0001193125-12-210977.txt : 20120504 0001193125-12-210977.hdr.sgml : 20120504 20120504120701 ACCESSION NUMBER: 0001193125-12-210977 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120504 DATE AS OF CHANGE: 20120504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: U S PHYSICAL THERAPY INC /NV CENTRAL INDEX KEY: 0000885978 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HEALTH SERVICES [8000] IRS NUMBER: 760364866 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11151 FILM NUMBER: 12812914 BUSINESS ADDRESS: STREET 1: 1300 WEST SAM HOUSTON PARKWAY STREET 2: SUITE 300 CITY: HOUSTON STATE: TX ZIP: 77043 BUSINESS PHONE: 7132977000 MAIL ADDRESS: STREET 1: 1300 WEST SAM HOUSTON PARKWAY STREET 2: SUITE 300 CITY: HOUSTON STATE: TX ZIP: 77043 10-Q 1 d341868d10q.htm FORM 10-Q FOR QUARTERLY PERIOD ENDED MARCH 31, 2012 Form 10-Q for quarterly period ended March 31, 2012

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 

 

(MARK ONE)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED March 31, 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 NUMBER 1-11151

 

 

U.S. PHYSICAL THERAPY, INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

 

 

NEVADA   76-0364866

(STATE OR OTHER JURISDICTION OF

INCORPORATION OR ORGANIZATION)

 

(I.R.S. EMPLOYER

IDENTIFICATION NO.)

 

1300 WEST SAM HOUSTON PARKWAY SOUTH,

SUITE 300, HOUSTON, TEXAS

  77042
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)   (ZIP CODE)

(713) 297-7000

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE:

 

 

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.    x  Yes    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    x  Yes    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. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   ¨    Accelerated filer   x
Non-accelerated filer   ¨  (Do not check if a smaller reporting company)    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

As of May 4, 2012, the number of shares outstanding (issued less treasury stock) of the registrant’s common stock, par value $.01 per share, was: 11,765,840.

 

 

 


PART I - FINANCIAL INFORMATION   

Item 1.

  Financial Statements.   
  Consolidated Balance Sheets as of March 31, 2012 and December 31, 2011      3   
  Consolidated Statements of Net Income for the three months ended March 31, 2012 and 2011      4   
  Consolidated Statements of Cash Flows for the three months ended March 31, 2012 and 2011      5   
  Consolidated Statement of Shareholders’ Equity for the three months ended March 31, 2012      6   
  Notes to Consolidated Financial Statements      7   

Item 2.

  Management’s Discussion and Analysis of Financial Condition and Results of Operations      15   

Item 3.

  Quantitative and Qualitative Disclosure About Market Risk      19   

Item 4.

  Controls and Procedures      20   
PART II - OTHER INFORMATION      20   

Item 6.

  Exhibits      20   
  Signatures      21   
  Certifications   

 

2


ITEM 1. FINANCIAL STATEMENTS.

U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT SHARE DATA)

 

     March 31,
2012
    December 31,
2011
 
     (unaudited)        
ASSETS     

Current assets:

    

Cash

   $ 10,440      $ 9,983   

Patient accounts receivable, less allowance for doubtful accounts of $1,892 and $2,154, respectively

     29,456        28,333   

Accounts receivable—other, less allowance for doubtful accounts of $186 and $883, respectively

     1,979        1,614   

Other current assets

     5,248        5,737   
  

 

 

   

 

 

 

Total current assets

     47,123        45,667   

Fixed assets:

    

Furniture and equipment

     35,491        35,103   

Leasehold improvements

     19,987        20,385   
  

 

 

   

 

 

 
     55,478        55,488   

Less accumulated depreciation and amortization

     42,556        42,299   
  

 

 

   

 

 

 
     12,922        13,189   

Goodwill

     93,797        92,750   

Other intangible assets, net

     9,515        9,603   

Other assets

     1,079        2,043   
  

 

 

   

 

 

 
   $ 164,436      $ 163,252   
  

 

 

   

 

 

 
LIABILITIES AND SHAREHOLDERS’ EQUITY     

Current liabilities:

    

Accounts payable—trade

   $ 1,377      $ 1,809   

Accrued expenses

     10,656        14,082   

Current portion of notes payable

     483        433   
  

 

 

   

 

 

 

Total current liabilities

     12,516        16,324   

Notes payable

     334        284   

Revolving line of credit

     24,200        23,500   

Deferred rent

     946        941   

Other long-term liabilities

     605        623   
  

 

 

   

 

 

 

Total liabilities

     38,601        41,672   

Commitments and contingencies

    

Shareholders’ equity:

    

U. S. Physical Therapy, Inc. 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, 13,980,577 and 13,919,588 shares issued, respectively

     140        139   

Additional paid-in capital

     36,563        36,133   

Retained earnings

     105,825        102,405   

Treasury stock at cost, 2,214,737 shares

     (31,628     (31,628
  

 

 

   

 

 

 

Total U. S. Physical Therapy, Inc. shareholders’ equity

     110,900        107,049   

Noncontrolling interests

     14,935        14,531   
  

 

 

   

 

 

 

Total equity

     125,835        121,580   
  

 

 

   

 

 

 
   $ 164,436      $ 163,252   
  

 

 

   

 

 

 

See notes to consolidated financial statements.

 

3


U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF NET INCOME

(IN THOUSANDS, EXCEPT PER SHARE DATA)

(unaudited)

 

     Three Months Ended March 31,  
     2012     2011  

Net patient revenues

   $  60,499      $  53,872   

Other revenues

     2,083        2,869   
  

 

 

   

 

 

 

Net revenues

     62,582        56,741   

Clinic operating costs:

    

Salaries and related costs

     32,799        29,639   

Rent, clinic supplies, contract labor and other

     12,484        11,295   

Provision for doubtful accounts

     1,117        624   

Closure costs

     49        20   
  

 

 

   

 

 

 

Total clinic operating costs

     46,449        41,578   

Corporate office costs

     6,262        6,481   
  

 

 

   

 

 

 

Operating income

     9,871        8,682   

Interest and other income, net

     2        2   

Interest expense

     (162     (73
  

 

 

   

 

 

 

Income before taxes

     9,711        8,611   

Provision for income taxes

     2,899        2,426   
  

 

 

   

 

 

 

Net income including noncontrolling interests

     6,812        6,185   

Less: net income attributable to noncontrolling interests

     (2,334     (2,439
  

 

 

   

 

 

 

Net income attributable to common shareholders

   $ 4,478      $ 3,746   
  

 

 

   

 

 

 

Earnings per share attributable to common shareholders:

    

Basic

   $ 0.38      $ 0.32   
  

 

 

   

 

 

 

Diluted

   $ 0.38      $ 0.31   
  

 

 

   

 

 

 

Shares used in computation:

    

Basic

     11,726        11,718   
  

 

 

   

 

 

 

Diluted

     11,838        11,945   
  

 

 

   

 

 

 

Dividends declared per common share

   $ 0.09      $ 0.08   
  

 

 

   

 

 

 

See notes to consolidated financial statements.

 

4


U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

(unaudited)

 

     Three Months Ended March 31,  
     2012     2011  

OPERATING ACTIVITIES

    

Net income including noncontrolling interests

   $ 6,812      $ 6,185   

Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:

    

Depreciation and amortization

     1,334        1,330   

Provision for doubtful accounts

     1,117        624   

Equity-based awards compensation expense

     547        444   

Loss on sale or abandonment of assets, net

     58        56   

Deferred income tax

     1,610        365   

Other

     —          (374

Changes in operating assets and liabilities:

    

Increase in patient accounts receivable

     (2,179     (3,774

Increase in accounts receivable—other

     (426     (409

Decrease in other assets

     38        355   

(Decrease) increase in accounts payable and accrued expenses

     (3,728     685   
  

 

 

   

 

 

 

(Decrease) increase in other liabilities

     (12     208   

Net cash provided by operating activities

     5,171        5,695   

INVESTING ACTIVITIES

    

Purchase of fixed assets

     (896     (860

Purchase of businesses, net of cash acquired

     (1,090     —     

Acquisitions of noncontrolling interests

     (565     (15

Net proceeds on sale of fixed assets and business

     6        3   
  

 

 

   

 

 

 

Net cash used in investing activities

     (2,545     (872

FINANCING ACTIVITIES

    

Distributions to noncontrolling interests

     (1,919     (1,989

Cash dividends to shareholders

     (1,058     (943

Proceeds from revolving line of credit

     8,400        4,000   

Payments on revolving line of credit

     (7,700     (4,700

Payment of notes payable

     —          (100

Excess tax benefit from stock options exercised

     58        395   

Other

     50        1   
  

 

 

   

 

 

 

Net cash used in financing activities

     (2,169     (3,336

Net increase in cash

     457        1,487   

Cash—beginning of period

     9,983        9,179   
  

 

 

   

 

 

 

Cash—end of period

   $ 10,440      $ 10,666   
  

 

 

   

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

    

Cash paid during the period for:

    

Income taxes

   $ 576      $ 615   

Interest

   $ 283      $ 93   

Non-cash investing and financing transactions during the period:

    

Purchase of business—seller financing portion

   $ 100      $ —     

See notes to consolidated financial statements.

 

5


U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

(IN THOUSANDS)

(unaudited)

 

    U. S. Physical Therapy, Inc.              
                Additional                       Total              
    Common Stock     Paid-In     Retained     Treasury Stock     Shareholders’     Noncontrolling        
    Shares     Amount     Capital     Earnings     Shares     Amount     Equity     Interests     Total  

Balance December 31, 2011

    13,919      $  139      $  36,133      $  102,405        (2,215     $ (31,628)      $  107,049      $  14,531      $  121,580   

Issuance of restricted stock

    58        —          —          —          —          —          —          —          —     

Compensation expense - restricted stock

    —          —          547        —          —          —          547        —          547   

Transfer of compensation liability for certain stock issued pursuant to incentive plans

    —          —          135        —          —          —          135        —          135   

Proceeds from exercise of stock options

    3        1        —          —          —          —          1        —          1   

Excess tax benefit of equity grants

    —          —          58        —          —          —          58        —          58   

Contribution of non controlling interests partners

    —          —          —          —          —          —          —          49        49   

Acquisition of non controlling interests

    —          —          (310     —          —          —          (310     (60     (370

Cash dividends to USPT shareholders

    —          —          —          (1,058     —          —          (1,058     —          (1,058

Distributions to noncontrolling interest partners

    —          —          —          —          —          —          —          (1,919     (1,919

Net income

    —          —          —          4,478        —          —          4,478        2,334        6,812   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance March 31, 2012

    13,980      $ 140      $ 36,563      $ 105,825        (2,215   $ (31,628   $ 110,900      $ 14,935      $ 125,835   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

See notes to consolidated financial statements.

 

6


U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2012

(unaudited)

1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The consolidated financial statements include the accounts of U.S. Physical Therapy, Inc. and its subsidiaries (the “Company”). All significant intercompany transactions and balances have been eliminated. The Company primarily operates through subsidiary clinic partnerships, in which the Company generally owns a 1% general partnership interest and a 64% limited partnership interest. The managing therapist of each clinic owns, directly or indirectly, the remaining limited partnership interest in the majority of the clinics (hereinafter referred to as “Clinic Partnership”). To a lesser extent, the Company operates some clinics, through wholly-owned subsidiaries, under profit sharing arrangements with therapists (hereinafter referred to as “Wholly-Owned Facilities”).

The Company continues to seek to attract physical and occupational therapists who have established relationships with patients and physicians by offering therapists a competitive salary and a share of the profits of the clinic operated by that therapist. The Company has developed satellite clinic facilities of existing clinics, with the result that many Clinic Partnerships and Wholly-Owned Facilities operate more than one clinic location. In addition, the Company has acquired a majority interest in a number of clinics through acquisitions.

During the three months ended March 31, 2012, the Company acquired two clinics in two separate transactions. On January 3, 2012, the Company acquired a 100% interest in a clinic, and effective March 31, 2012, the Company acquired a 65% interest in another clinic. Also, during the three months ended March 31, 2012, the Company opened two new clinics and closed six clinics. As of March 31, 2012, the Company operated 414 clinics in 42 states.

The results of operations of the acquired clinics have been included in our consolidated financial statements since the date of their acquisition.

The Company intends to continue to focus on developing new clinics and on opening satellite clinics where deemed appropriate. The Company will also continue to evaluate acquisition opportunities.

The accompanying unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions for Form 10-Q. However, the statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. Management believes this report contains all necessary adjustments (consisting only of normal recurring adjustments) to present fairly, in all material respects, the Company’s financial position, results of operations and cash flows for the interim periods presented. For further information regarding the Company’s accounting policies, please read the audited financial statements included in the Company’s Form 10-K for the year ended December 31, 2011.

The Company believes, and the Chief Executive Officer, Chief Financial Officer and Corporate Controller have certified, that the financial statements included in this report present fairly, in all material respects, the Company’s financial position, results of operations and cash flows for the interim periods presented.

Operating results for the three months ended March 31, 2012 are not necessarily indicative of the results the Company expects for the entire year. Please also review the Risk Factors section included in our Form 10-K for the year ended December 31, 2011.

Clinic Partnerships

For Clinic Partnerships, the earnings and liabilities attributable to the non-controlling interests, typically owned by the managing therapist, directly or indirectly, are recorded within the balance sheets and income statements as non-controlling interests.

Wholly-Owned Facilities

For Wholly-Owned Facilities with profit sharing arrangements, an appropriate accrual is recorded for the amount of profit sharing due to the profit sharing therapists. The amount is expensed as compensation and included in clinic operating costs – salaries and related costs. The respective liability is included in current liabilities – accrued expenses on the balance sheet

 

7


Significant Accounting Policies

Long-Lived Assets

Fixed assets are stated at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the related assets. Estimated useful lives for furniture and equipment range from three to eight years and for software purchased from three to seven years. Leasehold improvements are amortized over the shorter of the related lease term or estimated useful lives of the assets, which is generally three to five years.

Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of

The Company reviews property and equipment and intangible assets with finite lives for impairment upon the occurrence of certain events or circumstances which indicate that the related amounts may be impaired. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Goodwill

Goodwill represents the excess of the amount paid and fair value of the non-controlling interests over the fair value of the acquired business assets, which include certain intangible assets. Historically, goodwill has been derived from acquisitions and, prior to 2009, from the purchase of some or all of a particular local management’s equity interest in an existing clinic. Effective January 1, 2009, if the purchase price of a non-controlling interest by the Company exceeds or is less than the book value at the time of purchase, any excess or shortfall is recognized as an adjustment to additional paid-in capital.

The fair value of goodwill and other intangible assets with indefinite lives are tested for impairment annually and upon the occurrence of certain events, and are written down to fair value if considered impaired. The Company evaluates goodwill for impairment on at least an annual basis (in its third quarter) by comparing the fair value of each reporting unit to the carrying value of the reporting unit including related goodwill. The Company operates a one segment business which is made up of various clinics within partnerships. A reporting unit refers to the acquired interest of a single clinic or group of clinics. Local management typically continues to manage the acquired clinic or group of clinics. For each clinic or group of clinics, the Company maintains discrete financial information and both corporate and local management regularly review the operating results.

An impairment loss generally would be recognized when the carrying amount of the net assets of the reporting unit, inclusive of goodwill and other intangible assets, exceed the estimated fair value of the reporting unit. The estimated fair value of a reporting unit is determined using two factors: (i) earnings prior to taxes, depreciation and amortization for the reporting unit multiplied by a price/earnings ratio used in the industry and (ii) a discounted cash flow analysis. A weight is assigned to each factor and the sum of each weight times the factor is considered the estimated fair value. For 2011, the factors (ie., price/earnings ratio, discount rate and residual capitalization rate) were updated to reflect current market conditions.

Non-controlling interests

The Company recognizes non-controlling interests as equity in the consolidated financial statements separate from the parent entity’s equity. The amount of net income attributable to non-controlling interests is included in consolidated net income on the face of the income statement. Changes in a parent entity’s ownership interest in a subsidiary that do not result in deconsolidation are treated as equity transactions if the parent entity retains its controlling financial interest. The Company recognizes a gain or loss in net income when a subsidiary is deconsolidated. Such gain or loss is measured using the fair value of the non-controlling equity investment on the deconsolidation date.

When the purchase price of a non-controlling interest by the Company exceeds or is less than the book value at the time of purchase, any excess or shortfall is recognized as an adjustment to additional paid-in capital. Additionally, operating losses are allocated to non-controlling interests even when such allocation creates a deficit balance for the non-controlling interest partner.

 

8


Revenue Recognition

Revenues are recognized in the period in which services are rendered. Net patient revenues (patient revenues less estimated contractual adjustments) are reported at the estimated net realizable amounts from third-party payors, patients and others for services rendered. The Company has agreements with third-party payors that provide for payments to the Company at amounts different from its established rates. The allowance for estimated contractual adjustments is based on terms of payor contracts and historical collection and write-off experience.

The Company determines allowances for doubtful accounts based on the specific agings and payor classifications at each clinic. The provision for doubtful accounts is included in clinic operating costs in the statement of net income. Net accounts receivable, which are stated at the historical carrying amount net of contractual allowances, write-offs and allowance for doubtful accounts, includes only those amounts the Company estimates to be collectible.

The Medicare program reimburses outpatient rehabilitation providers based on the Medicare Physician Fee Schedule (“MPFS”). The MPFS rates are automatically updated annually based on a formula, called the sustainable growth rate (“SGR”) formula. The use of the SGR formula has resulted in calculated automatic reductions in rates in every year since 2002; however, for each year through 2012, Centers for Medicare & Medicaid Services (“CMS”) or Congress has taken action to prevent the implementation of SGR formula reductions. The Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2011 provided a 2.2% increase to MPFS payment rates, retroactive from June 1, 2011 through November 30, 2011, suspending a 21.3% reduction that briefly became effective on June 1, 2011. The Medicare and Medicaid Extenders Act of 2011 (“MMEA”) prevented a 25.5% reduction in the MPFS payment rates that would have taken effect on January 1, 2011. The Temporary Payroll Tax Cut Continuation Act of 2011 (“TPTC”) delayed application of the SGR for two additional months, through February 29, 2012. The Middle Class Tax Relief and Job Creation Act of 2012 (“MCTRA”) included a measure freezing payment rates at their current level through December 31, 2012.

On November 1, 2011, CMS released the 2012 Medicare Physician Fee Schedule final rule. Given the prevention of the 27.4% reduction, the projected impact of other changes in the rule on outpatient physician therapy service payments in aggregate is expected to be a 4.0% increase in 2012, primarily due to the continued phase in of new practice expense survey data derived from the Physician Practice Information Survey (“PPIS”). In 2013, when the use of the PPIS data is fully phased in, the impact is expected to be a 6.0% increase for outpatient physical therapy payments. In the final 2012 Medicare Physician Fee Schedule rule, CMS indicated that over the next year it will continue to review whether specific Current Procedural Terminology (“CPT”) codes billed under the fee schedule are overvalued or undervalued, including certain specific CPT codes used by physical therapists.

As a result of the Balanced Budget Act of 1997, the formula for determining the total amount paid by Medicare in any one year for outpatient physical therapy, occupational therapy, and/or speech-language pathology services provided to any Medicare beneficiary (i.e., the “Therapy Cap” or “Limit”) was established. Based on the statutory definitions which constrained how the Therapy Cap would be applied, there is one Limit for Physical Therapy and Speech Language Pathology Services combined, and one Limit for Occupational Therapy. These Therapy Caps are applicable to outpatient therapy services provided in all settings, except for services provided in departments of hospitals. Therefore, outpatient therapy services rendered to Medicare beneficiaries by the Company’s therapist personnel are subject to the Therapy Cap, except to the extent these services are rendered pursuant to certain management and professional services agreements with hospitals for services provided in hospital departments. Effective January 1, 2012, the annual Limit on outpatient therapy services is $1,880 for physical therapy and speech language pathology services combined and $1,880 for occupational therapy services. Under the MCTRA this Limit will temporarily apply to hospital outpatient departments beginning no later than October 1, 2012.

Furthermore, under the MCTRA, starting on October 1, 2012, patients who meet or exceed $3,700 in therapy expenditures will be subject to a manual medical review. The MCTRA designates that this medical review will be similar to the process used following Deficit Reduction Act implementation in 2006. The $3,700 threshold will be applied to the combined physical therapy/speech language pathology cap; a separate $3,700 threshold will be applied to the occupational therapy cap.

In conjunction with establishing the Therapy Cap, Congress either delayed the implementation of these Limits or it provided a process authorizing CMS to grant exceptions to the Therapy Cap for services provided during a given year, as long as those services met certain qualifications. More recently, the MMEA extended the exceptions process for outpatient Therapy Caps through December 31, 2011, and the TPTC directed CMS to continue to allow exceptions to Therapy Caps for certain medically necessary services provided on or after January 1, 2012, through February 29, 2012. Under the MCTRA, Congress extended the Therapy Caps exceptions process through December 31, 2012.

CMS adopted a multiple procedure payment reduction (MPPR) for therapy services in the final update to the MPFS for calendar year 2011. Under MPPR, the Medicare program pays 100% of the practice expense component of the Relative

 

9


Value Unit (“RVU”) for the therapy procedure with the highest RVU, then reduces the payment for the practice expense component of the RVU for additional procedures. The reduction for these subsequent procedures varies based on the setting, with a 20% reduction for services in an office or other non-institutional setting and 25% in institutional settings. The reduction applies to any service furnished during the same day for the same patient, regardless of the type of therapy service or whether the therapy services are furnished in separate sessions. The MPPR was continued in calendar year 2012.

Statutes, regulations, and payment rules governing the delivery of therapy services to Medicare beneficiaries are complex and subject to interpretation. The Company believes that it is in compliance in all material respects with all applicable laws and regulations and is not aware of any pending or threatened investigations involving allegations of potential wrongdoing that would have a material effect on the Company’s financial statements as of March 31, 2012. Compliance with such laws and regulations can be subject to future government review and interpretation, as well as significant regulatory action including fines, penalties, and exclusion from the Medicare program.

Physician Services Revenues

Revenues from physician services are generated by franchisee arrangements with third parties, pursuant to which there are multiple deliverables — training and ongoing services — as well as through the two physician services facilities. Each component can be purchased separately. Revenue is recognized over the period the respective services are provided. Physician service revenues are included in “other revenues” in the accompanying Consolidated Statements of Net Income.

Management Contract Revenues

Management contract revenues are derived from contractual arrangements whereby the Company manages a clinic for third party owners. The Company does not have any ownership interest in these clinics. Typically, revenues are determined based on the number of visits conducted at the clinic and recognized when services are performed. Costs, typically salaries for the Company’s employees, are recorded when incurred. Management contract revenues are included in “other revenues” in the accompanying Consolidated Statements of Net Income.

Contractual Allowances

Contractual allowances result from the differences between the rates charged for services performed and expected reimbursements for such services by both insurance companies and government sponsored healthcare programs. Medicare regulations and the various third party payors and managed care contracts are often complex and may include multiple reimbursement mechanisms payable for the services provided in Company clinics. The Company estimates contractual allowances based on its interpretation of the applicable regulations, payor contracts and historical calculations. Each month the Company estimates its contractual allowance for each clinic based on payor contracts and the historical collection experience of the clinic and applies an appropriate contractual allowance reserve percentage to the gross accounts receivable balances for each payor of the clinic. Based on the Company’s historical experience, calculating the contractual allowance reserve percentage at the payor level is sufficient to allow it to provide the necessary detail and accuracy with its collectibility estimates. However, the services authorized and provided and related reimbursement are subject to interpretation that could result in payments that differ from the Company’s estimates. Payor terms are periodically revised necessitating continual review and assessment of the estimates made by management. The Company’s billing systems may not capture the exact change in its contractual allowance reserve estimate from period to period in order to assess the accuracy of its revenues, and hence, its contractual allowance reserves. Management regularly compares its cash collections to corresponding net revenues measured both in the aggregate and on a clinic-by-clinic basis. In the aggregate, historically the difference between net revenues and corresponding cash collections has generally reflected a difference within approximately 1% of net revenues. Additionally, analysis of subsequent period’s contractual write-offs on a payor basis shows a less than 1% difference between the actual aggregate contractual reserve percentage as compared to the estimated contractual allowance reserve percentage associated with the same period end balance. As a result, the Company believes that a change in the contractual allowance reserve estimate would not likely be more than 1% at March 31, 2012.

 

10


Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount to be recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority.

The Company recognizes accrued interest expense and penalties associated with unrecognized tax benefits as income tax expense. The Company did not have any accrued interest or penalties associated with any unrecognized tax benefits nor was any interest expense recognized during the three months ended March 31, 2012.

Fair Value of Financial Instruments

The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts receivable, accounts payable and notes payable approximate their fair values due to the short-term maturity of these financial instruments. The carrying amount of the Company’s revolving line of credit approximates its fair value. The interest rate on the revolving line of credit, which is tied to the Eurodollar Rate, is set at various short-term intervals as detailed in the credit agreement.

Segment Reporting

Operating segments are components of an enterprise for which separate financial information is available that is evaluated regularly by chief operating decision makers in deciding how to allocate resources and in assessing performance. The Company identifies operating segments based on management responsibility and believes it meets the criteria for aggregating its operating segments into a single reporting segment.

Use of Estimates

In preparing the Company’s consolidated financial statements, management makes certain estimates and assumptions, especially in relation to, but not limited to, purchase accounting, goodwill impairment, allowance for receivables, tax provision and contractual allowances, that affect the amounts reported in the consolidated financial statements and related disclosures. Actual results may differ from these estimates.

Self-Insurance Program

The Company utilizes a self-insurance plan for its employee group health insurance coverage administered by a third party. Predetermined loss limits have been arranged with the insurance company to minimize the Company’s maximum liability and cash outlay. Accrued expenses include the estimated incurred but unreported costs to settle unpaid claims and estimated future claims. Management believes that the current accrued amounts are sufficient to pay claims arising from self insurance claims incurred through March 31, 2012.

Restricted Stock

Restricted stock issued to employees and directors is subject to certain conditions, including continued employment or continued service on the board, respectively. The transfer restrictions for shares granted to employees lapse in equal installments on the following four or five annual anniversaries of the date of grant. Compensation expense for grants of restricted stock is recognized based on the fair value per share on the date of grant amortized over the service period. The restricted stock issued is included in basic and diluted shares for the earnings per share computation.

 

11


Recent Accounting Pronouncements

In July 2011, the Financial Accounting Standards Board (“FASB”) issued ASU 2011-07, “Health Care Entities (Topic 954): Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts and the Allowance for Doubtful Accounts for Certain Health Care Entities” (“ASU 2011-07”). ASU 2011-07 requires certain health care entities to change the presentation in their statement of operations by reclassifying the provision for bad debts associated with patient service revenue that is not subject to an assessment as to the patient’s ability to pay from an operating expense to a deduction from patient service revenue (net of contractual allowances and discounts). Additionally, those health care entities are required to provide enhanced disclosure about their policies for recognizing revenue and assessing bad debts. ASU 2011-07 also requires disclosure of patient service revenue (net of contractual allowances and discounts) as well as qualitative and quantitative information about changes in the allowance for doubtful accounts. The Company has evaluated ASU 2011-07 and concluded that it is not required to change its presentation and disclosure. Substantially all of the Company’s patient revenue is subject to an assessment as to the patient’s ability to pay at the time the related service is provided.

In September 2011, the FASB issued ASU 2011-08, “Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment” (“ASU 2011-08”), which modifies the impairment test for goodwill intangibles. ASU 2011-08 provides an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the fair value of a reporting unit is less than its carrying amount. Such qualitative factors may include the following: macroeconomic conditions; industry and market considerations; cost factors; overall financial performance; and other relevant entity-specific events. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform the existing two-step quantitative impairment test, otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, go directly to the two-step quantitative impairment test. These changes are effective for any goodwill impairment test performed on January 1, 2012 or later, although early adoption was permitted. These changes should not affect the outcome of the impairment analysis of a reporting unit. The Company performs a review of the Company’s goodwill in the third quarter of each fiscal year. The adoption of ASU 2011-08 in 2012 should not have a material impact on the Company’s consolidated financial statements.

2. EARNINGS PER SHARE

The computations of basic and diluted earnings per share for the Company are as follows (in thousands, except per share data):

 

     Three Months Ended
March 31,
 
     2012      2011  

Numerator:

     

Net income attributable to common shareholders

   $ 4,478       $ 3,746   
  

 

 

    

 

 

 

Denominator:

     

Denominator for basic earnings per share—weighted-average shares

     11,726         11,718   

Effect of dilutive securities—Stock options

     112         227   
  

 

 

    

 

 

 

Denominator for diluted earnings per share—adjusted weighted-average shares

     11,838         11,945   
  

 

 

    

 

 

 

Earnings per share attributable to common shareholders:

     

Basic

   $ 0.38       $ 0.32   
  

 

 

    

 

 

 

Diluted

   $ 0.38       $ 0.31   
  

 

 

    

 

 

 

All options to purchase shares were included in the diluted earnings per share calculation for the three months ended March 31, 2012 and 2011 as the average market price of the common shares was above the exercise prices. The Company’s restricted stock issued is included in basic and diluted shares for the earnings per share computation from the date of grant.

 

12


3. ACQUISITION OF BUSINESSES

During the three months ended March 31, 2012, the Company acquired two clinics in two separate transactions. On January 3, 2012, the Company acquired a 100% interest in a clinic for $1.0 million in cash and a $100,000 seller note, which is payable in two principal installments totaling $50,000 each, plus any accrued interest, in January 2013 and 2014. The purchase price of $1.1 million was preliminarily allocated as follows: $45,000 to non-current assets, $25,000 to non-competition agreement, $57,000 to referral relationships and $973,000 to goodwill, which is tax deductible. Effective March 31, 2012, the Company acquired a 65% interest in another clinic for $90,000 in cash. The purchase price was preliminarily allocated $20,000 to non-current assets and the remaining $70,000 to goodwill.

The consideration was agreed upon through arm’s length negotiations. Funding for the cash portion of the purchase price was derived from proceeds from the Company’s revolving credit facility.

The results of operations of these acquisitions have been included in the Company’s consolidated financial statements since acquired.

Because these acquisitions occurred during the quarter ended March 31, 2012, the purchase price plus the fair value of the noncontrolling interest was allocated to the fair value of the assets acquired and liabilities assumed based on the preliminary estimates of the fair values at the acquisition date, with the amount exceeding the estimated fair values being recorded as goodwill. The Company is in the process of completing its formal valuation analysis to identify and determine the fair value of tangible and intangible assets acquired and the liabilities assumed. Thus, the final allocation of the purchase price may differ from the preliminary estimates used at March 31, 2012 based on additional information obtained. Changes in the estimated valuation of the tangible and intangible assets acquired and the completion by the Company of the identification of any unrecorded pre-acquisition contingencies, where the liability is probable and the amount can be reasonably estimated, will likely result in adjustments to goodwill.

