Select Medical Holdings Corporation Announces Results for Third Quarter Ended September 30, 2012 and Special Cash Dividend

Select Medical Holdings Corporation Announces Results for Third Quarter Ended
                 September 30, 2012 and Special Cash Dividend

PR Newswire

MECHANICSBURG, Pa., Nov. 1, 2012

MECHANICSBURG, Pa., Nov. 1, 2012 /PRNewswire/ -- Select Medical Holdings
Corporation ("Select Medical") (NYSE: SEM) today announced results for its
third quarter ended September 30, 2012.

For the third quarter ended September 30, 2012, net operating revenues
increased 2.8% to $713.7 million compared to $694.1 million for the same
quarter, prior year. Income from operations increased 4.0% to $70.8 million
compared to $68.1 million for the same quarter, prior year. Net income
attributable to Select Medical decreased to $24.1 million compared to $25.6
million for the same quarter, prior year. Net income attributable to Select
Medical for the three months ended September 30, 2012 includes a loss on early
retirement of debt, net of tax, of $3.7 million associated with the September
12, 2012 redemption of $275.0 million of its 7 5/8% senior subordinated
notes. Net income before interest, income taxes, depreciation and
amortization, gain (loss) on early retirement of debt, stock compensation
expense, equity in earnings (losses) of unconsolidated subsidiaries and other
income (expense) ("Adjusted EBITDA") for the third quarter increased 1.4% to
$87.7 million compared to $86.5 million for the same quarter, prior year. A
reconciliation of net income to Adjusted EBITDA is presented in table VII of
this release. Income per common share for the third quarter ended September
30, 2012 and 2011 was $0.17 on a fully diluted basis. Excluding the loss
related to the early retirement of debt and its tax effect, net income
available to common stockholders on an adjusted basis, which we refer to as
Adjusted Net Income Per Share, was $0.20 per diluted share for the three
months ended September 30, 2012. A reconciliation of net income per share to
Adjusted Net Income Per Share is presented in table VIII of this release.

For the nine months ended September 30, 2012, net operating revenues increased
5.8% to $2,207.9 million compared to $2,086.1 million for the same period,
prior year. Income from operations increased 8.1% to $255.9 million compared
to $236.7 million for the same period, prior year. Net income attributable to
Select Medical increased to $108.8 million compared to $71.0 million for the
same period, prior year. Net income attributable to Select Medical for the
nine months ended September 30, 2012 includes a loss on early retirement of
debt, net of tax, of $3.7 million associated with the September 12, 2012
redemption of $275.0 million of its 7 5/8% senior subordinated notes. Net
income attributable to Select Medical for the nine months ended September 30,
2011 includes a loss on early retirement of debt, net of tax, of $19.2 million
associated with the June 1, 2011 refinancing of a portion of its
indebtedness. Adjusted EBITDA for the nine months ended September 30, 2012
increased 5.1% to $307.1 million compared to $292.2 million for the same
period, prior year. A reconciliation of net income to Adjusted EBITDA is
presented in table VII of this release. Income per common share for the nine
months ended September 30, 2012 was $0.77 on a fully diluted basis compared to
income per common share of $0.46 for the nine months ended September 30, 2011.
Excluding the loss related to the early retirement of debt in each period and
their related tax effect, Adjusted Net Income Per Share was $0.79 and $0.59
per diluted share for the nine months ended September 30, 2012 and 2011,
respectively. A reconciliation of net income per share to Adjusted Net Income
Per Share is presented in table IX of this release.

Specialty Hospitals

For the third quarter of 2012, net operating revenues for the specialty
hospital segment increased 2.0% to $531.4 million compared to $521.1 million
for the same quarter, prior year. Adjusted EBITDA for the specialty hospital
segment increased 2.6% to $83.7 million compared to $81.6 million for the same
quarter, prior year. The Adjusted EBITDA margin for the segment was 15.7% for
both the third quarter of 2012 and the same quarter, prior year. Certain
specialty hospital key statistics for the third quarter periods are presented
in table V of this release.

For the nine months ended September 30, 2012, net operating revenues for the
specialty hospital segment increased 5.1% to $1,641.6 million compared to
$1,561.3 million for the same period, prior year. Adjusted EBITDA for the
specialty hospital segment for the nine months ended September 30, 2012
increased 4.7% to $285.8 million compared to $273.0 million for the same
period, prior year. The Adjusted EBITDA margin for the segment was 17.4% for
the nine months ended September 30, 2012, compared to 17.5% for the same
period, prior year. Certain specialty hospital key statistics for the nine
month periods are presented in table VI of this release.

