XML 37 R23.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Selected Quarterly Financial Data (Unaudited) | 12 Months Ended
--- | ---
Dec. 31, 2016
Selected Quarterly Financial Data (Unaudited) [Abstract] |
Selected Quarterly Financial Data (Unaudited) | 17. Selected Quarterly Financial Data (Unaudited)
|  | Q1 2016 (as restated) |  |  | Q2 2016 (as restated) |  |  | Q3 2016 (as restated) |  |  |  | Q4 2016 |
Net patient revenues |  | $ | 85,049 |  |  | $ | 88,433 |  |  | $ | 86,411 |  |  | $ | 88,946 |
Net revenues |  | $ | 86,908 |  |  | $ | 90,430 |  |  | $ | 88,344 |  |  | $ | 90,864 |
Operating income |  | $ | 11,491 |  |  | $ | 15,033 |  |  | $ | 12,055 |  |  | $ | 10,954 |
Net income |  | $ | 5,953 |  |  | $ | 7,671 |  |  | $ | 6,134 |  |  | $ | 6,510 |
Net income attributable to USPH shareholders |  | $ | 4,488 |  |  | $ | 6,012 |  |  | $ | 4,804 |  |  | $ | 5,247 |
Basic and diluted earnings per share attributable to common shareholders: |  | $ | 0.36 |  |  | $ | 0.48 |  |  | $ | 0.38 |  |  | $ | 0.42 |
Shares used in computation - basic and diluted |  |  | 12,448 |  |  |  | 12,511 |  |  |  | 12,520 |  |  |  | 12,519 |
|  | Q1 2015 (as restated) |  |  | Q2 2015 (as restated) |  |  | Q3 2015 (as restated) |  |  | Q4 2015 (as restated) |
Net patient revenues |  | $ | 75,807 |  |  | $ | 81,451 |  |  | $ | 82,154 |  |  | $ | 84,881 |
Net revenues |  | $ | 77,241 |  |  | $ | 83,288 |  |  | $ | 84,049 |  |  | $ | 86,724 |
Operating income |  | $ | 9,185 |  |  | $ | 13,549 |  |  | $ | 11,949 |  |  | $ | 12,611 |
Net income |  | $ | 5,293 |  |  | $ | 7,957 |  |  | $ | 6,974 |  |  | $ | 6,265 |
Net income attributable to USPH shareholders |  | $ | 4,014 |  |  | $ | 6,334 |  |  | $ | 5,506 |  |  | $ | 4,761 |
Basic and diluted earnings per share attributable to common shareholders: |  | $ | 0.33 |  |  | $ | 0.51 |  |  | $ | 0.44 |  |  | $ | 0.38 |
Shares used in computation - basic and diluted |  |  | 12,313 |  |  |  | 12,409 |  |  |  | 12,421 |  |  |  | 12,421 |
The following schedules present the impact of the correction related to mandatorily redeemable non-controlling interests on the Company’s previously reported quarterly balance sheets, income statements and cash flows included in its Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30, September 30, 2016 and March 31, June 30 and September 30, 2015. In addition, the impact of the early adoption of the treatment of the excess tax benefits related to equity grants on the previously reported quarterly balance sheets and income statements included in its Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2016 are included in the respective schedules. See Note 2. – Significant Accounting Policies – Recently Adopted Accounting Guidance. All schedules are in thousands, except share and per share data. Consolidated Balance Sheet as of September 30, 2016:
|  | As Reported September 30, 2016 |  |  | Adjustments |  |  | As Restated September 30, 2016 |
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 15,024 |  |  | $ | - |  |  | $ | 15,024 |
Patient accounts receivable, less allowance for doubtful accounts of $1,770 |  |  | 38,522 |  |  |  | - |  |  |  | 38,522 |
Accounts receivable - other |  |  | 2,272 |  |  |  | - |  |  |  | 2,272 |
Other current assets |  |  | 10,800 |  |  |  | 816 |  |  |  | 11,616 |
Total current assets |  |  | 66,618 |  |  |  | 816 |  |  |  | 67,434 |
Fixed assets: |  |  |  |  |  |  |  |  |  |  |  |
Furniture and equipment |  |  | 46,996 |  |  |  | - |  |  |  | 46,996 |
Leasehold improvements |  |  | 26,206 |  |  |  | - |  |  |  | 26,206 |
Fixed assets, gross |  |  | 73,202 |  |  |  | - |  |  |  | 73,202 |
Less accumulated depreciation and amortization |  |  | 55,760 |  |  |  | - |  |  |  | 55,760 |
Fixed assets, net |  |  | 17,442 |  |  |  | - |  |  |  | 17,442 |
Goodwill |  |  | 191,231 |  |  |  | 23,826 |  |  |  | 215,057 |
Other identifiable intangible assets, net |  |  | 33,389 |  |  |  | - |  |  |  | 33,389 |
Other assets |  |  | 1,221 |  |  |  | - |  |  |  | 1,221 |
Total assets |  | $ | 309,901 |  |  | $ | 24,642 |  |  | $ | 334,543 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable - trade |  | $ | 2,181 |  |  | $ | - |  |  | $ | 2,181 |
Accrued expenses |  |  | 23,216 |  |  |  | - |  |  |  | 23,216 |
Current portion of notes payable |  |  | 986 |  |  |  | - |  |  |  | 986 |
Total current liabilities |  |  | 26,383 |  |  |  | - |  |  |  | 26,383 |
Notes payable |  |  | 4,546 |  |  |  | - |  |  |  | 4,546 |
Revolving line of credit |  |  | 36,000 |  |  |  | - |  |  |  | 36,000 |
Mandatorily redeemable non-controlling interests |  |  | - |  |  |  | 61,276 |  |  |  | 61,276 |
Deferred rent |  |  | 1,313 |  |  |  | - |  |  |  | 1,313 |
Deferred taxes |  |  | 13,727 |  |  |  | 5,009 |  |  |  | 18,736 |
Other long-term liabilities |  |  | 860 |  |  |  | 54 |  |  |  | 914 |
Total liabilities |  |  | 82,829 |  |  |  | 66,339 |  |  |  | 149,168 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Redeemable non-controlling interests |  |  | 8,334 |  |  |  | (8,334 | ) |  |  | - |
U.S. Physical Therapy, Inc. ("USPH") shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding |  |  | - |  |  |  | - |  |  |  | - |
Common stock, $.01 par value, 20,000,000 shares authorized, 14,734,963 shares issued |  |  | 147 |  |  |  | - |  |  |  | 147 |
Additional paid-in capital |  |  | 49,506 |  |  |  | 18,987 |  |  |  | 68,493 |
Retained earnings |  |  | 160,746 |  |  |  | (13,523 | ) |  |  | 147,223 |
Treasury stock at cost, 2,214,737 shares |  |  | (31,628 | ) |  |  | - |  |  |  | (31,628 | )
Total USPH shareholders’ equity |  |  | 178,771 |  |  |  | 5,464 |  |  |  | 184,235 |
Non-controlling interests |  |  | 39,967 |  |  |  | (38,827 | ) |  |  | 1,140 |
Total equity |  |  | 218,738 |  |  |  | (33,363 | ) |  |  | 185,375 |
Total liabilities and equity |  | $ | 309,901 |  |  | $ | 24,642 |  |  | $ | 334,543 |
Consolidated Balance Sheet as of June 30, 2016:
|  | As Reported June 30, 2016 |  |  | Adjustments |  |  | As Restated June 30, 2016 |
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 20,453 |  |  | $ | - |  |  | $ | 20,453 |
Patient accounts receivable, less allowance for doubtful accounts of $1,672 |  |  | 39,356 |  |  |  | - |  |  |  | 39,356 |
Accounts receivable - other |  |  | 2,335 |  |  |  | - |  |  |  | 2,335 |
Other current assets |  |  | 8,220 |  |  |  | 574 |  |  |  | 8,794 |
Total current assets |  |  | 70,364 |  |  |  | 574 |  |  |  | 70,938 |
Fixed assets: |  |  |  |  |  |  |  |  |  |  |  |
Furniture and equipment |  |  | 46,747 |  |  |  | - |  |  |  | 46,747 |
Leasehold improvements |  |  | 25,733 |  |  |  | - |  |  |  | 25,733 |
Fixed assets, gross |  |  | 72,480 |  |  |  | - |  |  |  | 72,480 |
Less accumulated depreciation and amortization |  |  | 55,642 |  |  |  | - |  |  |  | 55,642 |
Fixed assets, net |  |  | 16,838 |  |  |  | - |  |  |  | 16,838 |
Goodwill |  |  | 191,268 |  |  |  | 23,826 |  |  |  | 215,094 |
Other identifiable intangible assets, net |  |  | 33,909 |  |  |  | - |  |  |  | 33,909 |
Other assets |  |  | 1,219 |  |  |  | - |  |  |  | 1,219 |
Total assets |  | $ | 313,598 |  |  | $ | 24,400 |  |  | $ | 337,998 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable - trade |  | $ | 1,668 |  |  | $ | - |  |  | $ | 1,668 |
Accrued expenses |  |  | 26,273 |  |  |  | - |  |  |  | 26,273 |
Current portion of notes payable |  |  | 1,044 |  |  |  | - |  |  |  | 1,044 |
Total current liabilities |  |  | 28,985 |  |  |  | - |  |  |  | 28,985 |
Notes payable |  |  | 4,547 |  |  |  | - |  |  |  | 4,547 |
Revolving line of credit |  |  | 42,500 |  |  |  | - |  |  |  | 42,500 |
Mandatorily redeemable non-controlling interests |  |  | - |  |  |  | 59,932 |  |  |  | 59,932 |
Deferred rent |  |  | 1,285 |  |  |  | - |  |  |  | 1,285 |
Deferred taxes |  |  | 12,361 |  |  |  | 5,792 |  |  |  | 18,153 |
Other long-term liabilities |  |  | 869 |  |  |  | 54 |  |  |  | 923 |