Unaudited proforma consolidated financial information for these acquisitions has not been included as the results were not material to current operations.

4. ACQUISITIONS OF NON-CONTROLLING INTERESTS

In three separate transactions during the three months ended March 31, 2012, the Company purchased 10% of the partnership interest in each of two partnerships and 35% of the partnership interest in a third partnership. The 35% interest was held by non controlling limited partner. After these transactions, the Company owns 75% of the partnership interest in each of the two partnerships and all of the partnership interest in the third partnership. The aggregate of the purchase prices paid was $565,000, which included $60,000 of undistributed earnings. The remaining purchase price of $505,000, less future tax benefits of $195,000, was recognized as an adjustment to additional paid-in capital.

5. GOODWILL

The changes in the carrying amount of goodwill consisted of the following (in thousands):

 

     Three Months
Ended

March 31,
2012
 

Beginning balance

   $ 92,750   

Goodwill acquired during the period

     1,043   

Goodwill adjustments for purchase price allocation of business acquired in 2011

     4   
  

 

 

 

Ending balance

   $ 93,797   
  

 

 

 

 

13


6. NOTES PAYABLE

Notes payable as of March 31, 2012 and December 31, 2011 consisted of the following ($ in thousands):

 

     2012     2011  

Revolving credit agreement average effective interest rate of 2.6% inclusive of unused fee

   $ 24,200      $ 23,500   

Promissory note payable in annual installments of $100 plus accrued interest through December 31, 2012, interest accrues at 3.25% per annum

     100        100   

Promissory note payable in annual installments of $50 plus accrued interest through December 21, 2012, interest accrues at 4.00% per annum

     50        50   

Promissory note payable in annual installments of $184 plus accrued interest through June 30, 2013, interest accrues at 3.25% per annum

     367        367   

Promissory note payable in annual installments of $100 plus accrued interest through July 25, 2013, interest accrues at 3.25% per annum

     200        200   

Promissory note payable in annual installments of $50 plus accrued interest through January 3, 2014, interest accrues at 3.25% per annum

     100        —     
  

 

 

   

 

 

 
     25,017        24,217   

Less current portion

     (483     (433
  

 

 

   

 

 

 
   $ 24,534      $ 23,784   
  

 

 

   

 

 

 

Effective August 27, 2007, the Company entered into a credit agreement with a commitment for a $30.0 million revolving credit facility which was increased to $50.0 million effective June 4, 2008 (“Credit Agreement”). Effective March 18, 2009, the Credit Agreement was amended to permit the purchase up to $15,000,000 of the Company’s common stock subject to compliance with certain covenants, including the requirement that after giving effect to any stock purchase, the Company’s consolidated leverage ratio (as defined in the Credit Agreement) be less than 1.0 to 1.0 and that any stock repurchased be retired within seven days of purchase. Effective October 13, 2010, the Credit Agreement was amended to extend the maturity date from August 31, 2011 to August 31, 2015. In addition, the Credit Agreement was amended to adjust the pricing grid which is based on the Company’s consolidated leverage ratio with the applicable spread over LIBOR ranging from 1.6% to 2.5% or the applicable spread over the Base Rate ranging from .1% to 1%. On July 14, 2011, the Credit Agreement was amended to increase the commitment from $50.0 million to $75.0 million. The Credit Agreement is unsecured and has loan covenants, including requirements that the Company comply with a consolidated fixed charge coverage ratio and consolidated leverage ratio. Proceeds from the Credit Agreement may be used for working capital, acquisitions, purchases of the Company’s common stock, dividend payments to the Company’s common stockholders, capital expenditures and other corporate purposes. Fees under the Credit Agreement include an unused commitment fee ranging from .1% to .25% depending on the Company’s consolidated leverage ratio and the amount of funds outstanding under the Credit Agreement. On March 31, 2012, $24.2 million was outstanding on the revolving credit facility resulting in $50.8 million of availability. The Company was in compliance with all of the covenants thereunder.

The Company generally enters into various notes payable as a means of financing a portion of its acquisitions and purchases of non controlling interests. In January 2012, the Company, in conjunction with the purchase of a clinic, entered into a note payable in the amount of $100,000 payable in two equal annual installments of $50,000 plus any accrued and unpaid interest. Interest accrues at 3.25% per annum.

Aggregate annual payments of principal required pursuant to the revolving credit facility and the above notes payable subsequent to March 31, 2012 are as follows:

 

During the twelve months ended March 31, 2013

   $ 483   

During the twelve months ended March 31, 2014

     334   

During the twelve months ended March 31, 2015

     —     

During the twelve months ended March 31, 2016

     24,200   
  

 

 

 

.

   $ 25,017   
  

 

 

 

 

14


7. COMMON STOCK

From September 2001 through December 31, 2008, the Board of Directors (“Board”) authorized the Company to purchase, in the open market or in privately negotiated transactions, up to 2,250,000 shares of the Company’s common stock. In March 2009, the Board authorized the repurchase of up to 10% or approximately 1,200,000 shares of its common stock (“March 2009 Authorization”). In connection with the March 2009 Authorization, the Company amended its bank credit agreement to permit share repurchases of up to $15,000,000. The Company is required to retire shares purchased under the March 2009 Authorization. Since there is no expiration date for the two share repurchase programs, additional shares may be purchased from time to time in the open market or private transactions depending on price, availability and the Company’s cash position. The Company did not purchase any shares of its common stock during the three months ended March 31, 2012. Using the March 30, 2012 closing price (last business day of the three months ended March 31, 2012) of $23.05 per share, there were approximately 147,000 shares remaining that could be purchased under these programs.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

EXECUTIVE SUMMARY

Our Business

We operate outpatient physical and/or occupational therapy clinics that provide preventive and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured workers.

On January 3, 2012, we acquired a 100% interest in a clinic and, effective March 31, 2012, the Company acquired a 65% interest in another clinic. On July 25, 2011, we acquired a 51% interest in a 20 clinic multi-partner physical therapy group (“July 2011 Acquisition”). During the three months ended March 31, 2012, the Company opened two new clinics and closed six clinics.

The results of operations of the acquired clinics have been included in our consolidated financials since the date of their acquisition.

In addition to our owned clinics, we also manage physical therapy facilities for third parties, primarily physicians, with 15 third-party facilities under management as of March 31, 2012.

Selected Operating and Financial Data

The following table presents selected operating and financial data that we believe are key indicators of our operating performance.

 

     For the Three Months
Ended March 31,
 
     2012      2011  

Number of clinics, at the end of period

     414         397   

Working days

     64         64   

Average visits per day per clinic

     21.8         20.4   

Total patient visits

     578,670         515,161   

Net patient revenue per visit

   $ 104.55       $ 104.57   

 

15


RESULTS OF OPERATIONS

Three Months Ended March 31, 2012 Compared to the Three Months Ended March 31, 2011

 

   

Net revenues increased to $62.6 million for the three months ended March 31, 2012 (“2012 First Quarter”) from $56.7 million for the three months ended March 31, 2011 (“2011 First Quarter”) primarily due to an increase in patient visits from 515,000 to 579,000. The average net patient revenue per visit for the 2012 First Quarter was $104.55 as compared to $104.57 in the 2011 First Quarter.

 

   

Net income attributable to our common shareholders for the 2012 First Quarter was $4.5 million versus $3.7 million for the 2011 First Quarter. Net income was $0.38 per diluted share for the 2012 First Quarter as compared to $0.31 per diluted share for the 2011 First Quarter. Total diluted shares were 11.8 million for the 2012 First Quarter and 11.9 million for the 2011 First Quarter.

Net Patient Revenues

 

   

Net patient revenues increased to $60.5 million for the 2012 First Quarter from $53.9 million for the 2011 First Quarter, an increase of $6.6 million, or 12.3%, primarily due to an increase in patient visits from 515,000 to 579,000.

 

   

The growth in patient visits was primarily attributable to 44,000 visits in clinics opened or acquired between April 1, 2011 and March 31, 2012 (“New Clinics”). For clinics opened or acquired prior to April 1, 2011 (“Mature Clinics”), patient visits increased 20,000 in the 2012 First Quarter as compared to the 2011 First Quarter.

 

   

Net patient revenues related to New Clinics amounted to $4.6 million for the 2012 First Quarter and net patient revenues for Mature Clinics increased $2.0 million for the 2012 First Quarter as compared to the 2011 First Quarter.

Net patient revenues are based on established billing rates less allowances and discounts for patients covered by contractual programs and workers’ compensation. Net patient revenues are after contractual and other adjustments relating to patient discounts from certain payors. Payments received under these programs are based on predetermined rates and are generally less than the established billing rates of the clinics.

Other Revenues

Other revenues decreased by $0.8 million from $2.9 million to $2.1 million due to lower revenues from physician services, which include clinical services related to intra articular joint and lumbar osteoarthritis programs as well as electro-diagnostic analysis.

Clinic Operating Costs

Clinic operating costs as a percentage of net revenues were 74.2% for the 2012 First Quarter and 73.3% for the 2011 First Quarter.

Clinic Operating Costs—Salaries and Related Costs

Salaries and related costs increased to $32.8 million for the 2012 First Quarter from $29.6 million for the 2011 First Quarter, an increase of $3.2 million, or 10.7%. Salaries and related costs for New Clinics amounted to $2.8 million for the 2012 First Quarter. Salaries and related costs for Mature Clinics increased by $0.4 million for the 2012 First Quarter as compared to the 2011 First Quarter. Salaries and related costs as a percentage of net revenues were 52.4% for the 2012 First Quarter and 52.2% for the 2011 First Quarter.

Clinic Operating Costs—Rent, Clinic Supplies, Contract Labor and Other

Rent, clinic supplies, contract labor and other were $12.5 million for the 2012 First Quarter and $11.3 million for the 2011 First Quarter. For New Clinics, rent, clinic supplies, contract labor and other amounted to $1.3 million for the 2012 First Quarter. For Mature Clinics, rent, clinic supplies, contract labor and other decreased slightly ($0.1 million) in the 2012 First Quarter compared to the 2011 First Quarter. Rent, clinic supplies, contract labor and other as a percentage of net revenues was 19.9% for the 2012 First Quarter and for the 2011 First Quarter.

 

16


Clinic Operating Costs—Provision for Doubtful Accounts

The provision for doubtful accounts was $1.1 million for the 2012 First Quarter and $0.7 million for the 2011 First Quarter. The provision for doubtful accounts for patients accounts receivable as a percentage of net patient revenues was 1.8% for the 2012 First Quarter and 1.2% for the 2011 First Quarter.

Our allowance for doubtful accounts for patient accounts receivable as a percentage of total patient accounts receivable was 6.0% at March 31, 2012, as compared to 7.1% at December 31, 2011. Our days sales outstanding was 48 days at March 31, 2012 and December 31, 2011.

Corporate Office Costs

Corporate office costs, consisting primarily of salaries and benefits of corporate office personnel, rent, insurance costs, depreciation and amortization, travel, legal, professional, and recruiting fees, were $6.3 million for the 2012 First Quarter and $6.5 million for the 2011 First Quarter. As a percentage of net revenues, corporate office costs were 10.0% for the 2012 First Quarter and 11.4% for the 2011 First Quarter.

Interest Expense

Interest expense increased to $162,000 in the 2012 First Quarter compared to $73,000 in the 2011 First Quarter due to an increase in the average borrowings outstanding under our revolving credit facility during the 2012 period compared to the 2011 period. At March 31, 2012, $24.2 million was outstanding under our revolving credit facility.

Provision for Income Taxes

The provision for income taxes increased to $2.9 million for the 2012 First Quarter from $2.4 million for the 2011 First Quarter. During the 2012 and 2011 First Quarters, the Company accrued state and federal income taxes at an effective tax rate (provision for taxes divided by the difference between income before taxes and net income attributable to non-controlling interests) of 39.3%.

Non-controlling Interests

Net income attributable to non-controlling interests was $2.3 million for the 2012 First Quarter and $2.4 million for the 2011 First Quarter. The reduction is attributable to the Company’s increased ownership interest in certain physical therapy partnerships. Net income attributable to non-controlling interests as a percentage of operating income before corporate office costs was 14.5% for the 2012 First Quarter and 16.1% for the 2011 First Quarter.

LIQUIDITY AND CAPITAL RESOURCES

We believe that our business is generating sufficient cash flow from operating activities to allow us to meet our short-term and long-term cash requirements, other than those with respect to future acquisitions. At March 31, 2012, we had $10.4 million in cash compared to cash of $10.0 million at December 31, 2011. We believe that our cash and unused availability under our $75.0 million revolving credit facility are sufficient to fund the working capital needs of our operating subsidiaries, corporate costs, dividends, purchases of our common stock, accrued clinic closure costs, future clinic development and investments through at least March 2013. Significant acquisitions of clinics and/or non-controlling interests would likely require financing under our existing revolving credit agreement (defined below).

During the 2012 First Quarter, $5.2 million was provided by operations, $0.7 million was derived from net proceeds from our revolving credit facility and $0.1 million was obtained from the exercise of stock options and related tax benefits and contributions of capital from a limited partner. The major uses of cash included: distributions to non-controlling interest partners ($1.9 million), purchase of businesses ($1.1 million), payments of cash dividends to our shareholders ($1.1 million), purchases of fixed assets ($0.9 million) and payments for acquisitions of non-controlling interests ($0.6 million).

Effective August 27, 2007, we entered into a credit agreement with a commitment for a $30.0 million revolving credit facility which was increased to $50.0 million effective June 4, 2008 (“Credit Agreement”). Effective March 18, 2009, we amended the Credit Agreement to permit us to purchase up to $15,000,000 of our common stock subject to compliance with certain covenants, including the requirement that after giving effect to any stock purchase, our consolidated leverage ratio (as defined in the Credit Agreement) be less than 1.0 to 1.0 and that any stock repurchased be retired within seven days of purchase. Effective October 13, 2010, we amended the Credit Agreement to extend the maturity date from August 31, 2011 to August 31, 2015. In addition, the Credit Agreement was amended to adjust the pricing grid which is

 

17


based on our consolidated leverage ratio with the applicable spread over LIBOR ranging from 1.6% to 2.5% or the applicable spread over the Base Rate ranging from .1% to 1%. On July 14, 2011, we amended the Credit Agreement to increase the commitment from $50.0 million to $75.0 million. The Credit Agreement is unsecured and has loan covenants, including requirements that we comply with a consolidated fixed charge coverage ratio and consolidated leverage ratio. Proceeds from the Credit Agreement may be used for working capital, acquisitions, purchases of our common stock, dividend payments to our common stockholders, capital expenditures and other corporate purposes. Fees under the Credit Agreement include an unused commitment fee ranging from .1% to .25% depending on our consolidated leverage ratio and the amount of funds outstanding under the Credit Agreement. On March 31, 2012, $24.2 million was outstanding on the revolving credit facility resulting in $50.8 million of availability, and we were in compliance with all of the covenants thereunder.

Historically, we have generated sufficient cash from operations to fund our development activities and to cover operational needs. We plan to continue developing new clinics and making additional acquisitions. We also from time to time purchase the non-controlling interests in our Clinic Partnerships. Generally, any acquisition or purchase of non-controlling interests is expected to be accomplished using a combination of cash and financing. Any large acquisition would likely require financing.

We make reasonable and appropriate efforts to collect accounts receivable, including applicable deductible and co-payment amounts, in a consistent manner for all payor types. Claims are submitted to payors daily, weekly or monthly in accordance with our policy or payor’s requirements. When possible, we submit our claims electronically. The collection process is time consuming and typically involves the submission of claims to multiple payors whose payment of claims may be dependent upon the payment of another payor. Claims under litigation and vehicular incidents can take a year or longer to collect. Medicare and other payor claims relating to new clinics awaiting Medicare Rehab Agency status approval initially may not be submitted for six months or more. When all reasonable internal collection efforts have been exhausted, accounts are written off prior to sending them to outside collection firms. With managed care, commercial health plans and self-pay payor type receivables, the write-off generally occurs after the account receivable has been outstanding for at least 120 days.

We generally enter into various notes payable as a means of financing our acquisitions. Our presently outstanding notes payable relate to acquisitions that occurred in 2012, 2011 and 2010. At March 31, 2012, the balance on these notes payable was $817,000.

In conjunction with acquisitions that occurred in 2010 and 2011, in the event that a limited minority partner’s employment ceases at any time after three years from the acquisition date, we have agreed to repurchase that individual’s non-controlling interest at a predetermined multiple of earnings before interest and taxes.

From September 2001 through December 31, 2008, the Board authorized us to purchase, in the open market or in privately negotiated transactions, up to 2,250,000 shares of our common stock. In March 2009, the Board authorized the repurchase of up to 10% or approximately 1,200,000 shares of our common stock (“March 2009 Authorization”). In connection with the March 2009 Authorization, we amended our bank credit agreement to permit the share repurchases of up to $15,000,000. We are required to retire shares purchased under the March 2009 Authorization. Since there is no expiration date for these share repurchase programs, additional shares may be purchased from time to time in the open market or private transactions depending on price, availability and our cash position. We did not purchase any shares of our common stock during the three months ended March 31, 2012. Using the March 30, 2012 closing price of our common stock (last business day of the three months ended March 31, 2012) of $23.05 per share, there were approximately 147,000 shares remaining that could be purchased under these programs.

FACTORS AFFECTING FUTURE RESULTS

The risks related to our business and operations include:

 

   

The uncertain economic conditions and the historically high unemployment rate in the United States may have material adverse impacts on our business and financial condition that we currently cannot predict.

 

   

We depend upon reimbursement by third-party payors including Medicare and Medicaid.

 

   

Changes as a result of healthcare reform legislation may affect our business.

 

   

We depend upon the cultivation and maintenance of relationships with the physicians in our markets.

 

   

We also depend upon our ability to recruit and retain experienced physical and occupational therapists.

 

   

Our revenues may fluctuate due to weather.

 

   

Our operations are subject to extensive regulation.

 

   

We operate in a highly competitive industry.

 

   

We may incur closure costs and losses.

 

18


   

Future acquisitions may use significant resources, may be unsuccessful and could expose us to unforeseen liabilities.

 

   

Certain of our internal controls, particularly as they relate to billings and cash collections, are largely decentralized at our clinic locations.

See Risk Factors in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2011.

FORWARD LOOKING STATEMENTS

Forward-Looking Statements

We make statements in this report that are considered to be forward-looking within the meaning under Section 21E of the Securities Exchange Act of 1934. These statements contain forward-looking information relating to the financial condition, results of operations, plans, objectives, future performance and business of our Company. These statements (often using words such as “believes”, “expects”, “intends”, “plans”, “appear”, “should” and similar words) involve risks and uncertainties that could cause actual results to differ materially from those we project. Included among such statements are those relating to opening new clinics, availability of personnel and the reimbursement environment. The forward-looking statements are based on our current views and assumptions and actual results could differ materially from those anticipated in such forward-looking statements as a result of certain risks, uncertainties, and factors, which include, but are not limited to:

 

   

changes in Medicare guidelines and reimbursement or failure of our clinics to maintain their Medicare certification status,

 

   

revenue and earnings expectations;

 

   

general economic conditions;

 

   

business and regulatory conditions including federal and state regulations;

 

   

changes as the result of government enacted national healthcare reform;

 

   

availability and cost of qualified physical and occupational therapists;

 

   

personnel productivity;

 

   

competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain clinics and thereby incur losses and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets;

 

   

changes in reimbursement rates or payment methods from third party payors including government agencies and deductibles and co-pays owed by patients;

 

   

maintaining adequate internal controls;

 

   

availability, terms, and use of capital;

 

   

acquisitions, purchase of non-controlling interests (minority interests) and the successful integration of the operations of the acquired businesses; and

 

   

weather and other seasonal factors.

Many factors are beyond our control. Given these uncertainties, you should not place undue reliance on our forward-looking statements. Please see our periodic reports filed with the Securities and Exchange Commission (the “SEC”) for more information on these factors. Our forward-looking statements represent our estimates and assumptions only as of the date of this report. Except as required by law, we are under no obligation to update any forward-looking statement, regardless of the reason the statement is no longer accurate.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We do not maintain any derivative instruments, interest rate swap arrangements, hedging contracts, futures contracts or the like. The Company’s primary market risk exposure is the changes in interest rates obtainable on our revolving credit agreement. The interest on our revolving credit agreement is based on a variable rate. At March 31, 2012, $24.2 million was outstanding on our revolving credit facility. Based on the balance of the revolving credit facility at March 31, 2012, any change in the interest rate of 1% would yield a decrease or increase in annual interest expense of $242,000.

 

19


ITEM 4. CONTROLS AND PROCEDURES.

(a) Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, the Company’s management completed an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures. Based on this evaluation, our principal executive officer and principal financial officer concluded (i) that our disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure and (ii) that our disclosure controls and procedures are effective.

(b) Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHER INFORMATION

ITEM 6. EXHIBITS.

 

Exhibit Number

  

Description

10.1    U. S. Physical Therapy, Inc. Objective Long-Term Incentive Plan for Senior Management, effective March 27, 2012 (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2012).
10.2    U. S. Physical Therapy, Inc. Discretionary Long-Term Incentive Plan for Senior Management for 2012, effective March 27, 2012 (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2012).
10.3    U. S. Physical Therapy, Inc. Objective Cash Bonus Plan for 2012, effective March 27, 2012 (incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2012).
10.4    U. S. Physical Therapy, Inc. Discretionary Cash Bonus Plan for 2012, effective March 27, 2012 (incorporated by reference to Exhibit 99.4 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2012).
31.1*    Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.
31.2*    Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.
31.3*    Rule 13a-14(a)/15d-14(a) Certification of Corporate Controller.
32*    Certification Pursuant to 18 U.S.C 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*    XBRL Instance Document
101.SCH*    XBRL Taxonomy Extension Schema Document
101.CAL*    XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*    XBRL Taxonomy Extension Label Linkbase Document
101.PRE*    XBRL Taxonomy Extension Presentation Linkbase Document

 

* Filed herewith

 

20


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on our behalf by the undersigned thereunto duly authorized.

 

    U.S. PHYSICAL THERAPY, INC.
Date: May 4, 2012     By:   /s/ LAWRANCE W. MCAFEE
      Lawrance W. McAfee
      Chief Financial Officer
     

(duly authorized officer and principal financial

and accounting officer)

    By:   /s/ JON C. BATES
      Jon C. Bates
      Vice President/Corporate Controller

 

21


INDEX OF EXHIBITS

 

Exhibit Number

  

Description

10.1    U. S. Physical Therapy, Inc. Objective Long-Term Incentive Plan for Senior Management, effective March 27, 2012 (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2012).
10.2    U. S. Physical Therapy, Inc. Discretionary Long-Term Incentive Plan for Senior Management for 2012, effective March 27, 2012 (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2012).
10.3    U. S. Physical Therapy, Inc. Objective Cash Bonus Plan for 2012, effective March 27, 2012 (incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2012).
10.4    U. S. Physical Therapy, Inc. Discretionary Cash Bonus Plan for 2012, effective March 27, 2012 (incorporated by reference to Exhibit 99.4 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2012).
31.1*    Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.
31.2*    Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.
31.3*    Rule 13a-14(a)/15d-14(a) Certification of Corporate Controller.
32*    Certification Pursuant to 18 U.S.C 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*    XBRL Instance Document
101.SCH*    XBRL Taxonomy Extension Schema Document
101.CAL*    XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*    XBRL Taxonomy Extension Label Linkbase Document
101.PRE*    XBRL Taxonomy Extension Presentation Linkbase Document

 

* Filed herewith

 

22

EX-31.1 2 d341868dex311.htm SECTION 302 CERTIFICATION OF CEO Section 302 Certification of CEO

EXHIBIT 31.1

CERTIFICATION

I, Christopher Reading, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of U.S. Physical Therapy, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

/s/ CHRISTOPHER READING
Christopher Reading
President and Chief Executive Officer
(principal executive officer)

Date: May 4, 2012

EX-31.2 3 d341868dex312.htm SECTION 302 CERTIFICATION OF CFO Section 302 Certification of CFO

EXHIBIT 31.2

CERTIFICATION

I, Lawrance W. McAfee, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of U.S. Physical Therapy, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

/s/ LAWRANCE W. MCAFEE
Lawrance W. McAfee
Chief Financial Officer
(principal financial and accounting officer)

Date: May 4, 2012

EX-31.3 4 d341868dex313.htm SECTION 302 CERTIFICATION OF CORPORATE CONTROLLER Section 302 Certification of Corporate Controller

EXHIBIT 31.3

CERTIFICATION

I, Jon C. Bates, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of U.S. Physical Therapy, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

/s/ JON C. BATES
Jon C. Bates
Vice President/Corporate Controller

Date: May 4, 2012

EX-32 5 d341868dex32.htm SECTION 906 CERTIFICATIONS OF CEO, CFO AND CORPORATE CONTROLLER Section 906 Certifications of CEO, CFO and Corporate Controller

EXHIBIT 32

CERTIFICATION OF PERIODIC REPORT

In connection with the Quarterly Report of U.S. Physical Therapy, Inc. (the “Company”) on Form 10-Q for the quarterly period ended March 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Christopher J. Reading, President and Chief Executive Officer of the Company, Lawrance W. McAfee, Chief Financial Officer of the Company, and Jon C. Bates, Vice President and Corporate Controller of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 4, 2012

 

/s/ CHRISTOPHER J. READING
Christopher J. Reading
Chief Executive Officer
/s/ LAWRANCE W. MCAFEE
Lawrance W. McAfee
Chief Financial Officer
/s/ JON C. BATES
Jon C. Bates
Vice President/Corporate Controller