Outpatient Rehabilitation

For the third quarter of 2012, net operating revenues for the outpatient
rehabilitation segment increased 5.3% to $182.2 million compared to $173.0
million for the same quarter, prior year. Adjusted EBITDA for the segment for
the third quarter increased 4.7% to $20.4 million compared to $19.4 million
for the same quarter, prior year. The Adjusted EBITDA margin for the segment
was 11.2% for both the third quarter of 2012 and the same quarter, prior year.
Certain outpatient rehabilitation key statistics for the third quarter periods
are presented in table V of this release.

For the nine months ended September 30, 2012, net operating revenues for the
outpatient rehabilitation segment increased 7.9% to $566.2 million compared to
$524.7 million for the same period, prior year. Adjusted EBITDA for the
segment for the nine months ended September 30, 2012 increased 5.1% to $68.7
million compared to $65.3 million for the same period, prior year. The
Adjusted EBITDA margin for the segment was 12.1% for the nine months ended
September 30, 2012, compared to 12.4% for the same period, prior year. Certain
outpatient rehabilitation key statistics for the nine month periods are
presented in table VI of this release.

Special Cash Dividend

On October 30, 2012, Select Medical's board of directors declared a special
cash dividend of $1.50 per share, totaling approximately $210.8 million. This
special cash dividend will be paid on or about December 12, 2012 to all
stockholders of record at the close of business on December 5, 2012. "The
dividend allows us to return capital to stockholders without diminishing our
ability to pursue investment and acquisition opportunities," stated Robert A.
Ortenzio, Select Medical's Chief Executive Officer.The dividend is expected
to be funded with cash on hand and borrowings under Select Medical's existing
revolving credit facility. Select Medical anticipates using approximately
$100.0 million of available cash on hand toward the funding of the dividend.
Select Medical's leverage ratio (total debt to Adjusted EBITDA) at September
30, 2012 was 3.35, compared to 3.62 at December 31, 2011.

Stock Repurchase Program

The board of directors of Select Medical has authorized a common stock
repurchase program of $250.0 million. The program will remain in effect until
March 31, 2013, unless extended by the board of directors. Stock repurchases
under this program may be made in the open market or through privately
negotiated transactions, and at times and in such amounts as Select Medical
deems appropriate. The timing of purchases of stock will be based upon market
conditions and other factors. Select Medical is funding this program with
cash on hand or borrowings under its revolving credit facility. Select
Medical did not repurchase shares during the three months ended September 30,
2012. Select Medical repurchased 5,725,782 shares at a cost of $46.8 million,
which includes transaction costs, during the nine months ended September 30,
2012. Since the inception of the program through September 30, 2012, Select
Medical has repurchased 22,490,389 shares at a cost of $163.6 million, an
average cost per share of $7.28, which includes transaction costs.

Business Outlook

Select Medical reaffirms its prior financial guidance for calendar year 2012.
Select Medical expects consolidated net operating revenues for the full year
2012 to be in the range of $2.9 billion to $2.975 billion. Select Medical
expects Adjusted EBITDA for the full year 2012 to be in the range of $400.0
million to $410.0 million. Select Medical now expects fully diluted income
per common share for the full year 2012 to be in the range of $0.99 to $1.04,
and excluding the loss related to the early retirement of debt in the third
quarter 2012 and its related tax effect, Adjusted Net Income Per Share for the
full year 2012 to be in the range of $1.01 to $1.06.

Conference Call

Select Medical will host a conference call regarding its third quarter results
and its business outlook on Friday, November 2, 2012, at 9:00am EDT. The
domestic dial-in number for the call is 1-866-203-3206. The international
dial-in number is 1-617-213-8848. The passcode for the call is 29914018. The
conference call will be webcast simultaneously and can be accessed at Select
Medical Holdings Corporation's website, www.selectmedicalholdings.com.

For those unable to participate in the conference call, a replay will be
available until 11:59pm EST, November 9, 2012. The replay number is
1-888-286-8010 (domestic) or 1-617-801-6888 (international). The passcode for
the replay will be 31823342. The replay can also be accessed at Select Medical
Holdings Corporation's website, www.selectmedicalholdings.com.