Total liabilities |  |  | 90,547 |  |  |  | 65,778 |  |  |  | 156,325 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Redeemable non-controlling interests |  |  | 8,641 |  |  |  | (8,641 | ) |  |  | - |
U.S. Physical Therapy, Inc. ("USPH") shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding |  |  | - |  |  |  | - |  |  |  | - |
Common stock, $.01 par value, 20,000,000 shares authorized, 14,734,963 shares issued |  |  | 147 |  |  |  | - |  |  |  | 147 |
Additional paid-in capital |  |  | 48,236 |  |  |  | 18,987 |  |  |  | 67,223 |
Retained earnings |  |  | 157,161 |  |  |  | (12,614 | ) |  |  | 144,547 |
Treasury stock at cost, 2,214,737 shares |  |  | (31,628 | ) |  |  | - |  |  |  | (31,628 | )
Total USPH shareholders’ equity |  |  | 173,916 |  |  |  | 6,373 |  |  |  | 180,289 |
Non-controlling interests |  |  | 40,494 |  |  |  | (39,110 | ) |  |  | 1,384 |
Total equity |  |  | 214,410 |  |  |  | (32,737 | ) |  |  | 181,673 |
Total liabilities and equity |  | $ | 313,598 |  |  | $ | 24,400 |  |  | $ | 337,998 |
Consolidated Balance Sheet as of March 31, 2016:
|  | As Reported March 31, 2016 |  |  | Adjustments |  |  | As Restated March 31, 2016 |
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 19,206 |  |  | $ | - |  |  | $ | 19,206 |
Patient accounts receivable, less allowance for doubtful accounts of $1,568 |  |  | 38,217 |  |  |  | - |  |  |  | 38,217 |
Accounts receivable - other |  |  | 2,345 |  |  |  | - |  |  |  | 2,345 |
Other current assets |  |  | 8,298 |  |  |  | 483 |  |  |  | 8,781 |
Total current assets |  |  | 68,066 |  |  |  | 483 |  |  |  | 68,549 |
Fixed assets: |  |  |  |  |  |  |  |  |  |  |  |
Furniture and equipment |  |  | 45,654 |  |  |  | - |  |  |  | 45,654 |
Leasehold improvements |  |  | 25,547 |  |  |  | - |  |  |  | 25,547 |
Fixed assets, gross |  |  | 71,201 |  |  |  | - |  |  |  | 71,201 |
Less accumulated depreciation and amortization |  |  | 54,512 |  |  |  | - |  |  |  | 54,512 |
Fixed assets, net |  |  | 16,689 |  |  |  | - |  |  |  | 16,689 |
Goodwill |  |  | 191,051 |  |  |  | 23,826 |  |  |  | 214,877 |
Other identifiable intangible assets, net |  |  | 34,428 |  |  |  | - |  |  |  | 34,428 |
Other assets |  |  | 1,200 |  |  |  | - |  |  |  | 1,200 |
Total assets |  | $ | 311,434 |  |  | $ | 24,309 |  |  | $ | 335,743 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable - trade |  | $ | 2,244 |  |  | $ | - |  |  | $ | 2,244 |
Accrued expenses |  |  | 20,684 |  |  |  | - |  |  |  | 20,684 |
Current portion of notes payable |  |  | 1,253 |  |  |  | - |  |  |  | 1,253 |
Total current liabilities |  |  | 24,181 |  |  |  | - |  |  |  | 24,181 |
Notes payable |  |  | 4,621 |  |  |  | - |  |  |  | 4,621 |
Revolving line of credit |  |  | 52,500 |  |  |  | - |  |  |  | 52,500 |
Mandatorily redeemable non-controlling interests |  |  | - |  |  |  | 58,481 |  |  |  | 58,481 |
Deferred rent |  |  | 1,391 |  |  |  | - |  |  |  | 1,391 |
Deferred taxes |  |  | 10,789 |  |  |  | 6,573 |  |  |  | 17,362 |
Other long-term liabilities |  |  | 914 |  |  |  | 54 |  |  |  | 968 |
Total liabilities |  |  | 94,396 |  |  |  | 65,108 |  |  |  | 159,504 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Redeemable non-controlling interests |  |  | 7,591 |  |  |  | (7,591 | ) |  |  | - |
U.S. Physical Therapy, Inc. ("USPH") shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding |  |  | - |  |  |  | - |  |  |  | - |
Common stock, $.01 par value, 20,000,000 shares authorized, 14,717,463 shares issued |  |  | 147 |  |  |  | - |  |  |  | 147 |
Additional paid-in capital |  |  | 46,563 |  |  |  | 18,987 |  |  |  | 65,550 |
Retained earnings |  |  | 152,219 |  |  |  | (11,555 | ) |  |  | 140,664 |
Treasury stock at cost, 2,214,737 shares |  |  | (31,628 | ) |  |  | - |  |  |  | (31,628 | )
Total USPH shareholders’ equity |  |  | 167,301 |  |  |  | 7,432 |  |  |  | 174,733 |
Non-controlling interests |  |  | 42,146 |  |  |  | (40,640 | ) |  |  | 1,506 |
Total equity |  |  | 209,447 |  |  |  | (33,208 | ) |  |  | 176,239 |
Total liabilities and equity |  | $ | 311,434 |  |  | $ | 24,309 |  |  | $ | 335,743 |
Consolidated Balance Sheet as of September 30, 2015:
|  | As Reported September 30, 2015 |  |  | Adjustments |  |  | As Restated September 30, 2015 |
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 20,558 |  |  | $ | - |  |  | $ | 20,558 |
Patient accounts receivable, less allowance for doubtful accounts of $1,556 |  |  | 35,106 |  |  |  | - |  |  |  | 35,106 |
Accounts receivable - other |  |  | 1,939 |  |  |  | - |  |  |  | 1,939 |
Other current assets |  |  | 6,058 |  |  |  | - |  |  |  | 6,058 |
Total current assets |  |  | 63,661 |  |  |  | - |  |  |  | 63,661 |
Fixed assets: |  |  |  |  |  |  |  |  |  |  |  |
Furniture and equipment |  |  | 44,157 |  |  |  | - |  |  |  | 44,157 |
Leasehold improvements |  |  | 25,006 |  |  |  | - |  |  |  | 25,006 |
Fixed assets, gross |  |  | 69,163 |  |  |  | - |  |  |  | 69,163 |
Less accumulated depreciation and amortization |  |  | 52,501 |  |  |  | - |  |  |  | 52,501 |
Fixed assets, net |  |  | 16,662 |  |  |  | - |  |  |  | 16,662 |
Goodwill |  |  | 170,849 |  |  |  | 23,826 |  |  |  | 194,675 |
Other identifiable intangible assets, net |  |  | 23,798 |  |  |  | - |  |  |  | 23,798 |
Other assets |  |  | 1,175 |  |  |  | - |  |  |  | 1,175 |
Total assets |  | $ | 276,145 |  |  | $ | 23,826 |  |  | $ | 299,971 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable - trade |  | $ | 1,662 |  |  | $ | - |  |  | $ | 1,662 |
Accrued expenses |  |  | 18,287 |  |  |  | - |  |  |  | 18,287 |
Current portion of notes payable |  |  | 1,412 |  |  |  | - |  |  |  | 1,412 |
Total current liabilities |  |  | 21,361 |  |  |  | - |  |  |  | 21,361 |
Notes payable |  |  | 1,679 |  |  |  | - |  |  |  | 1,679 |
Revolving line of credit |  |  | 46,000 |  |  |  | - |  |  |  | 46,000 |
Mandatorily redeemable non-controlling interests |  |  | - |  |  |  | 45,323 |  |  |  | 45,323 |
Deferred rent |  |  | 1,192 |  |  |  | - |  |  |  | 1,192 |
Deferred taxes |  |  | - |  |  |  | 13,276 |  |  |  | 13,276 |
Other long-term liabilities |  |  | 10,769 |  |  |  | (7,995 | ) |  |  | 2,774 |
Total liabilities |  |  | 81,001 |  |  |  | 50,604 |  |  |  | 131,605 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Redeemable non-controlling interests |  |  | 9,024 |  |  |  | (9,024 | ) |  |  | - |
U.S. Physical Therapy, Inc. ("USPH") shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding |  |  | - |  |  |  | - |  |  |  | - |
Common stock, $.01 par value, 20,000,000 shares authorized, 14,635,874 shares issued |  |  | 146 |  |  |  | - |  |  |  | 146 |
Additional paid-in capital |  |  | 45,536 |  |  |  | 17,382 |  |  |  | 62,918 |
Retained earnings |  |  | 144,888 |  |  |  | (9,485 | ) |  |  | 135,403 |
Treasury stock at cost, 2,214,737 shares |  |  | (31,628 | ) |  |  | - |  |  |  | (31,628 | )
Total USPH shareholders’ equity |  |  | 158,942 |  |  |  | 7,897 |  |  |  | 166,839 |
Non-controlling interests |  |  | 27,178 |  |  |  | (25,651 | ) |  |  | 1,527 |
Total equity |  |  | 186,120 |  |  |  | (17,754 | ) |  |  | 168,366 |
Total liabilities and equity |  | $ | 276,145 |  |  | $ | 23,826 |  |  | $ | 299,971 |
Consolidated Balance Sheet as of June 30, 2015:
|  | As Reported June 30, 2015 |  |  | Adjustments |  |  | As Restated June 30, 2015 |
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 12,972 |  |  | $ | - |  |  | $ | 12,972 |
Patient accounts receivable, less allowance for doubtful accounts of $1,618 |  |  | 34,830 |  |  |  | - |  |  |  | 34,830 |
Accounts receivable - other |  |  | 1,338 |  |  |  | - |  |  |  | 1,338 |
Other current assets |  |  | 6,509 |  |  |  | - |  |  |  | 6,509 |
Total current assets |  |  | 55,649 |  |  |  | - |  |  |  | 55,649 |
Fixed assets: |  |  |  |  |  |  |  |  |  |  |  |
Furniture and equipment |  |  | 43,495 |  |  |  | - |  |  |  | 43,495 |