This certification is made solely pursuant to the requirement of Section 1350 of 18 U.S.C., and is not for any other purpose. A signed original of this written statement required by Section 906 has been provided to U. S. Physical Therapy, Inc. and will be retained by U. S. Physical Therapy, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-101.INS 6 usph-20120331.xml XBRL INSTANCE DOCUMENT 0000885978 2012-05-04 0000885978 2012-03-31 0000885978 2011-12-31 0000885978 2012-01-01 2012-03-31 0000885978 2011-01-01 2011-03-31 0000885978 2010-12-31 0000885978 2011-03-31 0000885978 us-gaap:CommonStockMember 2011-12-31 0000885978 us-gaap:AdditionalPaidInCapitalMember 2011-12-31 0000885978 us-gaap:RetainedEarningsMember 2011-12-31 0000885978 us-gaap:TreasuryStockMember 2011-12-31 0000885978 us-gaap:StockholdersEquityTotalMember 2011-12-31 0000885978 us-gaap:NoncontrollingInterestMember 2011-12-31 0000885978 us-gaap:CommonStockMember 2012-01-01 2012-03-31 0000885978 us-gaap:AdditionalPaidInCapitalMember 2012-01-01 2012-03-31 0000885978 us-gaap:StockholdersEquityTotalMember 2012-01-01 2012-03-31 0000885978 us-gaap:NoncontrollingInterestMember 2012-01-01 2012-03-31 0000885978 us-gaap:RetainedEarningsMember 2012-01-01 2012-03-31 0000885978 us-gaap:CommonStockMember 2012-03-31 0000885978 us-gaap:AdditionalPaidInCapitalMember 2012-03-31 0000885978 us-gaap:RetainedEarningsMember 2012-03-31 0000885978 us-gaap:TreasuryStockMember 2012-03-31 0000885978 us-gaap:StockholdersEquityTotalMember 2012-03-31 0000885978 us-gaap:NoncontrollingInterestMember 2012-03-31 iso4217:USD xbrli:shares xbrli:shares iso4217:USD U S PHYSICAL THERAPY INC /NV 0000885978 --12-31 Accelerated Filer 10-Q false 2012-03-31 Q1 2012 11765840 10440000 9983000 29456000 28333000 1892000 2154000 1979000 1614000 186000 883000 5248000 5737000 47123000 45667000 35491000 35103000 19987000 20385000 55478000 55488000 42556000 42299000 12922000 13189000 93797000 92750000 9515000 9603000 1079000 2043000 164436000 163252000 1377000 1809000 10656000 14082000 483000 433000 12516000 16324000 334000 284000 24200000 23500000 946000 941000 605000 623000 38601000 41672000 .01 .01 500000 500000 140000 139000 .01 .01 20000000 20000000 13980577 13919588 36563000 36133000 105825000 102405000 31628000 31628000 2214737 2214737 110900000 107049000 14935000 14531000 125835000 121580000 164436000 163252000 60499000 53872000 2083000 2869000 62582000 56741000 32799000 29639000 12484000 11295000 1117000 624000 49000 20000 46449000 41578000 6262000 6481000 9871000 8682000 2000 2000 162000 73000 9711000 8611000 2899000 2426000 6812000 6185000 2334000 2439000 4478000 3746000 0.38 0.32 0.38 0.31 11726000 11718000 11838000 11945000 0.09 0.08 1334000 1330000 547000 444000 -58000 -56000 1610000 365000 -374000 2179000 3774000 426000 409000 -38000 -355000 -3728000 685000 -12000 208000 5171000 5695000 896000 860000 1090000 565000 15000 6000 3000 -2545000 -872000 1919000 1989000 1058000 943000 8400000 4000000 7700000 4700000 100000 58000 395000 50000 1000 -2169000 -3336000 457000 1487000 9983000 9179000 10440000 10666000 576000 615000 283000 93000 100000 13919000 139000 36133000 102405000 -2215000 -31628000 107049000 14531000 58000 547000 547000 547000 135000 135000 135000 3000 1000 1000 1000 58000 58000 58000 49000 49000 310000 310000 60000 370000 1058000 1058000 1058000 1919000 1919000 4478000 4478000 2334000 13980000 140000 36563000 105825000 -2215000 -31628000 110900000 14935000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 1 - us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock--> <!-- xbrl,ns --> <!-- xbrl,nx --> <font style="font-family:times new roman" size="2"><b></b></font> <font style="font-family:times new roman" size="2"><b></b></font> <font style="font-family:times new roman" size="2"> </font> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The consolidated financial statements include the accounts of U.S. Physical Therapy, Inc. and its subsidiaries (the &#8220;Company&#8221;). All significant intercompany transactions and balances have been eliminated. The Company primarily operates through subsidiary clinic partnerships, in which the Company generally owns a 1% general partnership interest and a 64% limited partnership interest. The managing therapist of each clinic owns, directly or indirectly, the remaining limited partnership interest in the majority of the clinics (hereinafter referred to as &#8220;Clinic Partnership&#8221;). To a lesser extent, the Company operates some clinics, through wholly-owned subsidiaries, under profit sharing arrangements with therapists (hereinafter referred to as &#8220;Wholly-Owned Facilities&#8221;). </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company continues to seek to attract physical and occupational therapists who have established relationships with patients and physicians by offering therapists a competitive salary and a share of the profits of the clinic operated by that therapist. The Company has developed satellite clinic facilities of existing clinics, with the result that many Clinic Partnerships and Wholly-Owned Facilities operate more than one clinic location. In addition, the Company has acquired a majority interest in a number of clinics through acquisitions. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">During the three months ended March&#160;31, 2012, the Company acquired two clinics in two separate transactions. On January&#160;3, 2012, the Company acquired a 100% interest in a clinic, and effective March&#160;31, 2012, the Company acquired a 65% interest in another clinic. Also, during the three months ended March&#160;31, 2012, the Company opened two new clinics and closed six clinics. As of March&#160;31, 2012, the Company operated 414 clinics in 42 states. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The results of operations of the acquired clinics have been included in our consolidated financial statements since the date of their acquisition. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company intends to continue to focus on developing new clinics and on opening satellite clinics where deemed appropriate. The Company will also continue to evaluate acquisition opportunities. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The accompanying unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions for Form 10-Q. However, the statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. Management believes this report contains all necessary adjustments (consisting only of normal recurring adjustments) to present fairly, in all material respects, the Company&#8217;s financial position, results of operations and cash flows for the interim periods presented. For further information regarding the Company&#8217;s accounting policies, please read the audited financial statements included in the Company&#8217;s Form 10-K for the year ended December&#160;31, 2011. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"> The Company believes, and the Chief Executive Officer, Chief Financial Officer and Corporate Controller have certified, that the financial statements included in this report present fairly, in all material respects, the Company&#8217;s financial position, results of operations and cash flows for the interim periods presented. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Operating results for the three months ended March&#160;31, 2012 are not necessarily indicative of the results the Company expects for the entire year. Please also review the Risk Factors section included in our Form 10-K for the year ended December&#160;31, 2011. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><i>Clinic Partnerships </i></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">For Clinic Partnerships, the earnings and liabilities attributable to the non-controlling interests, typically owned by the managing therapist, directly or indirectly, are recorded within the balance sheets and income statements as non-controlling interests. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><i>Wholly-Owned Facilities </i></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">For Wholly-Owned Facilities with profit sharing arrangements, an appropriate accrual is recorded for the amount of profit sharing due to the profit sharing therapists. The amount is expensed as compensation and included in clinic operating costs &#8211; salaries and related costs. The respective liability is included in current liabilities &#8211; accrued expenses on the balance sheet </font></p> <p style="font-size:1px;margin-top:18px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Significant Accounting Policies </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Long-Lived Assets </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Fixed assets are stated at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the related assets. Estimated useful lives for furniture and equipment range from three to eight years and for software purchased from three to seven years. Leasehold improvements are amortized over the shorter of the related lease term or estimated useful lives of the assets, which is generally three to five years. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"> <b>Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company reviews property and equipment and intangible assets with finite lives for impairment upon the occurrence of certain events or circumstances which indicate that the related amounts may be impaired. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Goodwill </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2"> Goodwill represents the excess of the amount paid and fair value of the non-controlling interests over the fair value of the acquired business assets, which include certain intangible assets. Historically, goodwill has been derived from acquisitions and, prior to 2009, from the purchase of some or all of a particular local management&#8217;s equity interest in an existing clinic. Effective January&#160;1, 2009, if the purchase price of a non-controlling interest by the Company exceeds or is less than the book value at the time of purchase, any excess or shortfall is recognized as an adjustment to additional paid-in capital. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"> The fair value of goodwill and other intangible assets with indefinite lives are tested for impairment annually and upon the occurrence of certain events, and are written down to fair value if considered impaired. The Company evaluates goodwill for impairment on at least an annual basis (in its third quarter) by comparing the fair value of each reporting unit to the carrying value of the reporting unit including related goodwill. The Company operates a one segment business which is made up of various clinics within partnerships. A reporting unit refers to the acquired interest of a single clinic or group of clinics. Local management typically continues to manage the acquired clinic or group of clinics. For each clinic or group of clinics, the Company maintains discrete financial information and both corporate and local management regularly review the operating results. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"> An impairment loss generally would be recognized when the carrying amount of the net assets of the reporting unit, inclusive of goodwill and other intangible assets, exceed the estimated fair value of the reporting unit. The estimated fair value of a reporting unit is determined using two factors: (i)&#160;earnings prior to taxes, depreciation and amortization for the reporting unit multiplied by a price/earnings ratio used in the industry and (ii)&#160;a discounted cash flow analysis. A weight is assigned to each factor and the sum of each weight times the factor is considered the estimated fair value. For 2011, the factors (ie., price/earnings ratio, discount rate and residual capitalization rate) were updated to reflect current market conditions. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Non-controlling interests </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company recognizes non-controlling interests as equity in the consolidated financial statements separate from the parent entity&#8217;s equity. The amount of net income attributable to non-controlling interests is included in consolidated net income on the face of the income statement. Changes in a parent entity&#8217;s ownership interest in a subsidiary that do not result in deconsolidation are treated as equity transactions if the parent entity retains its controlling financial interest. The Company recognizes a gain or loss in net income when a subsidiary is deconsolidated. Such gain or loss is measured using the fair value of the non-controlling equity investment on the deconsolidation date. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">When the purchase price of a non-controlling interest by the Company exceeds or is less than the book value at the time of purchase, any excess or shortfall is recognized as an adjustment to additional paid-in capital. Additionally, operating losses are allocated to non-controlling interests even when such allocation creates a deficit balance for the non-controlling interest partner. </font></p> <p style="font-size:1px;margin-top:18px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Revenue Recognition </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Revenues are recognized in the period in which services are rendered. Net patient revenues (patient revenues less estimated contractual adjustments) are reported at the estimated net realizable amounts from third-party payors, patients and others for services rendered. The Company has agreements with third-party payors that provide for payments to the Company at amounts different from its established rates. The allowance for estimated contractual adjustments is based on terms of payor contracts and historical collection and write-off experience. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"> The Company determines allowances for doubtful accounts based on the specific agings and payor classifications at each clinic. The provision for doubtful accounts is included in clinic operating costs in the statement of net income. Net accounts receivable, which are stated at the historical carrying amount net of contractual allowances, write-offs and allowance for doubtful accounts, includes only those amounts the Company estimates to be collectible. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Medicare program reimburses outpatient rehabilitation providers based on the Medicare Physician Fee Schedule (&#8220;MPFS&#8221;). The MPFS rates are automatically updated annually based on a formula, called the sustainable growth rate (&#8220;SGR&#8221;) formula. The use of the SGR formula has resulted in calculated automatic reductions in rates in every year since 2002; however, for each year through 2012, Centers for Medicare&#160;&#038; Medicaid Services (&#8220;CMS&#8221;) or Congress has taken action to prevent the implementation of SGR formula reductions. The Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2011 provided a 2.2% increase to MPFS payment rates, retroactive from June&#160;1, 2011 through November&#160;30, 2011, suspending a 21.3% reduction that briefly became effective on June&#160;1, 2011. The Medicare and Medicaid Extenders Act of 2011 (&#8220;MMEA&#8221;) prevented a 25.5% reduction in the MPFS payment rates that would have taken effect on January&#160;1, 2011. The Temporary Payroll Tax Cut Continuation Act of 2011 (&#8220;TPTC&#8221;) delayed application of the SGR for two additional months, through February&#160;29, 2012. The Middle Class Tax Relief and Job Creation Act of 2012 (&#8220;MCTRA&#8221;) included a measure freezing payment rates at their current level through December&#160;31, 2012. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">On November&#160;1, 2011, CMS released the 2012 Medicare Physician Fee Schedule final rule. Given the prevention of the 27.4% reduction, the projected impact of other changes in the rule on outpatient physician therapy service payments in aggregate is expected to be a 4.0% increase in 2012, primarily due to the continued phase in of new practice expense survey data derived from the Physician Practice Information Survey (&#8220;PPIS&#8221;). In 2013, when the use of the PPIS data is fully phased in, the impact is expected to be a 6.0% increase for outpatient physical therapy payments. In the final 2012 Medicare Physician Fee Schedule rule, CMS indicated that over the next year it will continue to review whether specific Current Procedural Terminology (&#8220;CPT&#8221;) codes billed under the fee schedule are overvalued or undervalued, including certain specific CPT codes used by physical therapists. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">As a result of the Balanced Budget Act of 1997, the formula for determining the total amount paid by Medicare in any one year for outpatient physical&#160;therapy, occupational therapy, and/or speech-language pathology services provided to any Medicare beneficiary (<i>i.e.</i>, the &#8220;Therapy Cap&#8221; or &#8220;Limit&#8221;) was established. Based on the statutory definitions which constrained how the Therapy Cap would be applied, there is one Limit for Physical Therapy and Speech Language Pathology Services combined, and one Limit for Occupational Therapy. These Therapy Caps are applicable to outpatient therapy services provided in all settings, except for services provided in departments of hospitals.&#160;Therefore, outpatient therapy services rendered to Medicare beneficiaries by the Company&#8217;s therapist personnel are subject to the Therapy Cap, except to the extent these services are rendered pursuant to certain management and professional services agreements with hospitals for services provided in hospital departments. Effective January&#160;1, 2012, the annual Limit on outpatient therapy services is $1,880 for physical therapy and speech language pathology services combined and $1,880 for occupational therapy services. Under the MCTRA this Limit will temporarily apply to hospital outpatient departments beginning no later than October&#160;1, 2012. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Furthermore, under the MCTRA, starting on October&#160;1, 2012, patients who meet or exceed $3,700 in therapy expenditures will be subject to a manual medical review. The MCTRA designates that this medical review will be similar to the process used following Deficit Reduction Act implementation in 2006. The $3,700 threshold will be applied to the combined physical therapy/speech language pathology cap; a separate $3,700 threshold will be applied to the occupational therapy cap. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"> In conjunction with establishing the Therapy Cap, Congress either delayed the implementation of these Limits or it provided a process authorizing CMS to grant exceptions to the Therapy Cap for services provided during a given year, as long as those services met certain qualifications. More recently, the MMEA extended the exceptions process for outpatient Therapy Caps through December&#160;31, 2011, and the TPTC directed CMS to continue to allow exceptions to Therapy Caps for certain medically necessary services provided on or after January&#160;1, 2012, through February&#160;29, 2012. Under the MCTRA, Congress extended the Therapy Caps exceptions process through December&#160;31, 2012. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">CMS adopted a multiple procedure payment reduction (MPPR) for therapy services in the final update to the MPFS for calendar year 2011. Under MPPR, the Medicare program pays 100% of the practice expense component of the Relative Value Unit (&#8220;RVU&#8221;) for the therapy procedure with the highest RVU, then reduces the payment for the practice expense component of the RVU for additional procedures. The reduction for these subsequent procedures varies based on the setting, with a 20% reduction for services in an office or other non-institutional setting and 25% in institutional settings. The reduction applies to any service furnished during the same day for the same patient, regardless of the type of therapy service or whether the therapy services are furnished in separate sessions. The MPPR was continued in calendar year 2012. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"> Statutes, regulations, and payment rules governing the delivery of therapy services to Medicare beneficiaries are complex and subject to interpretation. The Company believes that it is in compliance in all material respects with all applicable laws and regulations and is not aware of any pending or threatened investigations involving allegations of potential wrongdoing that would have a material effect on the Company&#8217;s financial statements as of March&#160;31, 2012. Compliance with such laws and regulations can be subject to future government review and interpretation, as well as significant regulatory action including fines, penalties, and exclusion from the Medicare program. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><i>Physician Services Revenues </i></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Revenues from physician services are generated by franchisee arrangements with third parties, pursuant to which there are multiple deliverables &#8212; training and ongoing services &#8212; as well as through the two physician services facilities. Each component can be purchased separately. Revenue is recognized over the period the respective services are provided. Physician service revenues are included in &#8220;other revenues&#8221; in the accompanying Consolidated Statements of Net Income. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><i>Management Contract Revenues </i></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Management contract revenues are derived from contractual arrangements whereby the Company manages a clinic for third party owners. The Company does not have any ownership interest in these clinics. Typically, revenues are determined based on the number of visits conducted at the clinic and recognized when services are performed. Costs, typically salaries for the Company&#8217;s employees, are recorded when incurred. Management contract revenues are included in &#8220;other revenues&#8221; in the accompanying Consolidated Statements of Net Income. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"> <b>Contractual Allowances </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Contractual allowances result from the differences between the rates charged for services performed and expected reimbursements for such services by both insurance companies and government sponsored healthcare programs. Medicare regulations and the various third party payors and managed care contracts are often complex and may include multiple reimbursement mechanisms payable for the services provided in Company clinics. The Company estimates contractual allowances based on its interpretation of the applicable regulations, payor contracts and historical calculations. Each month the Company estimates its contractual allowance for each clinic based on payor contracts and the historical collection experience of the clinic and applies an appropriate contractual allowance reserve percentage to the gross accounts receivable balances for each payor of the clinic. Based on the Company&#8217;s historical experience, calculating the contractual allowance reserve percentage at the payor level is sufficient to allow it to provide the necessary detail and accuracy with its collectibility estimates. However, the services authorized and provided and related reimbursement are subject to interpretation that could result in payments that differ from the Company&#8217;s estimates. Payor terms are periodically revised necessitating continual review and assessment of the estimates made by management. The Company&#8217;s billing systems may not capture the exact change in its contractual allowance reserve estimate from period to period in order to assess the accuracy of its revenues, and hence, its contractual allowance reserves. Management regularly compares its cash collections to corresponding net revenues measured both in the aggregate and on a clinic-by-clinic basis. In the aggregate, historically the difference between net revenues and corresponding cash collections has generally reflected a difference within approximately 1% of net revenues. Additionally, analysis of subsequent period&#8217;s contractual write-offs on a payor basis shows a less than 1% difference between the actual aggregate contractual reserve percentage as compared to the estimated contractual allowance reserve percentage associated with the same period end balance. As a result, the Company believes that a change in the contractual allowance reserve estimate would not likely be more than 1% at March&#160;31, 2012. </font></p> <p style="font-size:1px;margin-top:18px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Income Taxes </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount to be recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company recognizes accrued interest expense and penalties associated with unrecognized tax benefits as income tax expense. The Company did not have any accrued interest or penalties associated with any unrecognized tax benefits nor was any interest expense recognized during the three months ended March&#160;31, 2012. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Fair Value of Financial Instruments </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts receivable, accounts payable and notes payable approximate their fair values due to the short-term maturity of these financial instruments. The carrying amount of the Company&#8217;s revolving line of credit approximates its fair value. The interest rate on the revolving line of credit, which is tied to the Eurodollar Rate, is set at various short-term intervals as detailed in the credit agreement. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Segment Reporting </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Operating segments are components of an enterprise for which separate financial information is available that is evaluated regularly by chief operating decision makers in deciding how to allocate resources and in assessing performance. The Company identifies operating segments based on management responsibility and believes it meets the criteria for aggregating its operating segments into a single reporting segment. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b></b>U<b>se of Estimates </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2"> In preparing the Company&#8217;s consolidated financial statements, management makes certain estimates and assumptions, especially in relation to, but not limited to, purchase accounting, goodwill impairment, allowance for receivables, tax provision and contractual allowances, that affect the amounts reported in the consolidated financial statements and related disclosures. Actual results may differ from these estimates. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Self-Insurance Program </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company utilizes a self-insurance plan for its employee group health insurance coverage administered by a third party. Predetermined loss limits have been arranged with the insurance company to minimize the Company&#8217;s maximum liability and cash outlay. Accrued expenses include the estimated incurred but unreported costs to settle unpaid claims and estimated future claims. Management believes that the current accrued amounts are sufficient to pay claims arising from self insurance claims incurred through March&#160;31, 2012. </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Restricted Stock </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2"> Restricted stock issued to employees and directors is subject to certain conditions, including continued employment or continued service on the board, respectively. The transfer restrictions for shares granted to employees lapse in equal installments on the following four or five annual anniversaries of the date of grant. Compensation expense for grants of restricted stock is recognized based on the fair value per share on the date of grant amortized over the service period. The restricted stock issued is included in basic and diluted shares for the earnings per share computation. </font></p> <p style="font-size:1px;margin-top:18px;margin-bottom:0px">&#160;</p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>Recent Accounting Pronouncements </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In July&#160;2011, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued ASU 2011-07, &#8220;Health Care Entities (Topic 954): Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts and the Allowance for Doubtful Accounts for Certain Health Care Entities&#8221; (&#8220;ASU 2011-07&#8221;). ASU 2011-07 requires certain health care entities to change the presentation in their statement of operations by reclassifying the provision for bad debts associated with patient service revenue that is not subject to an assessment as to the patient&#8217;s ability to pay from an operating expense to a deduction from patient service revenue (net of contractual allowances and discounts). Additionally, those health care entities are required to provide enhanced disclosure about their policies for recognizing revenue and assessing bad debts. ASU 2011-07 also requires disclosure of patient service revenue (net of contractual allowances and discounts) as well as qualitative and quantitative information about changes in the allowance for doubtful accounts. The Company has evaluated ASU 2011-07 and concluded that it is not required to change its presentation and disclosure. Substantially all of the Company&#8217;s patient revenue is subject to an assessment as to the patient&#8217;s ability to pay at the time the related service is provided. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In September 2011, the FASB issued ASU 2011-08, &#8220;Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment&#8221; (&#8220;ASU 2011-08&#8221;), which modifies the impairment test for goodwill intangibles. ASU 2011-08 provides an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the fair value of a reporting unit is less than its carrying amount. Such qualitative factors may include the following: macroeconomic conditions; industry and market considerations; cost factors; overall financial performance; and other relevant entity-specific events. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform the existing two-step quantitative impairment test, otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, go directly to the two-step quantitative impairment test. These changes are effective for any goodwill impairment test performed on January&#160;1, 2012 or later, although early adoption was permitted. These changes should not affect the outcome of the impairment analysis of a reporting unit. The Company performs a review of the Company&#8217;s goodwill in the third quarter of each fiscal year. The adoption of ASU 2011-08 in 2012 should not have a material impact on the Company&#8217;s consolidated financial statements. </font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 2 - us-gaap:EarningsPerShareTextBlock--> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>2. EARNINGS PER SHARE </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The computations of basic and diluted earnings per share for the Company are as follows (in thousands, except per share data): </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="80%">&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">Three Months Ended<br />March 31,</font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">2012</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">2011</font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Numerator:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Net income attributable to common shareholders</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">4,478</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">3,746</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Denominator:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Denominator for basic earnings per share&#8212;weighted-average shares</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">11,726</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">11,718</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Effect of dilutive securities&#8212;Stock options</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">112</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">227</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Denominator for diluted earnings per share&#8212;adjusted weighted-average shares</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">11,838</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">11,945</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Earnings per share attributable to common shareholders:</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Basic</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.38</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.32</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Diluted</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.38</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">0.31</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">All options to purchase shares were included in the diluted earnings per share calculation for the three months ended March&#160;31, 2012 and 2011 as the average market price of the common shares was above the exercise prices. The Company&#8217;s restricted stock issued is included in basic and diluted shares for the earnings per share computation from the date of grant. </font></p> <p style="font-size:1px;margin-top:18px;margin-bottom:0px">&#160;</p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 3 - usph:AcquisitionOfBusinessTextBlock--> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>3. ACQUISITION OF BUSINESSES </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">During the three months ended March&#160;31, 2012, the Company acquired two clinics in two separate transactions. On January&#160;3, 2012, the Company acquired a 100% interest in a clinic for $1.0 million in cash and a $100,000 seller note, which is payable in two principal installments totaling $50,000 each, plus any accrued interest, in January 2013 and 2014. The purchase price of $1.1 million was preliminarily allocated as follows: $45,000 to non-current assets, $25,000 to non-competition agreement, $57,000 to referral relationships and $973,000 to goodwill, which is tax deductible. Effective March&#160;31, 2012, the Company acquired a 65% interest in another clinic for $90,000 in cash. The purchase price was preliminarily allocated $20,000 to non-current assets and the remaining $70,000 to goodwill. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"> The consideration was agreed upon through arm&#8217;s length negotiations. Funding for the cash portion of the purchase price was derived from proceeds from the Company&#8217;s revolving credit facility. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The results of operations of these acquisitions have been included in the Company&#8217;s consolidated financial statements since acquired. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Because these acquisitions occurred during the quarter ended March&#160;31, 2012, the purchase price plus the fair value of the noncontrolling interest was allocated to the fair value of the assets acquired and liabilities assumed based on the preliminary estimates of the fair values at the acquisition date, with the amount exceeding the estimated fair values being recorded as goodwill. The Company is in the process of completing its formal valuation analysis to identify and determine the fair value of tangible and intangible assets acquired and the liabilities assumed. Thus, the final allocation of the purchase price may differ from the preliminary estimates used at March&#160;31, 2012 based on additional information obtained. Changes in the estimated valuation of the tangible and intangible assets acquired and the completion by the Company of the identification of any unrecorded pre-acquisition contingencies, where the liability is probable and the amount can be reasonably estimated, will likely result in adjustments to goodwill. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2"> Unaudited proforma consolidated financial information for these acquisitions has not been included as the results were not material to current operations. </font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 4 - us-gaap:BusinessCombinationDisclosureTextBlock--> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>4. ACQUISITIONS OF NON-CONTROLLING INTERESTS </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">In three separate transactions during the three months ended March&#160;31, 2012, the Company purchased 10% of the partnership interest in each of two partnerships and 35% of the partnership interest in a third partnership. The 35% interest was held by non controlling limited partner. After these transactions, the Company owns 75% of the partnership interest in each of the two partnerships and all of the partnership interest in the third partnership. The aggregate of the purchase prices paid was $565,000, which included $60,000 of undistributed earnings. The remaining purchase price of $505,000, less future tax benefits of $195,000, was recognized as an adjustment to additional paid-in capital. </font></p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 5 - us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock--> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>5. GOODWILL </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The changes in the carrying amount of goodwill consisted of the following (in thousands): </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="85%">&#160;</td> <td valign="bottom" width="9%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">Three&#160;Months<br />Ended</font><br /><font style="font-family:times new roman" size="1">March 31,<br />2012</font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Beginning balance</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">92,750</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Goodwill acquired during the period</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">1,043</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Goodwill adjustments for purchase price allocation of business acquired in 2011</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">4</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Ending balance</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">93,797</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="font-size:1px;margin-top:18px;margin-bottom:0px">&#160;</p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 6 - us-gaap:DebtDisclosureTextBlock--> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>6. NOTES PAYABLE </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Notes payable as of March&#160;31, 2012 and December&#160;31, 2011 consisted of the following ($ in thousands): </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="76%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="80%">&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td valign="bottom" width="5%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <tr> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">2012</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><font style="font-family:times new roman" size="1">2011</font></td> <td valign="bottom"><font size="1">&#160;</font></td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Revolving credit agreement average effective interest rate of 2.6% inclusive of unused fee</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">24,200</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">23,500</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Promissory note payable in annual installments of $100 plus accrued interest through December&#160;31, 2012, interest accrues at 3.25%&#160;per annum</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">100</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">100</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Promissory note payable in annual installments of $50 plus accrued interest through December&#160;21, 2012, interest accrues at 4.00%&#160;per annum</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">50</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">50</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Promissory note payable in annual installments of $184 plus accrued interest through June&#160;30, 2013, interest accrues at 3.25%&#160;per annum</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">367</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">367</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Promissory note payable in annual installments of $100 plus accrued interest through July&#160;25, 2013, interest accrues at 3.25%&#160;per annum</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">200</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">200</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Promissory note payable in annual installments of $50 plus accrued interest through January&#160;3, 2014, interest accrues at 3.25%&#160;per annum</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">100</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">25,017</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">24,217</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">Less current portion</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(483</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">(433</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">)&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top">&#160;</td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">24,534</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">23,784</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Effective August&#160;27, 2007, the Company entered into a credit agreement with a commitment for a $30.0 million revolving credit facility which was increased to $50.0 million effective June&#160;4, 2008 (&#8220;Credit Agreement&#8221;). Effective March&#160;18, 2009, the Credit Agreement was amended to permit the purchase up to $15,000,000 of the Company&#8217;s common stock subject to compliance with certain covenants, including the requirement that after giving effect to any stock purchase, the Company&#8217;s consolidated leverage ratio (as defined in the Credit Agreement) be less than 1.0 to 1.0 and that any stock repurchased be retired within seven days of purchase. Effective October&#160;13, 2010, the Credit Agreement was amended to extend the maturity date from August&#160;31, 2011 to August&#160;31, 2015. In addition, the Credit Agreement was amended to adjust the pricing grid which is based on the Company&#8217;s consolidated leverage ratio with the applicable spread over LIBOR ranging from 1.6% to 2.5% or the applicable spread over the Base Rate ranging from .1% to 1%. On July&#160;14, 2011, the Credit Agreement was amended to increase the commitment from $50.0 million to $75.0 million. The Credit Agreement is unsecured and has loan covenants, including requirements that the Company comply with a consolidated fixed charge coverage ratio and consolidated leverage ratio. Proceeds from the Credit Agreement may be used for working capital, acquisitions, purchases of the Company&#8217;s common stock, dividend payments to the Company&#8217;s common stockholders, capital expenditures and other corporate purposes. Fees under the Credit Agreement include an unused commitment fee ranging from .1% to .25% depending on the Company&#8217;s consolidated leverage ratio and the amount of funds outstanding under the Credit Agreement. On March&#160;31, 2012, $24.2 million was outstanding on the revolving credit facility resulting in $50.8 million of availability. The Company was in compliance with all of the covenants thereunder. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">The Company generally enters into various notes payable as a means of financing a portion of its acquisitions and purchases of non controlling interests. In January 2012, the Company, in conjunction with the purchase of a clinic, entered into a note payable in the amount of $100,000 payable in two equal annual installments of $50,000 plus any accrued and unpaid interest. Interest accrues at 3.25%&#160;per annum. </font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:times new roman" size="2">Aggregate annual payments of principal required pursuant to the revolving credit facility and the above notes payable subsequent to March&#160;31, 2012 are as follows: </font></p> <p style="font-size:12px;margin-top:0px;margin-bottom:0px">&#160;</p> <table cellspacing="0" cellpadding="0" width="68%" border="0" style="border-collapse:collapse; text-align: left" align="center"> <!-- Begin Table Head --> <tr> <td width="88%">&#160;</td> <td valign="bottom" width="6%">&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> </tr> <!-- End Table Head --> <!-- Begin Table Body --> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">During the twelve months ended March&#160;31, 2013</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2"> 483</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">During the twelve months ended March&#160;31, 2014</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">334</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">During the twelve months ended March&#160;31, 2015</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">&#8212;&#160;&#160;</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">During the twelve months ended March&#160;31, 2016</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">24,200</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:1px solid #000000">&#160;</p> </td> <td>&#160;</td> </tr> <tr bgcolor="#cceeff"> <td valign="top"> <p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:times new roman" size="2">.</font></p> </td> <td valign="bottom"><font size="1">&#160;</font></td> <td valign="bottom"><font style="font-family:times new roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="font-family:times new roman" size="2">25,017</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:times new roman" size="2">&#160;</font></td> </tr> <tr style="font-size:1px"> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td valign="bottom"> <p style="border-top:3px double #000000">&#160;</p> </td> <td>&#160;</td> </tr> <!-- End Table Body --> </table> <p style="font-size:1px;margin-top:18px;margin-bottom:0px">&#160;</p> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <!-- Begin Block Tagged Note 7 - us-gaap:StockholdersEquityNoteDisclosureTextBlock--> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:times new roman" size="2"><b>7. COMMON STOCK </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:times new roman" size="2">From September 2001 through December&#160;31, 2008, the Board of Directors (&#8220;Board&#8221;) authorized the Company to purchase, in the open market or in privately negotiated transactions, up to 2,250,000 shares of the Company&#8217;s common stock. In March 2009, the Board authorized the repurchase of up to 10% or approximately 1,200,000 shares of its common stock (&#8220;March 2009 Authorization&#8221;). In connection with the March 2009 Authorization, the Company amended its bank credit agreement to permit share repurchases of up to $15,000,000. The Company is required to retire shares purchased under the March 2009 Authorization. Since there is no expiration date for the two share repurchase programs, additional shares may be purchased from time to time in the open market or private transactions depending on price, availability and the Company&#8217;s cash position. The Company did not purchase any shares of its common stock during the three months ended March&#160;31, 2012. Using the March&#160;30, 2012 closing price (last business day of the three months ended March&#160;31, 2012) of $23.05 per share, there were approximately 147,000 shares remaining that could be purchased under these programs. </font></p> EX-101.SCH 7 usph-20120331.xsd XBRL TAXONOMY EXTENSION SCHEMA 00 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 01 - Statement - Consolidated Balance Sheets link:presentationLink link:definitionLink link:calculationLink 011 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:definitionLink link:calculationLink 02 - Statement - Consolidated Statements of Net Income (Unaudited) link:presentationLink link:definitionLink link:calculationLink 03 - Statement - Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:definitionLink link:calculationLink 04 - Statement - Consolidated Statement of Shareholders' Equity (Unaudited) link:presentationLink link:definitionLink link:calculationLink 06001 - Disclosure - Basis of Presentation and Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 06002 - Disclosure - Earnings Per Share link:presentationLink link:definitionLink link:calculationLink 06003 - Disclosure - Acquisition of Business link:presentationLink link:definitionLink link:calculationLink 06004 - Disclosure - Acquisitions of Non-Controlling Interests link:presentationLink link:definitionLink link:calculationLink 06005 - Disclosure - Goodwill link:presentationLink link:definitionLink link:calculationLink 06006 - Disclosure - Notes Payable link:presentationLink link:definitionLink link:calculationLink 06007 - Disclosure - Common Stock link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 usph-20120331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 usph-20120331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 usph-20120331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 11 usph-20120331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 13 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisition of Business
3 Months Ended
Mar. 31, 2012
Acquisition of Business and Acquisitions of Non-Controlling Interests [Abstract]  
ACQUISITION OF BUSINESS

3. ACQUISITION OF BUSINESSES

During the three months ended March 31, 2012, the Company acquired two clinics in two separate transactions. On January 3, 2012, the Company acquired a 100% interest in a clinic for $1.0 million in cash and a $100,000 seller note, which is payable in two principal installments totaling $50,000 each, plus any accrued interest, in January 2013 and 2014. The purchase price of $1.1 million was preliminarily allocated as follows: $45,000 to non-current assets, $25,000 to non-competition agreement, $57,000 to referral relationships and $973,000 to goodwill, which is tax deductible. Effective March 31, 2012, the Company acquired a 65% interest in another clinic for $90,000 in cash. The purchase price was preliminarily allocated $20,000 to non-current assets and the remaining $70,000 to goodwill.

The consideration was agreed upon through arm’s length negotiations. Funding for the cash portion of the purchase price was derived from proceeds from the Company’s revolving credit facility.

The results of operations of these acquisitions have been included in the Company’s consolidated financial statements since acquired.

