CONSOLIDATED STATEMENTS OF NET INCOME</b>
        </td>
      </tr>
      <tr>
        <td colspan="18" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>(IN THOUSANDS, EXCEPT PER SHARE DATA)</b>
        </td>
      </tr>
      <tr>
        <td colspan="18" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <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 colspan="7" style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Three Months Ended December 31,</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="7" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Year Ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2014</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2014</b>
        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          77,958
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          67,256
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          299,009
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          258,283
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,432
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,349
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          6,065
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          5,775
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Net revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          79,390
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          68,605
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          305,074
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          264,058
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Clinic operating costs:
        </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="text-align: left; padding-left: 40.0px" valign="top">
          Salaries and related costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          43,564
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          36,522
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          163,417
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          141,840
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Rent, clinic supplies, contract labor and other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,671
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,726
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          61,209
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          52,887
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Provision for doubtful accounts
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,018
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,112
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,384
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px" valign="top">
          Closure costs
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          197
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          225
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          169
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          246
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 60.0px" valign="top">
          Total clinic operating costs
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          60,450
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          52,467
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          228,907
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          199,357
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Gross margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          18,940
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,138
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          76,167
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          64,701
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          8,185
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          6,766
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          30,399
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          25,931
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating income from continuing operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,755
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9,372
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          45,768
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          38,770
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (266
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (1,088
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (538
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income before taxes from continuing operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          10,504
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9,234
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          44,698
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          38,239
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          3,241
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          3,438
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          14,274
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          12,236
        </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 income from continuing operations including non-controlling
          interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,263
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,796
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          30,424
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          26,003
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="top">
          Discontinued operations, net of tax
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (42
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (5,007
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net income including non-controlling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,263
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,754
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          30,424
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20,996
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px" valign="top">
          Less: net income attributable to non-controlling interests
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (2,286
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (1,893
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (9,571
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (8,273
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Net income attributable to common shareholders
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          4,977
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          3,861
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          20,853
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          12,723
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <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">
          Basic earnings per share attributable to common shareholders:
        </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="text-align: left; padding-left: 0.0px" valign="top">
          From continuing operations prior to revaluation of redeemable
          non-controlling interests, net of tax
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.41
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.71
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.45
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Charges to additional-paid-in-capital - revaluation of redeemable
          non-controlling interests, net of tax
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (0.09
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          From continuing operations, net of tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.41
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.45
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          From discontinued operations, net of tax
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (0.40
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.41
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.05
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <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">
          Diluted earnings per share attributable to common shareholders:
        </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="text-align: left; padding-left: 0.0px" valign="top">
          From continuing operations prior to revaluation of redeemable
          non-controlling interests, net of tax
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.41
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.71
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.45
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Charges to additional-paid-in-capital - revaluation of redeemable
          non-controlling interests, net of tax
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (0.09
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          From continuing operations, net of tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.41
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.45
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          From discontinued operations, net of tax
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (0.40
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.41
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.05
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <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">
          Shares used in computation:
        </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="text-align: left; padding-bottom: 4.0px; padding-left: 40.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          12,267
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          12,103
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          12,217
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          12,063
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 40.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          12,271
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          12,117
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          12,221
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          12,082
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <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-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Dividends declared per common share
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          0.12
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          0.48
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          0.40
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Earnings attributable to common shareholders:
        </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="text-align: left; padding-left: 40.0px" valign="top">
          From continuing operations
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,977
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,903
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20,853
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,492
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px" valign="top">
          From discontinued operations
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (42
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (4,769
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          4,977
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          3,861
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          20,853
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          12,723
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; 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="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

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

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="16" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="16" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>CONSOLIDATED EARNINGS PER SHARE</b>
        </td>
      </tr>
      <tr>
        <td colspan="16" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>(IN THOUSANDS, EXCEPT PER SHARE DATA)</b>
        </td>
      </tr>
      <tr>
        <td colspan="16" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="6" style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="top">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Year Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td colspan="7" style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="top">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2014</b>
        </td>
        <td>

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

        </td>
        <td colspan="3" style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Earnings attributable to common shareholders:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          From continuing operations prior to revaluation of redeemable
          non-controlling interests, net of tax
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,977
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,903
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20,853
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,492
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px" valign="top">
          Charges to additional-paid-in-capital - revaluation of redeemable
          non-controlling interests, net of tax *
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (1,086
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          From continuing operations, net of tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,977
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,903
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,767
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,492
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px" valign="top">
          From discontinued operations, net of tax
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (42
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (4,769
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          4,977
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          3,861
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          19,767
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          12,723
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

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

        </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">
          Basic earnings per share attributable to common shareholders:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          From continuing operations prior to revaluation of redeemable
          non-controlling interests, net of tax
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.41
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.71
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.45
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px" valign="top">
          Charges to additional-paid-in-capital - revaluation of redeemable
          non-controlling interests, net of tax *
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (0.09
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          From continuing operations, net of tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.41
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.45
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px" valign="top">
          From discontinued operations, net of tax
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (0.40
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          0.32
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          1.62
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          1.05
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted earnings per share attributable to common shareholders:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          From continuing operations prior to revaluation of redeemable
          non-controlling interests, net of tax
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.41
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.71
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.45
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px" valign="top">
          Charges to additional-paid-in-capital - revaluation of redeemable
          non-controlling interests, net of tax
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (0.09
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          From continuing operations, net of tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.41
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          0.32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.45
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px" valign="top">
          From discontinued operations, net of tax
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          -
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (0.40
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          0.32
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          1.62
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          1.05
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

