XML 57 R24.htm IDEA: XBRL DOCUMENT v2.4.0.8
Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2013
Selected Quarterly Financial Data (Unaudited)  
Selected Quarterly Financial Data (Unaudited)

16. Selected Quarterly Financial Data (Unaudited)

        The following is a summary of unaudited quarterly results of operations for the years ended December 31, 2013 and 2012:

 
   2013  
 
   First
Quarter		   Second
Quarter		   Third
Quarter		   Fourth
Quarter		  

Revenues

   $ 323,852   $ 323,447   $ 324,263     $ 325,225    

Operating income (loss)

     3,668     5,711     2,354       (1,471)  

Net income (loss) from continuing operations

     3,193     2,955     625       (3,324)  

Net income (loss)

     2,392     1,456     (758)     (5,430)  

Net income (loss) per common share—Basic

   $ 0.05   $ 0.03   $ (0.02)   $ (0.11)  

Net income (loss) per common share—Diluted

   $ 0.05   $ 0.03   $ (0.02)   $ (0.11)  

 

 
   2012  
 
   First
Quarter		   Second
Quarter		   Third
Quarter		   Fourth
Quarter		  

Revenues

   $ 291,424   $ 296,572   $ 297,341   $ 322,469  

Operating income

     2,773     10,178     4,887     5,003  

Net income from continuing operations

     942     5,295     2,730     1,623  

Net income

     247     4,629     15,855     1,576  

Net income per common share—Basic

   $ 0.01   $ 0.09   $ 0.33   $ 0.04  

Net income per common share—Diluted

   $ 0.01   $ 0.09   $ 0.32   $ 0.03  

        During the fourth quarter of 2013, we recognized increases in our operating expenses primarily due to increased costs in our workers' compensation and professional and general liability insurance programs and increases in our utility and general maintenance expenses as a result of harsh weather conditions. Also, during the fourth quarter of 2013, we recognized additional increases in our operating expenses due to costs incurred in connection with the restatement of certain of our previously issued financial statements.

        As described in Note 17, we identified errors related to our accounts payable and certain other errors that affected previously reported interim periods. We have revised the financial information included in this Note 16 to correct for these errors in the periods in which they originated. The following tables set forth the effect of the revisions on each of the individual affected line items in our interim condensed consolidated statements of operations:

 
   Three Months Ended
September 30, 2013		   Nine Months Ended
September 30, 2013		  
 
   As
Previously
Reported		   Adjustments   As
Revised		   As
Previously
Reported		   Adjustments   As
Revised		  

Consolidated Statements of Operations data:

                                      

Senior living revenue

   $ 269,839     $ 6     $ 269,845     $ 807,906     $ 78     $ 807,984    

Reimbursed costs incurred on behalf of managed communities

     51,983       145       52,128       156,194       511       156,705    

Total revenues

     324,112       151       324,263       970,973       589       971,562    

Senior living wages and benefits

     130,824       202       131,026       393,641       668       394,309    

Other senior living operating expenses

     68,227       (285)     67,942       200,317       (2,077)     198,240    

Costs incurred on behalf of managed communities

     51,983       145       52,128       156,194       511       156,705    

General and administrative

     15,081       253       15,334       45,664       185       45,849    

Total operating expenses

     321,594       315       321,909       960,542       (713)     959,829    

Operating income

     2,518       (164)     2,354       10,431       1,302       11,733    

Income from continuing operations before income taxes and equity in earnings of an investee

     889       (164)     725       6,328       1,302       7,630    

Provision for income taxes

     (226)     62       (164)     (582)     (494)     (1,076)  

Income from continuing operations

     727       (102)     625       5,965       808       6,773    

Loss from discontinued operations

     (925)     (458)     (1,383)     (3,225)     (458)     (3,683)  

Net (loss) income

   $ (198)   $ (560)   $ (758)   $ 2,740     $ 350     $ 3,090    

Basic (loss) income per share from:

                                      

Continuing operations

   $ 0.02     $ (0.01)   $ 0.01     $ 0.12     $ 0.02     $ 0.14    

Discontinued operations

     (0.02)     (0.01)     (0.03)     (0.06)     (0.01)     (0.07)  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net (loss) income per share—basic

   $ —     $ (0.02)   $ (0.02)   $ 0.06     $ 0.01     $ 0.07    
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Diluted (loss) income per share from:

                                      

Continuing operations

   $ 0.02     $ (0.01)   $ 0.01     $ 0.12     $ 0.02     $ 0.14    

Discontinued operations

     (0.02)     (0.01)     (0.03)     (0.06)     (0.01)     (0.07)  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net (loss) income per share—diluted

   $ —     $ (0.02)   $ (0.02)   $ 0.06     $ 0.01     $ 0.07    
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

 
   Three Months Ended June 30, 2013   Six Months Ended June 30, 2013  
 
   As
Previously
Reported		   Adjustments   As
Revised		   As
Previously
Reported		   Adjustments   As
Revised		  

Consolidated Statements of Operations data:

                                      