Because these acquisitions occurred during the quarter ended March 31, 2012, the purchase price plus the fair value of the noncontrolling interest was allocated to the fair value of the assets acquired and liabilities assumed based on the preliminary estimates of the fair values at the acquisition date, with the amount exceeding the estimated fair values being recorded as goodwill. The Company is in the process of completing its formal valuation analysis to identify and determine the fair value of tangible and intangible assets acquired and the liabilities assumed. Thus, the final allocation of the purchase price may differ from the preliminary estimates used at March 31, 2012 based on additional information obtained. Changes in the estimated valuation of the tangible and intangible assets acquired and the completion by the Company of the identification of any unrecorded pre-acquisition contingencies, where the liability is probable and the amount can be reasonably estimated, will likely result in adjustments to goodwill.

Unaudited proforma consolidated financial information for these acquisitions has not been included as the results were not material to current operations.

EXCEL 14 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\V,30S,C=C8E\U9#)E7S1D9#!?83AE.%\Y-C(X M,#,T9#8R83DB#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I% M>&-E;%=O#I7;W)K#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I. M86UE/DYO=&5S7U!A>6%B;&4\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I7;W)K M#I3='EL97-H965T($A2968],T0B5V]R:W-H965T3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\V M,30S,C=C8E\U9#)E7S1D9#!?83AE.%\Y-C(X,#,T9#8R83D-"D-O;G1E;G0M M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-C$T,S(W8V)?-60R95\T9&0P7V$X93A? M.38R.#`S-&0V,F$Y+U=O'0O:'1M;#L@8VAA2!);F9O2`P-"P@,C`Q,CQB'0^52!3(%!(65-)0T%,(%1(15)!4%D@24Y# M("].5CQS<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^,C`Q,CQS M<&%N/CPO'0^43$\2!&:6QE3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^06-C96QE2!#;VUM;VX@4W1O8VLL M(%-H87)E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S M8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I M=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A3PO=&0^#0H@("`@("`@(#QT M9"!C;&%S3PO=&0^#0H@("`@ M("`@(#QT9"!C;&%S&5D(&%S MF%T:6]N/"]T9#X-"B`@("`@("`@/'1D M(&-L87-S/3-$;G5M<#XT,BPU-38\6%B;&4M+71R861E/"]T9#X-"B`@("`@("`@/'1D(&-L M87-S/3-$;G5M<#XQ+#,W-SQS<&%N/CPO6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA'0^)FYB'0^)FYB7-I8V%L(%1H97)A<'DL($EN8RX@7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR+#@Y.3QS<&%N M/CPO'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$F%T:6]N/"]T9#X-"B`@("`@("`@/'1D M(&-L87-S/3-$;G5M<#XQ+#,S-#QS<&%N/CPO'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$6%B;&4@86YD(&%C8W)U960@97AP96YS97,\+W1D/@T*("`@("`@("`\=&0@ M8VQA6UE;G1S(&]N(')E=F]L M=FEN9R!L:6YE(&]F(&-R961I=#PO=&0^#0H@("`@("`@(#QT9"!C;&%S6%B;&4\ M+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S M8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I M=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$2!F;W(@8V5R=&%I;B!S M=&]C:R!I'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S"!B96YE9FET(&]F(&5Q=6ET>2!G M'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S7!E M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@ M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$&AT;6PQ+71R86YS:71I;VYA;"YD=&0B M("TM/@T*("`@/"$M+2!"96=I;B!";&]C:R!486=G960@3F]T92`Q("T@=7,M M9V%A<#I/'1";&]C:RTM/@T* M("`@/"$M+2!X8G)L+&YS("TM/@T*("`@/"$M+2!X8G)L+&YX("TM/@T*("`@ M/&9O;G0@6QE/3-$ M;6%R9VEN+71O<#HQ,G!X.VUA6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/E1H M92!C;VYS;VQI9&%T960@9FEN86YC:6%L('-T871E;65N=',@:6YC;'5D92!T M:&4@86-C;W5N=',@;V8@52Y3+B!0:'ES:6-A;"!4:&5R87!Y+"!);F,N(&%N M9"!I=',@2!C M;&EN:6,@<&%R=&YE2!G96YE M2UO=VYE9"!S=6)S:61I87)I97,L('5N9&5R('!R;V9I="!S:&%R M:6YG(&%R7-I8VEA;G,@8GD@ M;V9F97)I;F<-"B`@('1H97)A<&ES=',@82!C;VUP971I=&EV92!S86QA2!T:&%T('1H97)A<&ES="X@5&AE($-O;7!A;GD@:&%S(&1E=F5L M;W!E9"!S871E;&QI=&4@8VQI;FEC(&9A8VEL:71I97,@;V8@97AI2!#;&EN:6,@4&%R M=&YE#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3IT:6UEF4],T0R/D1U0T* M("`@86-Q=6ER960@82`Q,#`E(&EN=&5R97-T(&EN(&$@8VQI;FEC+"!A;F0@ M969F96-T:79E($UA2!O<&5N960@='=O(&YE=R!C;&EN:6-S(&%N M9"!C;&]S960@2!O<&5R871E9"`T,30@8VQI;FEC#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT M+69A;6EL>3IT:6UEF4],T0R/E1H92!R97-U;'1S M(&]F(&]P97)A=&EO;G,@;V8@=&AE(&%C<75I#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL M>3IT:6UEF4],T0R/E1H90T*("`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`@2!E>'!E8W1S(&9O#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0R/CQI/D-L:6YI M8R!087)T;F5R6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@7!I8V%L;'D@;W=N960@8GD@=&AE(&UA;F%G:6YG('1H97)A M<&ES="P@9&ER96-T;'D-"B`@(&]R(&EN9&ER96-T;'DL(&%R92!R96-O6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@2U/=VYE9"!& M86-I;&ET:65S('=I=&@@<')O9FET('-H87)I;F<@87)R86YG96UE;G1S+"!A M;B!A<'!R;W!R:6%T92!A8V-R=6%L(&ES(')E8V]R9&5D(&9O6QE/3-$ M9F]N="US:7IE.C%P>#MM87)G:6XM=&]P.C$X<'@[;6%R9VEN+6)O='1O;3HP M<'@^)B,Q-C`[/"]P/@T*("`@/'`@#MM M87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/CQB/E-I9VYI9FEC86YT($%C8V]U M;G1I;F<@4&]L:6-I97,-"B`@(#PO8CX\+V9O;G0^/"]P/@T*("`@/'`@#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S M='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R M/CQB/DQO;F#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4] M,T0R/D9I>&5D#0H@("!A65A#MM M87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/@T*("`@/&(^26UP86ER;65N="!O M9B!,;VYG+4QI=F5D($%S6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$;6%R9VEN+71O<#HV<'@[ M;6%R9VEN+6)O='1O;3HP<'@^/&9O;G0@2!I;G1E&ES M=&EN9R!C;&EN:6,N($5F9F5C=&EV92!*86YU87)Y)B,Q-C`[,2P@,C`P.2P@ M:68@=&AE('!U2!A;F0@=7!O;B!T:&4@;V-C=7)R96YC92!O9B!C97)T86EN(&5V96YT6EN M9R!V86QU92!O9B!T:&4@7!I8V%L;'D@8V]N=&EN=65S('1O(&UA;F%G92!T:&4@86-Q=6ER960@8VQI M;FEC(&]R#0H@("!G#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/@T* M("`@06X@:6UP86ER;65N="!L;W-S(&=E;F5R86QL>2!W;W5L9"!B92!R96-O M9VYI>F5D('=H96X@=&AE(&-AF%T:6]N(&9O2!A('!R:6-E+V5AF%T:6]N(')A M=&4I('=E#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT M+69A;6EL>3IT:6UEF4],T0R/CQB/DYO;BUC;VYT M6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@2!I;B!T:&4@8V]N2!T:&%T(&1O(&YO="!R97-U;'0@:6X@9&5C;VYS;VQI9&%T:6]N(&%R M90T*("`@=')E871E9"!A#MM M87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/E=H96X@=&AE('!U6QE/3-$9F]N M="US:7IE.C%P>#MM87)G:6XM=&]P.C$X<'@[;6%R9VEN+6)O='1O;3HP<'@^ M)B,Q-C`[/"]P/@T*("`@/'`@#MM87)G M:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UE MF4],T0R/CQB/E)E=F5N=64@4F5C;V=N:71I;VX@ M/"]B/CPO9F]N=#X\+W`^#0H@("`\<"!S='EL93TS1&UA6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@F%B;&4@ M86UO=6YT6]R'!E2!T:&]S92!A;6]U;G1S M('1H92!#;VUP86YY(&5S=&EM871E#MM M87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/E1H92!-961I8V%R92!P7-I8VEA;B!&964@4V-H961U M;&4-"B`@("@F(S@R,C`[35!&4R8C.#(R,3LI+B!4:&4@35!&4R!R871E2!U<&1A=&5D(&%N;G5A;&QY(&)A2!B96-A;64@969F96-T:79E(&]N($IU;F4F(S$V,#LQ+"`R,#$Q+@T* M("`@5&AE($UE9&EC87)E(&%N9"!-961I8V%I9"!%>'1E;F1E6UE;G0@65D(&%P M<&QI8V%T:6]N(&]F('1H92!31U(@9F]R('1W;R!A9&1I=&EO;F%L(&UO;G1H M28C,38P.S(Y+"`R,#$R+B!4:&4@36ED9&QE M($-L87-S(%1A>"!296QI968@86YD($IO8B!#6UE;G0@2!D=64@=&\@=&AE(&-O;G1I;G5E9"!P:&%S92!I;B!O9B!N97<@<')A M8W1I8V4@97AP96YS92!S=7)V97D-"B`@(&1A=&$@9&5R:79E9"!F2!P:&%S960@:6XL('1H92!I;7!A8W0@:7,@ M97AP96-T960@=&\@8F4@82`V+C`E(&EN8W)E87-E(&9O7-I8V%L('1H97)A<'D@<&%Y;65N=',N($EN('1H92!F:6YA;"`R,#$R M#0H@("!-961I8V%R92!0:'ES:6-I86X@1F5E(%-C:&5D=6QE(')U;&4L($-- M4R!I;F1I8V%T960@=&AA="!O=F5R('1H92!N97AT('EE87(@:70@=VEL;"!C M;VYT:6YU92!T;R!R979I97<@=VAE=&AE7-I8V%L('1H97)A<&ES=',N(#PO M9F]N=#X\+W`^#0H@("`\<"!S='EL93TS1&UA#MM87)G M:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UE MF4],T0R/D%S(&$@2!O;F4@>65A2!S97)V:6-E2!# M87`@=V]U;&0@8F4@87!P;&EE9"P@=&AE2X@5&AE0T*("`@0V%P&-E<'0@=&\@=&AE(&5X=&5N="!T:&5S92!S97)V:6-E M2!A;F0@2!S97)V:6-E2!S97)V:6-E2!A<'!L>2!T M;R!H;W-P:71A;`T*("`@;W5T<&%T:65N="!D97!A6QE/3-$;6%R9VEN+71O<#HQ,G!X.VUA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@2]S<&5E M8V@@;&%N9W5A9V4@<&%T:&]L;V=Y(&-A<#L@82!S97!A65A2P@=&AE($U-14$@97AT M96YD960@=&AE(&5X8V5P=&EO;G,@<')O8V5S&-E<'1I;VYS('1O(%1H97)A<'D@0V%P&-E<'1I;VYS('!R;V-E6QE/3-$;6%R9VEN+71O<#HQ,G!X.VUA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M7,@,3`P)2!O9B!T:&4@<')A8W1I8V4@97AP96YS92!C;VUP;VYE;G0@ M;V8@=&AE(%)E;&%T:79E(%9A;'5E(%5N:70@*"8C.#(R,#M25E4F(S@R,C$[ M*2!F;W(@=&AE('1H97)A<'D@<')O8V5D=7)E('=I=&@@=&AE(&AI9VAE6UE;G0@9F]R('1H92!P'!E;G-E(&-O;7!O;F5N="!O9B!T:&4@4E95(&9O7!E(&]F('1H97)A<'D@65A M6UE;G0@2!O9B!T:&5R87!Y('-E6QE M/3-$;6%R9VEN+71O<#HQ.'!X.VUA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@#MM87)G:6XM8F]T=&]M M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/E)E=F5N=65S(&9R;VT@<&AY2X@4F5V96YU M92!IF5D(&]V97(@=&AE('!E7-I8VEA;B!S97)V:6-E(')E M=F5N=65S(&%R90T*("`@:6YC;'5D960@:6X@)B,X,C(P.V]T:&5R(')E=F5N M=65S)B,X,C(Q.R!I;B!T:&4@86-C;VUP86YY:6YG($-O;G-O;&ED871E9"!3 M=&%T96UE;G1S(&]F($YE="!);F-O;64N(#PO9F]N=#X\+W`^#0H@("`\<"!S M='EL93TS1&UA#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4] M,T0R/CQI/DUA;F%G96UE;G0@0V]N=')A8W0@4F5V96YU97,-"B`@(#PO:3X\ M+V9O;G0^/"]P/@T*("`@/'`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`Q)2!O9B!N970@2P@86YA;'ES:7,@;V8@2!B92!M;W)E('1H86X@,24@870@36%R8V@F(S$V M,#LS,2P@,C`Q,BX@/"]F;VYT/CPO<#X-"B`@(#QP('-T>6QE/3-$9F]N="US M:7IE.C%P>#MM87)G:6XM=&]P.C$X<'@[;6%R9VEN+6)O='1O;3HP<'@^)B,Q M-C`[/"]P/@T*("`@/'`@#MM87)G:6XM M8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/CQB/DEN8V]M92!487AE6QE/3-$;6%R9VEN+71O<#HV<'@[;6%R9VEN+6)O M='1O;3HP<'@^/&9O;G0@69O&%B;&4@:6YC;VUE(&EN('1H92!Y96%R"!A"!R871EF5D(&EN(&EN8V]M92!I;@T*("`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`^#0H@("`\ M<"!S='EL93TS1&UA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F5S(&$@65E(&=R;W5P(&AE86QT:"!I;G-U2!C;&%I;7,@87)I#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/@T* M("`@4F5S=')I8W1E9"!S=&]C:R!I2X@5&AE('1R86YS9F5R M(')E65E'!E;G-E(&9OF5D(&)AF5D(&]V97(@=&AE('-EF4Z,7!X.VUA#MM87)G:6XM8F]T=&]M.C!P>#XF M(S$V,#L\+W`^#0H@("`\<"!S='EL93TS1&UA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/DEN M($IU;'DF(S$V,#LR,#$Q+"!T:&4@1FEN86YC:6%L($%C8V]U;G1I;F<@4W1A M;F1A6EN9R!T:&4@<')O=FES:6]N(&9O2!H87,@979A M;'5A=&5D($%352`R,#$Q+3`W(&%N9`T*("`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`@("`\=&%B;&4@8VQA M'1";&]C:RTM/@T*("`@/'`@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4Z,3)P>#MM M87)G:6XM=&]P.C!P>#MM87)G:6XM8F]T=&]M.C!P>#XF(S$V,#L\+W`^#0H@ M("`\=&%B;&4@8V5L;'-P86-I;F<],T0P(&-E;&QP861D:6YG/3-$,"!W:61T M:#TS1#6QE/3-$)V)OF4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@"!S;VQI9"`C,#`P,#`P)SX\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0Q/E1HF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UE MF4],T0Q/C(P,3(\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0Q/C(P,3$\+V9O;G0^ M/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)VUAF4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[ M/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T* M("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/@T*("`@/"]T6QE M/3-$)VUA6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4] M,T0R/C0L-#F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/@T*("`@/"]TF4Z,7!X/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T M9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@ M/'1D('9A;&EG;CTS1&)O='1O;3X-"B`@(#QP('-T>6QE/3-$)V)O6QE/3-$)V)O'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\ M+W1D/@T*("`@/"]T6QE/3-$)VUA6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ MF4],T0R M/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)VUA6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@F4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]TF4Z,7!X/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P M.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3X-"B`@(#QP('-T>6QE M/3-$)V)O6QE/3-$)V)O"!S;VQI9"`C M,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI M9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V M,#L\+W1D/@T*("`@/"]T6QE/3-$)VUAF4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS1"=F M;VYT+69A;6EL>3IT:6UEF4],T0R/C$Q+#DT-3PO M9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$ M8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)VUAF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG M;CTS1&)O='1O;3XF(S$V,#L\+W1D/@T*("`@/"]T6QE/3-$)VUA3IT M:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$F4],T0Q/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V)O6QE/3-$)V)O6QE/3-$)VUA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@3IT:6UEF4],T0R/C`N,S@\+V9O;G0^/"]T9#X@ M#0H@("`\=&0@;F]W3IT:6UEF4] M,T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@3IT M:6UEF4],T0R/B0\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M(&%L:6=N/3-$6QE/3-$9F]N="US:7IE.C%P>#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O M='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@ M("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C-P>"!D;W5B;&4@(S`P,#`P,"<^ M)B,Q-C`[/"]P/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M M/@T*("`@/'`@"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]P/@T*("`@/"]T9#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@2`M+3X-"B`@(#PO=&%B;&4^#0H@("`\<"!S='EL93TS1&UA M#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/D%L;"!O M<'1I;VYS('1O('!U&5R8VES92!PF4Z,7!X.VUA#MM87)G:6XM8F]T=&]M.C!P M>#XF(S$V,#L\+W`^#0H\'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^/"$M+41/0U194$4@:'1M;"!054),24,@(BTO M+U&AT;6PQ+T141"]X:'1M;#$M=')A;G-I=&EO;F%L M+F1T9"(@+2T^#0H@("`\(2TM($)E9VEN($)L;V-K(%1A9V=E9"!.;W1E(#,@ M+2!U'1";&]C:RTM/@T*("`@ M/'`@#MM87)G:6XM8F]T=&]M.C!P>#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/CQB/C,N($%#455)4TE424].($]&($)54TE.15-315,@/"]B/CPO M9F]N=#X\+W`^#0H@("`\<"!S='EL93TS1&UA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@28C,38P.S,L#0H@("`R,#$R+"!T:&4@0V]M<&%N>2!A8W%U M:7)E9"!A(#$P,"4@:6YT97)E2!A;&QO M8V%T960@87,@9F]L;&]W28C.#(Q-SMS(')E=F]L=FEN9R!C&-E961I;F<@=&AE M(&5S=&EM871E9"!F86ER('9A;'5E2!D:69F97(@9G)O;2!T:&4@ M<')E;&EM:6YA2!R97-U;'0@:6X@861J=7-T;65N=',@=&\@9V]O9'=I;&PN M(#PO9F]N=#X\+W`^#0H@("`\<"!S='EL93TS1&UA#MM M87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT M:6UEF4],T0R/@T*("`@56YA=61I=&5D('!R;V9O M3X-"CPO:'1M;#X-"@T*+2TM M+2TM/5].97AT4&%R=%\V,30S,C=C8E\U9#)E7S1D9#!?83AE.%\Y-C(X,#,T M9#8R83D-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO-C$T,S(W8V)? M-60R95\T9&0P7V$X93A?.38R.#`S-&0V,F$Y+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R M&AT;6PQ+71R86YS:71I;VYA;"YD=&0B M("TM/@T*("`@/"$M+2!"96=I;B!";&]C:R!486=G960@3F]T92`T("T@=7,M M9V%A<#I"=7-I;F5S'1";&]C:RTM M/@T*("`@/'`@6QE M/3-$;6%R9VEN+71O<#HV<'@[;6%R9VEN+6)O='1O;3HP<'@^/&9O;G0@"!B96YE M9FETF5D(&%S(&%N(&%D M:G5S=&UE;G0@=&\@861D:71I;VYA;"!P86ED+6EN(&-A<&ET86PN(#PO9F]N M=#X\+W`^#0H\'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'1";&]C:RTM/@T*("`@ M/'`@6QE/3-$;6%R9VEN+71O<#HV<'@[;6%R9VEN+6)O='1O;3HP<'@^/&9O M;G0@F4Z,3)P M>#MM87)G:6XM=&]P.C!P>#MM87)G:6XM8F]T=&]M.C!P>#XF(S$V,#L\+W`^ M#0H@("`\=&%B;&4@8V5L;'-P86-I;F<],T0P(&-E;&QP861D:6YG/3-$,"!W M:61T:#TS1#8X)2!B;W)D97(],T0P('-T>6QE/3-$)V)OF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0Q/E1H2`M+3X-"B`@(#QT3IT:6UEF4],T0R/D)E9VEN;FEN9R!B86QA M;F-E/"]F;VYT/CPO<#X-"B`@(#PO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O M='1O;3X\9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/CDR M+#6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/D=O;V1W:6QL(&%C<75I6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT M:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T* M("`@/"]T6QE/3-$)VUA6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$9F]N="US:7IE.C%P>#X@ M#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D M('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C-P>"!D;W5B M;&4@(S`P,#`P,"<^)B,Q-C`[/"]P/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M/@T*("`@/'`@2`M+3X-"B`@(#PO=&%B;&4^(`T*("`@/'`@F4Z M,7!X.VUA#MM87)G:6XM8F]T=&]M.C!P>#XF(S$V,#L\ M+W`^#0H\'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA6%B;&4@6T%B'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6QE/3-$;6%R9VEN+71O<#HP<'@[;6%R9VEN+6)O='1O;3HP<'@^ M/&9O;G0@#MM87)G:6XM8F]T=&]M.C!P M>#X\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/DYO=&5S('!A>6%B;&4@87,@;V8@36%R8V@F(S$V,#LS,2P@ M,C`Q,B!A;F0@1&5C96UB97(F(S$V,#LS,2P@,C`Q,2!C;VYS:7-T960@;V8@ M=&AE(&9O;&QO=VEN9R`H)"!I;B!T:&]UF4Z,3)P>#MM87)G:6XM=&]P.C!P>#MM M87)G:6XM8F]T=&]M.C!P>#XF(S$V,#L\+W`^#0H@("`\=&%B;&4@8V5L;'-P M86-I;F<],T0P(&-E;&QP861D:6YG/3-$,"!W:61T:#TS1#6QE/3-$)V)OF4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UE MF4],T0Q/C(P,3(\+V9O;G0^/"]T9#X@#0H@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q/B8C,38P.SPO9F]N M=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0Q/C(P,3$\+V9O;G0^ M/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)VUAF4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT M('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@2!N;W1E('!A>6%B;&4@:6X@86YN=6%L(&EN6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S M(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)VUA3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C4P/"]F M;VYT/CPO=&0^(`T*("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B M;W1T;VT^/&9O;G0@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UE MF4],T0R/E!R;VUI6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R M;VUA;B<@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`- M"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/@T*("`@/"]T6QE/3-$)VUA28C,38P.S(U M+"`R,#$S+"!I;G1E3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\ M+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\ M9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C(P,#PO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R M87`@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@2!N;W1E('!A>6%B;&4@:6X@86YN=6%L(&EN28C,38P.S,L M(#(P,30L(&EN=&5R97-T(&%C8W)U97,@870-"B`@(#,N,C4E)B,Q-C`[<&5R M(&%N;G5M/"]F;VYT/CPO<#X-"B`@(#PO=&0^(`T*("`@/'1D('9A;&EG;CTS M1&)O='1O;3X\9F]N="!S:7IE/3-$,3XF(S$V,#L\+V9O;G0^/"]T9#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P M.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@ M6QE/3-$9F]N="US:7IE.C%P>#X@#0H@("`\=&0@=F%L:6=N M/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O M;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@("`\ M<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`P)SXF(S$V M,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@ M("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C,#`P,#`P)SXF M(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V,#L\+W1D/B`-"B`@ M(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@#0H@("`\=&0@=F%L M:6=N/3-$8F]T=&]M/@T*("`@/'`@F4],T0Q/B8C,38P.SPO M9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@3IT:6UEF4],T0R/B8C M,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^/&9O M;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N="!S='EL93TS M1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/C(T+#(Q M-SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N M/3-$8F]T=&]M/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE M=R!R;VUA;B<@3IT:6UEF4],T0R/DQE6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M6QE/3-$)V9O;G0M9F%M M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT@86QI9VX],T1R:6=H=#X\9F]N M="!S='EL93TS1"=F;VYT+69A;6EL>3IT:6UEF4] M,T0R/B@T,S,\+V9O;G0^/"]T9#X@#0H@("`\=&0@;F]W3IT M:6UEF4],T0R/BDF(S$V,#L\+V9O;G0^/"]T9#X- M"B`@(#PO='(^(`T*("`@/'1R('-T>6QE/3-$9F]N="US:7IE.C%P>#X@#0H@ M("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A M;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B M;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI9"`C M,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9"!V86QI9VX] M,T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C%P>"!S;VQI M9"`C,#`P,#`P)SXF(S$V,#L\+W`^#0H@("`\+W1D/B`-"B`@(#QT9#XF(S$V M,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^)B,Q-C`[/"]T9#X@ M#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@F4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT M9"!V86QI9VX],T1B;W1T;VT^/&9O;G0@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$9F]N="US:7IE.C%P>#X@#0H@("`\=&0@ M=F%L:6=N/3-$8F]T=&]M/B8C,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS M1&)O='1O;3XF(S$V,#L\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M#0H@("`\<"!S='EL93TS1"=B;W)D97(M=&]P.C-P>"!D;W5B;&4@(S`P,#`P M,"<^)B,Q-C`[/"]P/@T*("`@/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T M=&]M/@T*("`@/'`@2`M+3X-"B`@(#PO=&%B;&4^#0H@("`\<"!S='EL93TS M1&UA#MM87)G:6XM8F]T=&]M.C!P>#X\9F]N="!S='EL M93TS1"=F;VYT+69A;6EL>3IT:6UEF4],T0R/D5F M9F5C=&EV92!!=6=U28C.#(Q-SMS(&-O;G-O;&ED871E9"!L M979E2!S=&]C:R!R97!U'1E M;F0@=&AE(&UA='5R:71Y(&1A=&4@9G)O;2!!=6=U28C M.#(Q-SMS(&-O;G-O;&ED871E9"!L979E6UE;G1S('1O M('1H92!#;VUP86YY)B,X,C$W.W,@8V]M;6]N('-T;V-K:&]L9&5R'!E;F1I='5R97,-"B`@(&%N9"!O=&AE28C.#(Q-SMS(&-O;G-O M;&ED871E9"!L979E2X@5&AE M($-O;7!A;GD@=V%S(&EN(&-O;7!L:6%N8V4@=VET:"!A;&P@;V8@=&AE(&-O M=F5N86YT6%B;&4@:6X@=&AE(&%M M;W5N="!O9B`D,3`P+#`P,"!P87EA8FQE(&EN('1W;R!E<75A;"!A;FYU86P@ M:6YS=&%L;&UE;G1S(&]F("0U,"PP,#`@<&QU6QE/3-$ M;6%R9VEN+71O<#HQ,G!X.VUA6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI M9VX],T1B;W1T;VT^/&9O;G0@6QE/3-$)V9O M;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA M;B<@3IT:6UEF4] M,T0R/D1U6QE/3-$)V9O;G0M M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@6QE/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@ M'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$ M)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@F4],T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V M86QI9VX],T1B;W1T;VT^/&9O;G0@'0M:6YD96YT.BTQ+C`P96TG/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY M.G1I;65S(&YE=R!R;VUA;B<@F4] M,T0Q/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T M;VT^/&9O;G0@3IT:6UEF4],T0R/B8C,38P.SPO9F]N=#X\+W1D/@T*("`@/"]T6QE/3-$)V)O6QE/3-$)V)O3IT:6UEF4],T0R/BX\+V9O;G0^/"]P/@T*("`@ M/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/CQF;VYT('-I>F4],T0Q M/B8C,38P.SPO9F]N=#X\+W1D/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^ M/&9O;G0@6QE/3-$)V9O;G0M9F%M:6QY.G1I M;65S(&YE=R!R;VUA;B<@6QE M/3-$9F]N="US:7IE.C%P>#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/B8C M,38P.SPO=&0^(`T*("`@/'1D('9A;&EG;CTS1&)O='1O;3XF(S$V,#L\+W1D M/B`-"B`@(#QT9"!V86QI9VX],T1B;W1T;VT^#0H@("`\<"!S='EL93TS1"=B M;W)D97(M=&]P.C-P>"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]P/@T*("`@ M/"]T9#X@#0H@("`\=&0@=F%L:6=N/3-$8F]T=&]M/@T*("`@/'`@2`M+3X-"B`@(#PO=&%B;&4^(`T*("`@/'`@ MF4Z,7!X.VUA#MM87)G:6XM M8F]T=&]M.C!P>#XF(S$V,#L\+W`^#0H\'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M6QE/3-$ M;6%R9VEN+71O<#HP<'@[;6%R9VEN+6)O='1O;3HP<'@^/&9O;G0@6QE M/3-$)V9O;G0M9F%M:6QY.G1I;65S(&YE=R!R;VUA;B<@2`Q+#(P,"PP,#`@F%T M:6]N)B,X,C(Q.RDN($EN(&-O;FYE8W1I;VX@=VET:"!T:&4@36%R8V@@,C`P M.2!!=71H;W)I>F%T:6]N+"!T:&4@0V]M<&%N>2!A;65N9&5D(&ET2!I2!B92!P=7)C:&%S960@9G)O M;2!T:6UE('1O('1I;64@:6X@=&AE(&]P96X@;6%R:V5T(&]R('!R:79A=&4@ M=')A;G-A8W1I;VYS(&1E<&5N9&EN9R!O;B!P28C.#(Q-SMS(&-A2!D:60@;F]T('!U2!S:&%R97,@;V8@:71S M(&-O;6UO;B!S=&]C:R!D=7)I;F<@=&AE('1H2!O9B!T:&4@ M=&AR964@;6]N=&AS(&5N9&5D($UA&EM871E;'D@ M,30W+#`P,"!S:&%R97,@3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\V,30S,C=C8E\U M9#)E7S1D9#!?83AE.%\Y-C(X,#,T9#8R83D-"D-O;G1E;G0M3&]C871I;VXZ M(&9I;&4Z+R\O0SHO-C$T,S(W8V)?-60R95\T9&0P7V$X93A?.38R.#`S-&0V M,F$Y+U=O&UL#0I#;VYT96YT+51R86YS9F5R M+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E M>'0O:'1M;#L@8VAA&UL;G,Z;STS M1")U&UL/@T*+2TM M+2TM/5].97AT4&%R=%\V,30S,C=C8E\U9#)E7S1D9#!?83AE.%\Y-C(X,#,T )9#8R83DM+0T* ` end XML 15 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Share
3 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

2. EARNINGS PER SHARE

The computations of basic and diluted earnings per share for the Company are as follows (in thousands, except per share data):

 

                 
    Three Months Ended
March 31,
 
    2012     2011  

Numerator:

               

Net income attributable to common shareholders

  $ 4,478     $ 3,746  
   

 

 

   

 

 

 

Denominator:

               

Denominator for basic earnings per share—weighted-average shares

    11,726       11,718  

Effect of dilutive securities—Stock options

    112       227  
   

 

 

   

 

 

 

Denominator for diluted earnings per share—adjusted weighted-average shares

    11,838       11,945  
   

 

 

   

 

 

 

Earnings per share attributable to common shareholders:

               

Basic

  $ 0.38     $ 0.32  
   

 

 

   

 

 

 

Diluted

  $ 0.38     $ 0.31  
   

 

 

   

 

 

 

All options to purchase shares were included in the diluted earnings per share calculation for the three months ended March 31, 2012 and 2011 as the average market price of the common shares was above the exercise prices. The Company’s restricted stock issued is included in basic and diluted shares for the earnings per share computation from the date of grant.