Select Medical is a leading operator of specialty hospitals and outpatient
rehabilitation clinics in the United States. As of September 30, 2012, Select
Medical operated 111 long term acute care hospitals and 12 acute medical
rehabilitation hospitals in 28 states and 965 outpatient rehabilitation
clinics in 32 states and the District of Columbia. Select Medical also
provides medical rehabilitation services on a contracted basis to nursing
homes, hospitals, assisted living and senior care centers, schools and work
sites. Information about Select Medical is available at www.selectmedical.com.

Certain statements contained herein that are not descriptions of historical
facts are "forward-looking" statements (as such term is defined in the Private
Securities Litigation Reform Act of 1995). Because such statements include
risks and uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements due to factors
including the following:

  oadditional changes in government reimbursement for our services, including
    changes that will result from the expiration of the moratorium for long
    term acute care hospitals established by the Medicare, Medicaid, and SCHIP
    Extension Act of 2007, the American Recovery and Reinvestment Act, and the
    Patient Protection and Affordable Care Act may result in a reduction in
    net operating revenues, an increase in costs and a reduction in
    profitability;
  othe failure of our specialty hospitals to maintain their Medicare
    certifications may cause our net operating revenues and profitability to
    decline;
  othe failure of our facilities operated as "hospitals within hospitals" to
    qualify as hospitals separate from their host hospitals may cause our net
    operating revenues and profitability to decline;
  oa government investigation or assertion that we have violated applicable
    regulations may result in sanctions or reputational harm and increased
    costs;
  oacquisitions or joint ventures may prove difficult or unsuccessful, use
    significant resources or expose us to unforeseen liabilities;
  oprivate third-party payors for our services may undertake future cost
    containment initiatives that limit our future net operating revenues and
    profitability;
  othe failure to maintain established relationships with the physicians in
    the areas we serve could reduce our net operating revenues and
    profitability;
  oshortages in qualified nurses or therapists could increase our operating
    costs significantly;
  ocompetition may limit our ability to grow and result in a decrease in our
    net operating revenues and profitability;
  othe loss of key members of our management team could significantly disrupt
    our operations;
  othe effect of claims asserted against us could subject us to substantial
    uninsured liabilities; and
  oother factors discussed from time to time in our filings with the
    Securities and Exchange Commission, including factors under the heading
    "Risk Factors" in our annual report on Form 10-K.

Investor inquiries:

Joel T. Veit
Vice President and Treasurer
717-972-1100
ir@selectmedical.com





I. Condensed Consolidated Statements of Operations
For the Three Months Ended September 30, 2011 and 2012

(In thousands, except per share amounts, unaudited)
                                           2011         2012         % Change
Net operating revenues                     $  694,131  $  713,669  2.8%
Costs and expenses:
Cost of services                           581,829      598,984      2.9%
General and administrative                 14,975       17,130       14.4%
Bad debt expense                           11,709       11,199       (4.4)%
Depreciation and amortization              17,545       15,537       (11.4)%
Income from operations                     68,073       70,819       4.0%
Loss on early retirement of debt           -            (6,064)      N/M
Equity in earnings of unconsolidated      1,653        1,167        (29.4)%
 subsidiaries
Interest income                            119          -            N/M
Interest expense                           (24,134)     (24,575)     1.8%
Income before income taxes                 45,711       41,347       (9.5)%
Income tax expense                         19,330       16,189       (16.2)%
Net income                                 26,381       25,158       (4.6)%
Less: Net income attributable to non-
                                           785          1,048        33.5%
 controlling interests
Net income attributable to Select Medical
                                           $  25,596   $  24,110   (5.8)%
 Holdings Corporation
Income per common share:
 Basic                                 $0.17        $0.17
 Diluted                               $0.17        $0.17
Weighted average shares outstanding:
 Basic                                 151,470      137,551
 Diluted                               151,676      137,888
N/M = Not Meaningful





II. Condensed Consolidated Statements of Operations
For the Nine Months Ended September 30, 2011 and 2012

(In thousands, except per share amounts, unaudited)
                                        2011           2012           % Change
Net operating revenues                  $  2,086,066  $  2,207,883  5.8%
Costs and expenses:
Cost of services                        1,708,911      1,823,272      6.7%
General and administrative              47,656         49,908         4.7%
Bad debt expense                        40,002         31,603         (21.0)%
Depreciation and amortization           52,766         47,164         (10.6)%
Income from operations                  236,731        255,936        8.1%
Loss on early retirement of debt        (31,018)       (6,064)        N/M
Equity in earnings of unconsolidated   1,329          6,384          380.4%
 subsidiaries
Interest income                         286            -              N/M
Interest expense                        (75,094)       (72,295)       (3.7)%
Income before income taxes              132,234        183,961        39.1%
Income tax expense                      56,809         71,415         25.7%
Net income                              75,425         112,546        49.2%
Less: Net income attributable to non-
                                        4,438          3,722          (16.1)%
 controlling interests
Net income attributable to Select
Medical                                 $  70,987     $  108,824    53.3%