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

        </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 colspan="2">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Basic earnings per share - weighted-average shares
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,267
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,103
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,217
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,063
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px" valign="top">
          Effect of dilutive securities - stock options
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          14
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          4
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          19
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 40.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Denominator for diluted earnings per share - adjusted
            weighted-average shares
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          12,271
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          12,117
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          12,221
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          12,082
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

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

        </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">
          <p style="margin-top: 0px; margin-bottom: 0px">
            * Purchases of non-controlling interests in two partnerships
            recorded as a change in additional-paid-in-capital and per
            generally accepted accounting principles (&quot;GAAP&quot;) excluded from
            statement of operations and net income.
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; 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="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>(IN THOUSANDS, EXCEPT SHARE DATA)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2014</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current assets:
        </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">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,271
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,898
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Patient accounts receivable, less allowance for doubtful accounts of
          $1,669 and $1,430, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          32,891
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          30,820
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Accounts receivable - other, less allowance for doubtful accounts of
          $198 and $198, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,503
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,844
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          6,186
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          4,098
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 60.0px" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          54,851
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          49,660
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Fixed assets:
        </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">
          Furniture and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          42,003
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          38,965
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          22,806
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          21,891
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          64,809
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          60,856
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          49,045
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          45,896
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          15,764
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,960
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          147,914
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          143,955
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          24,907
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          14,479
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,115
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,081
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          244,551
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          224,135
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <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">
          LIABILITIES AND SHAREHOLDERS' EQUITY
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,782
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,722
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          22,839
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20,625
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          883
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          825
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 60.0px" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          25,504
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          23,172
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          650
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          34,500
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          40,000
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          991
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          996
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          8,732
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          4,196
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 60.0px" valign="top">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          69,961
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          69,014
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Redeemable non-controlling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,376
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,104
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Shareholders' equity:
        </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">
          U. S. Physical Therapy, Inc. shareholders' equity:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Preferred stock, $.01 par value, 500,000 shares authorized, no
          shares issued and outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            -
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            -
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock, $.01 par value, 20,000,000 shares authorized,
            14,487,346 and 14,315,882 shares issued, respectively
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          145
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          43,577
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          40,569
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          134,186
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          119,206
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px" valign="top">
          Treasury stock at cost, 2,214,737 shares
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (31,628
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 60.0px" valign="top">
          Total U. S. Physical Therapy, Inc. shareholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          146,280
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          128,290
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          20,934
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          22,727
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Total equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          167,214
        </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="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          151,017
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          244,551
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          224,135
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; 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="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="12" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="12">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="12" style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b><br><b>(IN THOUSANDS)</b><br><b>(unaudited)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="9" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>Year Ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          30,424
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20,996
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Adjustments to reconcile net income including non-controlling
          interests to net cash provided by operating activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td>

        </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>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,740
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,562
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,112
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,384
        </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>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,363
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,743
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,335
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Excess tax benefit from exercise of stock options
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (948
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (695
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Deferred income tax
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,275
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,369
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          135
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Increase in patient accounts receivable
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,388
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,389
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 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>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          341
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          (Decrease) increase in other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (2,493
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,803
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,868
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,833
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="top">
          Increase in other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          730
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          859
        </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>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          45,194
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          44,795
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </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>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,167
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,637
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 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>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (12,270
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (46,628
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Acquisitions of non-controlling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,490
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1,876
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Sale on non-controlling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          233
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Proceeds on sale of business and fixed assets, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          47
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (22,880
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (52,449
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>FINANCING ACTIVITIES</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (9,913
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (9,164
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 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>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,873
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,838
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 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>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          134,300
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          150,800
        </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>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (139,800
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (128,200
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 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>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (825
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (459
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 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>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          948
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          695
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          222
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          47
        </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) provided in financing activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (20,941
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,881
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net increase in cash
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,373
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,227
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          12,898
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          11,671
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Cash - end of period
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          14,271
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          12,898
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#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>

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

        </td>
        <td>

        </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>

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

        </td>
        <td>

        </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>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9,253
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,111
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,103
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          352
        </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>

        </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>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,300
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Revaluation of redeemable non-controlling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,841
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; 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="margin-bottom: 10.0px; font-size: 8pt; width: 100%; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="6" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES</b><br><b>RECAP OF
          CLINIC COUNT</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <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>

        </td>
        <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>

        </td>
        <td>

        </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>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <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>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          449
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          September 30, 2013
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          447
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          December 31, 2013
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          472
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          March 31, 2014
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          472
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          June 30, 2014
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          486
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          September 30, 2014
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          489
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          December 31, 2014
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          489
        </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>Westwicke Partners<br>Bob East, (443) 213-0502
    </p>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
