Summary of Company's Selected Quarterly Financial Information |
The following
tables set forth a summary of the Company’s selected
quarterly financial information for each of the four quarters ended
December 31, 2013 and 2012 (in thousands, except for per share
data):
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2013
Quarters |
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First |
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Second |
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Third |
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Fourth |
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Net patient service
revenue
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$ |
502,715 |
|
|
$ |
529,180 |
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$ |
554,730 |
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$ |
567,387 |
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Operating
expenses:
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|
|
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Practice salaries and
benefits
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|
329,201 |
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|
331,922 |
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|
346,879 |
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|
|
353,316 |
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Practice supplies and other
operating expenses
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|
|
19,500 |
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|
19,416 |
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|
19,445 |
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|
24,027 |
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General and administrative
expenses
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|
|
53,318 |
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|
54,601 |
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|
54,654 |
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|
55,636 |
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Depreciation and
amortization
|
|
|
9,144 |
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|
9,870 |
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|
10,461 |
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|
10,491 |
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Total operating
expenses
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411,163 |
|
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415,809 |
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431,439 |
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443,470 |
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Income from
operations
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|
91,552 |
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|
113,371 |
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|
123,291 |
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|
123,917 |
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Investment
income
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|
402 |
|
|
|
396 |
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|
372 |
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|
526 |
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Interest expense
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(1,189 |
) |
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(1,673 |
) |
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|
(1,507 |
) |
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(1,046 |
) |
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Income before income
taxes
|
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90,765 |
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|
112,094 |
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|
122,156 |
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|
123,397 |
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|
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Income tax
provision
|
|
|
35,398 |
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|
42,876 |
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|
45,198 |
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|
44,423 |
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Net income
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$ |
55,367 |
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$ |
69,218 |
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$ |
76,958 |
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$ |
78,974 |
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Per common and common
equivalent share data (1):
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Net income:
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Basic
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$ |
0.56 |
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$ |
0.70 |
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$ |
0.77 |
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$ |
0.79 |
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Diluted
|
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$ |
0.55 |
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$ |
0.68 |
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$ |
0.76 |
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$ |
0.78 |
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Weighted average
shares:
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Basic
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98,618 |
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99,116 |
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99,506 |
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|
99,469 |
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Diluted
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|
100,784 |
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101,098 |
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101,178 |
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|
101,080 |
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(1) |
Basic and diluted per share
amounts are computed for each of the periods presented.
Accordingly, the sum of the quarterly per share amounts may not
agree with the full year amount. |
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2012
Quarters |
|
|
|
First |
|
|
Second |
|
|
Third |
|
|
Fourth |
|
Net patient service
revenue
|
|
$ |
422,616 |
|
|
$ |
449,530 |
|
|
$ |
473,134 |
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|
$ |
471,332 |
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Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Practice salaries and
benefits
|
|
|
272,261 |
|
|
|
275,951 |
|
|
|
292,030 |
|
|
|
290,671 |
|
Practice supplies and other
operating expenses
|
|
|
16,985 |
|
|
|
17,956 |
|
|
|
17,606 |
|
|
|
19,276 |
|
General and administrative
expenses
|
|
|
46,869 |
|
|
|
48,200 |
|
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|
48,200 |
|
|
|
50,271 |
|
Depreciation and
amortization
|
|
|
7,113 |
|
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|
7,687 |
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|
7,925 |
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|
8,091 |
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Total operating
expenses
|
|
|
343,228 |
|
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|
349,794 |
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|
365,761 |
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|
368,309 |
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Income from
operations
|
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|
79,388 |
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|
99,736 |
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|
107,373 |
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|
103,023 |
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Investment
income
|
|
|
428 |
|
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|
365 |
|
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|
422 |
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|
681 |
|
Interest expense
|
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|
(554 |
) |
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|
(848 |
) |
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|
(624 |
) |
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(1,219 |
) |
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Income before income
taxes
|
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|
79,262 |
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|
99,253 |
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|
107,171 |
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|
102,485 |
|
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|
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|
Income tax
provision
|
|
|
30,912 |
|
|
|
38,709 |
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|
|
41,261 |
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|
36,382 |
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Net income
|
|
$ |
48,350 |
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|
$ |
60,544 |
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$ |
65,910 |
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$ |
66,103 |
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|
Per common and common
equivalent share data (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Basic
|
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$ |
0.50 |
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$ |
0.62 |
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$ |
0.67 |
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$ |
0.67 |
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Diluted
|
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$ |
0.49 |
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$ |
0.61 |
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$ |
0.66 |
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$ |
0.66 |
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Weighted average
shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Basic
|
|
|
96,538 |
|
|
|
97,086 |
|
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|
97,876 |
|
|
|
98,226 |
|
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|
|
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Diluted
|
|
|
98,798 |
|
|
|
99,090 |
|
|
|
99,618 |
|
|
|
100,212 |
|
|
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|
(1) |
Basic and diluted per share
amounts are computed for each of the periods presented.
Accordingly, the sum of the quarterly per share amounts may not
agree with the full year amount. |
|