Leasehold improvements |  |  | 24,107 |  |  |  | - |  |  |  | 24,107 |
Fixed assets, gross |  |  | 67,602 |  |  |  | - |  |  |  | 67,602 |
Less accumulated depreciation and amortization |  |  | 51,098 |  |  |  | - |  |  |  | 51,098 |
Fixed assets, net |  |  | 16,504 |  |  |  | - |  |  |  | 16,504 |
Goodwill |  |  | 170,914 |  |  |  | 23,826 |  |  |  | 194,740 |
Other identifiable intangible assets, net |  |  | 24,167 |  |  |  | - |  |  |  | 24,167 |
Other assets |  |  | 1,086 |  |  |  | - |  |  |  | 1,086 |
Total assets |  | $ | 268,320 |  |  | $ | 23,826 |  |  | $ | 292,146 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable - trade |  | $ | 1,451 |  |  | $ | - |  |  | $ | 1,451 |
Accrued expenses |  |  | 19,446 |  |  |  | - |  |  |  | 19,446 |
Current portion of notes payable |  |  | 800 |  |  |  | - |  |  |  | 800 |
Total current liabilities |  |  | 21,697 |  |  |  | - |  |  |  | 21,697 |
Notes payable |  |  | 1,059 |  |  |  | - |  |  |  | 1,059 |
Revolving line of credit |  |  | 41,000 |  |  |  | - |  |  |  | 41,000 |
Mandatorily redeemable non-controlling interests |  |  | - |  |  |  | 49,166 |  |  |  | 49,166 |
Deferred rent |  |  | 1,040 |  |  |  | - |  |  |  | 1,040 |
Deferred taxes |  |  | - |  |  |  | 12,027 |  |  |  | 12,027 |
Other long-term liabilities |  |  | 10,925 |  |  |  | (7,995 | ) |  |  | 2,930 |
Total liabilities |  |  | 75,721 |  |  |  | 53,198 |  |  |  | 128,919 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Redeemable non-controlling interests |  |  | 10,585 |  |  |  | (10,585 | ) |  |  | - |
U.S. Physical Therapy, Inc. ("USPH") shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding |  |  | - |  |  |  | - |  |  |  | - |
Common stock, $.01 par value, 20,000,000 shares authorized, 14,635,674 shares issued |  |  | 146 |  |  |  | - |  |  |  | 146 |
Additional paid-in capital |  |  | 45,829 |  |  |  | 15,222 |  |  |  | 61,051 |
Retained earnings |  |  | 140,933 |  |  |  | (9,173 | ) |  |  | 131,760 |
Treasury stock at cost, 2,214,737 shares |  |  | (31,628 | ) |  |  | - |  |  |  | (31,628 | )
Total USPH shareholders’ equity |  |  | 155,280 |  |  |  | 6,049 |  |  |  | 161,329 |
Non-controlling interests |  |  | 26,734 |  |  |  | (24,836 | ) |  |  | 1,898 |
Total equity |  |  | 182,014 |  |  |  | (18,787 | ) |  |  | 163,227 |
Total liabilities and equity |  | $ | 268,320 |  |  | $ | 23,826 |  |  | $ | 292,146 |
Consolidated Balance Sheet as of March 31, 2015:
|  | As Reported March 31, 2015 |  |  | Adjustments |  |  | As Restated March 31, 2015 |
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 14,557 |  |  | $ | - |  |  | $ | 14,557 |
Patient accounts receivable, less allowance for doubtful accounts of $1,633 |  |  | 34,673 |  |  |  | - |  |  |  | 34,673 |
Accounts receivable - other |  |  | 1,378 |  |  |  | - |  |  |  | 1,378 |
Other current assets |  |  | 5,291 |  |  |  | - |  |  |  | 5,291 |
Total current assets |  |  | 55,899 |  |  |  | - |  |  |  | 55,899 |
Fixed assets: |  |  |  |  |  |  |  |  |  |  |  |
Furniture and equipment |  |  | 42,542 |  |  |  | - |  |  |  | 42,542 |
Leasehold improvements |  |  | 23,565 |  |  |  | - |  |  |  | 23,565 |
Fixed assets, gross |  |  | 66,107 |  |  |  | - |  |  |  | 66,107 |
Less accumulated depreciation and amortization |  |  | 50,212 |  |  |  | - |  |  |  | 50,212 |
Fixed assets, net |  |  | 15,895 |  |  |  | - |  |  |  | 15,895 |
Goodwill |  |  | 159,176 |  |  |  | 23,826 |  |  |  | 183,002 |
Other identifiable intangible assets, net |  |  | 24,537 |  |  |  | - |  |  |  | 24,537 |
Other assets |  |  | 1,916 |  |  |  | - |  |  |  | 1,916 |
Total assets |  | $ | 257,423 |  |  | $ | 23,826 |  |  | $ | 281,249 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable - trade |  | $ | 2,292 |  |  | $ | - |  |  | $ | 2,292 |
Accrued expenses |  |  | 18,178 |  |  |  | - |  |  |  | 18,178 |
Current portion of notes payable |  |  | 932 |  |  |  | - |  |  |  | 932 |
Total current liabilities |  |  | 21,402 |  |  |  | - |  |  |  | 21,402 |
Notes payable |  |  | 483 |  |  |  | - |  |  |  | 483 |
Revolving line of credit |  |  | 41,500 |  |  |  | - |  |  |  | 41,500 |
Mandatorily redeemable non-controlling interests |  |  | - |  |  |  | 45,578 |  |  |  | 45,578 |
Deferred rent |  |  | 984 |  |  |  | - |  |  |  | 984 |
Deferred taxes |  |  | - |  |  |  | 12,009 |  |  |  | 12,009 |
Other long-term liabilities |  |  | 9,480 |  |  |  | (7,995 | ) |  |  | 1,485 |
Total liabilities |  |  | 73,849 |  |  |  | 49,592 |  |  |  | 123,441 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Redeemable non-controlling interests |  |  | 7,373 |  |  |  | (7,373 | ) |  |  | - |
U.S. Physical Therapy, Inc. ("USPH") shareholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding |  |  | - |  |  |  | - |  |  |  | - |
Common stock, $.01 par value, 20,000,000 shares authorized, 14,613,374 shares issued |  |  | 145 |  |  |  | - |  |  |  | 145 |
Additional paid-in capital |  |  | 45,080 |  |  |  | 15,222 |  |  |  | 60,302 |
Retained earnings |  |  | 136,491 |  |  |  | (9,203 | ) |  |  | 127,288 |
Treasury stock at cost, 2,214,737 shares |  |  | (31,628 | ) |  |  | - |  |  |  | (31,628 | )
Total USPH shareholders’ equity |  |  | 150,088 |  |  |  | 6,019 |  |  |  | 156,107 |
Non-controlling interests |  |  | 26,113 |  |  |  | (24,412 | ) |  |  | 1,701 |
Total equity |  |  | 176,201 |  |  |  | (18,393 | ) |  |  | 157,808 |
Total liabilities and equity |  | $ | 257,423 |  |  | $ | 23,826 |  |  | $ | 281,249 |
Consolidated Statement of Net Income as of September 30, 2016:
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | As Reported September 30, 2016 |  |  | Adjustments |  |  | As Restated September 30, 2016 |  |  | As Reported September 30, 2016 |  |  | Adjustments |  |  | As Restated September 30, 2016 |
Net patient revenues |  | $ | 86,411 |  |  | $ | - |  |  | $ | 86,411 |  |  | $ | 259,893 |  |  | $ | - |  |  | $ | 259,893 |
Other revenues |  |  | 1,933 |  |  |  | - |  |  |  | 1,933 |  |  |  | 5,789 |  |  |  | - |  |  |  | 5,789 |
Net revenues |  |  | 88,344 |  |  |  | - |  |  |  | 88,344 |  |  |  | 265,682 |  |  |  | - |  |  |  | 265,682 |
Clinic operating costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and related costs |  |  | 49,868 |  |  |  | - |  |  |  | 49,868 |  |  |  | 146,509 |  |  |  | - |  |  |  | 146,509 |
Rent, clinic supplies, contract labor and other |  |  | 17,885 |  |  |  | - |  |  |  | 17,885 |  |  |  | 52,938 |  |  |  | - |  |  |  | 52,938 |
Provision for doubtful accounts |  |  | 917 |  |  |  | - |  |  |  | 917 |  |  |  | 2,962 |  |  |  | - |  |  |  | 2,962 |
Closure costs |  |  | 9 |  |  |  | - |  |  |  | 9 |  |  |  | 54 |  |  |  | - |  |  |  | 54 |
Total clinic operating costs |  |  | 68,679 |  |  |  | - |  |  |  | 68,679 |  |  |  | 202,463 |  |  |  | - |  |  |  | 202,463 |
Gross margin |  |  | 19,665 |  |  |  | - |  |  |  | 19,665 |  |  |  | 63,219 |  |  |  | - |  |  |  | 63,219 |
Corporate office costs |  |  | 7,610 |  |  |  | - |  |  |  | 7,610 |  |  |  | 24,640 |  |  |  | - |  |  |  | 24,640 |
Operating income |  |  | 12,055 |  |  |  | - |  |  |  | 12,055 |  |  |  | 38,579 |  |  |  | - |  |  |  | 38,579 |
Interest and other income, net |  |  | 21 |  |  |  | - |  |  |  | 21 |  |  |  | 62 |  |  |  | - |  |  |  | 62 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mandatorily redeemable non-controlling interests - change in redemption value |  |  | - |  |  |  | (1,934 | ) |  |  | (1,934 | ) |  |  | - |  |  |  | (6,056 | ) |  |  | (6,056 | )
Mandatorily redeemable non-controlling interests - earnings allocable |  |  | - |  |  |  | (929 | ) |  |  | (929 | ) |  |  | - |  |  |  | (3,146 | ) |  |  | (3,146 | )
Debt and other |  |  | (326 | ) |  |  | - |  |  |  | (326 | ) |  |  | (954 | ) |  |  | - |  |  |  | (954 | )
Total interest expense |  |  | (326 | ) |  |  | (2,863 | ) |  |  | (3,189 | ) |  |  | (954 | ) |  |  | (9,202 | ) |  |  | (10,156 | )
Income before taxes |  |  | 11,750 |  |  |  | (2,863 | ) |  |  | 8,887 |  |  |  | 37,687 |  |  |  | (9,202 | ) |  |  | 28,485 |