 Holdings Corporation
Income per common share:
 Basic                              $0.46          $0.77
 Diluted                            $0.46          $0.77
Weighted average shares outstanding:
 Basic                              152,299        139,138
 Diluted                            152,522        139,404
N/M = Not Meaningful







III. Condensed Consolidated Balance Sheets

(In thousands, unaudited)
                                        December 31,      September 30,
                                        2011              2012
Assets
Cash                                    $     12,043  $     49,676
Accounts receivable, net                413,743           392,647
Current deferred tax asset              18,305            17,978
Prepaid income taxes                    9,497             1,410
Other current assets                    29,822            31,620
Total Current Assets                    483,410           493,331
Property and equipment, net             510,028           494,625
Goodwill                                1,631,716         1,633,106
Other identifiable intangibles          72,123            71,783
Assets held for sale                    2,742             2,742
Other assets                            72,128            86,221
Total Assets                            $ 2,772,147      $ 2,781,808
Liabilities and equity
Payables and accruals                   $   373,090     $   362,837
Current portion of long-term debt       10,848            11,084
Total Current Liabilities               383,938           373,921
Long-term debt, net of current portion  1,385,950         1,330,549
Non-current deferred tax liability      82,028            84,118
Other non-current liabilities           64,905            70,502
Total equity                            855,326           922,718
Total Liabilities and Equity            $ 2,772,147      $ 2,781,808





IV. Condensed Consolidated Statement of Cash Flows
For the Nine Months Ended September 30, 2011 and 2012

(In thousands, unaudited)
                                           2011               2012
Operating Activities
Net Income                                 $    75,425    $    112,546
Adjustments to reconcile net income to
net cash provided by operating
activities:
 Depreciation and amortization         52,766             47,164
 Provision for bad debts               40,002             31,603
 Loss on early retirement of debt      31,018             6,064
 Gain from disposal or sale of assets  (5,182)            (3,484)
 Non-cash stock compensation expense   2,698              3,990
 Amortization of debt discount         1,271              1,123
 Changes in operating assets and
liabilities, net of effects
 fromacquisition of businesses:
 Accounts receivable              (81,466)           (10,507)
 Other current assets             240                (1,849)
 Other assets                     1,072              (743)
 Accounts payable                 14,008             (4,098)
 Due to third-party payors        (1,050)            360
 Accrued expenses                 (12,566)           348
 Income and deferred taxes        25,678             11,559
Net cash provided by operating activities  143,914            194,076
Investing activities
Purchases of property and equipment        (32,094)           (45,188)
Proceeds from sale of assets               7,879              16,511
Investment in business, net of             (13,514)           (9,899)
distributions
Acquisition of businesses, net of cash     1,921              (1,547)
acquired
Net cash used in investing activities      (35,808)           (40,123)
Financing activities
Borrowings on revolving credit facilities  595,000            365,000
Payments on revolving credit facilities    (570,000)          (405,000)
Borrowings on 2011 credit facility term    841,500            266,750
loans, net of discount
Payments on 2011 credit facility term      (2,125)            (7,063)
loans
Payments on 2005 credit facility term      (484,633)          -
loans, net of premium
Repurchase of 10% senior subordinated      (150,000)          -
notes
Repurchase of 7 5/8% senior subordinated   (273,941)          (278,495)
notes, net of premiums
Borrowings of other debt                   5,496              5,835
Principal payments on other debt           (5,846)            (7,417)
Debt issuance costs                        (18,556)           (4,236)
Repurchase of common stock                 (31,641)           (46,790)
Proceeds from issuance of common stock     169                1,104
Repayment of bank overdrafts               (4,174)            (3,011)
Distributions to non-controlling           (3,507)            (2,997)
interests
Net cash used in financing activities      (102,258)          (116,320)
Net increase in cash and cash equivalents  5,848              37,633
Cash and cash equivalents at beginning of  4,365              12,043
period
Cash and cash equivalents at end of        $     10,213   $    49,676
period
Supplemental Cash Flow Information
 Cash paid for interest                $    94,632    $    68,122
 Cash paid for taxes                   $    31,105    $    59,850





