UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
(Amendment No. 1)
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2012
OR
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File No. 1-15669
Gentiva Health Services, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 36-4335801 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
3350 Riverwood Parkway, Suite 1400, Atlanta, GA 30339-3314
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: (770) 951-6450
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Sec. 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act).
Large accelerated filer | ¨ | Accelerated filer | x | |||
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
The number of shares outstanding of the registrants Common Stock, as of July 27, 2012, was 30,566,762.
Page No. | ||||
3 | ||||
Item 6. Exhibits |
4 | |||
5 | ||||
6 |
2
The sole purpose of this Amendment No. 1 to the Quarterly Report on Form 10-Q (the Form 10-Q) of Gentiva Health Services, Inc. for the quarter ended June 30, 2012 is to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 to the Form 10-Q provides the consolidated financial statements and related notes from the Form 10-Q formatted in extensible business reporting language (XBRL).
No other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.
Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
3
Item 6. | Exhibits |
Exhibit Number |
Description | |
101.INS | XBRL Instance Document.* | |
101.SCH | XBRL Taxonomy Extension Schema Document.* | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document.* | |
101.DEF | XBRL Taxonomy Definition Linkbase Document.* | |
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document.* | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document.* |
* | Furnished herewith |
4
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 thereunto duly authorized.
GENTIVA HEALTH SERVICES, INC. (Registrant) | ||
Date: September 7, 2012 | /s/ Eric R. Slusser | |
Eric R. Slusser | ||
Executive Vice President, | ||
Chief Financial Officer and Treasurer |
5
Exhibit Number |
Description | |
101.INS | XBRL Instance Document.* | |
101.SCH | XBRL Taxonomy Extension Schema Document.* | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document.* | |
101.DEF | XBRL Taxonomy Definition Linkbase Document.* | |
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document.* | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document.* |
* | Furnished herewith |
6
Acquisitions and Dispositions (Details Textual) (USD $)
|
1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Apr. 29, 2011
|
Apr. 30, 2011
Odyssey Health Care Inc [Member]
|
Sep. 30, 2011
Rehab Without Walls [Member]
|
Jun. 30, 2011
Rehab Without Walls [Member]
|
Sep. 10, 2011
Rehab Without Walls [Member]
|
Jun. 30, 2012
Home Health [Member]
Louisiana [Member]
Branch
|
Jun. 30, 2012
Hospice [Member]
Louisiana [Member]
Branch
|
Jun. 30, 2012
Home Health and Hospice [Member]
|
Jun. 30, 2012
Home Health and Hospice [Member]
|
Oct. 31, 2011
Homemaker Services Agency and Rehab Without Walls [Member]
|
Jun. 30, 2012
Homemaker Services Agency and Rehab Without Walls [Member]
|
Jun. 30, 2011
Homemaker Services Agency and Rehab Without Walls [Member]
|
Oct. 14, 2011
Homemaker Services Agency and Rehab Without Walls [Member]
|
May 31, 2012
MP Healthcare Partners [Member]
|
|
Acquisitions and Dispositions (Textual) [Abstract] | ||||||||||||||||||
Purchased the outstanding member units representing the noncontrolling interest | $ 300,000 | $ 300,000 | ||||||||||||||||
Outstanding member units | 100.00% | |||||||||||||||||
Number of Branches Sold | 8 | 4 | ||||||||||||||||
Total consideration from sale of business | 9,800,000 | 6,400,000 | 2,400,000 | 300,000 | ||||||||||||||
Proceeds from Divestiture of Businesses | 6,090,000 | 13,581,000 | 9,200,000 | 5,900,000 | 5,900,000 | 2,000,000 | ||||||||||||
Receivables from business dispositions | 500,000 | |||||||||||||||||
Gain on sale of businesses | 5,447,000 | 5,447,000 | 5,400,000 | 5,400,000 | ||||||||||||||
Escrow fund | 600,000 | 400,000 | ||||||||||||||||
Reduction in escrow fund receivable | 300,000 | |||||||||||||||||
increase/decrease in escrow fund | $ 300,000 |
Long-Term Debt (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Long-term debt | ||
Total debt | $ 938,125 | $ 988,125 |