 

XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
Current assets:    
Cash $ 10,440 $ 9,983
Patient accounts receivable, less allowance for doubtful accounts of $1,892 and $2,154, respectively 29,456 28,333
Accounts receivable--other, less allowance for doubtful accounts of $186 and $883, respectively 1,979 1,614
Other current assets 5,248 5,737
Total current assets 47,123 45,667
Fixed assets:    
Furniture and equipment 35,491 35,103
Leasehold improvements 19,987 20,385
Fixed assets, gross 55,478 55,488
Less accumulated depreciation and amortization 42,556 42,299
Fixed assets, net 12,922 13,189
Goodwill 93,797 92,750
Other intangible assets, net 9,515 9,603
Other assets 1,079 2,043
Total assets 164,436 163,252
Current liabilities:    
Accounts payable--trade 1,377 1,809
Accrued expenses 10,656 14,082
Current portion of notes payable 483 433
Total current liabilities 12,516 16,324
Notes payable 334 284
Revolving line of credit 24,200 23,500
Deferred rent 946 941
Other long-term liabilities 605 623
Total liabilities 38,601 41,672
Commitments and contingencies      
U. S. Physical Therapy, Inc. 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, 13,980,577 and 13,919,588 shares issued, respectively 140 139
Additional paid-in capital 36,563 36,133
Retained earnings 105,825 102,405
Treasury stock at cost, 2,214,737 shares (31,628) (31,628)
Total U. S. Physical Therapy, Inc. shareholders' equity 110,900 107,049
Noncontrolling interests 14,935 14,531
Total equity 125,835 121,580
Total liabilities and stockholders equity $ 164,436 $ 163,252
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statement of Shareholders' Equity (Unaudited) (USD $)
In Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Treasury Stock
Total Shareholders' Equity
Noncontrolling Interests
Beginning balance at Dec. 31, 2011 $ 121,580 $ 139 $ 36,133 $ 102,405 $ (31,628) $ 107,049 $ 14,531
Beginning balance, shares at Dec. 31, 2011   13,919     (2,215)    
Issuance of restricted stock, shares   58          
Compensation expense - restricted stock 547   547     547  
Transfer of compensation liability for certain stock issued pursuant to incentive plans 135   135     135  
Proceeds from exercise of stock options, shares   3          
Proceeds from exercise of stock options 1 1       1  
Excess tax benefit of equity grants 58   58     58  
Contribution of non controlling interests partners 49           49
Acquisition of non controlling interests (370)   (310)     (310) (60)
Cash dividends to USPT shareholders (1,058)     (1,058)   (1,058)  
Distributions to noncontrolling interest partners (1,919)           (1,919)
Net income 6,812     4,478   4,478 2,334
Ending balance at Mar. 31, 2012 $ 125,835 $ 140 $ 36,563 $ 105,825 $ (31,628) $ 110,900 $ 14,935
Ending balance, shares at Mar. 31, 2012   13,980     (2,215)    
ZIP 18 0001193125-12-210977-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-12-210977-xbrl.zip M4$L#!!0````(`.A@I$`UVVYW/Z4(R+9N,7"`XV3_^FM)8`,&(T#DY:G9 M#SL.+]V_;G6W6E)+G/WS:6V@1^RXQ#(_G2CUY@G"IF;IQ%Q^.MFX-=75"#GY MY^>__N7L;[4:^NW\[AK]A$WLJ![6T99X*W;MJ^K\@<:6_>R0Y MT=T=NK!,$QL&?D:U6D#D7'7A73E>?9IXW&=KNM MT\MURUDV6LUFNT%,UU--#9_P)T\-8OYQY'%Z^P'X!8\_'3R_;;.GE>%PV&!W M@TE![)H1-Z5]^_$'ZXU^`W@T=U''O.Q5I]:3TVX$82$IJ[4='FA5A,ZH4D]==NL.+Q!3\JGW;.-/)RY9VP;%S:ZM'+R@ M5F>O:H&:ZT^N?H(:@>F,+=/#3QZ:8,_T%]'I[P7!#F*P<$2F0`/CR;]./C?AO\&@.^P/SAK[URB1 MQIZ>C1UBZ8PRD]S[3)G6FMU:LW/6"*[1=_9/-GS0Q_"W%?"K5\3?AI8OA_\" M:]2(7@._4@,1\N.?@Q'BKW!AY5Z:.M9?H1$`KN-=0(#UFX'ZX%EC?Y7!T$,/ M\'8*KI64\^4:*R*GDB6G4DS.)'MLOH8]-HO98U(\>"5_DAFV9]S// MTOZX_XK7#]BI0B87+]>80^7=WBE^L@VB$8_S1#J!^SSW\;O?TYD'QD7?NOSO M!K``4MLRX4]W]$3I]+T\5)R)Z0OS=AO@#GLJ,2&Z7JJ."3FU^S[U'H@12/%V M%3YWL.ING.?W'%H"&=YX<&'P5I:AP^CQGDMT/[?>;6P)B\.?9,*\7?W?6"9] MR+$,&#PM(;9[V,&N]SZU'Q4FD.4M*/]GU:PI;#QZ#]D7$."_OVWV87E[X"M?7S*GQ9[^RX12(G#6"BRAXNY'X.B-Z M@4UK3_#\D:B@,T8N$/0X*U:UL*,1U99/(4,) M$0J\%="EP8PG5KL`=RXL;,6E2P*V)@ M9PR7EY8C+M9(T[#AUS\Q"F'I(B0#;D'[SI]M<7F49NT73CG\>D!R!!=T>O'* M4)?"-!>JX6).-$*`^E8$Z2T+)7F;(!R84JG%E<+;B#]R!==<87:_Q-@<4#H0 M:V\/^3C1_R?QVE':O,7&"!ZO3%_*8-C:@RP$ MH3(!Q-2L=#O2!#BX-?56D`"7U?&P/PQ!3&92`H20GI2>TLD!XH@>J]+2H"?6 MCB^+74BY@T%;`G8>2-F%D>MBS_5SM[*:[;8Z@TBL/F11&("0>KK]=C\'`*G" M=_I**]I3E>8K)#-T0[V^&-^KC0.$8*P$_><5>:*_W)\N1YVM2%*1`&A-MI'1>I1&)=6?-]J!; M`-&M8]G8\9YO@:,'RJ0YF$T?E:*G;K?3CX:0X_RD(!,++=W.H"@R",:;]<:@ MP]<+;#M`E\TWP&\#TQ_P\FAM.1[YDUU/)5PZ1+6ZNYQ5+K(7EE8L,+9:PV'E MTJ8^=(-+MY?2&K9:8C8'W"2@$DOPVI#+%T+UDV7I6V(89?4R;/>'T6@:4,[) M36P$VNIWFYG<)B8,\Y<$$BW>_8+HET^:L:%S`=+D[BK1D"W"5")(,77U8EUO M7I"AG(U.Z\O)SI1F?YB6&>ZYE($AV.MVVOE@\'NEQ>]U.NU>0I:8BY7@^*_= MZK:R6.V&RL]T;#)W5!U+RL.5=K\?C_IIO,I#$E/)H'G0$0E"=#(-\X6ETE:AP9K2#?'""$=/(@\%5T8WDX\*G20]IV)[$9PCQ*8!"+H8.U@GI:VAU:&.F80BS*4$"C%-M+LY45S@!09#T>_`5OA=>'+)J4F,3R<>]-`G M(DII5,QHIXE&=`SLNP!;H"VX:!K#4()!2G.),[A5G:G#ZJ%TQNL6.VS5.:]0 MM/8HMMS]N4Y+M_.QE0HT43F5`^6+]J.-M[(<\B?60+U:?(J1F)5XS$Z!?D+3CK M."S"^\6"I@!/>1"+AKA(!,H8)C'_0[/;[ M1S!Q9N7P".L(\"C#[F"0"T_*[IO0FZ43[%ZW%UN"S^0I#:'8PG1/:9=!&-]) M$UG16M#B]O)3@]U!*SIPRV8J#:)85]!L=9IE($9VR$CI&=M*KQ5='3[D41B! MF&650!#/">-P]TYI/U+8G'^X00Z9%(8@Z"?] M9F>8`\)78D*WYCT'^V?*YXO#=M1/XQP*&Z M:A9+2?"*KL6*P$O?MS";?[V9WT]NQM.OE[%="U^P:GBK,436J;-4S:"&AM=" MS[#S2#1\AQ^QN1'>W9(QO=R)E??D0%`I\*Q*LO8@-B5;$#B;P)ZI!G;]F_'B MGJ*J;34'"5/E,4YRD&2N@/42RC:.(*E"'3T(RM$&DPT@RV)Z_=CJSA$`U^J# MY8!KWV&6_EX^V=ATY;A0FD-NP6A!A.;UB.A&[<3=B+( MT::B1(MZCG&4BRQS5;%3"-@=9"K.1O,V#J0N8QB0++$<5<4R_B0^A:?-HZR*0\AV'-NBFYRGBP7T^.PY M21U8+[3W+HF-!`Q9?M(9*"(8_&[>IKN]65*O66M\'2_@+ZJ)X:`?[4@3&$G! MD;6/JQ?+*%)Q@+*"@4T0>?DC\I*]7:ND,I(%12!DB$'A2@L>DIGC*+UHP\1X ME&:?H8+^0>UT.O?`4*X<:\WK*#9@0+XE6:9[CF'(AOES<_4)N_'Y#U!NE`H? M`G[%WLJ".X_P"!_Z27&]OJ+$9'LQ`=ZTWC)#Q5O2&Y#S;?$L7EJ);0I,Y@IQ>&\_N2<+ M"UM)O"8W-XP7D"'3LF)#5GDRR,F8X_LO(RQ*\LY:PNK'ZFI3>0?+?$'9PKGJ M$JV0_+&B"7J$4KT=6M=.Y"0)RO'Z#0ZE50+*!3$V7FS!ORJ]^+RDP1'1C9(+ MSJ^8?B8/ZZ-'Z":7^&9##X&;+@ZJL`K:TN%"))^WZ,=ZDEPP*L9_?"'5QZ\, M*L7OM]3Q8KA2+3!H"TF0!J1R&41:8=CIRI(A5%ERP4[O,_6]VV#-@'^DA`RV M#M^L-X>)14*IK*N!*E`J!U"3ZYF.0LU:*AN/9E_NKZZGO\8/^1+9@"YG0!O/ MFD0X5X,TL\2SW2R%-.@6L4[/"84\79X6NYWH_',R*UE@LN84.QUA,/;JE&9/ M4Y,N&4V=T0-$!,ND9CI=[/9C2U%1K3O8S]]D\Y0.+T-IM?!Q;:+P`COD9=M5 M#H&5GA(W_J-,I>/+K%SL%H7')O!V$YPCS8.`RG9RJN[JRK"VNS-^Y;0S#",. MEXQ%V(=F.35:+D8#/?MW8HJ=*E=X8*N$SVW+P;TZQ)E#M7Y'-F*1(],*#VM; MO6-PLTYZDPPV*[PWCUJ#P-%NAR_%G.#PI(?"43^678NQK@IL9FSHQ@]0*8\V M=I@#S4\.#B^0I.I^*TO9(F!>2IRLN<9!5EN4%R;:FM(;1(FO%0GSKQ1VYC); M/I=-@0U)$NU"6<$#<#]__N;2=""AIY63@2NQI5MQ_E6BSBS=&G8EH`8/8"/+ MN372_KLA#H;W]0U]%$N,Y8-A=*XJDVL%$#-7PYH2(9YO7&)B>(YF_-,%.UJ: MWRDV!7)8@3_,@'L$P2[[8!=93*N`F)7"EX"8$L3XRK'\T%]K=3M"430!0)6PL[+- M>)UW,=1!S*#3N_Y,Y-&M,H6#U5`9)@:K(XPKP9GE_\/X\9.E<:;M\"P>][N# M+(@I.SQEH,L\*JA=%%PH2M"#E]S$\YT*IQ^=@_,I4MA)Q)0Y%B^"Z0[;.YW* MUQ,[WS!:6YO"3B*F+#V5QI1Z<%KA.'$$4=H):G/UR9_`9!TAM?^IS;*+RR?L M:,25E!C&PH,`VTI09J4(L;%+3IAA5PEBS)7EL,'E%3%54ZM@E)CNK0(0*D@=E38(`JH2=.1W8;A]4'!6`G?Q)(OY5K/CDBISI[&YT M-3(/@&J!9^[)'LA#7G9W;.*GI7(S:68P46('3^=D(IAO)GW,*S>7S.C4Z_6. M<@F5'-/33&2M+'?[*=6X.S8R0&26QAY,5Q\%P0<>,M70&B1O#I#%/LM=!+C3 M[X]M'&T%WCI=!'-;,VP8H1[+W\HO::`5F'T.SB)U.[/Y=/RO+]/KB\N[V?WE M+]\F\]]C!3SYSE1*_&1]9MU7.SXD3SM;Z:6.=,@00^#VKT M]Q/SWC^M24@3AV<_O6-=I'Z9/N_)317H()]C)G_R/H=VV3F%^7+GY;T;G21\77WG`4"[8?G.?[[(PRMD^< M:)Y_2.IHJSHZ^Z`6]Z^$(\)^5LV:4J.YPCWD#_'>1#C=SE:X/SP9L[JNDN:-U^^*6@VN+YRG+& MV*'=;,@4(<=U-ZKIS2WP0,A9R2.F7]T2\HB2%J2T0PNO,K&_FD)*=ACO5Q_% M]Q)4*G*HLSD,O'YHS9SLEM@=)&3KN7`)2,6ZDXJ$RIQ@SHVIB\2U5( M6@25*BW+Q$P^)H&+K#9LG%`;=JLZG@EM)=*V9<94G6$X1(=UO.8Q[`7B3#NVP4H0647"E`L4;TN6,H[1>Q5!"I^`V2\- M-[.L*T7)16=<8U$VJ\2K*+RRF9MLF-)*][*0'#.!"^+NHJ:;-BWVA2NM:D<[ M*.^4!;QR94@K:*U"XI0#F*0Z\<&A/+G.@JK$82N!5,:\#PZ'2@:4[\L\15=M MX^?:O];2D)@8B4L`S<.AZ/M:"0ED+[UJ&_^FT#O61?$ZXNE^"FM(H^ M5A45_H#%&#(IRR"ZZA_;B)LQ), M!#__W?`^`LR+Z7C^^^TE6GEK`]U^.[^>C-%)K='XM3UN-"[F%^BW+_.OUTBI M-Q%;O_"[AD;C\N8$G:P\SSYM-+;;;7W;KEO.LC&_:SQ16@I]V?]9\T)OUG5/ M/P$E_'WI??SK7Q!"/I!4?2FHAJK25@*,IP?'^`"CW]1;3_%;"U`P^>_N0 MGAT06ZL.-&?-L^Q3I64_??3_?K`\SUJ?-NVG'H5N[RYG MES?ST7PRO4&CFPLTF_QT,[F:C$%74Z_S`]$!14K4G/G$P9I'<3A`(?CK`P/KX#5DE93(,7Y4 M0(]Q_`\;A%,^]&_.!AH/`�Z0(>!Y+\="GD64AU(^W)4=WN.42;=@XO((/N MJ'>8"B`T@I%]B&AUUS:NM=X!^+!KJ2WTF<9S#00'`&$#^P`=,'2FT,IT:(E< MR!VIU*H#%K/TC7E+O-5>F<)B_&W5A%)CMPE,H3N&_@/&KH1(:W8[%\_9P)ZM$D$M1# MLTB$:1J)((G45MS5E%[S8UOY@&A2&57,3BG>UMI)36/:EMH]1#RJ]7#?44=3 M$_VLFALPNA#Q!-I,'2&E*\WF#S&%MR'9 M"N6I^C#LUSI:1,9&`PKJ27J$`HA->?GHC[`>`/DH;TLH8"H[3$;A;S; MI5(PT4T,@Q27I3C[4AKT(VUT/^>P3(/EW285U0!"VL;A*>S^A7]0F[?YY`/D M+L2A:3YM!M`5Z`?@LS==&_H@-Q*7@V15Z7]T0S+9ENOG&Z[?X-/E`F#?F5/16Z)+0XX+##L:+ M'%47;=P]NSR>A'FD^JMN9>X9PF48D6$/!X$]SGD<1BR6Y<9D']$,S^BW0$B+X@)0>?*,$CSR..L;S#T@?$!]#,NC7^E+W"-N/@;G8-Y*5:#YWQ+ MNL$)7T?2Q7E\F<`N\#NG2?$G.CQEEH.A$Y/\][@!3:3OOWE$A!^X?:_O)R"8 MX'_4^8"TKJ1%<3X4R#4+Y3L62ZZ1KLO4P3(-G>P#*AW\-*VPA\UP7*&@E$S4L6`)`S6$WU$FN78]*/E^@/5G8PU9Q$,Y0_Z-LJCPQ M(H-?@TC53VU0R\(>8^KPC98^1620L3&?'D!98H"$3S58WZZ;_C(!7= MCE2B8&2WF[>*_D+AJG=IB6OP7@-6'>I!][*Y[P@915G73=[5RA58S8IB(5HJ=&F_(I9_:%-FXO,+]S062)*(?B621'Q9@ M3*?\PV[P">T=S-4'R0SDSJ7JFYSD#$Z[B9V-%A?P)XZ_NCMCHPD^F*'2NYX: M3(6.Y)P2UXDU*QRCE)$%MD6WF1<2;Q^!+9GD=#:PK]5;@`>R^E?8VOLX^)`4 M/80 MY!N--K(58:L_,I'PH:`W5664!.V4.U?XO4M[^`=8:%G.GD(GF.B.,*]%4?4( MO/)+$M@KWTL&P'IJ)&?B#O3<=E?56DN-J*6T,WY+P84CY[F2T`,N-4FQ3 M=DI(AGNAA9BJL"HIF&I*$#232?"LI(_([\:%)6-_6;!NOKPAQP(;3D"])NN% M$\0D.4D%WR%*&I(YF&5_RA')E40.(KM9WHIF]])P1\YZ:8QD$;L;;*K_8;L8 M[7,39*0W%_++BV(WN M:9:CL+NK+!#]F9)LC)).D]8+/D,!9_T<[R,)BR2/@K^`9X'=7B"S41["Y!-] M.E*9"8M]SE,DI<8!C*SW1$3ENXF6,QK-HVOW]N;FQ;$F`!/B13SAR+K*&F,' MS4*0,8LYOO(2%IXM"IM%XFB!6[<#.JVZ*BKR*'0C1JJ9&T@2`]XZF=I*@SR8 MY!F_U"1%/U4DB1,`\8HN^!MUR41X+NU]]=GH:WM%/JL+\%.N6.'#V090VZ/< MSUI4I;B:/)R@O83-.?,\ZQA(Q;)DHV$_="S'%MA9K-E]E M"S#?A[$K^*XNXK3>=A%%&9(1K>A;,2O=M_&M M:?I-N'+]L.P%O0UL*0CP(DTHXS_F`.U;D`HOK.8R84"C84O$SNS`,QR?CR2: M.UA4@S:5=\^`.Y+Y-)&T'*N_E^8=%*%'O\?D:$`2@_+A\A_:^O/$75U(?(U' M$SLQ??AR.%V"@,-K?L6>7D)V23))N8R+;A'OV.1%BL7,B#?Y%?,6BT#Z+CFW M*I<;SXIO*H:F.\Z/4=[&W4[MICMF(X&Y?'"9D@B$->U;E*S2%[_T@M.^BSDG MADN,N8^G8(*82!)^[2MOS0:G:TSMEW%:Z3%-:%E-*",[)B99R66.7TO7G"(T14BB@)`Q>#=`*8'5>M/0K;HE-U4*`*34+D%W8.06WJ,YQ6&: M/)9HD5+>JPM6\]M=$#R5560B(WJ4,JZF=(MO:U@@#"9HX&4Y:Q?X3X=@I$V\ M/9$(=NG;#_6^$??ZQN9)%)[_"/;TX@^KK6:\+C%R8"/L-B3Q7GS5:48)/%5@7PCOR*$ M%[H`4E\5H!LS`KVK*0)5RXVT%"/Y.UAB[5,(ITA,8(93/EBB8NM4CRRR,'E0 M84'1*URS8)L1BCB_3$;FZRF9*]T`,<6E'AOM=W[B\Y6_T'VQ=@TQ"DA0]!N] MBB,5NM40H/TI2D%@2#1;R-25"*/H-G`ZMY#AEK"H)=A'';]8G"QE#GZ:_=B] M5$NYPTD>^\7\U<>S*IGSD`AZK$Z64:_/U-Z69JE1@D7J5)Z"BP8=P?T);M$[ MUZY22$.7)D/(,*)[!)"=_@E9K?L*TN##A,?A@.I4:"OP$@PCQ M5C8>4UXP3S#HT!Z)OE*.9%R/PA*+SSC*%L,2$QZFFTG62^6#HU`OU3%9?5;5]ZC.^4M'K52?ZYA;?,?/8W`Q[ MUG"HGS[#)[E'6W$W\;G9V.<>0[2./7JFAL]\*WOLZ`X++B@L+[+"7DE/@PK? M2LB?_0_A.MA*>[@+3_9SC/D,*G_-)GDX`YHGL^$BIP3YHK3"[8*SZJPF10KD M%28S#SO11I7@8QP'9R.XYXLI4^*YT__S^>3C6:61"9\"?PTD;(4Z?0&;A==R M$$C=-1,X-`N@\E+PD,-.@%^-U2LMT#PE^3G)LRL0;>0?N,LX^_W4784^AU>S M*(R=#M_3STAFLCTM+!].,11.2],%PQDIEV0=DM'A_!_``$_-)\ M=W]$MB$\\P!/>"P1.\,^/&]KE-B:D),X)?%SBN68^`"ZV1@B4%[$3H]!=X"M M'C*Z!QY/K"1JBNF/58U@MX6<:2"E],]%&E=R#?!8)?D73$O[M7.]C@0G@+GF MH%%)Y`2#?G?[F=TZJ\LA[&",7!J/0K"2;1,+?*'VO5TC\@TU/D8&W@"MOC9)@]6$N/CS M>(9Q4&#SDW")9G)P'GX+#A8EU;\F\%-Z?=,>SD_.#]P]$%&B>!HNN9-A*MJJ MX$%S,:7LGKC0&9@VF+F(0VGAR1\`:]0:&$:9`O4'G^GERJE\M\S6Q@+(O!7G?' MX?".%K7]$8](5(..YL.3)C`;::&`*[X.'VA5GVFZE%JXI9K3UO[%H,MD@D7X MH%FD-&XD7N@0+G"PT^TY@@F^SH+<-DYS$9X&N2C-@>V>\FVRD:[@ZRBV1K&6 ML('\R2]CSO2`5@S]+"\^R]+S1'][Y*0MSNCW'@>?G!Q55/(1K7:[8\/ZCDK$ MK_.[8=M@+L%6YESZDPCIA>!U5'GE407O[PK93=/LTE";5J15\E.BI*\]&I@( MCY894&LX(A9R)CN?QM^XI@G\%&Z+\)AE*$Y"7856BO<94T;@V47NFQJV+U$[3E%G@`BT1?YGVJ4 M:DV[IDKMXD[.Y2V4%A@NJW1-[E[#>P_"8[^@A`N%*87#!#,F"MXOHDETG)Z9<9<4<\NMB"I4\6F*>$+UXP/QA?W-@M&/9*G24-C?6#W*-5S4DW[MKJ M9=ZZJS'EEAR$+C0`LHOSI4^(5.!QX%6XXI!W@_>>XP@F'ABT^3*0I#Z9L^R- M83`4:Q,Q*P26*WW?68A-#I+*YA87S+DD!1&X[1R<=8D5< MHILK6=Y==+%_*H;?#7*@DS.@!K" M>-FDN$JQO]&V0+Y>(OV5/M)7;;;F,N40`9Q(?J99@/YLSJ'_XU&9U9AT+3(\ M/W)OY(QNSL*G3P?%6"[=H(U[L0%46CQ"=,SBF$HNI;K@Z79GK]<38Y&.A$RQ MB,JF"R;]T+M!""9!/#6C.SH5,T+\#3H[T,[))+5.%YVE_W7[9#AB++B3"SA' MFZ,0Y3[.,(*%>_P@>8M3X^>AUJSX[&2%]E[Q2GACIE2[H*)L?:E(;VN@"LM6 M>?YE,[^/POD[3.)I>E8(>>.[:J\!/*P];$R@7A`LB=)^1;HIT+-)SD*'M9:I/B7A7J MGCQE=:"/%DR,,)@D6K7?P;3=-,._%A(#-;)LAL42(N/_`IZW0>5N\#GCS`OL M2A&4,%#!*B328A"[3MU3Q1YSUFW15YH;BVW7+D84I$,.7B;4<))+ M+>^-U,"N6HQO*(A6VX*^JI8RRD@S$%)#R&1PNP#%UZI(LRSDTM!;;PU!;R3: MH/M]35#W?+_PJ,(HFW/\2BJ@1/)%&$XQ410C[)Y_/CDY?:'9VHK6=GU'#B;K MG:`@&)TPSN..0,J21\!!+:(^^YGP\(X?[M;8.2RE8!P;`[%4\=BQ,!3,5%L+ M=TJ03V"8XZ%30P!)":4/)DG,/YW&^E=,CF?HL>&*KG)0'U'&1/1#_:%= MMXWW-WF2M65X$E6`%S9`*'3I64(PH@E5XM128@2WW3>JQPMJ4V0V$.%/9K)T MA#F'1_;*58P$+SST2WD#!C9"%U)!2M<('B4&*5$F"OX!RA2+DE$<:7RUJ@%^ M0'7>9T>\C8B:R(FIB&E=1[Q9&5'91M\]*<@%Z`)3.`8C=P1.4QS7HE)BGRZZ>9*6XS@2UI;:)DANVB]XCIAJK72=T MKBHI=RJG!';(UGDX=@HK8?VV&X(4B\L#YSIPBV,MN#,*#"P`.9)BD-9=)`>= MZD"J2LQ-:B>^A+-BK8/QSM3/&7FE,MY5PDM2J13E,%YA+9V2-;- M"L=O7_$O2)QCE@%OR$%6@64QT!5J4-N\6:9.B"C2I5 M<]8\Q[9Z;88VBMK;;#"+,9N?%+,"WT2FM5[*VGR!07,V$J:VBJ^^?M#*FH0J M`%RCTS1W6QO?\VBN+U&5AB6N)V.GCNP!JF9IJ#0TS1?5==I",A%V9MEUBR@K M!96V5M96QU;PHJET4ASF"AQ1_8*X%HR$*D8#J8N3`S"3/"L*@^19J0"U@/1F M1[P#;SF5Y&6=P^+LSVZJ8PDN7N6M%R^ZA!?#-3L)0O1C?"+1M@9\0,"-OEI! MS14'&CF,L(MF:OKT0NR`#D=+::BFTY4*4@8_,D=?A?TT>DN"P2(?;+C805CR MKT\E]U=A:7(21^0DVCXB6P%.;48DR*Q@JZ.^L^X3HAC7;:MUR=:JJ%9TZ@HJ M@TTIU1)S`=G4=?JP"[0H9D[4RMX-ZFT>+IVTHW?3O>5A+0;9\\L"5"*# M>:"E,@KGY')RE!IU,A<.!=("?CVWZ%K$I1&+/'/Z#M`4D,!9)IM1I/]()9]\8%^+BJM@F9V]15?&#_I[WQ`DF+FF"DK`B=4VW!HNMZP`2FP1C_D%IV(O'!R+BG(TNM%;!J%1>JM2MLH20(83[*2#]3C+/2"G\CSC M#K^EA$T96*"X0&3-T.F\@I744((YA,_<4-Y]49VX*O3839*MH='B6J%7%!EV M+\>1C3MSU)-9.K831`CH7*MZ_/YZC:5)Q!C[1IQ[=;,4-O>*@U=X4:?)GS'5 MVSJS`(!X\.C&2-2OTZO%9CU6MK;17);548,\%^2,M#=]K&5OS/+8\N\!:RX% M%0VQU'382/C-8*Y5(3C])C"U$26JB#_$PB:ZRIH2K;8!-]CL=='0:EN*/Q"C M:8ELC"6Y&[3!E;&`(.GJ-4#R+W#IL/E$7@H[NPKSJ+@]6?R66?9;TY"K-N&7 M[(ZXA9RFN`0^)N)(UZ[<7T:(G+*?: MNF;CTM$M=D8-L(Y@,3OQ8V:4()+56SQ,C9^%!D%=X*&0+G3`[>H"=IT8I\>Z MB3LY*2(`+4@9Q7_F-B?.7#MUE5960L%16$)+`(9!+$**"E M(8=IJZ^RI2OH0B`*.6-`N.LIJ!A'S7-\]A8_>PN?O87/-N4D4LW%-9^6E_RN MSWJ4;:;4%!WNPE*'-GP1:F/PA!(O4AJUVU/-R)M-+K*,\-V&,8.Z8`-G+/!& MZ+G..&.'[$Q'X,S"J:-FVUE+'99\X0+^:#J9G`]-I*S8#8O4.1>2;TQP`G]( MC$+0I_DN>I1$?AAQ91%8F-?X;OQ%\_M33,92B_IR=5/V1UQ\?Y?9,>V)KAG[ MX".B(_Q+T1$LDOT1#9[@"](ZLP$Y8D7%FI[J.IQK*?