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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues:      
Base rental - UHS facilities $ 15,955 $ 15,601 $ 14,773
Base rental - Non-related parties 35,157 31,386 27,955
Bonus rental - UHS facilities 4,565 4,607 4,260
Tenant reimbursements and other - Non-related parties 7,490 7,490 6,812
Tenant reimbursements and other - UHS facilities 783 702 480
Revenues, Total 63,950 59,786 [1] 54,280
Expenses:      
Depreciation and amortization 22,108 20,885 18,753
Advisory fees to UHS 2,810 2,545 2,369
Other operating expenses 18,152 16,882 14,409
Transaction costs 243 427 203
Costs and Expenses, Total 43,313 40,739 35,734
Income before equity in income of unconsolidated limited liability companies ("LLCs"), interest expense and gains 20,637 19,047 18,546
Equity in income of unconsolidated LLCs [2] 2,536 2,428 [3] 2,095 [4]
Gain on property exchange 8,742    
Gains on fair value recognition resulting from the purchase of minority interests in majority-owned LLCs [1]   25,409  
Gain on divestiture of real property [1]   13,043  
Interest expense, net (8,224) (8,376) (7,472)
Net income $ 23,691 $ 51,551 [1] $ 13,169
Basic earnings per share $ 1.78 $ 3.99 [1] $ 1.04
Diluted earnings per share $ 1.78 $ 3.99 [1] $ 1.04
Weighted average number of shares outstanding - Basic 13,293 12,927 12,689
Weighted average number of share equivalents 8 7 12
Weighted average number of shares and equivalents outstanding - Diluted 13,301 12,934 12,701
[1] We began to account for Palmdale Medical Properties and Sparks Medical Properties on a consolidated basis effective January 1, 2014. Additionally, we began to account for six LLCs (Desert Valley Medical Center, Santa Fe Professional Plaza, Rosenberg Children’s Medical Plaza, Sierra San Antonio Medical Plaza, Phoenix Children’s East Valley Care Center and 3811 E. Bell Medical Building Medical Plaza) on a consolidated basis as of August 1, 2014.
[2] Our share of net income during 2015, 2014 and 2013, includes interest income earned by us on various advances made to LLCs of approximately $200,000, $834,000 and $1.9 million, respectively.
[3] As mentioned above, we began to account for six LLCs (Desert Valley Medical Center, Santa Fe Professional Plaza, Rosenberg Children’s Medical Plaza, Sierra San Antonio Medical Plaza, Phoenix Children’s East Valley Care Center and 3811 E. Bell Medical Building Medical Plaza) on a consolidated basis as of August 1, 2014. Prior to August 1, 2014, the financial results of these entities were accounted for under the equity method on an unconsolidated basis. The year ended December 31, 2014, include the financial results of the six mentioned LLCs for seven months ended July 31, 2014.
[4] As mentioned above, we began to account for Sparks Medical Properties on a consolidated basis as of January 1, 2014. Prior to January 1, 2014, the financial results of this entity were accounted for under the equity method on an unconsolidated basis. These amounts include the financial results for Sparks Medical Properties for the years ended December 31, 2013 and 2012. In addition, we purchased the minority ownership interests in six LLCs effective August 1, 2014 (as mentioned in (b.) above) and began to account for the LLCs a consolidated basis as of that date. These amounts include the financial results for these six LLCs for the year ended December 31, 2013. As also mentioned above, we began to account for Palmdale Medical Properties on a consolidated basis as of January 1, 2014. Prior thereto, as a result of a master lease commitment with a wholly-owned subsidiary of UHS which expired effective as of July 1, 2013, the financial results of Palmdale Medical Properties was accounted for on a consolidated basis through the six-month period ended June 30, 2013 and then on an unconsolidated basis for the six-month period of July 1, 2013 through December 31, 2013. Therefore the financial results of this entity are reflected in the table above for the six-month period of July 1, 2013 through December 31, 2013.