Less: current portion of long-term debt | (15,443) | (14,903) |
Total long-term debt | 922,682 | 973,222 |
11.5% Senior Notes due 2018 [Member]
|
||
Long-term debt | ||
Senior Notes | 325,000 | 325,000 |
Term Loan A, maturing August 17, 2015 [Member] | Credit Agreement [Member]
|
||
Long-term debt | ||
Credit Agreement, Term Loan A | 146,693 | 158,653 |
Term Loan B, maturing August 17, 2016 [Member] | Credit Agreement [Member]
|
||
Long-term debt | ||
Credit Agreement, Term Loan B | $ 466,432 | $ 504,472 |
Cost Savings Initiatives and Other Restructuring Costs, Acquisition and Integration Activities and Legal Settlements (Details Textual) (USD $)
|
1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2010
|
Jun. 30, 2012
|
Mar. 31, 2012
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Oct. 03, 2010
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Sep. 30, 2011
|
Oct. 03, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Mar. 31, 2012
Home Health [Member]
Branch
|
Dec. 31, 2011
Home Health [Member]
Branch
|
Dec. 31, 2011
Hospice [Member]
Branch
|
|
Segment Reporting Information [Line Items] | |||||||||||||||
Number of branches divested | 4 | 34 | 9 | ||||||||||||
Cost Savings Initiatives Acquisition and Integration Activities Other Restructuring and Legal Settlements (Textual) [Abstract] | |||||||||||||||
Charge | $ 25,000 | $ 5,391,000 | $ 21,246,000 | $ 3,765,000 | $ 5,400,000 | $ 25,000,000 | |||||||||
Severance costs facility lease | 500,000 | 1,800,000 | |||||||||||||
Acquisition and Integration Activities | 500,000 | 2,200,000 | 900,000 | 4,700,000 | |||||||||||
Restructuring charges | 1,300,000 | 1,800,000 | 3,500,000 | ||||||||||||
Non cash charges on restructuring activities | 114,000 | 197,000 | 407,000 | ||||||||||||
Legal Settlement | 26,000,000 | 5,000,000 | |||||||||||||
Settlement and Legal Fees | 18,500,000 | ||||||||||||||
Other restructuring and legal settlements unpaid | $ 5,361,000 | $ 13,333,000 | $ 24,659,000 | $ 19,306,000 | $ 5,361,000 | $ 24,659,000 | $ 38,379,000 | $ 19,377,000 |
Business Segment Information (Details 1) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
|
Segment information about the Company's operations | |||||
Net revenues | $ 427,691 | $ 448,712 | $ 863,343 | $ 899,821 | |
Operating contribution | 71,529 | 71,515 | 129,887 | 149,534 | |
Depreciation and amortization | (7,292) | (7,487) | (14,722) | (15,081) | |
Gain on sale of businesses | 5,447 | 5,447 | |||
Dividend income | 4,613 | 4,613 | |||
Interest expense and other, net | (22,655) | (20,786) | (44,157) | (47,669) | |
Income from continuing operations before income taxes and equity in net earnings of CareCentrix | 23,818 | 6,750 | 31,400 | 27,487 | |
Segment assets | 1,109,796 | 1,702,491 | 1,109,796 | 1,702,491 | |
Total assets | 1,479,021 | 2,090,593 | 1,479,021 | 2,090,593 | 1,530,328 |
Home Health [Member]
|
|||||
Segment information about the Company's operations | |||||
Net revenues | 235,687 | 254,343 | 475,651 | 510,382 | |
Operating contribution | 36,383 | 34,828 | 62,259 | 76,710 | |
Segment assets | 235,918 | 650,004 | 235,918 | 650,004 | |
Hospice [Member]
|
|||||
Segment information about the Company's operations | |||||
Net revenues | 192,004 | 194,369 | 387,692 | 389,439 | |
Operating contribution | 35,146 | 36,687 | 67,628 | 72,824 | |
Segment assets | 873,878 | 1,052,487 | 873,878 | 1,052,487 | |
Corporate [Member]
|
|||||
Segment information about the Company's operations | |||||
Corporate Expenses | (23,211) | (41,105) | (45,055) | (63,910) | |
Corporate assets | $ 369,225 | $ 388,102 | $ 369,225 | $ 388,102 |
Long-Term Debt (Details 1)
|
Jun. 30, 2012
|
---|---|
Eurodollar Rate [Member] | Term Loan A [Member] | Leverage Ratio Range One [Member]
|
|
Applicable Rate for Term Loan A | |
Term Loan A Original Eurodollar Rate | 5.00% |
Term Loan A Amended Eurodollar Rate | 3.25% |
Eurodollar Rate [Member] | Term Loan A [Member] | Leverage Ratio Range Two [Member]
|
|
Applicable Rate for Term Loan A | |
Term Loan A Original Eurodollar Rate | 4.50% |
Term Loan A Amended Eurodollar Rate | 3.00% |
Eurodollar Rate [Member] | Term Loan A [Member] | Leverage Ratio Range Three [Member]
|
|
Applicable Rate for Term Loan A | |
Term Loan A Original Eurodollar Rate | 4.00% |
Term Loan A Amended Eurodollar Rate | 2.75% |
Minimum Base Rate [Member] | Term Loan A [Member] | Leverage Ratio Range One [Member]