(H+BR6/2(^7&)^G`#& MZOI/S1\UM(2_Y5D9YB_6>5#UD;AHC87;YD&H"%L$6PH_6#C#X0H?9P9<8AJ?B`@FF-#W.@5,M;>D>4>!P MD6<1R/8P#T[1QZ/("-INI8D/.G2@MUYBB2_-%L.`B#U!7;J6!;?P^IP)O-JI M06UJW64Q(Q`4"\[605"JD6VE-(@Y^)-(7X["(BBX3BT(&MJEEW!F;".3O508 MA+W("3L@0![-RLB\@0PXV9?2Z[/PSYBM1OP3.?7479`9?`^TBK-%/HH5LEYB M)M15QW%Q=CU==9%$6/HP)H-PE0PF+NK!M5$$7&-NA/*FY1\(QT68^!5,,OE2"_G;0.9M+#8E(8`$HUW^@I3E&@[&]P&CI/5`R%PY(4]*FLWKRK1F^&W MW.!R9"8U8]3,Q*-H)`J&52O1XB)V8\.MX_VS>#K>.C(ILQ.I^&P=NSL"CUZ] M*).I8&P5N`6;]9N#1<1HIXB(),EI`<3D=)^7(L1Z&`S\1>@&%F6LL\'0--O-2D110P/?,8.F-]W46@@FSF#E!(&/.98MR M&BZY&FN_.O?!G;QL0Y^:@:=+B6Z!\+X#KHT.&WQ$/82C:9C,F.$="$..(/%G M3;/,M/9`VD;59]%+QUD8-WD$YJ5Y'6AD*E##2X/GZ9*.OZ+[T%X.*CM:'Q?D M%*B9)R,N2\`I\JV[8?0^9YD%+3,!D<^VKZGS(.;@E@/,>E-2T&375'%8<$FG ME]>IV^6G<6(K=_YN2H85E2W,HXX3+)QRKR/C]XVI,H17;(8'TBS@0J!RP[2L MKGX:SKG[//YK(8X(*`TI$Y$(B@G;C'$&%4+3)Y>FBP[^!ZOH"BZ/$3]%QW/2 M*[D*U`R.4>]Z3,"\H5BC^2JIW6".5_+CP/O-XUS'':>K;]:>X)49$]K:3U$_ M,WRF]JPKH$<8F1W)F4]I?`=3V,[Z,EBP9FD\Z2/\SO&D:Y^'.*4^(&_B3)ZE M\-\CMB-L*5V;+OX10K9,W=X<@U!K0R7.GL[*$,OMHR)XC[?3:^OXN'_VWL<) M89[:/_M*#2=;O;V.6]WU#U;(!)=SB+B;>*6>GV=S8+DWNSLOWA(Q3GA\@045 M_F!L,.3\$VFBDB)@K5SL(/4=>*_W(4Z,&SHE(?N>E?E!H;'V-22"?ST0@5:W M4K<:S:6"LUL?<\+Y()!)I-;6%N.$*H=BI06*5`[P:^QA[A*#+5@0#A[PF#/5 M<$@1389"6ZJ7X,.>#8$N$=.E$DG4[K1*T:QQ@CGN;7M"4[=>(31->?(8S\A1 MTT;L`)[?D#H^I0I-&Y#O'SWG!MLP#_VH.PV<6G)TH_K1P M3>1=@9]"#;>PF_H<2V[APF_]A<7E^@(HV]*=EV=H<%UMG@%!+-B[/P`P[L8 MLY(BH>WK`2:VI*]=?8M'V&PQ+ZG'TL$R1\&_*NQ?>\+^R*#;%UN_N^#WQU3C M*V)_>[?WXFUP'G,>^7=W?H4=$.6(U17T/>?UKO35<.XLBSA85E[$[@``'.3! M)IJ^TJ+Q>[?QM9Y,(1%%.E9LZIXKI-PXR8M2ZYW4"`K=OAPBHO8B]@ MU76[=6M.-I]3EQK5M^#B@CR;T#XZIC[QM@CF`$878@IJD]-VH1^$)*+ M,\/I/%%U7<6%*=5R(HZ@&ADI1EL^U9E@8JBV(33K+D5^2 MNG7&^)A1%F-0B7`[>$(SOL_L$X$L'6$GJ&[N#JO=E`H^UUR&P<%]L#8GV&\_A;^7X*'N]_PL/_ MU]86V/-10'\(SL,)1O"^9.!3;VWIY^\1/*;Q&[JZ0_^+\#+U@\QJRON`? MI_'XMR?GF$C_3'GT0TRC_[_M_NAW>\$YAD'$@'WY\O#+D^#)15G. MW[Y\>75UU;W:[F;YY.7YZAX<+#$3@=!8@0 MV.!O3WI/Z-]SA&60?U\E47GQVY.]5\^>!$,J*:<_RZ+X+UM8&HVAO;?Z'^\" MO'1;H)PFZ5NP7<;EDX#^\=N3$>6!GS3P^SDM"AS^J'HGRAS_&=A_1[JVU[UG M=;LMHY4?7,H:F$QF<[NW_/W?_*4U6*YEX97C63VNRG;\FTNWLE^W,>]RW$RE M>WHLEO_#/8$_O*JR(F?4C(FV.YW_F:*_8KG/WB0\T+Q4[C_P%?*4(EK'S2JQJC;?9]%R M56T&PPE0-0.]_1^C40S.VY/&W8`UX2OFJAV&FOPM&+^]>"8J'@>SIN7;+?[C MCYEC7Q8SC"]D^=N;K*('9OSOU=Q_\X\>Y:[OI&INQ]#;]\;0S4/_X(\S<-K) M'\#V@C@O6L[T=R7"TSLI`OEGCD,_?^S].YV=O=>W6D.:7>7A_+&C1>S>4O'=*7LO^:V.:?H@Q2Y9NC-.-8!U,GGL=C-W-"=_]A-_L M[*[!"3]J=?]8(\H;2FYB\YXWOUJ?>XML^R:,OPGC/P83^#V&[5O.RW?=VT.7 M&/2Z&SOU<1[K.H0:-\;I&II4&TJNI7%Z?Q$JCDAM%/1&06^.]3N.]79M&!L% MO5$K&P7=$@5M_NUW+M5U);VDR,RU:OF^0'3V$75H;L91&6Q<0=:[BBOS,'EB M5&,GN#-4SW2%KP+VTRX;$#-YF'ROW^>AOG&@V2@!7IGGB3,ASPED%3Q,8)A= MZA"Q.!\AQ`C]HFB>2/;WH`\ZTR@9)I&((""--]E#]P!,:+$L&F$3?A8HQ?SB M[?[HKT7"(`_'X_SHR^'9V>'9\R30\.0M^'.^X6G^'"7&2#^.+1PI!A&5YD.)26I M=I59['TZ>)Y8#U+CN`:I9YM'Z5WS_##H]WK/O%G+WA#GI\B;,QR%R-")9E9& M"!_U>AW03H@^/`5)@A,PG`$0.@I#5@W"+1TE\RI\;)G!?R.UGN[RPQ!IIQ/, MIXNB=HX+XB/I/G%?VRJ&=UAN&KU`PI1V#R(8=M$WNR!0HCQ&,.HTS!-&M*-9 M`I$#!O(V>+JS2RL";9-FZ99!::;!4IW@Z<#_&.%K2YYA9"93P+=V]_1;.8VG M(NASF>9ZD#7C/I#)9H'L]"&B05/-WK5;??GE%'],)S`;TW M4&JLQ/&@99R3`FR'^LVE$M,C9E'(X(5K%=&(F"KDPC`7PX5C,))[0:RL60KQI] M=\+2POD;H]C&;"10]<[<*84MNX6ZJ;`82=U57$.5)7"5 M"10UX\&X1H;033!W7Z#J5AYA;K^11-6A@S@JHPKC;26,.^-:GNC.4Q)$1HF*L"I8=CA=F8?1+'T8Q#HB"K2F#+JQ_ZPA+$VN6R4N+GU1=,S0 MNZD>7*/#CQAN/3,(@4=E/%`3!Z!+]7"1$ M?3QPXE!@:6O0%Q^?_[GCP"+>C@8/C9&XX_FB9^B,?CG^LG5P_.7\]/C3IZ,O MOP='7\X/3P_/SEOHF]*L=?1):[W(NXVO]%U+51\1>);/C$X!DR2-<_1XC-U` M6\>A(HBMBM]#+]%^C_V$[=UKG\'^JIT[))^SAMYV'1TT4B[B*4TJ2D5DX$H\)WJJ(U#4::L8C^AF[_;D MV01[[4S1UEFJUB%_HZL(O1DN-&;546T$V6U-!=S&%GFE\Z0,K]-U-FQX.['R M<\6Y8K#OIY&%<-\G>^27$.N[CEC_/EH\M'C?[0:_'Q]_^/?1IT_MD]X4A?#M MXIHAL`;-F@(6U#*C#I.9TN1!W;YX>Z?`_@/@V;YZW6(\V]L"O*YDX.4!;S8` ML7__8Q\:NI+$O=T""WZ21H(1:T!CO9WIIW=^+]ER1!>!G]4G/@!BZ2TSTK\" MEB;M)>6Q1C2G_";!O"E5NM/[WPPZ>[N]6RVBO<5*;65B.ZE(0V^.7\GS%!\I M6[>GE;/3V]E><_9>'ZEM&=Z)R6(,L^(C^\'VH3BF]IKPX)B:&LK-Y?BIT++K M?C'6O4AU@\31%LEUR'4(&V/S7HW-[<[>FPV,TJ:>N[WUW,'J%NZCA/?[8L$_ M-R:/@ZQ_B>#[*R?XWK#I!Z[G?=4-OAR?'YX%)_O_O?_^4PM'S"$A;0UK2$4] MUS4"?(A'--]WY>/^M5'XI\%ZQN$W<^7^GCC\FBUWDS;8S!5[9%3>S!5[,-_T MM%JZ;OHJ3*^=G6EM"F5RJ8(9=%\]X^J6`C^GLA:J3AW'&S_WGK""=SJ#WCHD M538'^YT'N]W978N#7<<0W`G\+2F*+%]2"YW;.!>FZ:+:,4?5<[V>M,A5VN-, M%U*C/S+HV"_SK[%W@@L!NH/=9_8'V!V,"Y@]4FG9FG1$?RVNUN9X'_7Q/HY$ M[!UDZ>[WB]+!C:)T!_:R$:5__UU;BY*>S>D^YM/]54S0USLWR,U_+E*GL'6[ M1S)S>V-^MNU6;;]:A]3TYG@?]?'^LN;GS:[\/Q=3!])GL+N1H^V\:)O0Y^9X M'_QX?Q'K\T:GO08*C5#"-F*S;?=J/<)CF^/]H870`#]G3=^WNO:*U+4OBGV< ME?@;.MY_1\,=O+*[G=5&LC88I+N=7G\=?/O-"?]`/AV?L/-28>$$ M>G5CZ]\O0S_?>?WP3RT.>&/3KYTMNJ'CQJ:_+_GYX/6U.YW= M[75`)=@<['<73N^]7H>#?=0*\;%V?F\HV:H>^D9']KX`UNTGL^8#%USG&V+,,Q/]6N*AJ5$-*PLH31=Q'#*`R>;O?L%"#:9>-4$4$5 M1E3?)!TAG#V/A'BZZSS":=ORB\1V:-6O@^>:-1CTWAWP"_9UE>:C_KL7UXS" MZ;^F9[T1"E0>PC,K9@QKC>/D<.A"Z2,G+^:T\#X#%0LT0(+X*DSA49SCD`/X^V6YS' MHS+SBJ[[G,'MW>Y`XV]E+!,69F&YR)$U:9X=S:^H7A?3JP^_;/ALMQL'Y_"=],)31O"O?>Q+Q(6-N@BG1>#@L(NF`\-77'&`W.%F= MXE3="TY?@2O$S:MP8E=9_B>)7@9![W@S,CKF-A77R"M/5G6"""1+A/=E'B[- M0)';_/0BFX**AI?*6N#>S>$Y"0*_RU6`I\I\L2R?9]2="RN<9P6.NOP8X\P8 M8(.\?NN"3H^8\-*]ZW)'7,^46,@!\HP6`A_=\6I5!K0`+<>P4"#JHBS*D!_= MO'*\%K3_QID)3P<[W8$WE,Y]LBRZ6<_RM!.>PT17Y+5Y%LZJN0R3J8R=\<<5 ML69>T4G.^`%S0?!?>4Q[;,]0&7&;?3,<00A@QA\:'&4PI2H!.O%B$::E2L/D6&B%!TWP]CJ-= M@A58P%-ED$4C@%`>>Y,G;TTWQR/?@/&S9ZD@0*]_$`3H57M1=1JWUR)'\Y,3 M?.MT`W8W-V!3S;W1!G077FWNP@;M[/'G=C=%.NW5X=U'*H(>VO%:F\K_1RUY M-K40#S]/H`'>_N<.#CAS,EV'?RV2PYHP1N388''BZPUPT.CC]_ M/OX2G)T?'_P7,^;02*;OS$?5*_:'H7"DSZ`PDGU1![7'2C-+#U.#9M;9=-F_>6W@W.$LP/4Q88'YUB6<9RTJ=IE*`55=HD+=4X-;.5,^JR1!5P&U]]T`V^%OJK MZE=ZDB5$,8O?X5&"SZ=A4=H1@A'04^[;[=_Z@I+`@^UN;Q>YCC.6N+..'/H5 M_K_*U=K90]01HC@M\/QB>G M`P]BGP0(+]X/TG@(8A^AP6__^N%OO_Y]./1^OYS=>1\@AA0D,/">4;(4WWT$ M](LW(>LM18MEXOTT^=F;;[W9S+LB&,,H@EMO.)2%7(*8^1*#99*LWXU&S\_/)YLYC4X(78S.3D_/1])PD%F^V\3HP/KY7-J. M1[]_O'OPEW`%A@C'"<#^WHL7H_(;OWW[=B2N,M,8O8N%_QWQ02)8JL7E:2WX M?T-I-N1?#<=GP_/QR28.!IP#2B(X@Z$G;O\NV:[A^T&,5NN(PQ;?+2D,N33K M)?,?GYV>9]X_7A$_74&<7.#@&B+F?9[<[\-S_Q">K$;\P M,ON..#`?1'X:B6_N&(P#@'"30!S`0$+D91YUI[Q0E'#_TU-OZ$G[XD>``R]S M]JHX)8'F@"]!Q*O"PQ+")*YC5FE\*,VQM[X'E$6TA`EB_#;"H?2L@K*&]9"P M)YK3&T_#6]8"K&HKG-[C:&Z*14Y`O+R)R'.M/$:G5J`\),3_LB11P-K)ZS]3 M5O&:8-)[*\"I'S/#`Z6NG/D3Q%I6;P>%?9X0'),(!:+QSCT]5;W>/=&B72;^ MP<6(MX2$'G*0@Q/-70CBN6CS6`>R`&#-VK[Q>`2C));?<+;&P]-QWO3]F'_] MQT4<,RR3E/+*+6\0@3F,Q&W+UTB#]0TI62DKS^Y%& MP`EEE9L-'P9>&C-,9,WOQYNE9\C'`^**O5;5QXE_\\<]BX+W'+Y/4@9B!GW( M`,VC,N%UQFZQ7(LI&U3AF3<0^D,<'/M?G%)6VTT7V"JA[,;.Z6/H4(I#IU6N8* M_=,EA=@P*%UQ0F%P!=<4^DBPP3Y'4)",@XL5H0GZK_A>&Z*JHVRM:.>5;R_4 MO(Z\U=:1X=BIH8>9)3GW.W6IRG\@)'A&4:2HLOM+#E&\!R7I;&DNW0Z=MS@! M>('8!"J#SX2_WOA1RI<)#%3;N3DD@QU@*5%+<_+6IX^?"/9M9I!%.X=$T""4 MK#LU:;]#8(XBE"!HF+2KC#H8`XA4R#W8\CS((P4!-*193=:=5!4]T87^68]9 M5AZWT@^^3U,86-4A@ZV[>N@02S6>)X5E663FJ@!*KY-ZM M^?T^%G/[V3W7%9(-]=NI>;JL#9](`F4C::C@AV;.L:Y$*7EW:O8MH=XA#*?A MA,(`F1J60S-7>3]$*7G7SV@[X/T*AI`]C\&,/9(94..XV&SNF@YFM'+-T*DI MN1C6%T*JGZ5HC%W3PH15*N'4;+Z`]0('^NTIZBY8X]*U*L9(%)WU7ANGIO%6 M:FCY?]&T?]X$"3"ZC2]*JTZJ2GWE4&*5E<2IK,.$K%8$&XFOFCC*>A6HI-RM MN7K`^E@!XQZ@X!9/P!HE("J@5TW:+9PD]AJ->;3"\ M8)*_WW!F>K]A[^Z1T/L$$R\KQ/OI,P8L>&;S\^!`K*[>>G@`$8QG\`GB%*IW M354L7KIY^#<$4;*<``JG=`&PW.22[5M_@/0)^3#'IX#?R+N;1D4M@7R"&@4@ M'Q.GDCXB2U5?T=1F+DJB1BJY=RJI,UWS]V5%4\H;H#OUOE6E52?,&_#NNA0= M\8XE2N*$=Y'7FS7$L7)QL6KRXNE8,">4(9A!,6O+@:B2L!K#3NJ(CMI=JE4# M5M:3EK([FA>:Q+H(,T/^0[I>1WQQE@]H@)](7-H7G*Q=G:.]&7PIA%/9FWM* MGA`_B^"&T"N2SI,PC>3&'F5ZV63NG$#UD*4H3F5J9FSP3U,_22GK$B9+0!?* MEE1MYJ0(:JB2_/IM&PYVR-6093CZ-$.SY).FJ9T0NB;\.)!I&+)1L,"A:E?5 M=B[2:8`K.;78N_^"#^@^C!L6(V_O$4Y9>'F<;%)\"4-"86;W"#8P+J<[6,TY M+"7+$WR$R9*P*T_,1$RE%<_]B]Z]D_K2`;^[68ZJJLIW:5O:WZ%YL`O0Q9`A M0U"=-M89_Y4DJ^-"*N=4:D#BU<\\*A9_)4V5!$@A]7F&+CH"-K@,4:+)+Q0O M=O6V70G=GMX75%9*YU2F8A=97L,N(8:AT/T!^YPGQ$&>XI=4004E!]7F#XS9;>JF>JY:MO MY_:K;[P,3Q3BWNH;DX/#$XD9=OO+[><8LAYC-_*^\!/TI'LWI8GS_T<#I4>D M(>VFELZI5VULS@=02&+GUC.Q[(*2,CJU):;_R>BO>L;JT]2OG'KAYV$)*!1G M"T_(B@\Y=<^9SK!G$NG"D$>#?=OL$&]^IY@O`T_IQ1S@@&#>VT_#W/9+".26JBS_MT,>>1;Y'93SYK/7HDGE4\4CBW]I/PK*(B.CE2WXV]=1M\ M['Q[IF6#R*2J+:6`M`ETG^\)AU>.EH?+050:BMTY\#:.O9(T29A234MLDZ=JEDZ^H?/+BN' MSUBI:U=0[]6V"U.J[U1JI:[J-E7H?VS@'E+$5_`.HU.( MV\R]FWUI1T186#6PKAE27J?R,YH`LK79(_/L2N<7SQ."K5CH>"07/E.50H8R M2#D@J!U96/BXU/X81-IE#.LCDD>+ZS-3G6R:*`._3&.$(=U&-P4E]V\IR:7^MA-TP%L<3Q--0O62JW()JZ=@CC9J$)=5Q;LN2#V$@ MMNR('&IHTWI:./5(1=N0I(+U::OO8&"CY$PRX-39,)H`;A`&V#]R8*-T[JIG MG(97B*/#067;G:%#-'JY]'0:A"KW@\:89.5T*_FE@&X^M:C.H?_2J4XQ>N-6 MDJO8'=SQ$9?AZ%"#;=^TTDN>L?9EJ MCC_6F_98).4IR6_<>H?M$6SR17V&PTW+J%GVC:.3^I<_\+8=S#E,S)0OP.G]9WOAI.U M\BWPKZRVP/,=\&*W7E[6/[RL-,N]\(JX?MC_C'G13?Z4N#F)=@EB%//\`HP9 M.)!OR'U`"XQ"Y(/='@QQ/%B$?"$#OYWI1^V/*+)<;0L"E5BHE^TH`(=:OCD5 MOY=^A6(_(G%*(?M'%,OE*Q;L`[.RMQ)'X\Y>45,QY-2R'1.PWTJNHX;K5N;%&EO4F'JO,Q4P977->G< M)EU98GBB3`Q;DVORYR4$!P?\N&LPARV>2KU-:&KYG.%\-^4PQ?VWB&4XSDXR"29 M*3#FT+Z&`44VKT#`+V4",G.O"&3$G>9LG,;^^1]02P,$%`````@`Z&"D0/W\ M0>WX!0``S2T``!4`'`!UVV M!I)-X+B+W@I:I&QN)-(EJ<9&T?^^)"4YLBWY*W*L7@)'FAD^OC<'A]IDP(,:XT.G4:\WG=30BBW/)X+,63\T M4UO7^7I]=>>-<`AM0H6$U'OTTF'R_-RSLS/'W%6F@IP+XW_%/"@-2VMQ@4(+ M_9^=FMGZDNTV[*9;FP@TPZ5LD)P-DPUPXL0W+4T79P'N81\8I.=R.L87EB#A M.-`S--=&'/M:Q?%(#>4VZLUXH!=MYD4AIO*2H@Z51$Z[U&<\--.S@([[I=>= M`=#^-8^%CK[AK/9U-#"$?4*)OG"E4,SAPQ.)*<(H1:A#[C10$I1([5^O`QND M]MF?D"(0.X-EF)![FU)8H&`LAS,O0J6#2.@D-HYQ<-Z! M/>$9J1#&>#V"J)8!3([=#FN#\+5A9"LB6QR]Y[ M1&I&L$,<#C#?$N:\:XQQ]\IS)]6^H9>FN/'O)//N1RQ`:O?I?(_4(EU7>]9Y MZV5=6OU9-]A\!7JERL[,0_UN,2I80)#9)A]O,!_SCK9D52;-55O/%X//:=T&:MH"'#7?U%\"Q"@^3INM`P@8 M)WN+A6,%1"VLRPE9J66^_1YDS=WE"F6>6RA+$N>#3A1WGW_Y+.!I)[O-$NL% M=GM@>WGK*Z1Z5<:DS!<`_TT9_];8-^=I9U0^Z1K[X6A78$)&S59]G;0K2Y3G MV.R#[/FF:9'HE?F1$IR#-*&VH1_2GYO<2X0,/3"XA01U:0N.B81!(=%K["M* M^AK4B0#-0PC0PU(!QJ@#.25T*`J9+S*L*.5%@>/F)JL]6U9,U]A6E?0WJ1(#7AQ#@'T;UPX6:J@H][*K'#(Z% M+.1_M7E%Z5\-.F'_]"#IKP\!1%>(Z/$L(IOM<[>?G]T-GFCG$,XZ$]=5C5\D M%`(VCC?2*I26+O6"2+_2N&7<,"@E)X-(ZN>X/LO/DHUJT&Z!*ZEG27/+9$+C M"9FP?'*HK\0HXZ1K1UQCPYPP]"\,(MQ3XW/B28R,U>4#Y.@39T+$J1K_75"U MK*!54[2L>*MG4O-*IC/1/Q=AY:FUB5(;O5Z7S MW>>0"A_S&S\+Y8K``0G4>O_(>`MSW8QG$NN0'O@U4F#QE MRHU?20W+G6)&[9/=U2YQTUPN%DDYT#=O##31F6#N$9'?MNP0I&HZ[SJ/C)BO MJ]$"%93^)XJY*L9OI.6J:62D/#VXE)?HOTA(\QZRSPK.I_IPTO%][,F/BAB3 MI>83FVR-RCVB*RER%64O;7*99'A3?D/;TCVT[JI5P!M?-=6MY:9:W$(NJ>K+ M\]NAK0)43:I=YI!1Y.S0V^8UH>8U;`JSC3U]TH9U1O4PPF%<7')6W\:>59-L M*_"/6C7J!R^E;?*#($R1R+Q;R5$FWZR*,N0CS7!^^,.859G2)F*V[D71D<+G M^$QBRQ6T7>@J:EO>[#+Y\)0CF7+RX98SG\@K)O(4S=ZLHB99?!E6EXY&8O#. M_'=HZ=?//]5.I@8984D\&(`VE!`<_11WC,L60_B7N_`EV4]AOC?IZP_-?AV_ M!,0'D$Y_)9_QS+XY5O_\#U!+`P04````"`#H8*1`UK?!+38F```!(P(`%0`< M`'5S<&@M,C`Q,C`S,S%?;&%B+GAM;%54"0`#L_ZC3[/^HT]U>`L``00E#@`` M!#D!``#=7>MSX[B1_WY5]S_@)JG:W2II9CR3Q\Y6DBM9EF=5\5B.I=DDE;K: MHBG(9D*3"DEY[/WK#P^2`D4`!%]H3+[L>NSNQJ_![D;CU?C#_SX_AN@))VD0 M1W]\=?;Z[2N$(S_>!M']'U\=TJF7^D'PZG__]-__]8?_F4[1W\YOK]!''.'$ MR_`6?0FR!_:[3U[R+S2/]R])LFS_PYLW7[Y\>?U\EX2OX^3^S;NW M;]^_*0A?<Y!^YJ!@9W]F'#Q_> ML+\2TC3X(67\5['O9:R7&G$A)07]U[0@F])?3<_>3=^?O7Y.MZ]('R#TAR0. M\2W>(0;@A^QEC__X*@T>]R$%SG[WD."='$68)&\H_YL(W],/1%OX0%LX^QUM MX5?YKZ^\.QR^0I3R\^U2J="'BJR:Y7ZT?[AYXO8/SSB*)M%VT64 M!=G+,MK%R2.SJ=E=FB6>GU7[CK*1OCE[]_8]MY!?M1#TIH1(,,\^FX:\9SG[+HD?.VB8Q2V8?@[OPE.-*NHD.(T/B8^[]CMO M@(0%PDD#'XZFG]>MC()UR9^*MI`7;1%O#0G-H7\4#?[?'SB+H1U5?(DUO_/2 M.X:!Q.A[S]L3+&=G;W"8I<5OJ.6<3=^>34O;8;_^>9T1%Z$@%_\^$'SS^'$? M1^2?Z>PY2&L=:,1CV]9:*,+MS("AM8V9FT6'/I4;Y)]*G@GB7.C(1HR+,`(: MUHD>%_&C%T0*Y16T,(:D!2X:D)30NN%H4-0,YM1*T#\X.:"9S-(4$R,_&0]. M=#PE@C$,.531(JH4HY@"2<[OXA1?:2Q"AJ)F"K/U>K%9GW[WT:W5#!LC$L*8K!5.SDIP*>8SG!R!3-L/*:2>HP.R" M:<^]](%DP?1_=%QX\D*6;F1S+TE>R(3_)R\\U%/H5KPPIM]*,=$5C!BA7*,% MN+JK$";K_M$7,)LUL1\$]@GR,E1(0$Q$%P]2S*5OR+R,.K/OQP?2V"WV,6GX M+I3.)#7$`+/M1NCE%%M):3%U;891,XF<'A4,Z,@QBFEK7;('?J_`GY0<$Q3B M-$5>&,9?Z)(DVL4)VL:'NVQW"(\,\0[]^FSR_8=WS#-^_6YR]MO?3(B8=(_] M+'C"X.R9#Q&4Q2/IGJO MK`1.=WMKDDRCRL*J8G%)1@BSVJB&+"XMUJF@UA%52&H6Q`B17UEEM[Z(V!+M MR3J[(_M&)AL(3NP3->X/.;$OI+``=LP+VEY-@)X8Z00QY*-`S82C;Z-VK#W/ MNDGB/4ZREQN"D9WB^OP3Q`1X,3F[^4AB8+LD&"B'>EK^E/Z,8E3U9$_#3V, MOS0J(#J)DAC*,QH`U=VAH&?VA`M[LNX8_7`7'!/$>."L_PI[*7Z(P^WR<9_$ M3^P,I=;\=0PP]M^L@N@`:FHH#VA"5#.ED@$%`H=U#^B!6^0`=P'E$*=S@R8F MQU(GI3OH.9Q+EW3FQ9/SG9`NN9,MZ7`WY$E2[[`S)>JDCIBO3M`]K&_/?/_P M>`CIW:<+O$^P'[`%1_)SB-D]EV@[>XR3+/B%_5ZIL&K..)AXH"6/@;NGLEHR MD&RPA99!\4L&0[IK=FP#;85&6`SP!.GV5V_&U5X0CT3Y$U2VP/I`;(/$QVJD MG%1#I8,9!)GC=IA7.Y<]"&J8+K@XESF4F+ZJO$&-NGEUQ;&<0:U*-6.(ZLCM M>?+'.-Y^"4*5M?W:1R[^;-VW.N*R9W/+*".`@KL0 M\RT(XBB+9S\\T%(3#?9HQ@ICJVW4$NW8A`_*QLVQ*79E@U*`+MZ-[A,]]#BR MEEO,="7_VY(?%0*^<^+PQ#6Q5-/S$R(M^!&*.G#%*8HCH0,'*4[!*/P`_@R% M(=#2QDMRZ),4VNUKV+,3ZD,3L*)X'^Z%'@_?)-X6-QQI MU7&`[?8T*7&R@:,B!]R3T4-27US:W[R0%O MZ]ZMUEU%#^8(>@5.W$!.#.@$.D`R0Z+T"#_O<91B@$E.1\"RT0`P"XJC^PU. M'B_P7::W=RDE4-ZC!EU)>.ID8)F."HHRQ=G3+>(XHE=,HSC#9:BWG^X80Z>4 MTXR0(DI[3'4^>=DA80;O4K9OG-VYD]V;9?7N9/-&]TV$7-Z!5+Y%"@]ZKV?X MSK8_YES3N);G@0W!ITH*.^K(8,N&'9$.>MRI8ZD9RK43HXPQT'+^X,(>1H'^ M*HCP:C=/\#9H2J.JI+`6+8,MLVB1#MJBZUAJAG*+G^+PB6[>$D&89E(^(PB@_:,94LZV" M!U>D1DV64G\&]X4OBLRQ+@KM#QG8<8SH*$N2D@PB4^V5$AG:< M-AWE&+H1J!>QQNBJZA-:0[8`Y=MC:%%_J^O!2W#>R#>L@D?V8O]LBAU5A4:^ MR8]T35#9$,I;0F)3*(M1M3%4M.;$49C6!RW=.UK9[C"E>\7-/!).K!*Z1P5T`5D"1W*`M%LU22CI!OW[]]@SMO00]4:X)^NW;MY.W;]]R!R&I MWR%[B)/@%[R=H"@N?AND*3VK0O/"^)#1AY1I9`>X0=Q>[357^R>N[9(IXHI_ M$,==)>Q5SRW#=X,3EC<8J:]F=L&+FE13.Y:*TPU?TZ-K=K_2\X"=I[,>N3\1 M?A0GB$O@WH6(#,2$N.)?#$PZ*T.:4<_4F5SP)Y4J:C\ZY7##?^2HFOVF-CP! M^T]K/7*_X7QHIM0#UE?X^-BB!PH&=WRDJD*3?W!JEWQ#1&3L%X$TKP'Q"4/\ M57]P*R_CH%;'3+>%^A4N=[Q"HDR3:P@L+OE'#9:QD[@S=6FO2=5=5FI-[&Y5 MQ5'C1+].!KA)`B^\\8+M,II[ M^R#S0D$UA?(FC$"7](U5JMS6;^0"N[9OB*Q^';YD)(E4L)T&$?(YK_V;_`/H M0#D1T2'GG2#1H^`\Z!9G7A#A[<)+HB"Z3RL%T'>!K[RF9L((XT'F*HD>U,P% MY4&FR"37VS@CPCFG=^DA>6E<[)(1POB%&K+H M!W4J*+M7(:D?UL\)>5Z%O`SY<9I-T+O)N[/?3'[__O=YIF7=_-MK(*Y7#0OW M`X<;X7OJ0:#]#N2E/&DU4;J@=,!/JZ"5CLK)G/!4$4J#R4R<<$PSP)69CTO' MD!4JR@A=.78L,^V/489XC7Q6<;'&I6&LRS4D MX_#03;@KPV6?KAG^LMXH_MMN^.H.>^RK:F,.BWNR\J7A,F_R53ZS5.G@(?W^(G'"FW%5I)@`D6 M'904XT8+=J@0TAIB?;:),[3G]"CAE/9GFOW5X!(0%8%$&?0$(5B-,Q:&;X3.M`"?%(LBNIU8![0&FE.)GUPVN(JBI$9 M.V+!!L;KB-V:&0(-W6`&:P919Z66YK"]N]+F"=J4U49;Y`_&--3W49-#G:'5 MPZ\>HI73PIVBU>&I'T8E,@(?Q7LRZZ(EZ=BY`X"'WMK"IN1\5I4S.