Provision for income taxes |  |  | 3,778 |  |  |  | (1,025 | ) |  |  | 2,753 |  |  |  | 11,975 |  |  |  | (3,248 | ) |  |  | 8,727 |
Net income |  |  | 7,972 |  |  |  | (1,838 | ) |  |  | 6,134 |  |  |  | 25,712 |  |  |  | (5,954 | ) |  |  | 19,758 |
Less: net income attributable to non-controlling interests |  |  | (2,259 | ) |  |  | 929 |  |  |  | (1,330 | ) |  |  | (7,600 | ) |  |  | 3,146 |  |  |  | (4,454 | )
Net income attributable to USPH shareholders |  | $ | 5,713 |  |  | $ | (909 | ) |  | $ | 4,804 |  |  | $ | 18,112 |  |  | $ | (2,808 | ) |  | $ | 15,304 |
Basic and diluted earnings per share attributable to USPH shareholders |  | $ | 0.46 |  |  | $ | (0.08 | ) |  | $ | 0.38 |  |  | $ | 1.45 |  |  | $ | (0.23 | ) |  | $ | 1.22 |
Shares used in computation - basic |  |  | 12,520 |  |  |  |  |  |  |  | 12,520 |  |  |  | 12,494 |  |  |  |  |  |  |  | 12,494 |
Shares used in computation - diluted |  |  | 12,520 |  |  |  |  |  |  |  | 12,520 |  |  |  | 12,494 |  |  |  |  |  |  |  | 12,494 |
Dividends declared per common share |  | $ | 0.17 |  |  |  |  |  |  | $ | 0.17 |  |  | $ | 0.51 |  |  |  |  |  |  | $ | 0.51 |
Consolidated Statement of Net Income as of June 30, 2016:
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | As Reported June 30, 2016 |  |  | Adjustments |  |  | As Restated June 30, 2016 |  |  | As Reported June 30, 2016 |  |  | Adjustments |  |  | As Restated June 30, 2016 |
Net patient revenues |  | $ | 88,433 |  |  | $ | - |  |  | $ | 88,433 |  |  | $ | 173,482 |  |  | $ | - |  |  | $ | 173,482 |
Other revenues |  |  | 1,997 |  |  |  | - |  |  |  | 1,997 |  |  |  | 3,856 |  |  |  | - |  |  |  | 3,856 |
Net revenues |  |  | 90,430 |  |  |  | - |  |  |  | 90,430 |  |  |  | 177,338 |  |  |  | - |  |  |  | 177,338 |
Clinic operating costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and related costs |  |  | 48,837 |  |  |  | - |  |  |  | 48,837 |  |  |  | 96,641 |  |  |  | - |  |  |  | 96,641 |
Rent, clinic supplies, contract labor and other |  |  | 17,546 |  |  |  | - |  |  |  | 17,546 |  |  |  | 35,053 |  |  |  | - |  |  |  | 35,053 |
Provision for doubtful accounts |  |  | 956 |  |  |  | - |  |  |  | 956 |  |  |  | 2,045 |  |  |  | - |  |  |  | 2,045 |
Closure costs |  |  | 32 |  |  |  | - |  |  |  | 32 |  |  |  | 45 |  |  |  | - |  |  |  | 45 |
Total clinic operating costs |  |  | 67,371 |  |  |  | - |  |  |  | 67,371 |  |  |  | 133,784 |  |  |  | - |  |  |  | 133,784 |
Gross margin |  |  | 23,059 |  |  |  | - |  |  |  | 23,059 |  |  |  | 43,554 |  |  |  | - |  |  |  | 43,554 |
Corporate office costs |  |  | 8,026 |  |  |  | - |  |  |  | 8,026 |  |  |  | 17,030 |  |  |  | - |  |  |  | 17,030 |
Operating income |  |  | 15,033 |  |  |  | - |  |  |  | 15,033 |  |  |  | 26,524 |  |  |  | - |  |  |  | 26,524 |
Interest and other income, net |  |  | 21 |  |  |  | - |  |  |  | 21 |  |  |  | 41 |  |  |  | - |  |  |  | 41 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mandatorily redeemable non-controlling interests - change in redemption value |  |  | - |  |  |  | (1,931 | ) |  |  | (1,931 | ) |  |  | - |  |  |  | (4,122 | ) |  |  | (4,122 | )
Mandatorily redeemable non-controlling interests - earnings allocable |  |  | - |  |  |  | (1,330 | ) |  |  | (1,330 | ) |  |  | - |  |  |  | (2,217 | ) |  |  | (2,217 | )
Debt and other |  |  | (320 | ) |  |  | - |  |  |  | (320 | ) |  |  | (628 | ) |  |  | - |  |  |  | (628 | )
Total interest expense |  |  | (320 | ) |  |  | (3,261 | ) |  |  | (3,581 | ) |  |  | (628 | ) |  |  | (6,339 | ) |  |  | (6,967 | )
Income before taxes |  |  | 14,734 |  |  |  | (3,261 | ) |  |  | 11,473 |  |  |  | 25,937 |  |  |  | (6,339 | ) |  |  | 19,598 |
Provision for income taxes |  |  | 4,674 |  |  |  | (872 | ) |  |  | 3,802 |  |  |  | 8,197 |  |  |  | (2,223 | ) |  |  | 5,974 |
Net income |  |  | 10,060 |  |  |  | (2,389 | ) |  |  | 7,671 |  |  |  | 17,740 |  |  |  | (4,116 | ) |  |  | 13,624 |
Less: net income attributable to non-controlling interests |  |  | (2,989 | ) |  |  | 1,330 |  |  |  | (1,659 | ) |  |  | (5,341 | ) |  |  | 2,217 |  |  |  | (3,124 | )
Net income attributable to USPH shareholders |  | $ | 7,071 |  |  | $ | (1,059 | ) |  | $ | 6,012 |  |  | $ | 12,399 |  |  | $ | (1,899 | ) |  | $ | 10,500 |
Basic and diluted earnings per share attributable to USPH shareholders |  | $ | 0.57 |  |  | $ | (0.09 | ) |  | $ | 0.48 |  |  | $ | 0.99 |  |  | $ | (0.15 | ) |  | $ | 0.84 |
Shares used in computation - basic |  |  | 12,511 |  |  |  |  |  |  |  | 12,511 |  |  |  | 12,480 |  |  |  |  |  |  |  | 12,480 |
Shares used in computation - diluted |  |  | 12,511 |  |  |  |  |  |  |  | 12,511 |  |  |  | 12,480 |  |  |  |  |  |  |  | 12,480 |
Dividends declared per common share |  | $ | 0.17 |  |  |  |  |  |  | $ | 0.17 |  |  | $ | 0.34 |  |  |  |  |  |  | $ | 0.34 |
Consolidated Statement of Net Income as of March 31, 2016:
|  | For the Three Months Ended |
|  | As Reported March 31, 2016 |  |  | Adjustments |  |  | As Restated March 31, 2016 |
Net patient revenues |  | $ | 85,049 |  |  | $ | - |  |  | $ | 85,049 |
Other revenues |  |  | 1,859 |  |  |  | - |  |  |  | 1,859 |
Net revenues |  |  | 86,908 |  |  |  | - |  |  |  | 86,908 |
Clinic operating costs: |  |  |  |  |  |  |  |  |  |  |  |
Salaries and related costs |  |  | 47,804 |  |  |  | - |  |  |  | 47,804 |
Rent, clinic supplies, contract labor and other |  |  | 17,507 |  |  |  | - |  |  |  | 17,507 |
Provision for doubtful accounts |  |  | 1,089 |  |  |  | - |  |  |  | 1,089 |
Closure costs |  |  | 13 |  |  |  | - |  |  |  | 13 |
Total clinic operating costs |  |  | 66,413 |  |  |  | - |  |  |  | 66,413 |
Gross margin |  |  | 20,495 |  |  |  | - |  |  |  | 20,495 |
Corporate office costs |  |  | 9,004 |  |  |  | - |  |  |  | 9,004 |
Operating income |  |  | 11,491 |  |  |  | - |  |  |  | 11,491 |
Interest and other income, net |  |  | 20 |  |  |  | - |  |  |  | 20 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |
Mandatorily redeemable non-controlling interests - change in redemption value |  |  | - |  |  |  | (2,191 | ) |  |  | (2,191 | )
Mandatorily redeemable non-controlling interests - earnings allocable |  |  | - |  |  |  | (887 | ) |  |  | (887 | )
Debt and other |  |  | (308 | ) |  |  | - |  |  |  | (308 | )
Total interest expense |  |  | (308 | ) |  |  | (3,078 | ) |  |  | (3,386 | )
Income before taxes |  |  | 11,203 |  |  |  | (3,078 | ) |  |  | 8,125 |
Provision for income taxes |  |  | 3,523 |  |  |  | (1,351 | ) |  |  | 2,172 |
Net income |  |  | 7,680 |  |  |  | (1,727 | ) |  |  | 5,953 |
Less: net income attributable to non-controlling interests |  |  | (2,352 | ) |  |  | 887 |  |  |  | (1,465 | )
Net income attributable to USPH shareholders |  | $ | 5,328 |  |  | $ | (840 | ) |  | $ | 4,488 |
Basic and diluted earnings per share attributable to USPH shareholders |  | $ | 0.43 |  |  | $ | (0.07 | ) |  | $ | 0.36 |
Shares used in computation - basic |  |  | 12,448 |  |  |  |  |  |  |  | 12,448 |
Shares used in computation - diluted |  |  | 12,448 |  |  |  |  |  |  |  | 12,448 |
Dividends declared per common share |  | $ | 0.17 |  |  |  |  |  |  | $ | 0.17 |
Consolidated Statement of Net Income as of September 30, 2015:
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | As Reported September 30, 2015 |  |  | Adjustments |  |  | As Restated September 30, 2015 |  |  | As Reported September 30, 2015 |  |  | Adjustments |  |  | As Restated September 30, 2015 |
Net patient revenues |  | $ | 82,154 |  |  | $ | - |  |  | $ | 82,154 |  |  | $ | 239,412 |  |  | $ | - |  |  | $ | 239,412 |
Other revenues |  |  | 1,895 |  |  |  | - |  |  |  | 1,895 |  |  |  | 5,166 |  |  |  | - |  |  |  | 5,166 |
Net revenues |  |  | 84,049 |  |  |  | - |  |  |  | 84,049 |  |  |  | 244,578 |  |  |  | - |  |  |  | 244,578 |