|
|
Applicable Rate for Term Loan A | |
Term Loan A Original Base Rate | 4.00% |
Term Loan A Amended Base Rate | 2.25% |
Minimum Base Rate [Member] | Term Loan A [Member] | Leverage Ratio Range Two [Member]
|
|
Applicable Rate for Term Loan A | |
Term Loan A Original Base Rate | 3.50% |
Term Loan A Amended Base Rate | 2.00% |
Minimum Base Rate [Member] | Term Loan A [Member] | Leverage Ratio Range Three [Member]
|
|
Applicable Rate for Term Loan A | |
Term Loan A Original Base Rate | 3.00% |
Term Loan A Amended Base Rate | 1.75% |
Minimum Base Rate [Member] | Term Loan B [Member] | Leverage Ratio Range One [Member]
|
|
Applicable Rate for Term Loan B | |
Term Loan B Amended Base Rate | 2.25% |
Minimum Base Rate [Member] | Term Loan B [Member] | Leverage Ratio Range Two [Member]
|
|
Applicable Rate for Term Loan B | |
Term Loan B Amended Base Rate | 2.00% |
Minimum Base Rate [Member] | Term Loan B [Member] | Leverage Ratio Range Three [Member]
|
|
Applicable Rate for Term Loan B | |
Term Loan B Amended Base Rate | 1.75% |
Note Receivable from and Investment in CareCentrix (Details Textual) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Note Receivable from and Investment in CareCentrix (Textual) [Abstract] | ||||
Promissory note | $ 25,000,000 | $ 25,000,000 | ||
Expected maturity date | Mar. 19, 2017 | |||
Period from closing of transaction to expected maturity date | 5 years 6 months | |||
Interest rate on promissory note | 10.00% | |||
Interest income | 697,000 | 639,000 | 1,358,000 | 1,304,000 |
Recognition of equity in net earnings | $ 336,000 | $ 890,000 |
Equity-Based Compensation Plans (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-Based Compensation Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average fair values of the Company's stock options granted |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of stock option activity |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of performance share unit |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of restricted Stock activity |
|
Long-Term Debt (Details 3)
|
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Increase in Gentiva's permitted maximum consolidated leverage ratio under Amendment No.3 | |
March 31, 2012 to September 30, 2014 | 6.25% |
Each fiscal quarter thereafter | 5.75% |
Subsequent Events (Details Textual) (Advocate Hospice LLC [Member], USD $)
In Millions, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Advocate Hospice LLC [Member]
|
|
Subsequent Events (Textual) [Abstract] | |
Effective date of acquisition | Jul. 22, 2012 |
Total consideration for acquisition of business | $ 5.5 |
Additional consideration payable if certain earnout conditions are met | $ 2 |
Business Segment Information (Details 2) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2012
|
Mar. 31, 2012
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Charges reflecting for segment reporting purposes | ||||||
Total | $ 25 | $ 5,391 | $ 21,246 | $ 3,765 | $ 5,400 | $ 25,000 |
Home Health [Member]
|
||||||
Charges reflecting for segment reporting purposes | ||||||
Total | (100) | 0 | 5,700 | 300 | ||
Hospice [Member]
|
||||||
Charges reflecting for segment reporting purposes | ||||||
Total | 300 | 0 | 100 | 700 | ||
Corporate expenses [Member]
|
||||||
Charges reflecting for segment reporting purposes | ||||||
Total | $ (200) | $ 21,200 | $ (400) | $ 24,000 |
Acquisitions and Dispositions (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Dispositions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of net revenues and operating results |
|
Identifiable Intangible Assets and Goodwill (Details 1) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
|
Gross carrying amount of goodwill | |||
Goodwill, Beginning Balance | $ 641,669 | $ 1,085,066 | $ 1,085,066 |
Goodwill adjustment | 13,600 | 13,640 | |
Less: impairment | (457,037) | ||
Goodwill acquired during 2012 | 0 | ||
Goodwill, Ending Balance | 641,669 | 641,669 | |
Home Health [Member]
|
|||
Gross carrying amount of goodwill | |||
Goodwill, Beginning Balance | 3,688 | 264,679 | 264,679 |
Goodwill adjustment | 2,379 | ||
Less: impairment | (263,370) | ||
Goodwill acquired during 2012 | 0 | ||
Goodwill, Ending Balance | 3,688 | 3,688 | |
Hospice [Member]
|
|||
Gross carrying amount of goodwill | |||
