XML 90 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Net revenues $ 1,712,804 $ 1,798,778 $ 1,414,459
Cost of services sold 908,741 948,455 680,074
Gross profit 804,063 850,323 734,385
Selling, general and administrative expenses (655,766) (730,407) (606,864)
Goodwill, intangibles and other long-lived asset impairment (19,132) (643,305) [1] 0
Gain on sale of assets and businesses, net 8,014 1,061 103
Dividend income 0 8,590 [2] 0
Interest income 2,661 2,686 2,656
Interest expense and other (92,608) (91,296) (41,686)
Income (loss) from continuing operations before income taxes and equity in net earnings of CareCentrix 47,232 (602,348) 88,594
Income tax (expense) benefit (17,251) 75,768 (34,076)
Equity in net (loss) earnings of CareCentrix (2,301) 68,381 1,298
Income (loss) from continuing operations 27,680 (458,199) 55,816
Discontinued operations, net of tax 0 8,315 (3,135)
Net income (loss) 27,680 (449,884) 52,681
Less: Net income attributable to noncontrolling interests (884) (641) (526)
Net income (loss) attributable to Gentiva shareholders 26,796 (450,525) 52,155
Total comprehensive income (loss) 27,680 (450,362) 53,159
Basic earnings per common share:      
Income (loss) from continuing operations attributable to Gentiva shareholders $ 0.88 $ (15.13) $ 1.86
Discontinued operations, net of tax $ 0.00 $ 0.28 $ (0.11)
Net income (loss) attributable to Gentiva shareholders $ 0.88 $ (14.85) $ 1.75
Weighted average shares outstanding 30,509 30,336 29,724
Diluted earnings per common share:      
Income (loss) from continuing operations attributable to Gentiva shareholders $ 0.87 $ (15.13) $ 1.81
Discontinued operations, net of tax $ 0.00 $ 0.28 $ (0.10)
Net income (loss) attributable to Gentiva shareholders $ 0.87 $ (14.85) $ 1.71
Weighted average shares outstanding 30,687 30,336 30,468
Amounts attributable to Gentiva shareholders:      
Income (loss) from continuing operations 26,796 (458,840) 55,290
Discontinued operations, net of tax 0 8,315 (3,135)
Net income (loss) attributable to Gentiva shareholders $ 26,796 $ (450,525) $ 52,155
[1] For the year ended December 31, 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. Home Health and Hospice assets were reduced by $6.0 million and $13.1 million, respectively, as of December 31, 2012 as a result of the impairment.For the year ended December 31, 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. Home Health, Hospice and corporate assets were reduced by $408.4 million, $193.7 million and $41.2 million, respectively, as of December 31, 2011, as a result of the impairment.
[2] For the year ended December 31, 2011, the Company recognized dividend income of $8.6 million as a result of the sale of a portion of the Company’s combined common and preferred ownership of CareCentrix.