Senior living revenue

   $ 268,827     $ 6     $ 268,833     $ 538,067     $ 72     $ 538,139    

Reimbursed costs incurred on behalf of managed communities

     52,153       180       52,333       104,211       366       104,577    

Total revenues

     323,261       186       323,447       646,861       438       647,299    

Senior living wages and benefits

     130,390       247       130,637       262,817       466       263,283    

Other senior living operating expenses

     65,752       (909)     64,843       132,090       (1,792)     130,298    

Costs incurred on behalf of managed communities

     52,153       180       52,333       104,211       366       104,577    

General and administrative

     15,451       (392)     15,059       30,583       (68)     30,515    

Total operating expenses

     318,610       (874)     317,736       638,948       (1,028)     637,920    

Operating income

     4,651       1,060       5,711       7,913       1,466       9,379    

Income from continuing operations before income taxes and equity in earnings of an investee

     3,349       1,060       4,409       5,439       1,466       6,905    

Provision for income taxes

     (1,131)     (402)     (1,533)     (356)     (556)     (912)  

Income from continuing operations

     2,297       658       2,955       5,238       910       6,148    

Net income

   $ 798     $ 658     $ 1,456     $ 2,938     $ 910     $ 3,848    

Basic income per share from:

                                      

Continuing operations

   $ 0.05     $ 0.01     $ 0.06     $ 0.11     $ 0.02     $ 0.13    

Discontinued operations

     (0.03)     —       (0.03)     (0.05)     —       (0.05)  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income per share—basic

   $ 0.02     $ 0.01     $ 0.03     $ 0.06     $ 0.02     $ 0.08    
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Diluted income per share from:

                                      

Continuing operations

   $ 0.05     $ 0.01     $ 0.06     $ 0.11     $ 0.02     $ 0.13    

Discontinued operations

     (0.03)     —       (0.03)     (0.05)     —       (0.05)  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income per share—diluted

   $ 0.02     $ 0.01     $ 0.03     $ 0.06     $ 0.02     $ 0.08    
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

 
   Three Months Ended March 31, 2013  
 
   As
Previously
Reported		   Adjustments   As
Revised		  

Consolidated Statement of Operations data:

                    

Senior living revenue

   $ 269,240     $ 66     $ 269,306    

Reimbursed costs incurred on behalf of managed communities

     52,058       186       52,244    

Total revenues

     323,600       252       323,852    

Senior living wages and benefits

     132,427       219       132,646    

Other senior living operating expenses

     66,338       (883)     65,455    

Costs incurred on behalf of managed communities

     52,058       186       52,244    

General and administrative

     15,132       324       15,456    

Total operating expenses

     320,338       (154)     320,184    

Operating income

     3,262       406       3,668    

Income from continuing operations before income taxes and equity in earnings of an investee

     2,090       406       2,496    

Benefit for income taxes

     775       (154)     621    

Income from continuing operations

     2,941       252       3,193    

Net income

   $ 2,140     $ 252     $ 2,392    

Basic income per share from:

                    

Continuing operations

   $ 0.06     $ 0.01     $ 0.07    

Discontinued operations

     (0.02)     —       (0.02)  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income per share—basic

   $ 0.04     $ 0.01     $ 0.05    
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Diluted income per share from:

                    

Continuing operations

   $ 0.06     $ 0.01     $ 0.07    

Discontinued operations

     (0.02)     —       (0.02)  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income per share—diluted

   $ 0.04     $ 0.01     $ 0.05    
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

 
   Three Months Ended
December 31, 2012		  
 
   As
Previously
Reported		   Adjustments   As
Revised		  

Consolidated Statement of Operations data:

                    

Reimbursed costs incurred on behalf of managed communities

   $ 50,245     $ 284     $ 50,529    

Total revenues

     322,185       284       322,469    

Other senior living operating expenses

     67,113       580       67,693    

Costs incurred on behalf of managed communities

     50,245       284       50,529    

General and administrative

     16,197       32       16,229    

Total operating expenses

     316,570       896       317,466    

Operating income

     5,615       (612)     5,003    

Income from continuing operations before income taxes and equity in earnings of an investee

     4,294       (612)     3,682    

Provision for income taxes

     (2,381)     242       (2,139)  

Income from continuing operations

     1,993       (370)     1,623    

Net income

   $ 1,946     $ (370)   $ 1,576    

Basic income per share from:

                    

Continuing operations

   $ 0.04     $ —     $ 0.04    

Discontinued operations

     —       —       —    
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income per share—basic

   $ 0.04     $ —     $ 0.04    
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Diluted income per share from:

                    

Continuing operations

   $ 0.04     $ (0.01)   $ 0.03    

Discontinued operations

     —       —       —    
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income per share—diluted

   $ 0.04     $ (0.01)   $ 0.03    
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 
   Three Months Ended
September 30, 2012		   Nine Months Ended
September 30, 2012		  
 
   As
Previously
Reported		   Adjustments   As
Revised		   As
Previously Reported		   Adjustments   As
Revised		  

Consolidated Statements of Operations data:

                                      

