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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues:      
Base rental - UHS facilities $ 16,299 $ 15,955 $ 15,601
Base rental - Non-related parties 37,060 35,157 31,386
Bonus rental - UHS facilities 4,723 4,565 4,607
Tenant reimbursements and other - Non-related parties 8,113 7,490 7,490
Tenant reimbursements and other - UHS facilities 886 783 702
Revenues, Total 67,081 63,950 59,786
Expenses:      
Depreciation and amortization 22,956 22,108 20,885
Advisory fees to UHS 3,263 2,810 2,545
Other operating expenses 18,220 18,152 16,882
Transaction costs 528 243 427
Costs and Expenses, Total 44,967 43,313 40,739
Income before equity in income of unconsolidated limited liability companies ("LLCs"), interest expense and gains 22,114 20,637 19,047
Equity in income of unconsolidated LLCs [1] 4,456 2,536 2,428 [2]
Gain on property exchange   8,742  
Gains on fair value recognition resulting from the purchase of minority interests in majority-owned LLCs     25,409
Gain on divestiture of real property     13,043
Interest expense, net (9,355) (8,224) (8,376)
Net income $ 17,215 $ 23,691 $ 51,551
Basic earnings per share $ 1.28 $ 1.78 $ 3.99
Diluted earnings per share $ 1.28 $ 1.78 $ 3.99
Weighted average number of shares outstanding - Basic 13,464 13,293 12,927
Weighted average number of share equivalents 4 8 7
Weighted average number of shares and equivalents outstanding - Diluted 13,468 13,301 12,934
[1] Our share of net income during 2016, 2015 and 2014, includes interest income earned by us on various advances made to LLCs of approximately $1.2 million, $200,000 and $834,000, respectively.
[2] 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 North Valley 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 includes the financial results of the six mentioned LLCs for seven months ended July 31, 2014.