Clinic operating costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and related costs |  |  | 46,594 |  |  |  | - |  |  |  | 46,594 |  |  |  | 134,044 |  |  |  | - |  |  |  | 134,044 |
Rent, clinic supplies, contract labor and other |  |  | 17,428 |  |  |  | - |  |  |  | 17,428 |  |  |  | 50,434 |  |  |  | - |  |  |  | 50,434 |
Provision for doubtful accounts |  |  | 1,067 |  |  |  | - |  |  |  | 1,067 |  |  |  | 3,119 |  |  |  | - |  |  |  | 3,119 |
Closure costs |  |  | 88 |  |  |  | - |  |  |  | 88 |  |  |  | 125 |  |  |  | - |  |  |  | 125 |
Total clinic operating costs |  |  | 65,177 |  |  |  | - |  |  |  | 65,177 |  |  |  | 187,722 |  |  |  | - |  |  |  | 187,722 |
Gross margin |  |  | 18,872 |  |  |  | - |  |  |  | 18,872 |  |  |  | 56,856 |  |  |  | - |  |  |  | 56,856 |
Corporate office costs |  |  | 6,923 |  |  |  | - |  |  |  | 6,923 |  |  |  | 22,173 |  |  |  | - |  |  |  | 22,173 |
Operating income |  |  | 11,949 |  |  |  | - |  |  |  | 11,949 |  |  |  | 34,683 |  |  |  | - |  |  |  | 34,683 |
Interest and other income, net |  |  | 24 |  |  |  | - |  |  |  | 24 |  |  |  | 48 |  |  |  | - |  |  |  | 48 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mandatorily redeemable non-controlling interests - change in redemption value |  |  | - |  |  |  | (501 | ) |  |  | (501 | ) |  |  | - |  |  |  | (697 | ) |  |  | (697 | )
Mandatorily redeemable non-controlling interests - earnings allocable |  |  | - |  |  |  | (778 | ) |  |  | (778 | ) |  |  | - |  |  |  | (2,674 | ) |  |  | (2,674 | )
Debt and other |  |  | (255 | ) |  |  | - |  |  |  | (255 | ) |  |  | (765 | ) |  |  | - |  |  |  | (765 | )
Total interest expense |  |  | (255 | ) |  |  | (1,279 | ) |  |  | (1,534 | ) |  |  | (765 | ) |  |  | (3,371 | ) |  |  | (4,136 | )
Income before taxes |  |  | 11,718 |  |  |  | (1,279 | ) |  |  | 10,439 |  |  |  | 33,966 |  |  |  | (3,371 | ) |  |  | 30,595 |
Provision for income taxes |  |  | 3,654 |  |  |  | (189 | ) |  |  | 3,465 |  |  |  | 10,634 |  |  |  | (263 | ) |  |  | 10,371 |
Net income |  |  | 8,064 |  |  |  | (1,090 | ) |  |  | 6,974 |  |  |  | 23,332 |  |  |  | (3,108 | ) |  |  | 20,224 |
Less: net income attributable to non-controlling interests |  |  | (2,246 | ) |  |  | 778 |  |  |  | (1,468 | ) |  |  | (7,044 | ) |  |  | 2,674 |  |  |  | (4,370 | )
Net income attributable to USPH shareholders |  | $ | 5,818 |  |  | $ | (312 | ) |  | $ | 5,506 |  |  | $ | 16,288 |  |  | $ | (434 | ) |  | $ | 15,854 |
Basic and diluted earnings per share attributable to USPH shareholders |  | $ | 0.47 |  |  | $ | (0.03 | ) |  | $ | 0.44 |  |  | $ | 1.29 |  |  | $ | (0.01 | ) |  | $ | 1.28 |
Shares used in computation - basic |  |  | 12,421 |  |  |  |  |  |  |  | 12,421 |  |  |  | 12,382 |  |  |  |  |  |  |  | 12,382 |
Shares used in computation - diluted |  |  | 12,421 |  |  |  |  |  |  |  | 12,421 |  |  |  | 12,382 |  |  |  |  |  |  |  | 12,382 |
Dividends declared per common share |  | $ | 0.15 |  |  |  |  |  |  | $ | 0.15 |  |  | $ | 0.45 |  |  |  |  |  |  | $ | 0.45 |
Consolidated Statement of Net Income as of June 30, 2015:
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | As Reported June 30, 2015 |  |  | Adjustments |  |  | As Restated June 30, 2015 |  |  | As Reported June 30, 2015 |  |  | Adjustments |  |  | As Restated June 30, 2015 |
Net patient revenues |  | $ | 81,451 |  |  | $ | - |  |  | $ | 81,451 |  |  | $ | 157,258 |  |  | $ | - |  |  | $ | 157,258 |
Other revenues |  |  | 1,837 |  |  |  | - |  |  |  | 1,837 |  |  |  | 3,271 |  |  |  | - |  |  |  | 3,271 |
Net revenues |  |  | 83,288 |  |  |  | - |  |  |  | 83,288 |  |  |  | 160,529 |  |  |  | - |  |  |  | 160,529 |
Clinic operating costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and related costs |  |  | 44,398 |  |  |  | - |  |  |  | 44,398 |  |  |  | 87,450 |  |  |  | - |  |  |  | 87,450 |
Rent, clinic supplies, contract labor and other |  |  | 16,681 |  |  |  | - |  |  |  | 16,681 |  |  |  | 33,006 |  |  |  | - |  |  |  | 33,006 |
Provision for doubtful accounts |  |  | 1,062 |  |  |  | - |  |  |  | 1,062 |  |  |  | 2,052 |  |  |  | - |  |  |  | 2,052 |
Closure costs |  |  | 5 |  |  |  | - |  |  |  | 5 |  |  |  | 37 |  |  |  | - |  |  |  | 37 |
Total clinic operating costs |  |  | 62,146 |  |  |  | - |  |  |  | 62,146 |  |  |  | 122,545 |  |  |  | - |  |  |  | 122,545 |
Gross margin |  |  | 21,142 |  |  |  | - |  |  |  | 21,142 |  |  |  | 37,984 |  |  |  | - |  |  |  | 37,984 |
Corporate office costs |  |  | 7,593 |  |  |  | - |  |  |  | 7,593 |  |  |  | 15,250 |  |  |  | - |  |  |  | 15,250 |
Operating income |  |  | 13,549 |  |  |  | - |  |  |  | 13,549 |  |  |  | 22,734 |  |  |  | - |  |  |  | 22,734 |
Interest and other income, net |  |  | 16 |  |  |  | - |  |  |  | 16 |  |  |  | 24 |  |  |  | - |  |  |  | 24 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mandatorily redeemable non-controlling interests - change in redemption value |  |  | - |  |  |  | 48 |  |  |  | 48 |  |  |  | - |  |  |  | (196 | ) |  |  | (196 | )
Mandatorily redeemable non-controlling interests - earnings allocable |  |  | - |  |  |  | (1,190 | ) |  |  | (1,190 | ) |  |  | - |  |  |  | (1,896 | ) |  |  | (1,896 | )
Debt and other |  |  | (245 | ) |  |  | - |  |  |  | (245 | ) |  |  | (510 | ) |  |  | - |  |  |  | (510 | )
Total interest expense |  |  | (245 | ) |  |  | (1,142 | ) |  |  | (1,387 | ) |  |  | (510 | ) |  |  | (2,092 | ) |  |  | (2,602 | )
Income before taxes |  |  | 13,320 |  |  |  | (1,142 | ) |  |  | 12,178 |  |  |  | 22,248 |  |  |  | (2,092 | ) |  |  | 20,156 |
Provision for income taxes |  |  | 4,203 |  |  |  | 18 |  |  |  | 4,221 |  |  |  | 6,980 |  |  |  | (74 | ) |  |  | 6,906 |
Net income |  |  | 9,117 |  |  |  | (1,160 | ) |  |  | 7,957 |  |  |  | 15,268 |  |  |  | (2,018 | ) |  |  | 13,250 |
Less: net income attributable to non-controlling interests |  |  | (2,813 | ) |  |  | 1,190 |  |  |  | (1,623 | ) |  |  | (4,798 | ) |  |  | 1,896 |  |  |  | (2,902 | )
Net income attributable to USPH shareholders |  | $ | 6,304 |  |  | $ | 30 |  |  | $ | 6,334 |  |  | $ | 10,470 |  |  | $ | (122 | ) |  | $ | 10,348 |
Basic and diluted earnings per share attributable to USPH shareholders |  | $ | 0.48 |  |  | $ | 0.03 |  |  | $ | 0.51 |  |  | $ | 0.82 |  |  | $ | 0.02 |  |  | $ | 0.84 |
Shares used in computation - basic |  |  | 12,409 |  |  |  |  |  |  |  | 12,409 |  |  |  | 12,362 |  |  |  |  |  |  |  | 12,362 |
Shares used in computation - diluted |  |  | 12,409 |  |  |  |  |  |  |  | 12,409 |  |  |  | 12,362 |  |  |  |  |  |  |  | 12,362 |
Dividends declared per common share |  | $ | 0.15 |  |  |  |  |  |  | $ | 0.15 |  |  | $ | 0.30 |  |  |  |  |  |  | $ | 0.30 |
Consolidated Statement of Net Income as of March 31, 2015:
|  | For the Three Months Ended |
|  | As Reported March 31, 2015 |  |  | Adjustments |  |  | As Restated March 31, 2015 |
Net patient revenues |  | $ | 75,807 |  |  | $ | - |  |  | $ | 75,807 |
Other revenues |  |  | 1,434 |  |  |  | - |  |  |  | 1,434 |
Net revenues |  |  | 77,241 |  |  |  | - |  |  |  | 77,241 |
Clinic operating costs: |  |  |  |  |  |  |  |  |  |  |  |
Salaries and related costs |  |  | 43,052 |  |  |  | - |  |  |  | 43,052 |
Rent, clinic supplies, contract labor and other |  |  | 16,325 |  |  |  | - |  |  |  | 16,325 |
Provision for doubtful accounts |  |  | 990 |  |  |  | - |  |  |  | 990 |
Closure costs |  |  | 32 |  |  |  | - |  |  |  | 32 |
Total clinic operating costs |  |  | 60,399 |  |  |  | - |  |  |  | 60,399 |
Gross margin |  |  | 16,842 |  |  |  | - |  |  |  | 16,842 |
Corporate office costs |  |  | 7,657 |  |  |  | - |  |  |  | 7,657 |
Operating income |  |  | 9,185 |  |  |  | - |  |  |  | 9,185 |
Interest and other income, net |  |  | 8 |  |  |  | - |  |  |  | 8 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |
Mandatorily redeemable non-controlling interests - change in redemption value |  |  | - |  |  |  | (244 | ) |  |  | (244 | )
Mandatorily redeemable non-controlling interests - earnings allocable |  |  | - |  |  |  | (706 | ) |  |  | (706 | )