%&AAWR8 M."%:W&)VN"K'IIJ3*8B!UB.TT"NK$%)*L+4'#9KZ$K47>DDQC4TX![=X^XL* M;7`S8@8Z)R_,OHNI']+]`S7@=V_?E^:[?_B9U0IGT6!]V.]#^M@)72$D#E5` M9?E:39TVK+9-N[U:W-#-^2QNX;0%)!JO;0K$:UU(.:'J[.0Q,F26F$G`7MB#EMO#I,WW1_?S!2^Z5)VGEI%!70=2PJY<_ZG1PUSU46"3SH#@] M)!@H&6P!M$**E\WCP:;SQ]!WT$.P(/=UC M(C:/DWU,9./5;A?XF(&399)R.H`IE@YP.9^2$=F=/*D12.PS)T6<%LU'\Z:F M*5$GU#%'/5X,:)SF#`[;XK9FX=G+R(\?\56]I=H#*2=&WE+AVN=;.L#9<#_<8S\PB`JB88+V3J_'&6O-PL-B.LPX-^X7LN>L!.9QL.U1F:*#'!C7[ZRP&"%:"X$* M)!V!UD^\XC3]@:Y_%3;MG3BG,[%G*(UK(0HF'IFON3CWJ8&"F$GW.!%\&@.+ M$T&C>7@[M0\_+P4OU`J`C0*=/9P7A(-),,;_"/;\LRAU7+S0TG#_3$T.X[5- M\$4'5M%"^;(>3[T.4E&4>H\3;CPFEF7_?EI7M,B4+_4HJ=VPZ1/P M.JO.25VQZPJT55=T57:RH#RH6XXZS>:^<-7AQ2S)W%(KK0_\*-)]G.D@50J MQ*!<#N*"4+R3O-!;.JD3^95I#^CRKI8RW/9499[62H#K/NI>7C<$\I9^")P* M*C3.HX/IH_.MI3CE?DW*&CB@2H1C+JB'Z4P*.@SZ;@.B$^^G7@1/P19'VV,2 MCOV0_,_@,54-*_C+JHUJ*9Y95?(Y\.9J`S:)3^7T:)L3LC4\<;4.\B'6MNI4 M7V4MN2>5^6`N`G3C:>ZE#^P`T19OSU\^D\1_&97W=V9^1I"S,K_Z*6$706!; M6!U5/MGG:BD%<#.L$]+ZI:Z;Q>ULL[S^B&;SS?*GY6:Y6$/LBPVC#=UZHI)0 M(0K=O:!O/_-Y[W?H>(/M*-&)*>%L^\]#?GZ4[HH3#=@IVDU\BZGQ!R&N;+QM MXF'\>_QFH=YTMM.=U1>AQVT3[CUI&WI)7G(NFZ7;>TG1F'@$I/D$&SL80A@H M;+078L*Q,(-7(K*_%@;?M_R2106 M9'FF3M"XUE])B#[R<'TBO'*;QQWY@)C40W-%M"KSTQM!\UPH$J2ZY/+5"-;%SS427''N1B7; MY`I.NG$#1%/?Y0-3J#95\"RBLW.>IA).^*/YE0E%=[41X/J='IDSFG.[?X=' M<]O%Z&2[PQ=ZAKO(`U80#^@C@L<:7O1^@/N$6D%.Q1X#E0UBD$:*8[&H$6E] M#+W^:;%V]#YA>VT:PE`IT+7[+F0:P:[W;.*9_^]#D&""?WN@&+%V%<^`#Z@T MOJE"E8KY34Q@A?3-@-6?A"!8'FB"&N_0+GBF1_MA5NPZ*Y#ST7MD.2*G]*-Z/@'G7?DC%K+X% MTGA.XNO3S/"4!(1B5E\1\S'>L@<`V>6PG>G,RH`1[-4Q0Y5.7B-KX`)\IR_YN+^DV&\I MT?TEQ*:5\*).=5`NK[FWE=%.K99KB$YM98S\`<%CS&40>9$_P#:&5I!3,<=` M98/8HY'B6`QJ1%HSYQZ[N8V1GMM&D)0*=#5;0Q:##DOM7KZ+'?#.HN6 M$W;5TD`IV6*EA@UZC;(1FJ0\<,J?\6(S/I<>[.RN4[D<23)LH4*P8^]R`GPS MT+@A%'TV[Y$*DS/10J)*0Z`0.!R*$354]?OA=,S:EB7$B:V!/M_920=%.!`K MB3L4`X;^)C`K6:UFR=XJZQFI*&'7X>3*J!:?JL0N[#J)@'4L"*5X*#<;!]AJEZ.TYPRW>E[YMX@P:>AAG:%1`=`8E,90S M-`#2C!&1.Z[05HDC/07=X`JVAC@;7P+&K:_C#!,:)'Z3*0WA&G#"^W$(IT:T-V*`\W!A:O=CVLX_3E!;>1'=<`D\'4RH# MQ5P(PH44ZS&@NV:T(N>YJ!)C1CDW6JA4@IGV%8/W99RP.WN2A7*#M-]("OP4 ML86RJHFC@0@7II/&,!TIX3D,]NK,\MLR,=W%R7?YE539OLW7L+W:>[O+_>W4 M?MNH[F^?FIX`V)4FZMX1CG9JM=P_=>H(Q\@?T.*CL?1X?+2E_Z,OG#QY(8V) M-S@)XNWI_7]%%[43`?2(;`U2V-4:IL8HU**CAVG]-MK\>++30 M@Z7L!T$*>U>6R$&2RA0P`<;25[,;432Z0D8`E6=#>JS&@J?3.WP?1!$=*^(= M?>:9V`2(.VI`CH*'J[K.O"3[*OJ/BUY$VF6W1K28!"PE3HLOT1WV^Y"]9>"% MQ2,)RXC,DA[9W9N&HYS&W$!OU;53KO)XG1DKV&MV;>#5'X;[?'-SM?BTN-[, MKM#%8BF*TV0LDHF8].9$]JVK1@?MBX MR7Q/J*!L5PJV:K@5$CBKE<"0&,,89]B-S+4-/!?LM$@!Z2T`\N/Q3EVTE2S. M7@2I'\;I(<$-TY?^8N&6-X;HCM.ED3XR(9=5^N.N+[/%T92MY`N7,,F,_;B> M3YBCE"[JTYW\6F9B_[VUD?JAG#WQ*SCT7\M*CTAOOQW%CS/1*HKXK'9%`:`U M#D-A?_@F3E19J#DOP-2KK6+E',R4T6YEG7:HM+6:"@&(2Q#L+I>6JN>%H,#?1V9KI,TX/RF'F5 M!"@<2&!6`H'P=_LAH-9X[6.?>^2?_CCW.XSV:PTP$@DT4[GC4"?\XNXXBXV& M6^(F'5MNBC?@MN=2L^V6U2CT0KJRM(SR=[RU0;:!!\;IC!01O5#+8-TM#=#4 M2TR6/&Q9<+J,BF?8(:_U91Y)&+8++Z&&GFH-244,=:5/![UZH4]&:=UF=#`D MM^$X,2JH`2^1T?-RA^2E.9V34@)=$E.#KEP*JY-9MPLEAOJ=J)P2/+&CS>=E M-^A9S.QE$S>-0@T\4#-!`T6JDT(-`\#\L!%-W88H!5H+A5.^09P7\/Z.M%2S MUIST+$!W=`S4J-S*T=!;MZ5F,+)]'J-Z[3TV*YB%\R1=//GRDQ<>\"VFU<#\ M#&\9U>R+EVP_)G&:\M2>_U>V*CN`4(#MC<&ZHMSWZ"W1[H;(0'`EBV?T8C$7 M?'+NB\E&1^'Y)60F'C'Y/)(6_P/91QFK7ZA(.NNENP_)L0O8U?)19_"-VRHN M:=SGR&O\2!^69FHN^!O3)^AERIMP01Q\-5;F>/:UD<5N@#'%(UMN+1E1SEF+ M&B"Q81B5\@?0T;3F%4"'82UKU$E\+J*O)-P0-:2YS+#R`>+&&!U41I@AA=N-1<,CEZPF\"98J331 M,?=Q>OP!/P[MH+W164 MW;4?K;L:(^A_3G]97O6J9YUY7MFBME8708#K8YU4KBV:M9("=C6P(]*&$CI% M_2WJ"I7*7*-.HQI7#H=0E'%,[SQ:LZ,RB,P2XO_W_%#*W0L2Z8HZ>6QN-BE* M>DW*FEXIO9M_`WVY5S/'',#9=7*<\O5FA0U<72W$,4]O`MK5T5UQ\-;ZJ1?' M)GQU;.)>8;[9]I^'-"L>NY7OU&^\Y\5NAWU>EY`&IW,:F\00IMSZ'T@ZU,&+ M03NG>D1C$-%0(6%0^":5.DF0P&SG#=V3L1+@I9EQ-1:DL_>QJ\=?Z!B?-S%! MQ[N=J%KS4Y%=#+H(&Y5ORK!'8^>21V-OO"2+<")=@6DI`&1IMH.*PBIM"V[; M"[:MH4F6!(\R\D>HT5RVJXD*04`+N<.K&I'_29]/0OLQ5358WG5!5WOYRNGK M5T45,QIQ;_$6/_+42A'$C;EA\HV6RHGYA"$K5+[0"I[NP7&M?5I/"OJII3@3 M,D&%&#ZP"X)0G"#QHIOR&$D_SMSL M\_IF`_OJ7`OXCKTO-V['NY$:5%[#W,3R`WP_<@TZA+IVXMU++KITCVGVT4:V MB^E)>_R=WV(==R[1-9$9H`,,,YU:/RGXT(]C!/EALI[_&',A;30^_K$+LJLX MU56I#]AJ%=R@L$KNO2CXA&%Y05RH M7K/!S]EYJ$[^AF\&9I`8J[O$P6+H-J`&C7'TJ-^LG:V7K&+NS>UB34OITD*Y M:'9]@=;+C]?+R^5\=KU!L_E\]?EZL[S^B&Y65\OY#3XV8SWX\/4<8K8X6!3^NQJ8NPN1U\`#K$7F0I M;D7?X(3M$3;E,AIZF`C0J(#HU4IB*$]M`%3?_)[=7I-A?(UN%K=H_>/L=F'= MEUI#SNGI:1>^#]U[4%7L0`LKQLIZ<[NZNJ*K1\OKS>)VL=[8 M7S[JI5;I@0*W>XL\'^-X^R4(0S(G)5&`X`_N0CQ+4]QFK;FM$!CGZZ:JZ(3M M)$`Y8Q>4->O]N%I=_'5Y=67=YX9!GPMAH]]1#.)ROE(O;,@_6\IPV`=U&6HK M`4Y[8$,^5S'A5?:`D[HAL[=I(/-45Q2U>/P.WV7F`Z.2&N@0GAY\Y1R>G!3L M*)X.3GV;?[59K-'-[.^S\RO[:Y7ML%)J]P:DJ@X-(X^*V`4CUXTE3=`[S(7U2!152$>\,)!])(<'JK39O>(N#GV>/.-K2O:K+T+M76W6*_=?W\=,;PL(-FOQP:L<2 M<7:M4ZD/-BX-[HN+VIQ^:/JW M(;[O4I7?&8I49_O MK1'8_\-SX2B7CIAX1.3WM8'C_4]>W&YUR-+,8\^1#680VC;`K,-`\Q-3T7`, M8#>-TH,"DJ]`O-];2IRR#$R9R,-?=Q,EA4.1$*9352W:IF4B'I;Q<2 M<8,9`I.-"N$]/_LMOJ>7&+THN_8>!T@1Y%*A/KQ8-]^Z-P M1*7WS@OYA(-GFY?D=VE_"]"(ALL8E7J>IH\UPB%R2870`1/+?.*83QM8&P/9 M!IV+CF(9@F!HNZCI*+>*DFPXFS@1.;Q%L*6$#O8PRFOJPI6NFY@?O&U8_#9C M!7YQW4`MZ1OL&CZX5]D;0\VD_P48T<.3O,ZG*6"#1:GI(8Q ML@;PHETI2*V;DA:'WGJ$>]_T/#[.BB*J+MB1X"*TO-)E&']INORB9P$/6THU M%.&J1@\9IA1@VA@8JY+%9+AF8/5-<'-+T_&"FURS8@K;4S-"&F$3*D-KI,8H M>[U689;YSU<$&_DW^1?Y@=:3)O_X?U!+`P04````"`#H8*1`F$GQ>2\5``"> M2P$`%0`<`'5S<&@M,C`Q,C`S,S%?<')E+GAM;%54"0`#L_ZC3[/^HT]U>`L` M`00E#@``!#D!``#E75MSVSBR?C]5^Q^XWHCD[,@!H8=\&"X_'\7DV"4>A$?_^)^__->GOQX?.[]=WMTZ7T$( ML!L!WWF"T2KY[)N+_W`F:/."X7(5.3],_N[,7YR[.^<*A2$(`O#B'!_S3BY= M0MNB,.WM_&24_2V`X1]S^C>'\A22GY\)_'RTBJ+-SZ>G3T]/)T\7)P@O3\_/ MSD:GOWV[O?=68.T>PY!$;NB!(X?2_TR2#V^1YT:)0*7FSW,<\`XN3O/ODE*P M_QUSLF/VT?'H_/AB=/),_*.418W^C[@P[`.1.*./'S^>)G\]HCIPG$\8!>`. M+!SV\Y>[F[Q-3#:K$P^M3]D?3J^0%Z]!&(U#_TL8P>CE)EP@O$[$IM_)^OLY M>MF`ST<$KCAOZOY.MUEKWSV%')+I8H8!H5^2 M]$J_Z1XN0[B`GDN_U_-03+\X7,Y0`#T(R%&#!G;J# M)B[K]'NS,/;^C"&!3.#IXC(F,`2$-.M+VJQ+AB@@WU$X06%$NZ.-EC=A!"A" M41OV5)WLS>Q7A/PG&`1-_!1T>W_E=Q0!,G-?W'G0:"_;M'M_]02MURB\CY#W M1],W;Y%F7[PI#:Y;^CW9MS'Z?>8E&+'V9V?.L^DC1WIK`:>(Q#Z MP$\G3ZT%8N95I/5 MA`#O9(D>3WT`Z:HR&K%?&/NCX[-1MA+]C7Z4\_%`NZWP6?]SSDX9W#'>9LW% M'N^(_KJ%=WVMRRA.-W1^"Z-C;P4#G[=>8+1NI:V,"R1B'6$?X,]'[T_.+HZ< MF%">T(:U=H/7T/*8,N(S9JX#=RE0<^7O@])SA?="T>][4#07@*Z9$%$9_"NZ MV538=85N4(J7R%``\*X'`%+N[\`2,J;#Z+N[%NE?3#8H]8M%*+0_ZDW[$RH) M=H,;NL@]_R]XD:J_1C=`_==D*``X[P&`28R9H->0>&[P;^!B^10D)QT4#'(Q M"B1^ZFTH7,,`X`EE9XFP?"!4J`:E?Z$$N>I'?0R";&06AX+D^$JF<<3\+I! M4:(<,!`E*0H8/DA@^'1:=2[L[V,,F"/X?@5`L[NI0MR!@[/4WRS1]`I$T',; M'4VJEGNS=4_5"QA"9+JX">EW-CJ@1"TZ96/BDM5U@)X:(9(TZI299$Y?H8!: M*_GR9TRMO@U7HM9JSUG%>=7L3ZO8Z;8#;>0<.SD_]/<)"@D*H)_MO8U9C-(#P_J;LQ!HTA M6PWH-H7]8-/NHQNP^7@<35R,7^B>_%R@'?22NY<9U2[(+VO)'?``%6H>5/%K(C86M";&,Z3>&8]4G?DI MW:EB$4Y24K-1DK)='&=,P:B;B301;TLW@EE31&0LCC*&,P0_V(9@$WA#PDT, MV8_=0A:AR`UZ!&R&T0;@Z&46N*FOA2[B&[95_PY4VU&]9F;N3O5XS^#^R;;- MZG6,0QC%&%#)K^$S^XU\Q8A4O8),4PK:OJ!M8Z\<<(48&&LDH.[#\YL0UJJ*!G:30V&A'B3+!SUD5V+-CT8Q.LX M8'[5*T!9]V`"$OT]`-G#X_$:X0C^)_E(P[(-M20<[XX]6WW/,,5S\QJRU9?HIFWO"_XX-@;YLKI!YX;J.ES">0!2 M55!+_/+L!3%[`*)`3J^9F:CJ\;W;%F4VYJ:Q`#+:`T=5F0JK=#:IR8>&M5H:CKEU3JG$"5?26;-[ M44(\-+Q5LG"T.W9U]8]V25[UQFIX>&XQSP'\R:Z-%8O\A5'RKH4]ND=).C$0 M>F(XE=1#@U#Q6M?/39C=>LW8>P0*611A.(^CQ)F#V"163U2F MC&[K]@N&9E9=R\\#7<0>M`$[25M=C)AY%7*(H22WH[I-C&R[)IEQYA/I96%N M0BISK$#^[D?`-H?2.L=;*:>(-%RQ1F(^B'6>.8(&A2)V=,7A^S`59.9"_R:< MN!M(=ZM;>33K=QT:C1^;CK M2,%QM\Y9]X"!2V+\HIRS143FXRKBFN/8E0/N8XIC");,7(PZXFEMJ(>`HXAK MCJ-EK\B^P3!AG9\3!!C62\T2\4PG'3]VJZ,ORRUXD*1LE91]69<\0UN+%&W. M#UM=_?V-IVR39:$)`O3$M':-\!6*Y]$B#HHGEBUR">W8T5`>EN\C8YZ2R)C+ MG1V,H4VZHEVZL<80FK,>&6,&A_"BTTEWBA.E^LG)MZC4U.!8ES<N0EE_`I^M#^4U&-D6V_Z;G*;5HT=]#"^0XB)^W$^>&7T(U]2&EZ<9ZF M7.3<*?RE4LH^!M4_@1M$JPFULBE>NB%/N9:Z!^\!?H0>N`./(!0^>&C5NJ]! MV(`,'W>M9,GK8UAVQ9HX_^[=`)!,5'&^.3&9X0"+F<[+9%B&9#.(0\-/!IUE MX=P31)*@FR_/&Q`2H*HX)""N5.@M5I&;#'`:B/VHAC#<#FA!^RET)$@ M)C,=4C'7>7D-RZ"L:D5CCV0^A'6.#U,W8_>-KF0%G2"\09BN_M/%@AZ6$SE$ MRZ68SN`MJX)K:RM=3#>`"IL\X&7ZN167MQ!2&8RDE&?C:E=(QEC^6#O;B:4R MU`_X3<0&8]3$NK5%'[C,\L-AC<)@&(7\=EW`P9BXLF(NN:9*2A.FQ'2.R28; M%))+L$`8I'0/[C,@U<@=:NK;O:1/Y[^!:(7H7QXI27+O(;U2>*5O-][F7E$7 M!RIZT;4@K$3`M[5%+>AAGPHHV<>5_V@X#/[Q4 M7.S)20U'4LYX4<_"LIN]JLB7+H&>!J8975^`-EFC#-&,;6MK5U3EO8)!'`F? MD4HIAP9ISKBU-2O^!>!R144<4U;<)?@>K^<`3Q>U@`C%E-R^"\.GZO8"%74P M+)O"=54AF]I;MN_+,'8=!6TMIK)$6)?[3Z*';!K5"3)KW8-E)B,7U-I*'J5X MC2OX"'T0^L4"#+R`_FB(55$T,WRIT1/B%0M]O&:,P\0EJ^L`/>7'=![F<*$? MYL#Z<)).^@YS*$6TY(+IY881D/?D.6&<)$^?*)B7+[\0X-^$^:7PV(NHB2:) MC.1B[=*)`3%(4L1*CIC6-WE4B&7ST16@['LP@9K^'H`$ M\]`?KUD2QC1:36",>LUZJX7^2J.S*#NFHXT\",6RN="*Q^VO;3):C^2M>RW` M??W`IXS]W01V%Z6A@3`J@2 MQ4]+=5J]!1/05D;'T33&O$3@A3SUGXPUMG@+=J.E"%O#=I(7W0)%)).K?HJ@V6=HQHM%%OD1Z\16,K$&]*"-Y9 MV)4Q.UB!^K87U&03K[=N"!L.RR[:2&9S.)=D7,S<%S8HF,_0\W!,N506>=^U M(QML1D_2`X50&;DGW1I$;0U'T=H&:U&(9VU,EOY]VEZ/$(9\8=A&2GO#P40J M2`-1]WRRHNQDP$]6E'(586'&'%@[NN!S7Q(7P0,:>W_&$`.J%C]F&@#27:Q& M&\-F#PW#SR_OFH7K.MK,F#UL3?;+F,`04+'9C40ZM+*_".N>M&IND8DHY2S" MV(RQ%EEY-,9SFFJ<3!?B"%EA>B;-AL-$O(V$7<>XF3,S8.0!X">I+9);RX7. M.J'1:)@VH2N=M>%Q^NK;:V,Y9/MH(V41)_<6CB%988O]CB'*3@9\#%'*503( M67H,88%>6;A/O4R]=,.I;&78#*)A_-5]IE*\KL/?S-ERU*4O187I6<-6`ZL, M84NRKN/@S+&!TA[KEAVQZ+Q*N1<^$E/0#AAYN5`<=(/>BW:5;7N3VWL3Z`K: MX8*N$(J#;MVCT++,WU$$^!5@`^;;I'9`OBT31]PZ9^.#^YP]6TU.T&PEFR:2 MD2_/`'N0"'V,6JV&:P=:XG&3L.Y-9GFUXWN>:X23>UZ!$ALV`5H]#-=46HO* MPQRM2\"EK\N]W`M#-I8V4G([,2:Q?4?I5-BM3.BS'RPY\Z,;L!$S`U0BO_JV M1&`G[9H/P0'53J*B[KMU5B%!>S@HEDLX=XK.)C$&R@Z.S,3H]]%P4&*\H&QGI44MIR:!BGKKYZ;`V=FC9%[U@BE`7!E8 M1-0'Q&WLM5;8H<0[1].Z4H;\XD@%985B.#A6&.<@6A<-S29/RD(?<&) M[@H2+T`D5N:/W[_+``^"H.0FFK%< M1K5D+2W;]E8ELZ/1D*_U^B+SM$^OX%)[S02DB=]YA0(J'$D+6>4ZRC*1OM/* M1,H2D2;9;K*^_MM)>S,H)6E=5+W>'J@KS M^3O;VJCK5??LLC9)LJ#2?XFH=PRVC*6F[!*G^41GA,)+CU^^`98?7+2AJ=/T M5F4CL6V6[`N%E.P*K5T8UO8C=7[S/+F=+BY!CRZBVH"G9Z\@]HLE=^SY,A6%'P)LP"RB63A$-]$9/%PV\YS"_MV3J MN`,1U0+P>24B*:@R0J/1E#&=P_C!$A@?V&UBC%_4:[>0RF@`A1SGZ/UH"7KU M1>@!J2;8!GJC$6W@//,2R[PA)`9; MGO%?W2`&=U02##U6*8E1C9]<['_%B)"T<%+ZK\C-UT&G9FZ>NY+.O&H7LMO: M4E+I+#UL143AA:U&*X,!UF$_+_-@.H(/V`W)@E4]*XO%\QN]7",\`9AM&$MF M/8LQB=TP>D#T7$A5!1_!+*#=B+#NMG^#K:);06VM\2"9'+/I3_-=_BZ=F&DY MNTIC;5T'Q=JYIW6H^AB<<:B$R6U#=%,\8-LHY9A^0!*7%,M2OU@`+XUHT2T2 MTEG/YMI19R(.IG#(A!V[F(^:1I.-: M(,9,(-5\!CS>@)G['?#!.IU*!1.$=DLSC:"5"!U7]3`F!%0SL8-9Z1R:<54F M:3`H#=SAA_`5)/DL1V27DO],G:PMQWB[KLTUENYD+(IJ6&9AQM?5;4994#>W MLS(8/)*.&H%B*3_(@Z>*OYV,GZ'R[9.*OF)&4BP5U:,/A*KZE52S3(G%'1@2 MY"0*EDI"V:#(G7*8Y)4J>!:(!L_=G<:6R;3^7]]G[/ MAWJ/>FH!V._G0X&,<5K$<9^/]HU4JX:=]H^:V0\,#;>4SF0LTIF^BHT=.C3B MTB60L/2^)JD:V@[>WQ7(/>\W.6G'5[AD^I MX$,1!BI*893LDFE7QZ6^G**SMS6P#B:`WI94MZ'I MP[*-+/:,SJ\(^4\P"`0#\'UU`.:T/9@G_VZZD:?CW`V7D)6#3:KJ:*4S:=F^ MCQ&HQ:)J)+;MH*\1N1.6?(BV%=*>H2K*@EX:KA^JPS6A=WB#/EYS@'FD-3AE MA+T\0=GB137'-D550)``.S_J-/ ML_ZC3W5X"P`!!"4.```$.0$``.U:36_;.!"]+[#_@>O+ML#*LI.VBP1)B\1) MB@!I;-CIHK>"ED8V49E422I._OT.*=&6_"%;2;-UL;XD$CGS.&^>2(U(GWQX MF,3D'J1B@I\VVLU6@P`/1,CXZ+21*H^J@+'&A_>__W;RA^>1+^?]&_(1.$BJ M(213IL>V[1.5WTA')(^2C<::O.J\)L-'TN^3"\$YQ#$\$L]S(.=4H:_@&=I! MLYWWJ6`,$THP(JY.&V.MDV/?GTZGS>EA4\B1?]!JM?TOGVX&UJZ1&1X_#&7, M2N:FQ3D<^HPK37D`SCYF_%N%N>D>8H`S^"7[/)KVT=&1;WL;1%,Y`GU+)Z`2 M&L#,/%7)N!F("4*W#UJ'AVV':CJJK""&"7!])>3D`B*:QOJT\3VE,8L8A`U" MM99LF&HH&:2\8#)/3JAG(Q6IOO6SSGE(GGY,0)6-%03-D;CW7:^)L>VUVMZ< M"T>)T\GJE(9:^L;/1R,/K4"R8.:WV2EWP(>#D!/*N=!4XX-J[TU+DC`>B?P6 M&XP:QU+$<(?NQ%Q\[E\OY]ET^!,.`>:M+_M,T.:>QF:J#,8!6F0CEILJLXSI"!I@8R-/> M$5R)F(5VJH1)YCT`P#6)'_@:W\L3R%19T5ZIQD&5&',P(B)R"YIDD.359T[3D*'-7I*5DG2H&E_%8JJ6 M59EW50ISN+TP!I%8R+TPFX09:!%\&XLXQ,KV\GN*+]QEA5;85$KU9BNIC%*# M,2YG.?*?),/>:[;Z[:,82M$K4,1J:\!&',O8@&+M%00BQ8J)CWJ8ZX#!K"RH M[UBI[KN6K1\NF`IBH5()Q'ZH,#OUBL/8(JXP$)F/1-Q0>X&=P)=4:H8!Z7E,A45;:X4=X`9G, MH/>B.=$^"A%.69Q__,SN-J7^[6+JG><^LRZSMT(#?D`^TF&A,VW<2[6K&4?]1:A9X/P?1AX5JTN^+/(+4;^8#?)" MQ/&1JTM\X2E](>:=^2@O1#VFP[K4T07B%R1]8_!7TCWQBT<%>%<^2CA!MD)J MPI<.<*J.D[+CJAL16*`*%W/G.3_/-'GM`^^PW7Q0H8NQ3@AS^O5"<'[/"V'I M=&:K*!:]3`Q')H;VNV?%4#Q6JA>'X+=/#"6B:FC!5AZ*K8G"1E#T'%&:6$UQ\S&VF4\S#1-312"W%,V83HW'1RG2Q!DR M-,%ERE[C\L5$>&=APE3F)XTT'^"TH66*4!R_&DQ)Z^[]501[Z`RS32[5AP#8 M_;RRMJPJ;(I4L+X#3>7CUF06`UPFEZUUVG4-L\,>)`U#IM MB'2HHS1VH6_#]HG^/RD3@81P?2J6XNSJ,<@BV746OYBP6S!]BOR14A<>A:I;^WQPG3G2U4-U3M"XCN":NA&$0N@(V9[ M79;;ZNY=).+VR%RZLZ/16RB^/RIL?A:ERF?Q1BC5Y0.*$T:>#2D/!3>]W>A, M*="J3&X;XYUDB2I(P'+W`K+_UWR;]T@MKU^$]^9EMH;/3G)>VD`/UNZUYR_0 MK>QWDJOY'4"/LO`B-35HS^+AVW%%7;O1%M+NJUTJE4%+H'QJGT`>3_T!#:*W.IE2& M&!HR-&>=^=]"*GX`5DE\V_;?B=\1DP2XLB:7#^9R,>I2\;#9>"<%OY.4JPAD M-RI2N&%TR&+\ZL2IV0&I*>,%-?$95RE6FW<"UVB$8O?0P[&*VO]8V)W,G*U\ MS2^>[;'UF@/2'I6:@RS7F;7\=I+[RA/[.WC0YW%Y7FPRS-AE/]<^UJ[]Q2;Y MB9_M^.#EOU!+`0(>`Q0````(`.A@I$`UV`Q0````(`.A@I$!![%3MM`L``!**```5`!@```````$```"D M@0%)``!U`L``00E#@`` M!#D!``!02P$"'@,4````"`#H8*1`_?Q![?@%``#-+0``%0`8```````!```` MI($$50``=7-P:"TR,#$R,#,S,5]D968N>&UL550%``.S_J-/=7@+``$$)0X` M``0Y`0``4$L!`AX#%`````@`Z&"D0-:WP2TV)@```2,"`!4`&````````0`` M`*2!2UL``'5S<&@M,C`Q,C`S,S%?;&%B+GAM;%54!0`#L_ZC3W5X"P`!!"4. M```$.0$``%!+`0(>`Q0````(`.A@I$"82?%Y+Q4``)Y+`0`5`!@```````$` M``"D@="!``!U`L``00E M#@``!#D!``!02P$"'@,4````"`#H8*1`+^$6Q<\&``!G,```$0`8```````! M````I(%.EP``=7-P:"TR,#$R,#,S,2YX`L``00E#@`` ;!#D!``!02P4&``````8`!@`:`@``:)X````` ` end XML 19 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } }
XML 20 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Basis of Presentation and Significant Accounting Policies
3 Months Ended
Mar. 31, 2012
Basis of Presentation and Significant Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The consolidated financial statements include the accounts of U.S. Physical Therapy, Inc. and its subsidiaries (the “Company”). All significant intercompany transactions and balances have been eliminated. The Company primarily operates through subsidiary clinic partnerships, in which the Company generally owns a 1% general partnership interest and a 64% limited partnership interest. The managing therapist of each clinic owns, directly or indirectly, the remaining limited partnership interest in the majority of the clinics (hereinafter referred to as “Clinic Partnership”). To a lesser extent, the Company operates some clinics, through wholly-owned subsidiaries, under profit sharing arrangements with therapists (hereinafter referred to as “Wholly-Owned Facilities”).

