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Earnings Per Share
6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share
2. Earnings Per Share

Basic and diluted earnings per share is computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The restricted stock the Company grants are participating securities containing non-forfeitable rights to receive dividends. Accordingly, any unvested shares of restricted stock is included in the basic and diluted earnings per share computation. Additionally, in accordance with current accounting guidance, the revaluation of redeemable non-controlling interest (see Note 4 Redeemable Non-Controlling Interest), net of tax, charged directly to retained earnings is included in the earnings per basic and diluted share calculation.

The computation of basic and diluted earnings per share are as follows.

 
For the Three Months Ended
   
For the Six Months Ended
 
   
June 30, 2024
   
June 30, 2023
   
June 30, 2024
   
June 30, 2023
 
    (In thousands, except per share data)  
Earnings per share
                       
Computation of earnings per share - USPH shareholders:
                       
Net income attributable to USPH shareholders
 
$
7,506
   
$
10,919
   
$
15,552
   
$
18,329
 
Charges to retained earnings:
                               
Revaluation of redeemable non-controlling interest
   
(622
)
   
(2,865
)
   
(2,061
)
   
(2,746
)
Tax effect at statutory rate (federal and state)
   
159
     
732
     
527
     
700
 
   
$
7,043
   
$
8,786
   
$
14,018
   
$
16,283
 
                                 
Earnings per share (basic and diluted)
 
$
0.47
   
$
0.64
   
$
0.93
   
$
1.22
 
                                 
Shares used in computation - basic and diluted
   
15,072
     
13,720
     
15,044
     
13,375