Debt and other |  |  | (265 | ) |  |  | - |  |  |  | (265 | )
Total interest expense |  |  | (265 | ) |  |  | (950 | ) |  |  | (1,215 | )
Income before taxes |  |  | 8,928 |  |  |  | (950 | ) |  |  | 7,978 |
Provision for income taxes |  |  | 2,777 |  |  |  | (92 | ) |  |  | 2,685 |
Net income |  |  | 6,151 |  |  |  | (858 | ) |  |  | 5,293 |
Less: net income attributable to non-controlling interests |  |  | (1,985 | ) |  |  | 706 |  |  |  | (1,279 | )
Net income attributable to USPH shareholders |  | $ | 4,166 |  |  | $ | (152 | ) |  | $ | 4,014 |
Basic and diluted earnings per share attributable to USPH shareholders |  | $ | 0.34 |  |  | $ | (0.01 | ) |  | $ | 0.33 |
Shares used in computation - basic |  |  | 12,313 |  |  |  |  |  |  |  | 12,313 |
Shares used in computation - diluted |  |  | 12,313 |  |  |  |  |  |  |  | 12,313 |
Dividends declared per common share |  | $ | 0.15 |  |  |  |  |  |  | $ | 0.15 |
Consolidated Statement of Cash Flows as of September 30, 2016:
|  | For the Nine Months Ended |
|  | As Reported |  |  |  |  |  | As Restated |
|  | September 30, 2016 |  |  | Adjustments |  |  | September 30, 2016 |
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net income including non-controlling interests |  | $ | 25,712 |  |  | $ | (5,954 | ) |  | $ | 19,758 |
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 6,210 |  |  |  | - |  |  |  | 6,210 |
Provision for doubtful accounts |  |  | 2,962 |  |  |  | - |  |  |  | 2,962 |
Equity-based awards compensation expense |  |  | 3,748 |  |  |  | - |  |  |  | 3,748 |
Loss (gain) on sale of fixed assets |  |  | 31 |  |  |  | - |  |  |  | 31 |
Excess tax benefit from equity-based awards |  |  | (798 | ) |  |  | 798 |  |  |  | - |
Deferred income tax |  |  | 5,688 |  |  |  | (2,450 | ) |  |  | 3,238 |
Other |  |  | - |  |  |  | - |  |  |  | - |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  | - |
Increase in patient accounts receivable |  |  | (2,548 | ) |  |  | - |  |  |  | (2,548 | )
(Increase) decrease in accounts receivable - other |  |  | 116 |  |  |  | - |  |  |  | 116 |
Decrease (increase) in other assets |  |  | (4,979 | ) |  |  | - |  |  |  | (4,979 | )
Increase (decrease) in accounts payable and accrued expenses |  |  | 5,178 |  |  |  | (1,596 | ) |  |  | 3,582 |
Increase (decrease) in mandatorily redeemable non-controlling interests |  |  | - |  |  |  | 5,372 |  |  |  | 5,372 |
(Decrease) increase in other liabilities |  |  | 708 |  |  |  | - |  |  |  | 708 |
Net cash provided by operating activities |  |  | 42,028 |  |  |  | (3,830 | ) |  |  | 38,198 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Purchase of fixed assets |  |  | (5,620 | ) |  |  | - |  |  |  | (5,620 | )
Purchase of businesses, net of cash acquired |  |  | (12,958 | ) |  |  | - |  |  |  | (12,958 | )
Acquisitions of non-controlling interests |  |  | (1,800 | ) |  |  | 1,136 |  |  |  | (664 | )
Proceeds on sale of fixed assets, net |  |  | 42 |  |  |  | - |  |  |  | 42 |
Net cash used in investing activities |  |  | (20,336 | ) |  |  | 1,136 |  |  |  | (19,200 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Distributions to non-controlling interests |  |  | (8,271 | ) |  |  | 3,830 |  |  |  | (4,441 | )
Cash dividends to shareholders - funded |  |  | (6,382 | ) |  |  | - |  |  |  | (6,382 | )
Proceeds from revolving line of credit |  |  | 128,000 |  |  |  | - |  |  |  | 128,000 |
Payments on revolving line of credit |  |  | (136,000 | ) |  |  | - |  |  |  | (136,000 | )
Payments to settle mandatorily redeemable non-controlling interests |  |  | - |  |  |  | (1,136 | ) |  |  | (1,136 | )
Principal payments on notes payable |  |  | (592 | ) |  |  | - |  |  |  | (592 | )
Tax benefit from equity-based awards |  |  | 798 |  |  |  | - |  |  |  | 798 |
Other |  |  | 1 |  |  |  | - |  |  |  | 1 |
Net cash used in financing activities |  |  | (22,446 | ) |  |  | 2,694 |  |  |  | (19,752 | )
Net increase in cash and cash equivalents |  |  | (754 | ) |  |  | - |  |  |  | (754 | )
Cash and cash equivalents - beginning of period |  |  | 15,778 |  |  |  | - |  |  |  | 15,778 |
Cash and cash equivalents - end of period |  | $ | 15,024 |  |  | $ | - |  |  | $ | 15,024 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for: |  |  |  |  |  |  |  |  |  |  |  |
Income taxes |  | $ | 10,051 |  |  |  |  |  |  | $ | 10,051 |
Interest |  | $ | 770 |  |  |  |  |  |  | $ | 770 |
Non-cash investing and financing transactions during the period: |  |  |  |  |  |  |  |  |  |  |  |
Purchase of business - seller financing portion |  | $ | 500 |  |  |  |  |  |  | $ | 500 |
Acquisition of non-controlling interest - seller financing portion |  | $ | 514 |  |  |  |  |  |  | $ | 388 |
Payment to settle redeemable non-controlling interest - financing portion |  | $ | - |  |  |  |  |  |  | $ | 126 |
Sale of non-controlling interests |  | $ | (148 | ) |  |  |  |  |  | $ | (148 | )
Consolidated Statement of Cash Flows as of June 30, 2016:
|  | For the Six Months Ended |
|  | As Reported |  |  |  |  |  | As Restated |
|  | June 30, 2016 |  |  | Adjustments |  |  | June 30, 2016 |
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net income including non-controlling interests |  | $ | 17,740 |  |  | $ | (4,116 | ) |  | $ | 13,624 |
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 4,158 |  |  |  | - |  |  |  | 4,158 |
Provision for doubtful accounts |  |  | 2,045 |  |  |  | - |  |  |  | 2,045 |
Equity-based awards compensation expense |  |  | 2,484 |  |  |  | - |  |  |  | 2,484 |
Loss (gain) on sale of fixed assets |  |  | - |  |  |  | - |  |  |  | - |
Excess tax benefit from equity-based awards |  |  | (556 | ) |  |  | 556 |  |  |  | - |
Deferred income tax |  |  | 4,170 |  |  |  | (1,667 | ) |  |  | 2,503 |
Other |  |  | - |  |  |  | - |  |  |  | - |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  | - |
Increase in patient accounts receivable |  |  | (2,449 | ) |  |  | - |  |  |  | (2,449 | )
(Increase) decrease in accounts receivable - other |  |  | 53 |  |  |  | - |  |  |  | 53 |
Decrease (increase) in other assets |  |  | (2,443 | ) |  |  | - |  |  |  | (2,443 | )
Increase (decrease) in accounts payable and accrued expenses |  |  | 7,715 |  |  |  | (1,112 | ) |  |  | 6,603 |
Increase (decrease) in mandatorily redeemable non-controlling interests |  |  | - |  |  |  | 4,028 |  |  |  | 4,028 |
(Decrease) increase in other liabilities |  |  | 447 |  |  |  | - |  |  |  | 447 |
Net cash provided by operating activities |  |  | 33,364 |  |  |  | (2,311 | ) |  |  | 31,053 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Purchase of fixed assets |  |  | (3,453 | ) |  |  | - |  |  |  | (3,453 | )
Purchase of businesses, net of cash acquired |  |  | (12,958 | ) |  |  | - |  |  |  | (12,958 | )
Acquisitions of non-controlling interests, net of sales |  |  | (1,386 | ) |  |  | 1,136 |  |  |  | (250 | )
Proceeds on sale of fixed assets, net |  |  | 42 |  |  |  | - |  |  |  | 42 |
Net cash used in investing activities |  |  | (17,755 | ) |  |  | 1,136 |  |  |  | (16,619 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Distributions to non-controlling interests |  |  | (5,204 | ) |  |  | 2,311 |  |  |  | (2,893 | )
Cash dividends to shareholders - funded |  |  | (4,254 | ) |  |  | - |  |  |  | (4,254 | )
Proceeds from revolving line of credit |  |  | 93,000 |  |  |  | - |  |  |  | 93,000 |
Payments on revolving line of credit |  |  | (94,500 | ) |  |  | - |  |  |  | (94,500 | )
Payments to settle mandatorily redeemable non-controlling interests |  |  | - |  |  |  | (1,136 | ) |  |  | (1,136 | )
Principal payments on notes payable |  |  | (533 | ) |  |  | - |  |  |  | (533 | )
Tax benefit from equity-based awards |  |  | 556 |  |  |  | - |  |  |  | 556 |
Other |  |  | 1 |  |  |  | - |  |  |  | 1 |
Net cash used in financing activities |  |  | (10,934 | ) |  |  | 1,175 |  |  |  | (9,759 | )