V. Key Statistics

For the Three Months Ended September 30,
2011 and 2012
(unaudited)
                                   2011                 2012          % Change
Specialty Hospitals
Number of hospitals – end of
period:
Long term acute care               110                  111
hospitals (a)
Rehabilitation hospitals (a)       9                    12
Total specialty hospitals          119                  123
Net operating revenues (,000)      $ 521,085           $ 531,409    2.0%
Number of patient days (b)         333,322              328,871       (1.3)%
Number of admissions (b)           13,599               13,477        (0.9)%
Net revenue per patient day        $   1,474         $   1,517  2.9%
(b)(c)
Adjusted EBITDA (,000)             $  81,570          $  83,659   2.6%
Adjusted EBITDA margin             15.7%                15.7%
Outpatient Rehabilitation


Number of clinics – end of         952                  965
period
Net operating revenues (,000)      $ 173,030           $ 182,246    5.3%
Number of visits (d)               1,099,342            1,129,015     2.7%
Revenue per visit (d)(e)           $103                 $103          0.0%
Adjusted EBITDA (,000)             $  19,435          $  20,354   4.7%
Adjusted EBITDA margin             11.2%                11.2%
(a) Includes managed hospitals.
(b) Excludes managed hospitals.
(c) Net revenue per patient day is calculated by dividing specialty
hospital direct patient service revenue by the
 total number of patient days.
(d) Excludes managed clinics.
(e) Net revenue per visit is calculated by dividing outpatient
rehabilitation clinic direct patient service revenue by
 the total number of visits. For purposes of this computation,
outpatient rehabilitation clinic direct patient
 service revenue does not include managed clinics or contract
services revenue.





VI. Key Statistics

For the Nine Months Ended September 30, 2011
and 2012
(unaudited)
                                 2011                  2012           % Change
Specialty Hospitals
Number of hospitals – end of
period:
Long term acute care             110                   111
hospitals (a)
Rehabilitation hospitals (a)     9                     12
Total specialty hospitals        119                   123
Net operating revenues           $ 1,561,270           $ 1,641,577    5.1%
(,000)
Number of patient days (b)       994,179               1,007,908      1.4%
Number of admissions (b)         40,965                41,404         1.1%
Net revenue per patient day      $    1,498        $           2.3%
(b)(c)                                                 1,532
Adjusted EBITDA (,000)           $  273,004          $  285,779   4.7%
Adjusted EBITDA margin           17.5%                 17.4%
Outpatient Rehabilitation


Number of clinics – end of       952                   965
period
Net operating revenues           $   524,694         $            7.9%
(,000)                                                 566,195
Number of visits (d)             3,381,896             3,447,774      1.9%
Revenue per visit (d)(e)         $      103      $        0.0%
                                                       103
Adjusted EBITDA (,000)           $    65,308        $           5.1%
                                                       68,669
Adjusted EBITDA margin           12.4%                 12.1%
(a) Includes managed hospitals.
(b) Excludes managed hospitals.
(c) Net revenue per patient day is calculated by dividing specialty
hospital direct patient service revenue by the
 total number of patient days.
(d) Excludes managed clinics.
(e) Net revenue per visit is calculated by dividing outpatient
rehabilitation clinic direct patient service revenue by
 the total number of visits. For purposes of this computation,
outpatient rehabilitation clinic direct patient
 service revenue does not include managed clinics or contract
services revenue.





VII. Net Income to Adjusted EBITDA Reconciliation
For the Three and Nine Months Ended September 30, 2011 and 2012
(In thousands, unaudited)

The following table reconciles net income to Adjusted EBITDA for Select
Medical. Adjusted EBITDA is used by Select Medical to report its segment
performance. Adjusted EBITDA is defined as net income before interest, income
taxes, depreciation and amortization, gain (loss) on early retirement of debt,
stock compensation expense, equity in earnings (losses) of unconsolidated
subsidiaries and other income (expense). The Company believes that the
presentation of Adjusted EBITDA is important to investors because Adjusted
EBITDA is commonly used as an analytical indicator of performance by investors
within the healthcare industry. Adjusted EBITDA is used by management to
evaluate financial performance and determine resource allocation for each of
its operating units.

Adjusted EBITDA is not a measure of financial performance under generally
accepted accounting principles. Items excluded from Adjusted EBITDA are
significant components in understanding and assessing financial performance.
Adjusted EBITDA should not be considered in isolation or as an alternative to,
or substitute for, net income, cash flows generated by operations, investing
or financing activities, or other financial statement data presented in the
consolidated financial statements as indicators of financial performance or
liquidity. Because Adjusted EBITDA is not a measurement determined in
accordance with generally accepted accounting principles and is thus
susceptible to varying calculations, Adjusted EBITDA as presented may not be
comparable to other similarly titled measures of other companies.



