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Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited)
Quarterly Financial Information (Unaudited)
(in thousands, except per share amounts)
 
 
 
 
 
 
 
 
Year ended December 31, 2012
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Net revenues
$
435,652

 
$
427,691

 
$
424,444

 
$
425,017

 
Gross profit
202,791

 
204,954

 
200,555

 
195,763

 
Income (loss) from continuing operations before income taxes and equity in net earnings of CareCentrix
7,582

 
23,818

(3)
(2,678
)
(2
)
18,510

(3)
Income (loss) from continuing operations attributable to Gentiva shareholders (1)
4,840

 
13,909

(3)
(523
)
(2
)
8,570

(3),(4)
Discontinued operations, net of tax
—

 
—

 
—

 
—

 
Net income (loss) attributable to Gentiva shareholders (1)
4,840

 
13,909

(3)
(523
)
(2
)
8,570

(3),(4)
Earnings Per Share:
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to Gentiva shareholders
$
0.16

 
$
0.46

 
$
(0.02
)
 
$
0.28

 
Discontinued operations, net of tax
$
—

 
$
—

 
$
—

 
$
—

 
Net income (loss) attributable to Gentiva shareholders
$
0.16

 
$
0.46

 
$
(0.02
)
 
$
0.28

 
Diluted:
 
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to Gentiva shareholders
$
0.16

 
$
0.46

 
$
(0.02
)
 
$
0.28

 
Discontinued operations, net of tax
$
—

 
$
—

 
$
—

 
$
—

 
Net income (loss) attributable to Gentiva shareholders
$
0.16

 
$
0.46

 
$
(0.02
)
 
$
0.28

 
Weighted average shares outstanding:
 
 
 
 
 
 
 
 
Basic
30,724

 
30,338

 
30,423

 
30,548

 
Diluted
30,959

 
30,446

 
30,423

 
30,891

 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2011
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
Net revenues
$
451,109

 
$
448,712

 
$
449,748

 
$
449,209

 
Gross profit
220,353

 
214,561

 
206,805

 
208,604

 
Income (loss) from continuing operations before income taxes and equity in net earnings of CareCentrix
20,737

 
6,750

 
(635,830
)
(2
)
5,995

 
Income (loss) from continuing operations attributable to Gentiva shareholders (1)
13,005

 
4,523

 
(479,734
)
(2
)
3,366

 
Discontinued operations, net of tax
447

 
666

 
5,983

 
1,219

 
Net income (loss) attributable to Gentiva shareholders (1)
13,452

 
5,189

 
(473,751
)
(2
)
4,585

 
Earnings Per Share:
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to Gentiva shareholders
$
0.43

 
$
0.15

 
$
(15.82
)
 
$
0.11

 
Discontinued operations, net of tax
$
0.02

 
$
0.02

 
$
0.20

 
$
0.04

 
Net income (loss) attributable to Gentiva shareholders
$
0.45

 
$
0.17

 
$
(15.62
)
 
$
0.15

 
Diluted:
 
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to Gentiva shareholders
$
0.42

 
$
0.15

 
$
(15.82
)
 
$
0.11

 
Discontinued operations, net of tax
$
0.02

 
$
0.02

 
$
0.20

 
$
0.04

 
Net income (loss) attributable to Gentiva shareholders
$
0.44

 
$
0.17

 
$
(15.62
)
 
$
0.15

 
Weighted average shares outstanding:
 
 
 
 
 
 
 
 
Basic
30,127

 
30,293

 
30,337

 
30,402

 
Diluted
30,789

 
30,846

 
30,337

 
30,541

 

(1)
Income (loss) from continuing operations before income taxes and equity in net earnings of CareCentrix, including gain on sale for each of the 2012 and 2011 quarters includes charges relating to cost savings initiatives, integration and acquisition activities, other restructuring and legal settlements as follows (in thousands):
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Year ended December 31, 2012
$
5,391

 
$
25

 
$
53

 
$
201

Year ended December 31, 2011
$
3,765

 
$
21,246

 
$
9,845

 
$
14,282



(2)
For the third quarter of 2012, the Company recorded non-cash impairment charges associated with a write-off of its trade name intangibles of $19.1 million in connection with the Company's initiative to re-brand its operations under the Gentiva name.
For the third quarter of 2011, the Company recorded non-cash impairment charges associated with goodwill, intangibles and other long-lived assets of $643.3 million. This charge was the result of (i) changes in the Company's business climate, (ii) uncertainties around Medicare reimbursement as the federal government worked to reduce the federal deficit, (iii) a significant decline in the price of the Company's common stock during the fiscal year, (iv) a write-down of software and (v) a change in the estimated fair value of real estate. See Notes 8 and 9.
(3)
For the fourth quarter of 2012, income (loss) from continuing operations before income taxes and equity in net earnings of CareCentrix, includes a $2.6 million pre-tax gain related to the sale of the Phoenix area hospice operations.
For the second quarter of 2012, Income (loss) from continuing operations before income taxes and equity in net earnings of CareCentrix, includes a $5.4 million pre-tax gain associated with the sale of (i) the Gentiva consulting business and (ii) the sale of eight home health branches and four hospice branches in Louisiana.
(4)
In anticipation of a settlement of claims alleged by the owner of CareCentrix and working capital adjustments as set forth in the stock purchase agreement, during the fourth quarter, the Company recorded a $6.5 million adjustment to the seller financing note receivable to reflect its revised estimated fair value of $3.4 million, which is recorded in equity in net loss of CareCentrix.