Reimbursed costs incurred on behalf of managed communities

     27,247       172       27,419       76,750       377       77,127    

Total revenues

     297,169       172       297,341       884,960       377       885,337    

Other senior living operating expenses

     64,579       560       65,139       192,636       1,420       194,056    

Costs incurred on behalf of managed communities

     27,247       172       27,419       76,750       377       77,127    

General and administrative

     14,647       31       14,678       45,580       8       45,588    

Total operating expenses

     291,691       763       292,454       865,694       1,805       867,499    

Operating income

     5,478       (591)     4,887       19,266       (1,428)     17,838    

Income from continuing operations before income taxes and equity in earnings of an investee

     3,878       (591)     3,287       15,118       (1,428)     13,690    

Provision for income taxes

     (905)     233       (672)     (5,523)     564       (4,959)  

Income from continuing operations

     3,088       (358)     2,730       9,831       (864)     8,967    

Net income

   $ 16,213     $ (358)   $ 15,855     $ 21,595     $ (864)   $ 20,731    

Basic income per share from:

                                      

Continuing operations

   $ 0.06     $ (0.01)   $ 0.05     $ 0.21     $ (0.02)   $ 0.19    

Discontinued operations

     0.28       —       0.28       0.24       —       0.24    
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income per share—basic

   $ 0.34     $ (0.01)   $ 0.33     $ 0.45     $ (0.02)   $ 0.43    
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Diluted income per share from:

                                      

Continuing operations

   $ 0.06     $ (0.01)   $ 0.05     $ 0.21     $ (0.02)   $ 0.19    

Discontinued operations

     0.27       —       0.27       0.23       —       0.23    
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income per share—diluted

   $ 0.33     $ (0.01)   $ 0.32     $ 0.44     $ (0.02)   $ 0.42    
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

 
   Three Months Ended
June 30, 2012		   Six Months Ended
June 30, 2012		  
 
   As
Previously
Reported		   Adjustments   As
Revised		   As
Previously
Reported		   Adjustments   As
Revised		  

Consolidated Statements of Operations data:

                                      

Reimbursed costs incurred on behalf of managed communities

     26,098       79       26,177       49,503       205       49,708    

Total revenues

     296,493       79       296,572       587,791       205       587,996    

Other senior living operating expenses

     63,797       440       64,237       128,057       860       128,917    

Costs incurred on behalf of managed communities

     26,098       79       26,177       49,503       205       49,708    

General and administrative

     15,434       25       15,459       30,933       (23)     30,910    

Total operating expenses

     285,850       544       286,394       574,003       1,042       575,045    

Operating income

     10,643       (465)     10,178       13,788       (837)     12,951    

Income from continuing operations before income taxes and equity in earnings of an investee

     9,317       (465)     8,852       11,240       (837)     10,403    

Provision for income taxes

     (3,817)     184       (3,633)     (4,618)     331       (4,287)  

Income from continuing operations

     5,576       (281)     5,295       6,743       (506)     6,237    

Net income

   $ 4,910     $ (281)   $ 4,629     $ 5,382     $ (506)   $ 4,876    

Basic income per share from:

                                      

Continuing operations

   $ 0.12     $ (0.01)   $ 0.11     $ 0.14     $ (0.01)   $ 0.13    

Discontinued operations

     (0.02)     —       (0.02)     (0.03)     —       (0.03)  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income per share—basic

   $ 0.10     $ (0.01)   $ 0.09     $ 0.11     $ (0.01)   $ 0.10    
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Diluted income per share from:

                                      

Continuing operations

   $ 0.11     $ (0.01)   $ 0.10     $ 0.14     $ (0.01)   $ 0.13    

Discontinued operations

     (0.01)     —       (0.01)     (0.03)     —       (0.03)  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income per share—diluted

   $ 0.10     $ (0.01)   $ 0.09     $ 0.11     $ (0.01)   $ 0.10    
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 
   Three Months Ended March 31, 2012  
 
   As
Previously
Reported		   Adjustments   As
Revised		  

Consolidated Statement of Operations data:

                    

Reimbursed costs incurred on behalf of managed communities

     23,405       126       23,531    

Total revenues

     291,298       126       291,424    

Other senior living operating expenses

     64,260       420       64,680    

Costs incurred on behalf of managed communities

     23,405       126       23,531    

General and administrative

     15,499       (48)     15,451    

Total operating expenses

     288,153       498       288,651    

Operating income

     3,145       (372)     2,773    

Income from continuing operations before income taxes and equity in earnings of an investee

     1,923       (372)     1,551    

Provision for income taxes

     (801)     147       (654)  

Income from continuing operations

     1,167       (225)     942    

Net income

   $ 472     $ (225)   $ 247    

Basic income per share from:

                    

Continuing operations

   $ 0.02     $ —     $ 0.02    

Discontinued operations

     (0.01)     —       (0.01)  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income per share—basic

   $ 0.01     $ —     $ 0.01    
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

Diluted income per share from:

                    

Continuing operations

   $ 0.02     $ —     $ 0.02    

Discontinued operations

     (0.01)     —       (0.01)  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income per share—diluted

   $ 0.01     $ —     $ 0.01    
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​