Goodwill, Beginning Balance | 637,981 | 820,387 | 820,387 |
Goodwill adjustment | 11,261 | ||
Less: impairment | (193,667) | ||
Goodwill acquired during 2012 | 0 | ||
Goodwill, Ending Balance | $ 637,981 | $ 637,981 |
Fair Value of Financial Instruments (Details Textual) (USD $)
|
6 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
Mar. 09, 2011
Interest Rate Cap [Member]
|
Jun. 30, 2011
Interest Rate Swap [Member]
|
Mar. 09, 2011
Interest Rate Swap [Member]
|
|
Fair Value of Financial Instruments (Textual) [Abstract] | |||||
Notes Receivable from CareCentrix maturity date | Mar. 19, 2017 | ||||
Derivative Instruments Held | $ 0 | $ 0 | $ 220,000,000 | ||
Interest rate swaps | 300,000,000 | ||||
Costs to terminate interest rate swaps | $ 300,000 | ||||
Interest rate cap expiry date | 2011-11 |
Earnings Per Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Computations of the basic and diluted per share amounts | ||||
Net income attributable to Gentiva shareholders | $ 13,909 | $ 5,189 | $ 18,749 | $ 18,641 |
Basic weighted average common shares outstanding | 30,338 | 30,293 | 30,532 | 30,210 |
Shares issuable upon the assumed exercise of stock options and under stock plans for employees and directors using the treasury stock method | 108 | 553 | 100 | 599 |
Diluted weighted average common shares outstanding | 30,446 | 30,846 | 30,632 | 30,809 |
Basic earnings per common share | ||||
Net income attributable to Gentiva shareholders | $ 0.46 | $ 0.17 | $ 0.61 | $ 0.62 |
Diluted earnings per common share: | ||||
Net income attributable to Gentiva shareholders | $ 0.46 | $ 0.17 | $ 0.61 | $ 0.61 |
Legal Matters (Details Textual) (USD $)
|
6 Months Ended | |
---|---|---|
Jun. 30, 2012
LegalMatter
Subpoena
Person
CostReport
Plaintiffs
Lawsuits
Employee
|
Feb. 15, 2012
|
|
Loss Contingencies [Line Items] | ||
Attorney Fees | $ 675,000 | |
Legal Matters (Textual) [Abstract] | ||
Loss Contingency, Number of Plaintiffs | 5 | |
Settlement of damages claims | 5,000,000 | |
Former employees of Generations Healthcare | 2 | |
Putative class action lawsuits filed in connection with Odyssey acquisition | 3 | |
Shareholder class actions filed against company | 5 | |
Number of lawsuits filed against the Company's current Board of Directors | 2 | |
Legal Matters Aggregate Adjustment to Allowable Costs | 15,900,000 | |
Number of cost reports | 2,000 | |
Number of patients records | 50 | |
Additional subpoenas from the OIG requesting medical records | 2 | |
Odyssey paid for Settlement Agreement | $ 25,000,000 |
Cost Savings Initiatives and Other Restructuring Costs, Acquisition and Integration Activities and Legal Settlements (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2012
|
Mar. 31, 2012
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Costs incurred and cash expenditures | ||||||
Beginning Balance | $ 13,333 | $ 38,379 | $ 19,306 | $ 19,377 | $ 38,379 | $ 19,377 |
Charge | 25 | 5,391 | 21,246 | 3,765 | 5,400 | 25,000 |
Cash Expenditure | (7,883) | (30,240) | (15,486) | (3,836) | ||
Non-cash expenditures | (114) | (197) | (407) | |||
Ending Balance | 5,361 | 13,333 | 24,659 | 19,306 | 5,361 | 24,659 |
Cost Savings and Other Restructuring [Member]
|
||||||
Costs incurred and cash expenditures | ||||||
Beginning Balance | 6,005 | 8,671 | 2,662 | 2,893 | 8,671 | 2,893 |
Charge | 542 | 842 | 504 | 1,259 | ||
Cash Expenditure | (2,462) | (3,527) | (788) | (1,490) | ||
Non-cash expenditures | (114) | 19 | (407) | |||
Ending Balance | 3,971 | 6,005 | 1,971 | 2,662 | 3,971 | 1,971 |
Acquisition & Integration [Member]
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Costs incurred and cash expenditures | ||||||
Beginning Balance | 2,328 | 3,708 | 4,144 | 3,984 | 3,708 | 3,984 |
Charge | (517) | (409) | 2,242 | 2,506 | ||
Cash Expenditure | (421) | (755) | (2,198) | (2,346) | ||
Non-cash expenditures | 0 | (216) | 0 | |||
Ending Balance | 1,390 | 2,328 | 4,188 | 4,144 | 1,390 | 4,188 |
Legal Settlements [Member]
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Costs incurred and cash expenditures | ||||||
Beginning Balance | 5,000 | 26,000 | 12,500 | 12,500 | 26,000 | 12,500 |
Charge | 0 | 4,958 | 18,500 | 0 | ||
Cash Expenditure | (5,000) | (25,958) | (12,500) | 0 | ||
Non-cash expenditures | 0 | 0 | 0 | |||
Ending Balance | $ 0 | $ 5,000 | $ 18,500 | $ 12,500 | $ 0 | $ 18,500 |