Net increase in cash and cash equivalents |  |  | 4,675 |  |  |  | - |  |  |  | 4,675 |
Cash and cash equivalents - beginning of period |  |  | 15,778 |  |  |  | - |  |  |  | 15,778 |
Cash and cash equivalents - end of period |  | $ | 20,453 |  |  | $ | - |  |  | $ | 20,453 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for: |  |  |  |  |  |  |  |  |  |  |  |
Income taxes |  | $ | 5,513 |  |  |  |  |  |  | $ | 5,513 |
Interest |  | $ | 512 |  |  |  |  |  |  | $ | 512 |
Non-cash investing and financing transactions during the period: |  |  |  |  |  |  |  |  |  |  |  |
Purchase of business - seller financing portion |  | $ | 500 |  |  |  |  |  |  | $ | 500 |
Acquisition of non-controlling interest - seller financing portion |  | $ | 514 |  |  |  |  |  |  | $ | 388 |
Payment to settle redeemable non-controlling interest - financing portion |  | $ | - |  |  |  |  |  |  | $ | 126 |
Sale of non-controlling interests |  | $ | (148 | ) |  |  |  |  |  | $ | (148 | )
Consolidated Statement of Cash Flows as of March 31, 2016:
|  | For the Three Months Ended |
|  | As Reported |  |  |  |  |  | As Restated |
|  | March 31, 2016 |  |  | Adjustments |  |  | March 31, 2016 |
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net income including non-controlling interests |  | $ | 7,680 |  |  | $ | (1,727 | ) |  | $ | 5,953 |
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 2,091 |  |  |  | - |  |  |  | 2,091 |
Provision for doubtful accounts |  |  | 1,089 |  |  |  | - |  |  |  | 1,089 |
Equity-based awards compensation expense |  |  | 1,221 |  |  |  | - |  |  |  | 1,221 |
Loss (gain) on sale of fixed assets |  |  | (19 | ) |  |  | - |  |  |  | (19 | )
Excess tax benefit from equity-based awards |  |  | (323 | ) |  |  | 465 |  |  |  | 142 |
Deferred income tax |  |  | 2,709 |  |  |  | (886 | ) |  |  | 1,823 |
Other |  |  | - |  |  |  | - |  |  |  | - |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  | - |
Increase in patient accounts receivable |  |  | (2,185 | ) |  |  | - |  |  |  | (2,185 | )
(Increase) decrease in accounts receivable - other |  |  | 43 |  |  |  | - |  |  |  | 43 |
Decrease (increase) in other assets |  |  | (2,282 | ) |  |  | - |  |  |  | (2,282 | )
Increase (decrease) in accounts payable and accrued expenses |  |  | 4,322 |  |  |  | (930 | ) |  |  | 3,392 |
Increase (decrease) in mandatorily redeemable non-controlling interests |  |  | - |  |  |  | 2,578 |  |  |  | 2,578 |
(Decrease) increase in other liabilities |  |  | 365 |  |  |  | - |  |  |  | 365 |
Net cash provided by operating activities |  |  | 14,711 |  |  |  | (500 | ) |  |  | 14,211 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Purchase of fixed assets |  |  | (1,738 | ) |  |  | - |  |  |  | (1,738 | )
Purchase of businesses, net of cash acquired |  |  | (12,899 | ) |  |  | - |  |  |  | (12,899 | )
Acquisitions of non-controlling interests |  |  | (1,524 | ) |  |  | 1,136 |  |  |  | (388 | )
Proceeds on sale of fixed assets, net |  |  | 42 |  |  |  | - |  |  |  | 42 |
Net cash used in investing activities |  |  | (16,119 | ) |  |  | 1,136 |  |  |  | (14,983 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Distributions to non-controlling interests |  |  | (1,613 | ) |  |  | 500 |  |  |  | (1,113 | )
Cash dividends to shareholders - funded |  |  | (2,125 | ) |  |  | - |  |  |  | (2,125 | )
Proceeds from revolving line of credit |  |  | 49,000 |  |  |  | - |  |  |  | 49,000 |
Payments on revolving line of credit |  |  | (40,500 | ) |  |  | - |  |  |  | (40,500 | )
Payments to settle mandatorily redeemable non-controlling interests |  |  | - |  |  |  | (1,136 | ) |  |  | (1,136 | )
Principal payments on notes payable |  |  | (250 | ) |  |  | - |  |  |  | (250 | )
Tax benefit from equity-based awards |  |  | 323 |  |  |  | - |  |  |  | 323 |
Other |  |  | 1 |  |  |  | - |  |  |  | 1 |
Net cash used in financing activities |  |  | 4,836 |  |  |  | (636 | ) |  |  | 4,200 |
Net increase in cash and cash equivalents |  |  | 3,428 |  |  |  | - |  |  |  | 3,428 |
Cash and cash equivalents - beginning of period |  |  | 15,778 |  |  |  | - |  |  |  | 15,778 |
Cash and cash equivalents - end of period |  | $ | 19,206 |  |  | $ | - |  |  | $ | 19,206 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for: |  |  |  |  |  |  |  |  |  |  |  |
Income taxes |  | $ | 2,265 |  |  |  |  |  |  | $ | 2,265 |
Interest |  | $ | 248 |  |  |  |  |  |  | $ | 248 |
Non-cash investing and financing transactions during the period: |  |  |  |  |  |  |  |  |  |  |  |
Purchase of business - seller financing portion |  | $ | 500 |  |  |  |  |  |  | $ | 500 |
Acquisition of non-controlling interest - seller financing portion |  | $ | 514 |  |  |  |  |  |  | $ | 388 |
Payment to settle redeemable non-controlling interest - financing portion |  | $ | - |  |  |  |  |  |  | $ | 126 |
Consolidated Statement of Cash Flows as of September 30, 2015:
|  | For the Nine Months Ended |
|  | As Reported September 30, 2015 |  |  | Adjustments |  |  | As Restated September 30, 2015 |
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net income including non-controlling interests |  | $ | 23,332 |  |  | $ | (3,108 | ) |  | $ | 20,224 |
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 5,656 |  |  |  | - |  |  |  | 5,656 |
Provision for doubtful accounts |  |  | 3,119 |  |  |  | - |  |  |  | 3,119 |
Equity-based awards compensation expense |  |  | 3,368 |  |  |  | - |  |  |  | 3,368 |
Loss (gain) on sale of fixed assets |  |  | 3 |  |  |  | - |  |  |  | 3 |
Excess tax benefit from equity-based awards |  |  | (816 | ) |  |  | - |  |  |  | (816 | )
Deferred income tax |  |  | 3,181 |  |  |  | (263 | ) |  |  | 2,918 |
Other |  |  | 180 |  |  |  | - |  |  |  | 180 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  | - |
Increase in patient accounts receivable |  |  | (4,148 | ) |  |  | - |  |  |  | (4,148 | )
(Increase) decrease in accounts receivable - other |  |  | (145 | ) |  |  | - |  |  |  | (145 | )
Decrease (increase) in other assets |  |  | (1,485 | ) |  |  | - |  |  |  | (1,485 | )
Increase (decrease) in accounts payable and accrued expenses |  |  | (3,766 | ) |  |  | - |  |  |  | (3,766 | )
Increase (decrease) in mandatorily redeemable non-controlling interests |  |  | - |  |  |  | 683 |  |  |  | 683 |
(Decrease) increase in other liabilities |  |  | 380 |  |  |  | - |  |  |  | 380 |
Net cash provided by operating activities |  |  | 28,859 |  |  |  | (2,688 | ) |  |  | 26,171 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Purchase of fixed assets |  |  | (4,690 | ) |  |  | - |  |  |  | (4,690 | )
Purchase of businesses, net of cash acquired |  |  | (14,434 | ) |  |  | - |  |  |  | (14,434 | )
Acquisitions of non-controlling interests |  |  | (2,802 | ) |  |  | 1,860 |  |  |  | (942 | )
Proceeds on sale of fixed assets, net |  |  | 71 |  |  |  | - |  |  |  | 71 |
Net cash used in investing activities |  |  | (21,855 | ) |  |  | 1,860 |  |  |  | (19,995 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Distributions to non-controlling interests |  |  | (6,836 | ) |  |  | 2,688 |  |  |  | (4,148 | )
Cash dividends to shareholders - funded |  |  | (5,586 | ) |  |  | - |  |  |  | (5,586 | )
Proceeds from revolving line of credit |  |  | 75,000 |  |  |  | - |  |  |  | 75,000 |
Payments on revolving line of credit |  |  | (63,500 | ) |  |  | - |  |  |  | (63,500 | )
Payments to settle mandatorily redeemable non-controlling interests |  |  | - |  |  |  | (1,860 | ) |  |  | (1,860 | )
Principal payments on notes payable |  |  | (616 | ) |  |  | - |  |  |  | (616 | )
Tax benefit from equity-based awards |  |  | 816 |  |  |  | - |  |  |  | 816 |
Other |  |  | 5 |  |  |  | - |  |  |  | 5 |
Net cash (used) in provided by financing activities |  |  | (717 | ) |  |  | 828 |  |  |  | 111 |
Net increase in cash and cash equivalents |  |  | 6,287 |  |  |  | - |  |  |  | 6,287 |
Cash and cash equivalents - beginning of period |  |  | 14,271 |  |  |  | - |  |  |  | 14,271 |