                                  Three Months Ended      Nine Months Ended
                                  September 30,           September 30,
                                  2011          2012      2011        2012
Net income                        $   26,381  $       $          $  
                                                25,158    75,425     112,546
Income tax expense                19,330        16,189    56,809      71,415
Loss on early retirement of debt  -             6,064     31,018      6,064
Interest expense, net of          24,015        24,575    74,808      72,295
interest income
Equity in earnings of
unconsolidated                    (1,653)       (1,167)   (1,329)     (6,384)
 subsidiaries
Stock compensation expense:
 Included in general and        488           847       1,436       2,436
administrative
 Included in cost of services   430           544       1,262       1,554
Depreciation and amortization     17,545        15,537    52,766      47,164
Adjusted EBITDA                   $  86,536   $        $ 292,195  $ 
                                                87,747               307,090
Specialty hospitals               $  81,570   $        $ 273,004  $ 
                                                83,659               285,779
Outpatient rehabilitation         19,435        20,354    65,308      68,669
Other (a)                         (14,469)      (16,266)  (46,117)    (47,358)
Adjusted EBITDA                   $  86,536   $        $ 292,195  $ 
                                                87,747               307,090
(a) Other primarily includes general and
administrative costs.





VIII. Reconciliation of Net Income Per Share to
Adjusted Net Income Per Share
For the Three Months Ended
September 30, 2011 and 2012
(In thousands, except per
share amounts, unaudited)
                             2011     Per Share (a)    2012        Per Share
                                                                   (a)
Net income attributable to
Select Medical Holdings      25,596   0.17             24,110      0.18
Corporation
Earnings allocated to
unvested restricted          (278)    (0.00)           (407)       (0.01)
stockholders
Net income available to      25,318   0.17             23,703      0.17
common stockholders
Adjustment for early
retirement of debt:
Loss on early retirement of  -        -                6,064       0.05
debt
Estimated income tax benefit -        -                (2,363)     (0.02)
(b)
Earnings allocated to
unvested restricted          -        -                (63)        (0.00)
stockholders
Adjusted net income
available to common          25,318   $   0.17       $  27,341  $   0.20
stockholders
Adjustment for dilution               (0.00)                       (0.00)
Adjusted net income
available to common                   $   0.17                   $   0.20
stockholders - diluted
 shares
Weighted average common
shares outstanding:
Basic                                 151,470                      137,551
Diluted                               151,676                      137,888
(a) Per share amounts for each period presented are basic weighted average
common shares outstanding for all amounts except adjusted
 net income available to common stockholders - diluted shares, which is
based on diluted shares outstanding.
(b) Represents the estimated tax benefit on the adjustments to net income.





IX. Reconciliation of Net Income Per Share to
Adjusted Net Income Per Share
For the Nine Months Ended
September 30, 2011 and 2012
(In thousands, except per
share amounts, unaudited)
                            2011         Per Share     2012         Per Share
                                         (a)                        (a)
Net income attributable to
Select Medical Holdings     70,987       0.47          108,824      0.78
Corporation
Earnings allocated to
unvested restricted         (763)        (0.01)        (1,759)      (0.01)
stockholders
Net income available to     70,224       0.46          107,065      0.77
common stockholders
Adjustment for early
retirement of debt:
Loss on early retirement of 31,018       0.20          6,064        0.05
debt
Estimated income tax        (11,796)     (0.07)        (2,352)      (0.02)
benefit (b)
Earnings allocated to
unvested restricted         (207)        (0.00)        (60)         (0.00)
stockholders
Adjusted net income
available to common         $  89,239   $   0.59    $  110,717  $   0.80
stockholders
Adjustment for dilution                  (0.00)                     (0.01)
Adjusted net income
available to common                      $   0.59                 $   0.79
stockholders - diluted
 shares
Weighted average common
shares outstanding:
Basic                                    152,299                    139,138
Diluted                                  152,522                    139,404
(a) Per share amounts for each period presented are basic weighted average
common shares outstanding for all amounts except adjusted
 net income available to common stockholders - diluted shares, which is
based on diluted shares outstanding.
(b) Represents the estimated tax benefit on the adjustments to net income.





SOURCE Select Medical Holdings Corporation

Website: http://www.selectmedicalholdings.com
 
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