Acquisitions and Dispositions
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Acquisitions and Dispositions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions And Dispositions |
Acquisitions Odyssey Healthcare of Augusta, LLC Effective April 29, 2011, the Company purchased the outstanding member units representing the noncontrolling interest in Odyssey Healthcare of Augusta, LLC (“Augusta”) for approximately $0.3 million. As a result of the transaction, the Company owns 100 percent of the outstanding member units of Augusta. Dispositions Gentiva Consulting, Louisiana Home Health and Hospice Dispositions Effective May 31, 2012, the Company completed the sale of its Gentiva consulting business to MP Healthcare Partners, LLC, pursuant to an asset purchase agreement, for cash consideration of approximately $0.3 million. During the second quarter of 2012, the Company sold eight home health branches and four hospice branches in Louisiana, pursuant to an asset purchase agreement, for total consideration of approximately $6.4 million. The Company received proceeds of approximately $5.9 million during the first six months of 2012 and established a receivable of approximately $0.5 million. In connection with the sales, the Company recorded a gain on sale of businesses in the Company’s consolidated statements of comprehensive income of approximately $5.4 million for the second quarter and first six months of 2012. Home Health and Hospice Branch Dispositions In the fourth quarter of 2011, the Company entered into asset purchase agreements to sell the assets of certain home health branches in Utah, Michigan and Nevada, as well as a hospice branch in Texas. In addition, the Company entered into an option agreement to sell the assets of the Company’s home health branch in Brooklyn, New York pending approval by the Public Health Council and New York State Agencies. Homemaker Services Agency and Rehab Without Walls ® Dispositions Effective October 14, 2011, the Company completed the sale of its IDOA business to Premier Home Health Care Services, Inc., pursuant to an asset purchase agreement, for total consideration of approximately $2.4 million, consisting of (i) cash proceeds of approximately $2.0 million and (ii) an escrow fund of approximately $0.4 million, to be received by the Company subject to certain post closing conditions. During the first six months of 2012, the Company reduced the escrow fund receivable to approximately $0.3 million as a result of certain post closing conditions and received such funds in July 2012. Effective September 10, 2011, the Company completed the sale of its Rehab Without Walls ® business to Southern Home Care Services, Inc., pursuant to an asset purchase agreement, for total consideration of approximately $9.8 million. The consideration consisted of (i) cash proceeds of approximately $9.2 million and (ii) an escrow fund of approximately $0.6 million that will be received by the Company subject to certain post closing conditions.
Net revenues and operating results for the second quarter and first six months of 2011 for the homemaker services agency business in Illinois and the Rehab Without Walls® ® HME and IV businesses (in thousands):
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Equity-Based Compensation Plans (Details) (USD $)
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6 Months Ended | |
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Jun. 30, 2012
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Jun. 30, 2011
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Weighted-average fair values of the Company's stock options granted | ||
Weighted average fair value of options granted | $ 8.33 | $ 11.30 |
Risk-free interest rate | 2.15% | |
Expected volatility | 64.00% | 44.00% |
Contractual life | 7 years | 7 years |
Expected dividend yield | 0.00% | 0.00% |
Maximum [Member]
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Weighted-average fair values of the Company's stock options granted | ||
Risk-free interest rate | 0.95% | |
Expected life | 5 years 4 months 24 days | 6 years 6 months |
Minimum [Member]
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Weighted-average fair values of the Company's stock options granted | ||
Risk-free interest rate | 0.77% | |
Expected life | 3 years 4 months 24 days | 4 years 6 months |