XML 45 R24.htm IDEA: XBRL DOCUMENT v3.3.1.900
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2015
Accounting Policies [Abstract]  
Service Fee Revenue

Our service fee revenue, net of contractual allowances and discounts, the provision for bad debts, and revenue under capitation arrangements for the years ended December 31, are summarized in the following table (in thousands) :

 

   Years Ended December 31, 
   2015   2014   2013 
             
Commercial insurance (1)  $486,489   $437,525   $430,735 
Medicare   168,545    159,562    156,066 
Medicaid   23,948    24,499    24,017 
Workers' compensation/personal injury   32,728    30,543    34,821 
Other (2)   35,046    18,007    19,668 
Service fee revenue, net of contractual allowances and discounts   746,756    670,136    665,307 
Provision for bad debts   (36,033)   (29,807)   (27,911)
Net service fee revenue   710,723    640,329    637,396 
Revenue under capitation arrangements   98,905    77,240    65,590 
Total net revenue  $809,628   $717,569   $702,986 

_________________

(1) 20% of our net service fees revenue for each of the years ended December 31, 2015, 2014 and 2013 were earned from a single payor.

(2) Other consists of revenue from teleradiology services, consulting fees and software revenue.
Fair Value of long-term debt

The table below summarizes the estimated fair value and carrying amount of our long-term debt as follows (in thousands):

 

   As of December 31, 2015 
   Level 1   Level 2   Level 3   Total Fair Value   Total Face Value 
First Lien Term Loans  $–   $444,258   $–   $444,258   $451,023 
Second Lien Term Loans  $–   $173,700   $–    173,700   $180,000 

 

   As of December 31, 2014 
   Level 1   Level 2   Level 3   Total   Total Face Value 
First Lien Term Loans  $–   $394,753   $–   $394,753   $399,750 
Second Lien Term Loans   –    178,200    –    178,200    180,000 

 
Earnings per share
   Years Ended December 31, 
   2015   2014   2013 
             
Net income attributable to RadNet, Inc. common stockholders  $7,709   $1,376   $2,120 
                
BASIC NET INCOME PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS               
Weighted average number of common shares outstanding during the period   43,805,794    41,070,077    39,140,480 
Basic net income per share attributable to RadNet, Inc. common stockholders  $0.18   $0.03   $0.05 
DILUTED NET INCOME PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS               
Weighted average number of common shares outstanding during the period   43,805,794    41,070,077    39,140,480 
Add nonvested restricted stock subject only to service vesting   865,326    994,610    316,905 
Add additional shares issuable upon exercise of stock options and warrants   500,252    1,084,509    357,150 
Weighted average number of common shares used in calculating diluted net income per share   45,171,372    43,149,196    39,814,535 
Diluted net income per share attributable to RadNet, Inc. common stockholders  $0.17   $0.03   $0.05 
Investment in joint ventures
Balance as of December 31, 2013  $28,949 
Purchase of a 49% interest in a new joint venture   2,168 
Equity contributions in existing joint ventures   1,394 
Equity in earnings in these joint ventures   6,970 
Distribution of earnings   (7,358)
Balance as of December 31, 2014  $32,123 
Equity contributions in existing joint ventures   265 
Equity in earnings in these joint ventures   8,927 
Distribution of earnings   (7,731)
Balance as of December 31, 2015  $33,584 
Key financial data on joint ventures

The following table is a summary of key financial data for these joint ventures as of December 31, 2015 and 2014, respectively, and for the years ended December 31, 2015, 2014 and 2013, respectively, (in thousands):

 

   December 31, 
  2015   2014 
Balance Sheet Data:        
Current assets  $28,186   $23,636 
Noncurrent assets   91,660    49,347 
Current liabilities   (15,258)   (9,534)
Noncurrent liabilities   (44,059)   (6,386)
Total net assets  $60,529   $57,063 
Book value of RadNet joint venture interests  $28,397   $26,791 
Cost in excess of book value of acquired joint venture interests   4,970    4,970 
Elimination of intercompany profit remaining on Radnet's consolidated balance sheet   217    362 
Total value of Radnet joint venture interests  $33,584   $32,123 
           
Total book value of other joint venture partner interests  $32,132   $30,272 

  

   2015   2014   2013 
Net revenue  $125,544   $101,189   $93,134 
Net income  $19,485   $14,854   $13,633