The Company continues to seek to attract physical and occupational therapists who have established relationships with patients and physicians by offering therapists a competitive salary and a share of the profits of the clinic operated by that therapist. The Company has developed satellite clinic facilities of existing clinics, with the result that many Clinic Partnerships and Wholly-Owned Facilities operate more than one clinic location. In addition, the Company has acquired a majority interest in a number of clinics through acquisitions.

During the three months ended March 31, 2012, the Company acquired two clinics in two separate transactions. On January 3, 2012, the Company acquired a 100% interest in a clinic, and effective March 31, 2012, the Company acquired a 65% interest in another clinic. Also, during the three months ended March 31, 2012, the Company opened two new clinics and closed six clinics. As of March 31, 2012, the Company operated 414 clinics in 42 states.

The results of operations of the acquired clinics have been included in our consolidated financial statements since the date of their acquisition.

The Company intends to continue to focus on developing new clinics and on opening satellite clinics where deemed appropriate. The Company will also continue to evaluate acquisition opportunities.

The accompanying unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions for Form 10-Q. However, the statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. Management believes this report contains all necessary adjustments (consisting only of normal recurring adjustments) to present fairly, in all material respects, the Company’s financial position, results of operations and cash flows for the interim periods presented. For further information regarding the Company’s accounting policies, please read the audited financial statements included in the Company’s Form 10-K for the year ended December 31, 2011.

The Company believes, and the Chief Executive Officer, Chief Financial Officer and Corporate Controller have certified, that the financial statements included in this report present fairly, in all material respects, the Company’s financial position, results of operations and cash flows for the interim periods presented.

Operating results for the three months ended March 31, 2012 are not necessarily indicative of the results the Company expects for the entire year. Please also review the Risk Factors section included in our Form 10-K for the year ended December 31, 2011.

Clinic Partnerships

For Clinic Partnerships, the earnings and liabilities attributable to the non-controlling interests, typically owned by the managing therapist, directly or indirectly, are recorded within the balance sheets and income statements as non-controlling interests.

Wholly-Owned Facilities

For Wholly-Owned Facilities with profit sharing arrangements, an appropriate accrual is recorded for the amount of profit sharing due to the profit sharing therapists. The amount is expensed as compensation and included in clinic operating costs – salaries and related costs. The respective liability is included in current liabilities – accrued expenses on the balance sheet

 

Significant Accounting Policies

Long-Lived Assets

Fixed assets are stated at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the related assets. Estimated useful lives for furniture and equipment range from three to eight years and for software purchased from three to seven years. Leasehold improvements are amortized over the shorter of the related lease term or estimated useful lives of the assets, which is generally three to five years.

Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of

The Company reviews property and equipment and intangible assets with finite lives for impairment upon the occurrence of certain events or circumstances which indicate that the related amounts may be impaired. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Goodwill

Goodwill represents the excess of the amount paid and fair value of the non-controlling interests over the fair value of the acquired business assets, which include certain intangible assets. Historically, goodwill has been derived from acquisitions and, prior to 2009, from the purchase of some or all of a particular local management’s equity interest in an existing clinic. Effective January 1, 2009, if the purchase price of a non-controlling interest by the Company exceeds or is less than the book value at the time of purchase, any excess or shortfall is recognized as an adjustment to additional paid-in capital.

The fair value of goodwill and other intangible assets with indefinite lives are tested for impairment annually and upon the occurrence of certain events, and are written down to fair value if considered impaired. The Company evaluates goodwill for impairment on at least an annual basis (in its third quarter) by comparing the fair value of each reporting unit to the carrying value of the reporting unit including related goodwill. The Company operates a one segment business which is made up of various clinics within partnerships. A reporting unit refers to the acquired interest of a single clinic or group of clinics. Local management typically continues to manage the acquired clinic or group of clinics. For each clinic or group of clinics, the Company maintains discrete financial information and both corporate and local management regularly review the operating results.

An impairment loss generally would be recognized when the carrying amount of the net assets of the reporting unit, inclusive of goodwill and other intangible assets, exceed the estimated fair value of the reporting unit. The estimated fair value of a reporting unit is determined using two factors: (i) earnings prior to taxes, depreciation and amortization for the reporting unit multiplied by a price/earnings ratio used in the industry and (ii) a discounted cash flow analysis. A weight is assigned to each factor and the sum of each weight times the factor is considered the estimated fair value. For 2011, the factors (ie., price/earnings ratio, discount rate and residual capitalization rate) were updated to reflect current market conditions.

Non-controlling interests

The Company recognizes non-controlling interests as equity in the consolidated financial statements separate from the parent entity’s equity. The amount of net income attributable to non-controlling interests is included in consolidated net income on the face of the income statement. Changes in a parent entity’s ownership interest in a subsidiary that do not result in deconsolidation are treated as equity transactions if the parent entity retains its controlling financial interest. The Company recognizes a gain or loss in net income when a subsidiary is deconsolidated. Such gain or loss is measured using the fair value of the non-controlling equity investment on the deconsolidation date.

When the purchase price of a non-controlling interest by the Company exceeds or is less than the book value at the time of purchase, any excess or shortfall is recognized as an adjustment to additional paid-in capital. Additionally, operating losses are allocated to non-controlling interests even when such allocation creates a deficit balance for the non-controlling interest partner.

 

Revenue Recognition

Revenues are recognized in the period in which services are rendered. Net patient revenues (patient revenues less estimated contractual adjustments) are reported at the estimated net realizable amounts from third-party payors, patients and others for services rendered. The Company has agreements with third-party payors that provide for payments to the Company at amounts different from its established rates. The allowance for estimated contractual adjustments is based on terms of payor contracts and historical collection and write-off experience.

The Company determines allowances for doubtful accounts based on the specific agings and payor classifications at each clinic. The provision for doubtful accounts is included in clinic operating costs in the statement of net income. Net accounts receivable, which are stated at the historical carrying amount net of contractual allowances, write-offs and allowance for doubtful accounts, includes only those amounts the Company estimates to be collectible.

The Medicare program reimburses outpatient rehabilitation providers based on the Medicare Physician Fee Schedule (“MPFS”). The MPFS rates are automatically updated annually based on a formula, called the sustainable growth rate (“SGR”) formula. The use of the SGR formula has resulted in calculated automatic reductions in rates in every year since 2002; however, for each year through 2012, Centers for Medicare & Medicaid Services (“CMS”) or Congress has taken action to prevent the implementation of SGR formula reductions. The Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2011 provided a 2.2% increase to MPFS payment rates, retroactive from June 1, 2011 through November 30, 2011, suspending a 21.3% reduction that briefly became effective on June 1, 2011. The Medicare and Medicaid Extenders Act of 2011 (“MMEA”) prevented a 25.5% reduction in the MPFS payment rates that would have taken effect on January 1, 2011. The Temporary Payroll Tax Cut Continuation Act of 2011 (“TPTC”) delayed application of the SGR for two additional months, through February 29, 2012. The Middle Class Tax Relief and Job Creation Act of 2012 (“MCTRA”) included a measure freezing payment rates at their current level through December 31, 2012.

On November 1, 2011, CMS released the 2012 Medicare Physician Fee Schedule final rule. Given the prevention of the 27.4% reduction, the projected impact of other changes in the rule on outpatient physician therapy service payments in aggregate is expected to be a 4.0% increase in 2012, primarily due to the continued phase in of new practice expense survey data derived from the Physician Practice Information Survey (“PPIS”). In 2013, when the use of the PPIS data is fully phased in, the impact is expected to be a 6.0% increase for outpatient physical therapy payments. In the final 2012 Medicare Physician Fee Schedule rule, CMS indicated that over the next year it will continue to review whether specific Current Procedural Terminology (“CPT”) codes billed under the fee schedule are overvalued or undervalued, including certain specific CPT codes used by physical therapists.

As a result of the Balanced Budget Act of 1997, the formula for determining the total amount paid by Medicare in any one year for outpatient physical therapy, occupational therapy, and/or speech-language pathology services provided to any Medicare beneficiary (i.e., the “Therapy Cap” or “Limit”) was established. Based on the statutory definitions which constrained how the Therapy Cap would be applied, there is one Limit for Physical Therapy and Speech Language Pathology Services combined, and one Limit for Occupational Therapy. These Therapy Caps are applicable to outpatient therapy services provided in all settings, except for services provided in departments of hospitals. Therefore, outpatient therapy services rendered to Medicare beneficiaries by the Company’s therapist personnel are subject to the Therapy Cap, except to the extent these services are rendered pursuant to certain management and professional services agreements with hospitals for services provided in hospital departments. Effective January 1, 2012, the annual Limit on outpatient therapy services is $1,880 for physical therapy and speech language pathology services combined and $1,880 for occupational therapy services. Under the MCTRA this Limit will temporarily apply to hospital outpatient departments beginning no later than October 1, 2012.

Furthermore, under the MCTRA, starting on October 1, 2012, patients who meet or exceed $3,700 in therapy expenditures will be subject to a manual medical review. The MCTRA designates that this medical review will be similar to the process used following Deficit Reduction Act implementation in 2006. The $3,700 threshold will be applied to the combined physical therapy/speech language pathology cap; a separate $3,700 threshold will be applied to the occupational therapy cap.

In conjunction with establishing the Therapy Cap, Congress either delayed the implementation of these Limits or it provided a process authorizing CMS to grant exceptions to the Therapy Cap for services provided during a given year, as long as those services met certain qualifications. More recently, the MMEA extended the exceptions process for outpatient Therapy Caps through December 31, 2011, and the TPTC directed CMS to continue to allow exceptions to Therapy Caps for certain medically necessary services provided on or after January 1, 2012, through February 29, 2012. Under the MCTRA, Congress extended the Therapy Caps exceptions process through December 31, 2012.

CMS adopted a multiple procedure payment reduction (MPPR) for therapy services in the final update to the MPFS for calendar year 2011. Under MPPR, the Medicare program pays 100% of the practice expense component of the Relative Value Unit (“RVU”) for the therapy procedure with the highest RVU, then reduces the payment for the practice expense component of the RVU for additional procedures. The reduction for these subsequent procedures varies based on the setting, with a 20% reduction for services in an office or other non-institutional setting and 25% in institutional settings. The reduction applies to any service furnished during the same day for the same patient, regardless of the type of therapy service or whether the therapy services are furnished in separate sessions. The MPPR was continued in calendar year 2012.

Statutes, regulations, and payment rules governing the delivery of therapy services to Medicare beneficiaries are complex and subject to interpretation. The Company believes that it is in compliance in all material respects with all applicable laws and regulations and is not aware of any pending or threatened investigations involving allegations of potential wrongdoing that would have a material effect on the Company’s financial statements as of March 31, 2012. Compliance with such laws and regulations can be subject to future government review and interpretation, as well as significant regulatory action including fines, penalties, and exclusion from the Medicare program.

Physician Services Revenues

Revenues from physician services are generated by franchisee arrangements with third parties, pursuant to which there are multiple deliverables — training and ongoing services — as well as through the two physician services facilities. Each component can be purchased separately. Revenue is recognized over the period the respective services are provided. Physician service revenues are included in “other revenues” in the accompanying Consolidated Statements of Net Income.

Management Contract Revenues

Management contract revenues are derived from contractual arrangements whereby the Company manages a clinic for third party owners. The Company does not have any ownership interest in these clinics. Typically, revenues are determined based on the number of visits conducted at the clinic and recognized when services are performed. Costs, typically salaries for the Company’s employees, are recorded when incurred. Management contract revenues are included in “other revenues” in the accompanying Consolidated Statements of Net Income.

Contractual Allowances

Contractual allowances result from the differences between the rates charged for services performed and expected reimbursements for such services by both insurance companies and government sponsored healthcare programs. Medicare regulations and the various third party payors and managed care contracts are often complex and may include multiple reimbursement mechanisms payable for the services provided in Company clinics. The Company estimates contractual allowances based on its interpretation of the applicable regulations, payor contracts and historical calculations. Each month the Company estimates its contractual allowance for each clinic based on payor contracts and the historical collection experience of the clinic and applies an appropriate contractual allowance reserve percentage to the gross accounts receivable balances for each payor of the clinic. Based on the Company’s historical experience, calculating the contractual allowance reserve percentage at the payor level is sufficient to allow it to provide the necessary detail and accuracy with its collectibility estimates. However, the services authorized and provided and related reimbursement are subject to interpretation that could result in payments that differ from the Company’s estimates. Payor terms are periodically revised necessitating continual review and assessment of the estimates made by management. The Company’s billing systems may not capture the exact change in its contractual allowance reserve estimate from period to period in order to assess the accuracy of its revenues, and hence, its contractual allowance reserves. Management regularly compares its cash collections to corresponding net revenues measured both in the aggregate and on a clinic-by-clinic basis. In the aggregate, historically the difference between net revenues and corresponding cash collections has generally reflected a difference within approximately 1% of net revenues. Additionally, analysis of subsequent period’s contractual write-offs on a payor basis shows a less than 1% difference between the actual aggregate contractual reserve percentage as compared to the estimated contractual allowance reserve percentage associated with the same period end balance. As a result, the Company believes that a change in the contractual allowance reserve estimate would not likely be more than 1% at March 31, 2012.

 

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount to be recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority.

The Company recognizes accrued interest expense and penalties associated with unrecognized tax benefits as income tax expense. The Company did not have any accrued interest or penalties associated with any unrecognized tax benefits nor was any interest expense recognized during the three months ended March 31, 2012.

Fair Value of Financial Instruments

The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts receivable, accounts payable and notes payable approximate their fair values due to the short-term maturity of these financial instruments. The carrying amount of the Company’s revolving line of credit approximates its fair value. The interest rate on the revolving line of credit, which is tied to the Eurodollar Rate, is set at various short-term intervals as detailed in the credit agreement.

Segment Reporting

Operating segments are components of an enterprise for which separate financial information is available that is evaluated regularly by chief operating decision makers in deciding how to allocate resources and in assessing performance. The Company identifies operating segments based on management responsibility and believes it meets the criteria for aggregating its operating segments into a single reporting segment.

Use of Estimates

In preparing the Company’s consolidated financial statements, management makes certain estimates and assumptions, especially in relation to, but not limited to, purchase accounting, goodwill impairment, allowance for receivables, tax provision and contractual allowances, that affect the amounts reported in the consolidated financial statements and related disclosures. Actual results may differ from these estimates.

Self-Insurance Program

The Company utilizes a self-insurance plan for its employee group health insurance coverage administered by a third party. Predetermined loss limits have been arranged with the insurance company to minimize the Company’s maximum liability and cash outlay. Accrued expenses include the estimated incurred but unreported costs to settle unpaid claims and estimated future claims. Management believes that the current accrued amounts are sufficient to pay claims arising from self insurance claims incurred through March 31, 2012.

Restricted Stock

Restricted stock issued to employees and directors is subject to certain conditions, including continued employment or continued service on the board, respectively. The transfer restrictions for shares granted to employees lapse in equal installments on the following four or five annual anniversaries of the date of grant. Compensation expense for grants of restricted stock is recognized based on the fair value per share on the date of grant amortized over the service period. The restricted stock issued is included in basic and diluted shares for the earnings per share computation.

 

Recent Accounting Pronouncements

In July 2011, the Financial Accounting Standards Board (“FASB”) issued ASU 2011-07, “Health Care Entities (Topic 954): Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts and the Allowance for Doubtful Accounts for Certain Health Care Entities” (“ASU 2011-07”). ASU 2011-07 requires certain health care entities to change the presentation in their statement of operations by reclassifying the provision for bad debts associated with patient service revenue that is not subject to an assessment as to the patient’s ability to pay from an operating expense to a deduction from patient service revenue (net of contractual allowances and discounts). Additionally, those health care entities are required to provide enhanced disclosure about their policies for recognizing revenue and assessing bad debts. ASU 2011-07 also requires disclosure of patient service revenue (net of contractual allowances and discounts) as well as qualitative and quantitative information about changes in the allowance for doubtful accounts. The Company has evaluated ASU 2011-07 and concluded that it is not required to change its presentation and disclosure. Substantially all of the Company’s patient revenue is subject to an assessment as to the patient’s ability to pay at the time the related service is provided.

In September 2011, the FASB issued ASU 2011-08, “Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment” (“ASU 2011-08”), which modifies the impairment test for goodwill intangibles. ASU 2011-08 provides an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that the fair value of a reporting unit is less than its carrying amount. Such qualitative factors may include the following: macroeconomic conditions; industry and market considerations; cost factors; overall financial performance; and other relevant entity-specific events. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform the existing two-step quantitative impairment test, otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, go directly to the two-step quantitative impairment test. These changes are effective for any goodwill impairment test performed on January 1, 2012 or later, although early adoption was permitted. These changes should not affect the outcome of the impairment analysis of a reporting unit. The Company performs a review of the Company’s goodwill in the third quarter of each fiscal year. The adoption of ASU 2011-08 in 2012 should not have a material impact on the Company’s consolidated financial statements.

XML 21 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
Consolidated Balance Sheets [Abstract]    
Allowance for doubtful accounts, patient accounts receivable $ 1,892 $ 2,154
Allowance for doubtful accounts, accounts receivable - other $ 186 $ 883
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 500,000 500,000
Preferred stock, shares issued      
Preferred stock, shares outstanding      
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 20,000,000 20,000,000
Common stock, shares issued 13,980,577 13,919,588
Treasury stock, shares 2,214,737 2,214,737
XML 22 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
3 Months Ended
Mar. 31, 2012
May 04, 2012
Document and Entity Information [Abstract]    
Entity Registrant Name U S PHYSICAL THERAPY INC /NV  
Entity Central Index Key 0000885978  
Document Type 10-Q  
Document Period End Date Mar. 31, 2012  
Amendment Flag false  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   11,765,840
XML 23 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Net Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Consolidated Statements of Net Income [Abstract]    
Net patient revenues $ 60,499 $ 53,872
Other revenues 2,083 2,869
Net revenues 62,582 56,741
Clinic operating costs:    
Salaries and related costs 32,799 29,639
Rent, clinic supplies, contract labor and other 12,484 11,295
Provision for doubtful accounts 1,117 624
Closure costs 49 20
Total clinic operating costs 46,449 41,578
Corporate office costs 6,262 6,481
Operating income 9,871 8,682
Interest and other income, net 2 2
Interest expense (162) (73)
Income before taxes 9,711 8,611
Provision for income taxes 2,899 2,426
Net income including noncontrolling interests 6,812 6,185
Less: net income attributable to noncontrolling interests (2,334) (2,439)
Net income attributable to common shareholders $ 4,478 $ 3,746
Earnings per share attributable to common shareholders:    
Basic $ 0.38 $ 0.32
Diluted $ 0.38 $ 0.31
Shares used in computation:    
Basic 11,726 11,718
Diluted 11,838 11,945
Dividends declared per common share $ 0.09 $ 0.08
XML 24 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Notes Payable
3 Months Ended
Mar. 31, 2012
Notes Payable [Abstract]  
NOTES PAYABLE

6. NOTES PAYABLE

Notes payable as of March 31, 2012 and December 31, 2011 consisted of the following ($ in thousands):

 

                 
    2012     2011  

Revolving credit agreement average effective interest rate of 2.6% inclusive of unused fee

  $ 24,200     $ 23,500  

Promissory note payable in annual installments of $100 plus accrued interest through December 31, 2012, interest accrues at 3.25% per annum

    100       100  

Promissory note payable in annual installments of $50 plus accrued interest through December 21, 2012, interest accrues at 4.00% per annum

    50       50  

Promissory note payable in annual installments of $184 plus accrued interest through June 30, 2013, interest accrues at 3.25% per annum

    367       367  

Promissory note payable in annual installments of $100 plus accrued interest through July 25, 2013, interest accrues at 3.25% per annum

    200       200  

Promissory note payable in annual installments of $50 plus accrued interest through January 3, 2014, interest accrues at 3.25% per annum

    100       —    
   

 

 

   

 

 

 
      25,017       24,217  

Less current portion

    (483     (433
   

 

 

   

 

 

 
    $ 24,534     $ 23,784  
   

 

 

   

 

 

 

Effective August 27, 2007, the Company entered into a credit agreement with a commitment for a $30.0 million revolving credit facility which was increased to $50.0 million effective June 4, 2008 (“Credit Agreement”). Effective March 18, 2009, the Credit Agreement was amended to permit the purchase up to $15,000,000 of the Company’s common stock subject to compliance with certain covenants, including the requirement that after giving effect to any stock purchase, the Company’s consolidated leverage ratio (as defined in the Credit Agreement) be less than 1.0 to 1.0 and that any stock repurchased be retired within seven days of purchase. Effective October 13, 2010, the Credit Agreement was amended to extend the maturity date from August 31, 2011 to August 31, 2015. In addition, the Credit Agreement was amended to adjust the pricing grid which is based on the Company’s consolidated leverage ratio with the applicable spread over LIBOR ranging from 1.6% to 2.5% or the applicable spread over the Base Rate ranging from .1% to 1%. On July 14, 2011, the Credit Agreement was amended to increase the commitment from $50.0 million to $75.0 million. The Credit Agreement is unsecured and has loan covenants, including requirements that the Company comply with a consolidated fixed charge coverage ratio and consolidated leverage ratio. Proceeds from the Credit Agreement may be used for working capital, acquisitions, purchases of the Company’s common stock, dividend payments to the Company’s common stockholders, capital expenditures and other corporate purposes. Fees under the Credit Agreement include an unused commitment fee ranging from .1% to .25% depending on the Company’s consolidated leverage ratio and the amount of funds outstanding under the Credit Agreement. On March 31, 2012, $24.2 million was outstanding on the revolving credit facility resulting in $50.8 million of availability. The Company was in compliance with all of the covenants thereunder.

The Company generally enters into various notes payable as a means of financing a portion of its acquisitions and purchases of non controlling interests. In January 2012, the Company, in conjunction with the purchase of a clinic, entered into a note payable in the amount of $100,000 payable in two equal annual installments of $50,000 plus any accrued and unpaid interest. Interest accrues at 3.25% per annum.

Aggregate annual payments of principal required pursuant to the revolving credit facility and the above notes payable subsequent to March 31, 2012 are as follows:

 

         

During the twelve months ended March 31, 2013

  $ 483  

During the twelve months ended March 31, 2014

    334  

During the twelve months ended March 31, 2015

    —    

During the twelve months ended March 31, 2016

    24,200  
   

 

 

 

.

  $ 25,017  
   

 

 

 

 

XML 25 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Goodwill
3 Months Ended
Mar. 31, 2012
Goodwill and Other Intangible Assets, Net [Abstract]  
GOODWILL

5. GOODWILL

The changes in the carrying amount of goodwill consisted of the following (in thousands):

 

         
    Three Months
Ended

March 31,
2012
 

Beginning balance

  $ 92,750  

Goodwill acquired during the period

    1,043  

Goodwill adjustments for purchase price allocation of business acquired in 2011

    4  
   

 

 

 

Ending balance

  $ 93,797  
   

 

 

 

 

XML 26 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock
3 Months Ended
Mar. 31, 2012
Common Stock [Abstract]  
COMMON STOCK

7. COMMON STOCK

From September 2001 through December 31, 2008, the Board of Directors (“Board”) authorized the Company to purchase, in the open market or in privately negotiated transactions, up to 2,250,000 shares of the Company’s common stock. In March 2009, the Board authorized the repurchase of up to 10% or approximately 1,200,000 shares of its common stock (“March 2009 Authorization”). In connection with the March 2009 Authorization, the Company amended its bank credit agreement to permit share repurchases of up to $15,000,000. The Company is required to retire shares purchased under the March 2009 Authorization. Since there is no expiration date for the two share repurchase programs, additional shares may be purchased from time to time in the open market or private transactions depending on price, availability and the Company’s cash position. The Company did not purchase any shares of its common stock during the three months ended March 31, 2012. Using the March 30, 2012 closing price (last business day of the three months ended March 31, 2012) of $23.05 per share, there were approximately 147,000 shares remaining that could be purchased under these programs.

XML 27 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
OPERATING ACTIVITIES    
Net income including noncontrolling interests $ 6,812 $ 6,185
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:    
Depreciation and amortization 1,334 1,330
Provision for doubtful accounts 1,117 624
Equity-based awards compensation expense 547 444
Loss on sale or abandonment of assets, net 58 56
Deferred income tax 1,610 365
Other   (374)
Changes in operating assets and liabilities:    
Increase in patient accounts receivable (2,179) (3,774)
Increase in accounts receivable--other (426) (409)
Decrease in other assets 38 355
(Decrease) increase in accounts payable and accrued expenses (3,728) 685
(Decrease) increase in other liabilities (12) 208
Net cash provided by operating activities 5,171 5,695
INVESTING ACTIVITIES    
Purchase of fixed assets (896) (860)
Purchase of businesses, net of cash acquired (1,090)  
Acquisitions of noncontrolling interests (565) (15)
Net proceeds on sale of fixed assets and business 6 3
Net cash used in investing activities (2,545) (872)
FINANCING ACTIVITIES    
Distributions to noncontrolling interests (1,919) (1,989)
Cash dividends to shareholders (1,058) (943)
Proceeds from revolving line of credit 8,400 4,000
Payments on revolving line of credit (7,700) (4,700)
Payment of notes payable   (100)
Excess tax benefit from stock options exercised 58 395
Other 50 1
Net cash used in financing activities (2,169) (3,336)
Net increase in cash 457 1,487
Cash--beginning of period 9,983 9,179
Cash--end of period 10,440 10,666
Cash paid during the period for:    
Income taxes 576 615
Interest 283 93
Non-cash investing and financing transactions during the period:    
Purchase of business--seller financing portion $ 100  
XML 28 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisitions of Non-Controlling Interests
3 Months Ended
Mar. 31, 2012
Acquisition of Business and Acquisitions of Non-Controlling Interests [Abstract]  
ACQUISITIONS OF NON-CONTROLLING INTERESTS

4. ACQUISITIONS OF NON-CONTROLLING INTERESTS

In three separate transactions during the three months ended March 31, 2012, the Company purchased 10% of the partnership interest in each of two partnerships and 35% of the partnership interest in a third partnership. The 35% interest was held by non controlling limited partner. After these transactions, the Company owns 75% of the partnership interest in each of the two partnerships and all of the partnership interest in the third partnership. The aggregate of the purchase prices paid was $565,000, which included $60,000 of undistributed earnings. The remaining purchase price of $505,000, less future tax benefits of $195,000, was recognized as an adjustment to additional paid-in capital.

XML 29 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 24 122 1 false 6 0 false 3 false false R1.htm 00 - Document - Document and Entity Information Sheet http://usph.com/role/DocumentAndEntityInformation Document and Entity Information true false R2.htm 01 - Statement - Consolidated Balance Sheets Sheet http://usph.com/role/BalanceSheets Consolidated Balance Sheets false false R3.htm 011 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://usph.com/role/BalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) false false R4.htm 02 - Statement - Consolidated Statements of Net Income (Unaudited) Sheet http://usph.com/role/StatementsOfIncome Consolidated Statements of Net Income (Unaudited) false false R5.htm 03 - Statement - Consolidated Statements of Cash Flows (Unaudited) Sheet http://usph.com/role/StatementsOfCashFlows Consolidated Statements of Cash Flows (Unaudited) false false R6.htm 04 - Statement - Consolidated Statement of Shareholders' Equity (Unaudited) Sheet http://usph.com/role/StatementsOfStockholdersEquity Consolidated Statement of Shareholders' Equity (Unaudited) false false R7.htm 06001 - Disclosure - Basis of Presentation and Significant Accounting Policies Sheet http://usph.com/role/BasisOfPresentationAndSignificantAccountingPolicies Basis of Presentation and Significant Accounting Policies false false R8.htm 06002 - Disclosure - Earnings Per Share Sheet http://usph.com/role/EarningsPerShare Earnings Per Share false false R9.htm 06003 - Disclosure - Acquisition of Business Sheet http://usph.com/role/AcquisitionOfBusinesses Acquisition of Business false false R10.htm 06004 - Disclosure - Acquisitions of Non-Controlling Interests Sheet http://usph.com/role/AcquisitionsOfNonControllingInterests Acquisitions of Non-Controlling Interests false false R11.htm 06005 - Disclosure - Goodwill Sheet http://usph.com/role/Goodwill Goodwill false false R12.htm 06006 - Disclosure - Notes Payable Notes http://usph.com/role/NotesPayable Notes Payable false false R13.htm 06007 - Disclosure - Common Stock Sheet http://usph.com/role/CommonStock Common Stock false false All Reports Book All Reports Process Flow-Through: 01 - Statement - Consolidated Balance Sheets Process Flow-Through: 011 - Statement - Consolidated Balance Sheets (Parenthetical) Process Flow-Through: 02 - Statement - Consolidated Statements of Net Income (Unaudited) Process Flow-Through: 03 - Statement - Consolidated Statements of Cash Flows (Unaudited) usph-20120331.xml usph-20120331.xsd usph-20120331_cal.xml usph-20120331_def.xml usph-20120331_lab.xml usph-20120331_pre.xml true true