Cash and cash equivalents - end of period |  | $ | 20,558 |  |  | $ | - |  |  | $ | 20,558 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for: |  |  |  |  |  |  |  |  |  |  |  |
Income taxes |  | $ | 5,659 |  |  |  |  |  |  | $ | 5,659 |
Interest |  | $ | 616 |  |  |  |  |  |  | $ | 616 |
Non-cash investing and financing transactions during the period: |  |  |  |  |  |  |  |  |  |  |  |
Purchase of business - seller financing portion |  | $ | 1,350 |  |  |  |  |  |  | $ | 1,350 |
Acquisition of non-controlling interest - seller financing portion |  | $ | 1,240 |  |  |  |  |  |  | $ | - |
Payment to settle redeemable non-controlling interest - financing portion |  | $ | - |  |  |  |  |  |  | $ | 1,240 |
Revaluation of madatorily redeemable non-controlling interests |  | $ | 627 |  |  |  |  |  |  | $ | 697 |
Consolidated Statement of Cash Flows as of June 30, 2015:
|  | For the Six Months Ended |
|  | As Reported June 30, 2015 |  |  | Adjustments |  |  | As Restated June 30, 2015 |
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net income including non-controlling interests |  | $ | 15,268 |  |  | $ | (2,018 | ) |  | $ | 13,250 |
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 3,674 |  |  |  | - |  |  |  | 3,674 |
Provision for doubtful accounts |  |  | 2,052 |  |  |  | - |  |  |  | 2,052 |
Equity-based awards compensation expense |  |  | 2,206 |  |  |  | - |  |  |  | 2,206 |
Loss (gain) on sale of fixed assets |  |  | (13 | ) |  |  | - |  |  |  | (13 | )
Excess tax benefit from equity-based awards |  |  | (430 | ) |  |  | - |  |  |  | (430 | )
Deferred income tax |  |  | 2,130 |  |  |  | (74 | ) |  |  | 2,056 |
Other |  |  | 111 |  |  |  | - |  |  |  | 111 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Increase in patient accounts receivable |  |  | (2,880 | ) |  |  | - |  |  |  | (2,880 | )
(Increase) decrease in accounts receivable - other |  |  | 165 |  |  |  | - |  |  |  | 165 |
Decrease (increase) in other assets |  |  | (13 | ) |  |  | - |  |  |  | (13 | )
Increase (decrease) in accounts payable and accrued expenses |  |  | (3,958 | ) |  |  | - |  |  |  | (3,958 | )
Increase (decrease) in mandatorily redeemable non-controlling interests |  |  | - |  |  |  | 90 |  |  |  | 90 |
(Decrease) increase in other liabilities |  |  | 927 |  |  |  | - |  |  |  | 927 |
Net cash provided by operating activities |  |  | 19,239 |  |  |  | (2,002 | ) |  |  | 17,237 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Purchase of fixed assets |  |  | (2,873 | ) |  |  | - |  |  |  | (2,873 | )
Purchase of businesses, net of cash acquired |  |  | (14,467 | ) |  |  | - |  |  |  | (14,467 | )
Acquisitions of non-controlling interests |  |  | (968 | ) |  |  | - |  |  |  | (968 | )
Proceeds on sale of fixed assets, net |  |  | 72 |  |  |  | - |  |  |  | 72 |
Net cash used in investing activities |  |  | (18,236 | ) |  |  | - |  |  |  | (18,236 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Distributions to non-controlling interests |  |  | (4,906 | ) |  |  | 2,002 |  |  |  | (2,904 | )
Cash dividends to shareholders - funded |  |  | (3,723 | ) |  |  | - |  |  |  | (3,723 | )
Proceeds from revolving line of credit |  |  | 51,000 |  |  |  | - |  |  |  | 51,000 |
Payments on revolving line of credit |  |  | (44,500 | ) |  |  | - |  |  |  | (44,500 | )
Principal payments on notes payable |  |  | (608 | ) |  |  | - |  |  |  | (608 | )
Tax benefit from equity-based awards |  |  | 430 |  |  |  | - |  |  |  | 430 |
Other |  |  | 5 |  |  |  | - |  |  |  | 5 |
Net cash used in financing activities |  |  | (2,302 | ) |  |  | 2,002 |  |  |  | (300 | )
Net increase in cash and cash equivalents |  |  | (1,299 | ) |  |  | - |  |  |  | (1,299 | )
Cash and cash equivalents - beginning of period |  |  | 14,271 |  |  |  | - |  |  |  | 14,271 |
Cash and cash equivalents - end of period |  | $ | 12,972 |  |  | $ | - |  |  | $ | 12,972 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for: |  |  |  |  |  |  |  |  |  |  |  |
Income taxes |  | $ | 3,835 |  |  |  |  |  |  | $ | 3,835 |
Interest |  | $ | 460 |  |  |  |  |  |  | $ | 460 |
Non-cash investing and financing transactions during the period: |  |  |  |  |  |  |  |  |  |  |  |
Purchase of business - seller financing portion |  | $ | 1,350 |  |  |  |  |  |  | $ | 1,350 |
Revaluation of madatorily redeemable non-controlling interests |  | $ | 627 |  |  |  |  |  |  | $ | 196 |
Consolidated Statement of Cash Flows as of March 31, 2015:
|  | For the Three Months Ended |
|  | As Reported March 31, 2015 |  |  | Adjustments |  |  | As Restated March 31, 2015 |
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net income including non-controlling interests |  | $ | 6,151 |  |  | $ | (858 | ) |  | $ | 5,293 |
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 1,807 |  |  |  | - |  |  |  | 1,807 |
Provision for doubtful accounts |  |  | 990 |  |  |  | - |  |  |  | 990 |
Equity-based awards compensation expense |  |  | 991 |  |  |  | - |  |  |  | 991 |
Loss (gain) on sale of fixed assets |  |  | 17 |  |  |  | - |  |  |  | 17 |
Excess tax benefit from equity-based awards |  |  | (271 | ) |  |  | - |  |  |  | (271 | )
Deferred income tax |  |  | 565 |  |  |  | (92 | ) |  |  | 473 |
Other |  |  | 34 |  |  |  | - |  |  |  | 34 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Increase in patient accounts receivable |  |  | (2,185 | ) |  |  | - |  |  |  | (2,185 | )
(Increase) decrease in accounts receivable - other |  |  | 125 |  |  |  | - |  |  |  | 125 |
Decrease (increase) in other assets |  |  | 106 |  |  |  | - |  |  |  | 106 |
Increase (decrease) in accounts payable and accrued expenses |  |  | (5,976 | ) |  |  | - |  |  |  | (5,976 | )
Increase (decrease) in mandatorily redeemable non-controlling interests |  |  | - |  |  |  | 406 |  |  |  | 406 |
(Decrease) increase in other liabilities |  |  | 665 |  |  |  | - |  |  |  | 665 |
Net cash provided by operating activities |  |  | 3,019 |  |  |  | (544 | ) |  |  | 2,475 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Purchase of fixed assets |  |  | (1,419 | ) |  |  | - |  |  |  | (1,419 | )
Purchase of businesses, net of cash acquired |  |  | (6,445 | ) |  |  | - |  |  |  | (6,445 | )
Acquisitions of non-controlling interests |  |  | (359 | ) |  |  | - |  |  |  | (359 | )
Proceeds on sale of fixed assets, net |  |  | 8 |  |  |  | - |  |  |  | 8 |
Net cash used in investing activities |  |  | (8,215 | ) |  |  | - |  |  |  | (8,215 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Distributions to non-controlling interests |  |  | (1,589 | ) |  |  | 544 |  |  |  | (1,045 | )
Proceeds from revolving line of credit |  |  | 34,000 |  |  |  | - |  |  |  | 34,000 |
Payments on revolving line of credit |  |  | (27,000 | ) |  |  | - |  |  |  | (27,000 | )
Principal payments on notes payable |  |  | (200 | ) |  |  | - |  |  |  | (200 | )
Tax benefit from equity-based awards |  |  | 271 |  |  |  | - |  |  |  | 271 |
Net cash used in financing activities |  |  | 5,482 |  |  |  | 544 |  |  |  | 6,026 |
Net increase in cash and cash equivalents |  |  | 286 |  |  |  | - |  |  |  | 286 |
Cash and cash equivalents - beginning of period |  |  | 14,271 |  |  |  | - |  |  |  | 14,271 |
Cash and cash equivalents - end of period |  | $ | 14,557 |  |  | $ | - |  |  | $ | 14,557 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for: |  |  |  |  |  |  |  |  |  |  |  |
Income taxes |  | $ | 1,275 |  |  |  |  |  |  | $ | 1,275 |
Interest |  | $ | 235 |  |  |  |  |  |  | $ | 235 |
Non-cash investing and financing transactions during the period: |  |  |  |  |  |  |  |  |  |  |  |
Purchase of business - seller financing portion |  | $ | 500 |  |  |  |  |  |  | $ | 500 |
Revaluation of madatorily redeemable non-controlling interests |  | $ | - |  |  |  |  |  |  | $ | 244 |

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1570-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration