National HealthCare Corporation
(NYSE MKT:NHC)

National HealthCare Corporation operates, manages, and provides services to skilled nursing facilities, assisted living facilities, independent living facilities, home health care programs, and a behavioral health hospital. Its skilled nursing facilities offer licensed therapy services, nutrition se...

Website: http://www.nhccare.com

Founded: 1971

Full Time Employees: 14,881

Sector: Healthcare

Industry: Medical Care Facilities

Healthcare

Share this website to your friends

• Market Cap:

• Exchange:

• Shs Outstanding:

• Employees:

• Beta:

• Return on Equity (ROE) ttm:

• Return on Assets (ROA) ttm:

• EPS ttm:

• Book value per Share:

• Cash per Share:

• Current ast per Share:

• P/E ttm:

• P/E forward:

• P/E ttm high:

• P/E ttm low:

• P/S ttm:

• P/B ttm:

• P/FCF ttm:

• PEG ratio:

• Cash Ratio ttm:

• Quick Ratio ttm:

• Current Ratio ttm:

• Gross Mgn ttm:

• EBITDA Mgn ttm:

• Operating Mgn ttm:

• Net Income Mgn ttm:

• Trailing Div yield:

• Forward Div yield:

• Payout Ratio ttm:

• Ex-Dividend date:

• Target Price High:

• Target Price Low:

• Target Price Mean:

• Number of Analysts:

• Debt Ratio ttm:

• Debt to Equity ttm:

• Total Net Debt:

At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2007-06-30	2007-03-31	2006-12-31	2005-12-31

revenues:
net patient revenues	369,805,000	373,686,000	370,989,000	363,349,000	361,607,000	357,344,000	328,674,000	279,918,000	285,823,000	282,997,000	277,005,000	269,605,000	258,007,000	252,424,000	260,247,000	260,077,000	256,337,000	256,894,000	254,817,000	236,976,000	216,855,000	234,646,000	227,383,000	225,671,000	244,095,000	241,407,000	235,090,000	235,264,000	236,111,000	235,601,000	234,827,000	230,654,000	231,692,000		230,048,000	227,847,000	227,959,000							177,553,000	121,538,250	165,344,000	162,848,000	157,961,000		134,031	133,480
other revenues	12,016,000	12,827,000	11,672,000	11,561,000	12,090,000	12,006,000	11,524,000	11,295,000	11,353,000	17,917,000	11,480,000	12,977,000	11,556,000	11,612,000	10,596,000	10,962,000	12,026,000	11,484,000	11,491,000	11,056,000	11,369,000	14,454,000	11,111,000	11,323,000	12,029,000	12,473,000	11,977,000	11,887,000	12,174,000	13,319,000	11,499,000	11,488,000	11,269,000		11,937,000	11,610,000	11,284,000							15,395,000	9,695,750	11,920,000	12,787,000	14,076,000		15,915	13,024
net operating revenues	381,821,000				373,697,000				297,176,000																256,124,000	253,880,000	247,067,000	247,151,000	248,285,000	248,920,000	246,326,000	242,142,000	242,961,000		241,985,000	239,457,000
cost and expenses:
salaries, wages, and benefits	235,074,000	171,960,000	233,176,000	226,534,000	228,130,000	144,152,250	213,395,000	180,076,000	183,138,000	131,445,500	182,664,000	175,294,000	167,824,000	129,707,000	173,198,000	174,936,000	170,694,000	115,309,750	159,305,000	156,804,000	145,130,000	113,986,750	151,564,000	156,914,000
other operating	91,237,000	96,198,000	96,604,000	91,943,000	92,457,000	83,298,000	82,509,000	78,154,000	77,429,000	70,970,000	72,490,000	73,234,000	71,489,000	71,093,000	72,883,000	71,311,000	74,085,000	76,910,000	84,039,000	72,043,000	70,153,000	73,429,000	70,887,000	70,861,000	71,668,000	64,682,000	66,730,000	67,598,000	69,432,000	61,770,000	64,507,000	62,589,000	65,172,000		64,039,000	62,856,000	63,883,000							41,389,000	36,664,250	49,296,000	48,358,000	49,003,000		40,933	41,828
facility rent	11,643,000	12,189,000	11,345,000	11,328,000	11,365,000	11,378,000	10,886,000	10,570,000	10,348,000	11,438,000	10,094,000	9,901,000	10,092,000	10,207,000	10,294,000	10,411,000	10,065,000	10,381,000	10,204,000	10,170,000	10,063,000	9,522,000	10,320,000	10,320,000	10,332,000	9,916,000	10,167,000	10,197,000	10,238,000	10,232,000	10,190,000	10,272,000	10,229,000		10,106,000	10,079,000	10,088,000
depreciation and amortization	11,614,000	11,769,000	11,158,000	11,015,000	10,978,000	11,442,000	10,619,000	9,338,000	10,586,000	11,768,000	10,135,000	10,083,000	10,048,000	10,478,000	10,253,000	10,001,000	9,757,000	10,151,000	10,229,000	10,131,000	10,161,000	10,487,000	10,548,000	10,545,000	10,438,000	10,904,000	10,663,000	10,335,000	10,517,000	10,718,000	10,437,000	10,397,000	10,342,000		10,833,000	10,481,000	10,295,000							6,962,000	4,972,500	6,800,000	6,663,000	6,427,000		3,828	3,756
total costs and expenses	349,568,000	353,396,000	352,283,000	340,820,000	342,930,000	342,786,000	319,151,000	278,138,000	281,547,000	280,794,000	275,460,000	268,605,000	259,551,000	255,503,000	266,765,000	266,808,000	264,766,000	274,288,000	263,975,000	249,363,000	235,751,000	247,046,000	243,604,000	249,093,000	240,319,000	237,383,000	240,499,000	236,962,000	232,501,000	231,726,000	235,492,000	229,977,000	227,078,000		232,200,000	227,319,000														130,885	135,557
income from operations	32,253,000	33,117,000	30,378,000	34,090,000	30,767,000	26,564,000	21,047,000	22,520,000	15,629,000	20,120,000	13,025,000	13,977,000	10,012,000	9,050,000	4,078,000	4,551,000	14,217,000	9,146,000	12,762,000	13,795,000	15,222,000	12,779,000	7,022,000	12,549,000	15,805,000	16,497,000	6,568,000	10,189,000	15,784,000	17,194,000	10,834,000	12,165,000	15,883,000
yoy	4.83%	24.67%	44.33%	51.38%	96.86%	32.03%	61.59%	61.12%	56.10%	122.32%	219.40%	207.12%	-29.58%	-1.05%	-68.05%	-67.01%	-6.60%	-28.43%	81.74%	9.93%	-3.69%	-22.54%	6.91%	23.16%	0.13%	-4.05%	-39.38%	-16.24%	-0.62%
qoq	-2.61%	9.02%	-10.89%	10.80%	15.82%	26.21%	-6.54%	44.09%	-22.32%	54.47%	-6.81%	39.60%	10.63%	121.92%	-10.39%	-67.99%	55.45%	-28.33%	-7.49%	-9.37%	19.12%	81.99%	-44.04%	-20.60%	-4.19%	151.17%	-35.54%	-35.45%	-8.20%	58.70%	-10.94%	-23.41%
other income:
non–operating income	3,757,000	3,467,750	4,660,000	5,132,000	4,079,000	3,716,250	4,224,000	4,956,000	5,685,000	3,029,000	4,097,000	3,696,000	4,323,000	2,112,750	2,731,000	2,521,000	3,199,000	3,811,250	3,399,000	5,586,000	6,260,000	5,144,500	6,478,000	5,954,000	8,146,000	5,234,000	6,663,000	8,272,000	6,001,000	2,764,000	8,467,000	5,654,000	-3,065,000		6,090,000	5,189,000	4,768,000
interest expense	-269,000	-816,000	-1,456,000	-1,993,000	-2,106,000
unrealized gains on marketable equity securities	9,074,000	-4,404,000	20,827,000	-5,061,000	10,982,000	-25,332,000	32,767,000	9,124,000	14,399,000	12,001,000	-3,093,000	4,650,000	1,386,000			-3,549,000	3,126,000			-6,489,000	7,059,000	16,614,000	-241,000	20,053,000	-60,392,000	-3,866,000	9,312,000	-54,000	6,838,000	721,000	3,486,000	12,448,000
income before income taxes	44,815,000	32,133,000	54,409,000	32,168,000	43,722,000	6,057,000	58,038,000	36,600,000	35,713,000	36,665,000	14,029,000	22,323,000	15,721,000	7,413,000	-4,247,000	3,523,000	20,542,000	21,039,000	-7,636,000	108,094,000	28,541,000	37,049,000	13,259,000	38,556,000	-36,441,000	18,442,000	22,543,000	18,407,000	28,623,000	24,529,000	22,787,000	30,267,000	-2,699,000		15,875,000	17,327,000	20,632,000							30,442,000	-56,004,033	19,694,000	19,577,000	16,814,000		19,061	10,947
income tax provision	-8,712,000	-6,939,000	-13,400,000	-8,055,000	-11,432,000	-28,000	-15,338,000	-9,494,000	-9,462,000			-6,406,000	-4,436,000			-1,362,000	-5,193,000			-2,764,000		-9,633,000	-391,000	-10,034,000		-4,755,000	-3,167,000	-4,725,000	-7,392,000	-6,393,000	-1,700,000	-7,892,000	-200,000		-4,691,000	-6,758,000	-7,999,000							-11,718,000	18,773,272	-4,611,000	-7,727,000	-6,407,000		-7,169	-3,907
net income	36,103,000	25,194,000	41,009,000	24,113,000	32,290,000	6,029,000	42,700,000	27,106,000	26,251,000	27,965,000	10,121,000	15,917,000	11,285,000	5,574,000	-3,107,000	2,161,000	15,349,000	15,995,000	-3,546,000	105,330,000	21,308,000	27,416,000	12,868,000	28,522,000	-26,816,000	13,687,000	19,376,000	13,682,000	21,231,000	18,136,000	21,087,000	22,375,000	-2,899,000		11,184,000	10,569,000	12,633,000							18,724,000	-37,287,305	15,083,000	11,850,000	10,407,000		11,892	7,040
yoy	11.81%	317.88%	-3.96%	-11.04%	23.00%	-78.44%	321.90%	70.30%	132.62%	401.70%	-425.75%	636.56%	-26.48%	-65.15%	-12.38%	-97.95%	-27.97%	-41.66%	-127.56%	269.29%	-179.46%	100.31%	-33.59%	108.46%	-226.31%	-24.53%	-8.11%	-38.85%	-832.36%		88.55%	111.70%	-122.95%											79.92%		126733.17%	168223.86%
qoq	43.30%	-38.56%	70.07%	-25.32%	435.58%	-85.88%	57.53%	3.26%	-6.13%	176.31%	-36.41%	41.05%	102.46%	-279.40%	-243.78%	-85.92%	-4.04%	-551.07%	-103.37%	394.32%	-22.28%	113.06%	-54.88%	-206.36%	-295.92%	-29.36%	41.62%	-35.56%	17.07%	-13.99%	-5.76%	-871.82%			5.82%	-16.34%								-150.22%	-347.21%	27.28%	13.87%			68.92%
net income attributable to noncontrolling interest	-246,000			-391,000	-85,000												-31,000			-447,000	-41,000
net income attributable to national healthcare corporation	35,857,000	24,849,000	39,239,000	23,722,000	32,205,000	6,081,000	42,789,000	26,844,000	26,213,000	28,406,000	10,388,000	16,281,000	11,723,000	6,353,000	-2,429,000	3,203,000	15,318,000	15,788,000	-3,348,000	104,883,000	21,267,000	27,550,000	12,849,000	28,324,000	-26,852,000	13,770,000	19,461,000	13,711,000	21,269,000	10,203,000	21,142,000	22,461,000	-2,791,000		11,352,000	10,655,000	12,728,000
earnings per share attributable to national healthcare corporation stockholders:
basic	2.31	1.61	2.53	1.53	2.09	0.39	2.78	1.74	1.71	1.85	0.68	1.06	0.76	0.42	-0.16	0.21	0.99	1.03	-0.22	6.83	1.39	1.8	0.84	1.85	-1.76	0.9	1.27	0.9	1.39	1.19	1.39	1.48	-0.18		0.75	0.7	0.84													0.95	0.56
diluted	2.27	1.57	2.5	1.52	2.07	0.38	2.73	1.73	1.69	1.84	0.68	1.06	0.76	0.41	-0.16	0.21	0.99	1.02	-0.22	6.8	1.38	1.79	0.84	1.84	-1.76	0.89	1.27	0.89	1.39	1.19	1.39	1.47	-0.18		0.75	0.7	0.84													0.92	0.54
weighted-average common shares outstanding:
basic	15,541,634	15,472,185	15,484,464	15,462,135	15,438,306	15,393,782	15,411,680	15,391,535	15,350,240	15,310,142	15,299,913	15,297,435	15,337,423	15,410,222	15,445,569	15,452,402	15,416,836	15,347,129	15,364,043	15,349,162	15,327,520	15,306,174	15,310,754	15,307,105	15,294,777	15,270,154		15,269,637	15,256,189	15,224,886	15,225,654	15,221,262	15,216,635		15,195,394	15,189,818	15,173,491							13,680,135,000		13,649,174,000	13,746,482,000	13,721,570,000		12,538,104	12,526,231
diluted	15,770,507	15,646,338	15,664,530	15,599,638	15,575,752	15,598,528	15,667,321	15,555,612	15,505,096	15,377,343	15,324,511	15,322,344	15,356,335	15,447,211	15,445,569	15,487,123	15,463,855	15,416,716	15,364,043	15,419,012	15,390,076	15,369,523	15,371,311	15,372,430	15,294,777	15,360,046		15,352,702	15,324,125	15,236,826	15,242,086	15,228,305	15,216,635		15,220,567	15,220,448	15,212,133							16,327,236,000		13,650,916,000	13,747,450,000	13,725,201,000		12,994,966	12,992,219
government stimulus income						2,361,250		9,445,000						517,000		320,000	10,620,000	15,056,000	10,429,000	15,126,000	22,749,000	10,725,000	12,132,000	24,648,000
net operating revenues and grant income		282,817,000	382,661,000	374,910,000		369,350,000	340,198,000	300,658,000		300,914,000	288,485,000	282,582,000	269,563,000	264,553,000	270,843,000	271,359,000	278,983,000	283,434,000	276,737,000	263,158,000	250,973,000	259,825,000	250,626,000	261,642,000
net loss attributable to noncontrolling interest		-345,000	-1,770,000			52,000	89,000	-262,000	-38,000	441,000	267,000	364,000		779,000	678,000	1,042,000		-207,000	198,000			134,000	-19,000	-198,000		83,000	85,000	29,000	38,000	16,000	55,000	86,000	108,000
dividends declared per common share		0.64	0.64	0.64		0.61	0.61	0.61	0.59	0.59	0.59	0.59	0.57	0.57	0.57	0.57	0.55	0.55	0.52	0.52	0.52	0.52	0.52	0.52	0.52	0.52	0.52	0.52	0.5	0.5	0.5	0.5	0.48		0.48	0.48	0.45
interest						2,347,000	1,742,000		46,000	56,000	77,000	93,000	98,000	112,000	137,000	149,000	165,000	188,000	198,000	215,000	244,000	249,000	285,000	453,000	412,000	491,000	764,000	954,000	926,000	1,034,000	1,170,000	1,253,000	1,240,000		1,322,000	1,219,000	1,058,000							89,000	99,000	136,000	146,000	114,000		294	276
revenues and grant income:
income tax benefit										-3,687,500	-3,908,000			-1,353,750	1,140,000			-1,476,750	4,090,000		-7,233,000				9,625,000
net loss attributable to noncontrolling interest													438,000
gain on acquisition of equity method investment
unrealized losses on marketable equity securities														-2,869,750	-11,056,000
gains on acquisitions of equity method investments																		23,800,500		95,202,000
unrealized losses on marketable equity securities																		-5,806,750	-23,797,000														-15,517,000
other income/
salaries, wages and benefits																									147,469,000	151,390,000	152,175,000	147,878,000	141,388,000	147,972,000	149,188,000	145,466,000	140,095,000		145,900,000	142,684,000	138,055,000							108,762,000	73,071,750	98,531,000	97,680,000	96,076,000		81,539	79,174
loss attributable to noncontrolling interest																									-36,000										168,000	86,000
earnings per share attributable to national healthcare corporation stockholders:
basic	2.31	1.61	2.53	1.53	2.09	0.39	2.78	1.74	1.71	1.85	0.68	1.06	0.76	0.42	-0.16	0.21	0.99	1.03	-0.22	6.83	1.39	1.8	0.84	1.85	-1.76	0.9	1.27	0.9	1.39	1.19	1.39	1.48	-0.18		0.75	0.7	0.84													0.95	0.56
diluted	2.27	1.57	2.5	1.52	2.07	0.38	2.73	1.73	1.69	1.84	0.68	1.06	0.76	0.41	-0.16	0.21	0.99	1.02	-0.22	6.8	1.38	1.79	0.84	1.84	-1.76	0.89	1.27	0.89	1.39	1.19	1.39	1.47	-0.18		0.75	0.7	0.84													0.92	0.54
basic																										3,816,812.5	15,275,709
diluted																										3,837,577	15,373,617
income before non–operating income																																			9,785,000	12,138,000	15,864,000
add: net loss attributable to noncontrolling interest																																					-95,000
costs and expenses:
rent																																												9,865,000	6,144,750	8,231,000	8,170,000	8,178,000		10,486	10,523
income before non-operating income																																												25,881,000	10,281,750	14,270,000	14,618,000	12,239,000
non-operating income																																												4,561,000	-14,934,660	5,424,000	4,959,000	4,575,000
dividends to preferred stockholders																																												-2,168,000	6,513,673	-2,169,000	-2,168,000	-2,168,000
net income available to common stockholders																																												16,556,000	-30,790,978	12,914,000	9,682,000	8,239,000
earnings per common share:
basic																																												1,210	-2,246.78	950	700	600
diluted																																												1,150	-2,246.78	950	700	600
net revenues																																																		149,946	146,504
recovery of notes receivable																																																		-6,195
earnings per share:
basic	2.31	1.61	2.53	1.53	2.09	0.39	2.78	1.74	1.71	1.85	0.68	1.06	0.76	0.42	-0.16	0.21	0.99	1.03	-0.22	6.83	1.39	1.8	0.84	1.85	-1.76	0.9	1.27	0.9	1.39	1.19	1.39	1.48	-0.18		0.75	0.7	0.84													0.95	0.56
diluted	2.27	1.57	2.5	1.52	2.07	0.38	2.73	1.73	1.69	1.84	0.68	1.06	0.76	0.41	-0.16	0.21	0.99	1.02	-0.22	6.8	1.38	1.79	0.84	1.84	-1.76	0.89	1.27	0.89	1.39	1.19	1.39	1.47	-0.18		0.75	0.7	0.84													0.92	0.54
weighted-average shares outstanding:
basic	15,541,634	15,472,185	15,484,464	15,462,135	15,438,306	15,393,782	15,411,680	15,391,535	15,350,240	15,310,142	15,299,913	15,297,435	15,337,423	15,410,222	15,445,569	15,452,402	15,416,836	15,347,129	15,364,043	15,349,162	15,327,520	15,306,174	15,310,754	15,307,105	15,294,777	15,270,154		15,269,637	15,256,189	15,224,886	15,225,654	15,221,262	15,216,635		15,195,394	15,189,818	15,173,491							13,680,135,000		13,649,174,000	13,746,482,000	13,721,570,000		12,538,104	12,526,231
diluted	15,770,507	15,646,338	15,664,530	15,599,638	15,575,752	15,598,528	15,667,321	15,555,612	15,505,096	15,377,343	15,324,511	15,322,344	15,356,335	15,447,211	15,445,569	15,487,123	15,463,855	15,416,716	15,364,043	15,419,012	15,390,076	15,369,523	15,371,311	15,372,430	15,294,777	15,360,046		15,352,702	15,324,125	15,236,826	15,242,086	15,228,305	15,216,635		15,220,567	15,220,448	15,212,133							16,327,236,000		13,650,916,000	13,747,450,000	13,725,201,000		12,994,966	12,992,219

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-03-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-03-31	2005-12-31

assets
current assets:
cash and cash equivalents	85,526,000	92,829,000	130,629,000	110,992,000	90,386,000	76,121,000	84,807,000	136,214,000	93,982,000	107,076,000	100,308,000	78,492,000	46,144,000	58,667,000	44,515,000	75,798,000	56,993,000	107,607,000	112,462,000	134,692,000	134,107,000	147,093,000	183,765,000	149,471,000	69,492,000	50,334,000	59,261,000	29,746,000	38,194,000	43,247,000	55,599,000	59,322,000	54,962,000	59,118,000	69,790,000																								57,246,000	60,870,000
restricted cash and cash equivalents, current portion	19,605,000	18,118,000	19,664,000	18,155,000	24,589,000	19,568,000	29,032,000	28,183,000	26,010,000	17,725,000	18,865,000	23,330,000	27,485,000	15,121,000	25,838,000	13,939,000	17,187,000	10,407,000	12,506,000	14,093,000	20,257,000	9,673,000	10,623,000	19,561,000	12,947,000	8,944,000	7,114,000	34,436,000	14,785,000		10,209,000
marketable equity securities	172,826,000	162,972,000	166,754,000	146,636,000	152,785,000	140,064,000	164,754,000	133,317,000	123,040,000	111,117,000	102,137,000	103,812,000	100,825,000	100,786,000	107,655,000	117,917,000	118,048,000	113,108,000	105,893,000	128,666,000	135,246,000	128,590,000	111,873,000	112,114,000	92,061,000	152,453,000	156,319,000	147,007,000	147,061,000		139,502,000	136,016,000	123,568,000
restricted marketable equity securities	16,624,000	17,197,000	17,482,000	16,269,000	21,697,000	23,190,000	23,001,000	21,566,000	29,616,000	26,779,000	23,683,000	25,127,000	23,385,000	22,358,000	20,341,000	21,446,000	25,249,000	26,958,000	24,520,000	25,174,000	5,083,000	4,680,000
restricted marketable debt securities, current portion	16,991,000	18,062,000	12,821,000	13,854,000	6,483,000	11,529,000	2,045,000	2,583,000	4,790,000	12,822,000	12,005,000	8,018,000	3,950,000	16,244,000	5,014,000	17,130,000	13,703,000	20,727,000	18,794,000	16,839,000	5,724,000	16,601,000	19,249,000	10,265,000	16,685,000	20,576,000	21,222,000		13,486,000		17,606,000
accounts receivable	137,742,000	139,002,000	132,448,000	142,061,000	141,741,000	135,325,000	128,782,000	109,387,000	125,664,000	108,545,000	102,603,000	101,260,000	103,134,000	99,986,000	99,003,000	100,415,000	101,748,000	96,124,000	99,019,000	97,811,000	94,292,000	89,670,000	84,595,000	85,849,000	100,411,000	92,975,000	92,040,000	97,448,000	100,619,000	97,274,000	87,263,000	82,230,000	85,006,000
inventories	9,150,000	7,795,000	7,844,000	7,892,000	8,079,000	9,039,000	7,840,000	6,632,000	6,763,000	7,386,000	7,373,000	6,995,000	6,946,000	7,088,000	7,298,000	7,363,000	8,586,000	8,582,000	8,696,000	7,939,000	8,117,000	8,781,000	7,188,000	7,200,000	7,904,000	7,441,000	7,774,000	7,317,000	6,953,000	7,470,000	7,590,000	7,306,000	7,266,000	7,153,000	7,113,000																									5,623,000
prepaid expenses and other assets	7,112,000	5,845,000	5,877,000	7,368,000	8,939,000	9,060,000	4,887,000	8,788,000	6,750,000	8,855,000	7,555,000	10,560,000	8,212,000	10,244,000	10,306,000	14,657,000	11,519,000	7,362,000	5,450,000	6,160,000	3,496,000	2,977,000	3,682,000	4,345,000	5,397,000	4,075,000	3,674,000	4,192,000	4,598,000	3,863,000	3,163,000	3,428,000	3,478,000	2,864,000	2,582,000																								1,973,000	1,206,000
total current assets	465,576,000	461,820,000	493,519,000	463,227,000	455,204,000	424,408,000	445,726,000	447,871,000	417,586,000	406,235,000	382,578,000	368,734,000	337,903,000	353,932,000	344,529,000	394,781,000	384,020,000	426,638,000	424,829,000	465,907,000	464,618,000	456,755,000	422,228,000	390,204,000	306,682,000	341,053,000	351,190,000	321,577,000	327,113,000	322,009,000	324,473,000	317,494,000	305,160,000	329,311,000	336,096,000																								298,620,000	260,579,000
property and equipment:
property and equipment, at cost	1,318,245,000	1,308,891,000	1,305,640,000	1,295,976,000	1,287,825,000	1,281,736,000	1,283,184,000	1,073,356,000	1,065,543,000	1,101,681,000	1,102,467,000	1,096,659,000	1,087,834,000	1,081,219,000	1,076,116,000	1,076,974,000	1,073,293,000	1,064,337,000	1,062,620,000	1,050,009,000	1,034,747,000	1,030,426,000	1,041,832,000	1,038,586,000	1,032,795,000	1,017,204,000	1,010,629,000	1,009,842,000	987,763,000	979,088,000	977,373,000	974,049,000	965,774,000	958,748,000	954,739,000																								261,780,000	225,928,000
accumulated depreciation and amortization	-646,422,000	-635,094,000	-630,471,000	-619,357,000	-608,377,000	-597,447,000	-596,759,000	-586,163,000	-576,845,000	-608,352,000	-604,201,000	-594,769,000	-584,710,000	-574,687,000	-564,743,000	-561,203,000	-553,092,000	-543,341,000	-540,601,000	-530,392,000	-520,263,000	-510,108,000	-511,216,000	-502,622,000	-492,175,000	-481,774,000	-471,025,000	-465,256,000	-454,959,000	-444,438,000	-436,437,000	-430,014,000	-419,697,000	-409,429,000	-402,396,000																									-118,794,000
net property and equipment	671,823,000	673,797,000	675,169,000	676,619,000	679,448,000	684,289,000	686,425,000	487,193,000	488,698,000	493,329,000	498,266,000	501,890,000	503,124,000	506,532,000	511,373,000	515,771,000	520,201,000	520,996,000	522,019,000	519,617,000	514,484,000	520,318,000	530,616,000	535,964,000	540,620,000	535,430,000	539,604,000	544,586,000	532,804,000	534,650,000	540,936,000	544,035,000	546,077,000	549,319,000	552,343,000																									107,134,000
other assets:
restricted cash and cash equivalents, less current portion	1,197,000	1,240,000	1,241,000	1,215,000	1,186,000	1,233,000	1,235,000	1,208,000	1,140,000	1,167,000	1,082,000	1,083,000	1,047,000	1,077,000	1,847,000	1,831,000	1,736,000	1,729,000	1,799,000	1,802,000	1,727,000	1,736,000	1,730,000	1,747,000	1,741,000	1,732,000	1,707,000	1,724,000	1,720,000		1,925,000
restricted marketable debt securities, less current portion	105,841,000	105,231,000	110,091,000	119,847,000	113,684,000	108,275,000	121,866,000	116,724,000	119,042,000	109,478,000	106,857,000	110,125,000	117,450,000	103,267,000	118,858,000	112,725,000	118,098,000	116,063,000	118,737,000	115,856,000	133,959,000	125,472,000	122,791,000	139,323,000	131,126,000	126,830,000					150,428,000
deposits and other assets	7,546,000	7,478,000	9,438,000	10,599,000	8,513,000	8,837,000	10,084,000	10,364,000	13,738,000	14,786,000	13,472,000	13,130,000	13,103,000	12,728,000	13,039,000	4,140,000	4,956,000	4,499,000	4,798,000	4,681,000	4,661,000	4,580,000	5,503,000	5,767,000	5,897,000	5,124,000	5,636,000	5,903,000	5,895,000	5,602,000	5,807,000	5,849,000	4,884,000	4,867,000	6,228,000
operating lease right-of-use assets	39,787,000		55,821,000	63,663,000	70,147,000		85,926,000	80,819,000	87,356,000		100,788,000	107,043,000	113,799,000		126,499,000	143,841,000	150,191,000		162,550,000	168,572,000	172,764,000		185,003,000	191,029,000	196,960,000		208,785,000	214,367,000	220,134,000
goodwill	170,478,000	170,478,000	170,478,000	170,478,000	170,478,000	170,478,000	169,690,000	168,295,000	168,295,000	168,295,000	168,295,000	168,295,000	168,295,000	168,295,000	168,295,000	168,295,000	168,295,000	168,295,000	168,295,000	168,295,000	21,341,000	21,341,000	21,341,000	21,341,000	21,341,000	20,995,000	20,995,000	20,995,000	20,995,000	20,995,000	20,995,000	17,600,000	17,600,000	17,600,000	17,600,000																								3,033,000	3,033,000
intangible assets	19,864,000	19,864,000	19,864,000	19,864,000	19,864,000	19,864,000	19,805,000	7,038,000	7,038,000	7,038,000	7,038,000	7,038,000	7,038,000	7,038,000	7,038,000	7,038,000	7,038,000	7,038,000	7,038,000	7,038,000
investments in unconsolidated companies	41,982,000	38,733,000	36,521,000	36,708,000	30,297,000	27,878,000	21,950,000	20,187,000	16,747,000	16,267,000	3,531,000	3,346,000	3,594,000	2,060,000	2,081,000	2,047,000	2,476,000	2,022,000	2,231,000	1,867,000	37,796,000	40,782,000	36,888,000	36,897,000	38,772,000	39,191,000	36,987,000	35,675,000	34,777,000
total other assets	386,695,000	390,802,000	403,454,000	422,374,000	414,169,000	415,732,000	430,556,000	404,635,000	413,356,000	411,232,000	401,063,000	410,060,000	424,326,000	414,986,000	439,657,000	439,917,000	452,790,000	455,762,000	468,950,000	471,845,000	376,210,000	385,059,000	385,935,000	409,070,000	409,005,000	410,165,000	416,437,000	448,452,000	452,380,000	224,289,000	219,259,000	209,220,000	207,984,000	217,896,000	222,398,000																								61,452,000	42,912,000
total assets	1,524,094,000	1,526,419,000	1,572,142,000	1,562,220,000	1,548,821,000	1,524,429,000	1,562,707,000	1,339,699,000	1,319,640,000	1,310,796,000	1,281,907,000	1,280,684,000	1,265,353,000	1,275,450,000	1,295,559,000	1,350,469,000	1,357,011,000	1,403,396,000	1,415,798,000	1,457,369,000	1,355,312,000	1,362,132,000	1,338,779,000	1,335,238,000	1,256,307,000	1,286,648,000	1,307,231,000	1,314,615,000	1,312,297,000	1,080,948,000	1,084,668,000	1,070,749,000	1,059,221,000	1,096,526,000	1,110,837,000					922,447,000	922,447,000	920,181,000	920,181,000																487,297,000	410,625,000
liabilities and stockholders’ equity
current liabilities:
trade accounts payable	21,371,000	22,767,000	22,567,000	21,279,000	21,646,000	25,493,000	22,724,000	21,782,000	20,697,000	19,194,000	16,471,000	14,520,000	12,940,000	16,958,000	19,443,000	26,140,000	25,842,000	22,488,000	32,900,000	22,246,000	16,113,000	21,112,000	19,890,000	18,442,000	18,275,000	18,903,000	18,693,000	15,737,000	19,318,000	19,759,000	19,611,000	16,166,000	16,715,000	15,978,000	14,736,000																								11,040,000	10,431,000
operating lease liabilities, current portion	26,018,000	33,611,000	33,198,000	32,729,000	32,109,000	31,841,000	31,366,000	30,233,000	29,733,000	29,352,000	29,222,000	29,112,000	29,065,000	29,075,000	28,611,000	28,358,000	28,005,000	27,574,000	27,289,000	26,873,000	25,759,000	25,451,000	25,146,000	24,850,000	24,557,000	24,243,000	23,988,000	23,625,000	23,353,000
accrued payroll	109,575,000	103,917,000	109,991,000	111,644,000	96,260,000	92,719,000	89,757,000	82,237,000	64,156,000	84,110,000	69,719,000	67,329,000	56,710,000	72,510,000	77,342,000	85,661,000	73,877,000	106,698,000	85,926,000	93,264,000	64,406,000	86,183,000	60,690,000	61,210,000	48,892,000	69,826,000	59,497,000	56,691,000	45,888,000	67,618,000	58,487,000	55,688,000	44,483,000	67,102,000	55,586,000																								38,218,000	41,929,000
amounts due to third party payors	14,062,000	13,739,000	15,060,000	15,160,000	13,897,000	15,351,000	18,815,000	18,218,000	19,988,000	18,369,000	15,588,000	15,659,000	16,679,000	16,631,000	15,496,000	18,019,000	17,319,000	17,595,000	17,046,000	16,931,000	15,574,000	16,454,000	15,642,000	17,824,000	15,607,000	15,108,000	15,911,000	16,799,000	16,293,000	16,108,000	17,596,000	17,218,000	17,155,000	17,389,000	20,649,000																									4,815,000
accrued risk reserves, current portion	36,595,000	36,180,000	32,486,000	32,008,000	31,073,000	31,096,000	31,076,000	30,766,000	30,800,000	30,549,000	30,870,000	31,348,000	31,435,000	31,365,000	30,852,000	31,069,000	30,890,000	31,134,000	31,300,000	30,932,000	31,065,000	30,953,000	29,873,000	29,827,000	29,632,000	29,520,000	28,335,000	28,496,000	28,271,000	28,643,000	27,815,000	27,693,000	27,931,000	27,409,000	25,410,000
other current liabilities	33,215,000	25,977,000	51,627,000	38,506,000	27,296,000	21,377,000	37,289,000	24,291,000	24,302,000	22,991,000	31,650,000	27,401,000	23,021,000	17,615,000	24,073,000	20,350,000	21,760,000	20,059,000	23,550,000	19,639,000	25,674,000	21,344,000	23,431,000	27,425,000	18,811,000	15,029,000	22,594,000	18,330,000	22,407,000	14,249,000	16,561,000	14,808,000	14,312,000	16,194,000	20,293,000																								13,452,000	11,295,000
dividends payable	9,989,000	9,941,000	9,930,000	9,919,000	9,444,000	9,420,000	9,419,000	9,408,000	9,086,000	9,051,000	9,040,000	9,039,000	8,733,000	8,748,000	8,774,000	8,828,000	8,509,000	8,493,000	8,020,000	8,020,000	8,003,000	7,987,000	7,987,000	7,986,000	7,980,000	7,968,000	7,966,000	7,966,000	7,652,000	7,623,000	7,613,000	7,612,000	7,305,000	7,297,000	7,294,000																								2,255,000	1,837,000
long-term debt due within one year		7,500,000			7,500,000	7,500,000	7,500,000
total current liabilities	250,825,000	253,632,000	282,359,000	268,745,000	239,225,000	234,797,000	247,946,000	216,935,000	206,429,000	214,476,000	204,694,000	197,798,000	183,210,000	197,887,000	210,156,000	224,365,000	216,487,000	263,201,000	257,670,000	273,012,000	265,846,000	281,228,000	259,673,000	262,142,000	217,982,000	194,763,000	181,088,000	171,687,000	169,962,000	157,924,000	151,548,000	142,993,000	131,652,000	155,065,000	147,609,000																								167,042,000	147,191,000
long-term debt		32,500,000	65,625,000	102,500,000	126,500,000	129,500,000	139,500,000																															120,000,000	10,000,000					10,000,000	10,000,000		10,000,000	10,000,000
operating lease liabilities, less current portion	13,296,000	13,461,000	21,746,000	29,884,000	36,812,000	45,925,000	53,079,000	49,032,000	56,004,000	63,175,000	70,200,000	76,878,000	83,988,000	91,016,000	97,888,000	115,483,000	122,186,000	128,542,000	135,261,000	141,699,000	147,005,000	153,604,000	159,857,000	166,179,000	172,403,000	178,666,000	184,797,000	190,742,000	196,781,000
accrued risk reserves, less current portion	89,905,000	85,415,000	81,546,000	76,974,000	77,124,000	72,520,000	79,128,000	78,488,000	77,437,000	72,710,000	77,255,000	74,872,000	74,191,000	71,104,000	72,858,000	71,594,000	70,523,000	66,914,000	72,524,000	70,918,000	70,416,000	68,584,000	76,080,000	75,181,000	71,130,000	66,491,000	69,944,000	68,795,000	70,271,000	67,381,000	67,972,000	67,115,000	68,315,000	65,866,000	70,103,000		65,264,000	71,439,000	79,393,000
refundable entrance fees	5,992,000	6,178,000	6,127,000	6,107,000	6,234,000	6,063,000	6,063,000	5,856,000	5,708,000	6,376,000	5,949,000	5,728,000	6,036,000	6,207,000	6,171,000	6,304,000	6,097,000	7,011,000	6,868,000	7,461,000	7,334,000	7,462,000	7,462,000	7,643,000	7,455,000	7,455,000	7,394,000	7,975,000	8,078,000	8,078,000	8,668,000	8,668,000	8,668,000	8,827,000	8,827,000		9,924,000	9,865,000	10,219,000	-10,680,000
deferred income taxes	45,250,000	42,687,000	38,769,000	34,639,000	37,110,000	35,550,000	30,842,000	23,492,000	19,639,000	17,200,000	9,847,000	12,227,000	11,519,000	10,909,000	9,750,000	9,278,000	8,078,000	6,852,000	8,037,000	13,463,000	15,157,000	14,079,000	14,185,000	12,953,000	8,469,000	24,012,000	26,193,000	21,145,000	20,830,000	18,550,000	18,648,000	15,240,000	12,580,000	18,376,000	26,027,000		22,072,000	9,096,000		10,564,000	10,564,000																		30,757,000	16,690,000
other noncurrent liabilities	22,212,000	18,031,000	17,743,000	17,988,000	17,834,000	16,911,000	19,353,000	18,051,000	27,909,000	26,379,000	26,622,000	26,823,000	26,507,000	19,953,000	15,274,000	17,445,000	17,957,000	16,571,000	26,503,000	29,336,000	29,973,000	28,375,000	32,674,000	29,068,000	14,590,000	16,058,000	13,765,000	15,395,000	15,306,000	15,204,000	14,703,000	16,335,000	16,132,000	15,795,000	15,542,000		16,302,000	16,294,000	16,011,000					18,903,000	18,896,000	18,861,000	20,881,000	23,311,000	23,139,000	22,633,000	19,458,000	15,959,000	15,900,000	15,807,000					22,260,000	14,003,000
total liabilities	427,480,000	451,904,000	513,915,000	536,837,000	540,839,000	541,266,000	575,911,000	391,854,000	393,126,000	400,316,000	394,567,000	394,326,000	385,451,000	397,936,000	414,231,000	447,859,000	445,955,000	494,936,000	513,908,000	544,117,000	545,124,000	563,872,000	561,602,000	565,951,000	512,952,000	507,579,000	535,200,000	554,368,000	561,582,000	346,491,000	363,450,000	363,979,000	367,584,000	393,094,000	419,348,000
equity:
common stock, .01 par value...	156,000	155,000	154,000	154,000	154,000	154,000	154,000	154,000	154,000	153,000	153,000	153,000	153,000	153,000	153,000	154,000	154,000	154,000	154,000	154,000	154,000	153,000	153,000	153,000	153,000	153,000	153,000	153,000	153,000	153,000	152,000	152,000	152,000	152,000	152,000																									123,000
capital in excess of par value	233,639,000	236,412,000	235,878,000	234,868,000	233,113,000	232,530,000	230,635,000	229,410,000	226,909,000	227,604,000	226,888,000	225,926,000	225,148,000	226,991,000	228,522,000	234,482,000	232,733,000	232,167,000	230,974,000	230,248,000	227,487,000	226,943,000	225,616,000	224,972,000	223,600,000	222,787,000	221,394,000	221,054,000	219,566,000	219,435,000	217,657,000	217,296,000	216,287,000	215,659,000	214,347,000																								94,435,000	84,431,000
retained earnings	858,852,000	832,984,000	818,076,000	788,767,000	774,954,000	752,193,000	755,532,000	722,162,000	704,726,000	687,599,000	668,244,000	666,896,000	659,654,000	656,664,000	659,059,000	670,262,000	675,887,000	669,078,000	661,783,000	673,151,000	576,288,000	563,024,000	543,460,000	538,599,000	518,261,000	553,093,000	547,292,000	535,797,000	530,052,000	516,435,000	505,906,000	492,377,000	477,528,000	419,423,000	405,250,000					283,517,000	283,517,000	283,517,000	283,517,000																	101,461,000
accumulated other comprehensive loss	-1,698,000	-779,000	-1,129,000	-1,884,000	-3,326,000	-4,716,000	-2,853,000	-5,909,000	-7,041,000	-6,604,000	-10,114,000	-9,053,000	-7,853,000																-197,000
total national healthcare corporation stockholders’ equity	1,090,949,000	1,068,772,000	1,052,979,000	1,021,905,000	1,004,895,000	980,161,000	983,468,000	945,817,000	924,748,000	908,752,000	885,171,000	883,922,000	877,102,000	874,276,000	877,311,000	897,915,000	905,319,000	903,004,000	895,677,000	906,841,000	807,064,000	795,177,000	773,960,000	768,052,000	742,562,000	778,593,000	771,570,000	759,152,000	749,574,000	733,278,000	720,023,000	706,270,000	691,051,000	702,738,000	690,868,000
noncontrolling interest	5,665,000	5,743,000	5,248,000	3,478,000	3,087,000	3,002,000	3,328,000	2,028,000	1,766,000	1,728,000	2,169,000	2,436,000	2,800,000	3,238,000	4,017,000	4,695,000	5,737,000	5,456,000	6,213,000	6,411,000	3,124,000	3,083,000	3,217,000	1,235,000	793,000	476,000	461,000	1,095,000	1,141,000	1,179,000	1,195,000	500,000	586,000	694,000	621,000
total equity	1,096,614,000	1,074,515,000	1,058,227,000	1,025,383,000	1,007,982,000	983,163,000	986,796,000	947,845,000	926,514,000	910,480,000	887,340,000	886,358,000	879,902,000	877,514,000	881,328,000	902,610,000	911,056,000	908,460,000	901,890,000	913,252,000	810,188,000	798,260,000	777,177,000	769,287,000	743,355,000	779,069,000	772,031,000	760,247,000	750,715,000	734,457,000	721,218,000	706,770,000	691,637,000	703,432,000
total liabilities and equity	1,524,094,000	1,526,419,000	1,572,142,000	1,562,220,000	1,548,821,000	1,524,429,000	1,562,707,000	1,339,699,000	1,319,640,000	1,310,796,000	1,281,907,000	1,280,684,000	1,265,353,000	1,275,450,000	1,295,559,000	1,350,469,000	1,357,011,000	1,403,396,000	1,415,798,000	1,457,369,000	1,355,312,000	1,362,132,000	1,338,779,000	1,335,238,000	1,256,307,000	1,286,648,000	1,307,231,000	1,314,615,000	1,312,297,000	1,080,948,000	1,084,668,000	1,070,749,000	1,059,221,000	1,096,526,000
operating lease – right-of-use assets		47,778,000				79,167,000				94,201,000				120,521,000				156,116,000				179,055,000				202,909,000
liabilities and equity
long-term debt, current portion			7,500,000	7,500,000
notes receivable					505,000	512,000	578,000	713,000	487,000	503,000				302,000	2,000,000																																												189,000	189,000
marketable debt securities								488,000	484,000	5,427,000	8,049,000	11,140,000	17,822,000	23,136,000	24,559,000	26,116,000	30,987,000	35,310,000	36,590,000	33,651,000	49,492,000	47,762,000
finance lease obligations, current portion										860,000	2,134,000	3,390,000	4,627,000	4,985,000	4,911,000	4,838,000	4,766,000	4,695,000	4,626,000	4,557,000	4,489,000	4,423,000	4,357,000	4,292,000	4,228,000	4,166,000	4,104,000	4,043,000	6,780,000
contract liabilities									7,667,000						138,000	586,000	5,003,000	15,022,000	27,013,000	40,121,000	51,253,000	51,253,000	51,253,000	50,992,000
finance lease obligations, less current portion														860,000	2,134,000	3,390,000	4,627,000	5,845,000	7,045,000	8,228,000	9,393,000	10,540,000	11,671,000	12,785,000	13,882,000	14,963,000	16,028,000	17,077,000	18,110,000
provider relief funds															516,000	516,000	516,000	9,443,000		10,429,000	23,510,000	16,068,000	21,404,000	19,294,000
accumulated other comprehensive income														-9,532,000	-10,423,000	-6,983,000	-3,455,000	1,605,000	2,766,000	3,288,000	3,135,000	5,057,000	4,731,000	4,328,000	548,000	2,560,000	2,731,000	2,148,000		-2,745,000	-3,692,000	-3,555,000	-2,916,000	67,504,000	71,119,000
notes receivable, current portion																		453,000	899,000	882,000	8,804,000	928,000	1,253,000	1,399,000	1,785,000	1,695,000	1,456,000	1,431,000	1,417,000	1,289,000	1,338,000	1,499,000	1,422,000	1,450,000	1,267,000
notes receivable, less current portion																			3,502,000	3,734,000	3,962,000	12,093,000	12,679,000	12,966,000	13,168,000	13,384,000	13,992,000	14,217,000	9,538,000	9,707,000	10,031,000	10,952,000	11,398,000	11,801,000	11,989,000
current maturities of long-term debt																									50,000,000	10,000,000
federal income tax receivable																										2,560,000	2,330,000				2,203,000		1,527,000	5,465,000	5,913,000
obligation to provide future services																									2,035,000	2,035,000	2,172,000	2,172,000	2,172,000	2,172,000	2,887,000	2,887,000	2,887,000	2,887,000	3,236,000		3,236,000	3,440,000	3,927,000	-1,791,000
deferred revenue																									5,006,000	3,136,000	3,819,000	4,380,000	5,072,000	3,054,000	3,892,000	4,621,000	5,256,000	3,226,000	4,007,000		3,362,000	3,315,000	3,359,000	10,124,000	10,124,000	10,124,000	10,124,000	15,649,000	17,116,000	13,990,000	15,549,000	16,831,000	18,310,000	15,212,000	16,383,000	17,157,000	18,281,000	15,118,000					28,163,000	25,465,000
long–term debt																											30,000,000	55,000,000	55,000,000	55,000,000	75,000,000	85,000,000	100,000,000	100,000,000	120,000,000		120,000,000
restricted marketable securities, less current portion																											128,335,000	155,571,000	159,321,000
restricted cash and cash equivalents																														9,967,000		7,629,000	9,864,000	6,397,000	9,783,000
marketable securities																														140,223,000				139,085,000	143,763,000																								68,401,000	53,660,000
restricted marketable securities																														18,676,000		144,885,000	144,689,000	21,012,000	15,627,000																								1,808,000
investments in limited liability companies																														32,362,000	30,073,000	28,014,000	27,499,000	36,339,000	35,431,000
capital lease obligations, current portion																														3,924,000	3,865,000	3,808,000	3,751,000	3,696,000	3,641,000
capital lease obligations, less current portion																														19,128,000	20,132,000	21,120,000	22,094,000	23,052,000	23,997,000		26,748,000	30,228,000	33,508,000
restricted marketable debt securities																																20,064,000	18,067,000
accounts receivables																																		86,767,000	80,258,000																									51,260,000
stockholders’ equity:
total stockholders' equity																																			691,489,000					659,672,000	659,672,000	659,672,000	659,672,000
total liabilities and stockholders’ equity																																			1,110,837,000																									410,625,000
stockholders' equity:
total liabilities and stockholders' equity																																								922,447,000	922,447,000	920,181,000	920,181,000
deferred tax asset																																										10,564,000	10,564,000
future service obligation
deferred lease credits																																												606,000	909,000	1,212,000	1,515,000	1,817,000	2,120,000	2,423,000	2,726,000	3,029,000	3,332,000	3,635,000
commitments, contingencies and guarantees
december 31																																														2,010,000				2,009,000				2,008,000						2,005,000
long-term debt, less current portion																																														10,000,000			10,000,000	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000						13,568,000
revenues:
net patient revenues																																																							146,521,000	143,163,000	143,965,000
other revenues																																																							16,750,000	17,399,000	16,176,000
costs and expenses:
salaries, wages and benefits																																																							88,036,000	86,312,000	87,541,000
other operating																																																							44,755,000	44,639,000	45,314,000
recovery of notes receivable
gain on sale of assets
rent																																																							7,834,000	7,876,000	7,918,000
depreciation and amortization																																																							6,218,000	6,024,000	5,997,000
interest																																																							274,000	170,000	219,000
income before income taxes																																																							16,154,000	15,541,000	13,152,000
income tax provision																																																							-2,381,000	-6,055,000	-4,980,000
net income																																																							13,773,000	9,486,000	8,172,000	48,671,000
dividends to preferred shareholders																																																							-2,169,000	2,168,000	2,168,000	-8,672,000
net income available to common shareholders																																																							11,604,000	7,318,000	6,004,000	39,999,000
earnings per common share:
basic																																																							910	570	470	3,180
diluted																																																							880	560	460	3,080
weighted-average common shares outstanding:
revolving credit facility
net operating revenues																																																										581,483,000
earnings per share:
restricted cash																																																											101,564,000	87,771,000
doubtful accounts of 6,023 and 4,873, respectively																																																											60,971,000
inventory at lower of cost (first–in,
first–out method) or market																																																											6,468,000
less accumulated depreciation and amortization																																																											-134,555,000
net property and equipment:																																																											127,225,000
bond reserve funds, mortgage replacement reserves
and other deposits																																																											108,000
unamortized financing costs																																																											22,000	74,000
notes receivable from national																																																											9,983,000	10,992,000
minority equity investments and other																																																											7,529,000	1,280,000
the accompanying notes to interim condensed consolidated financial statements are an integral part
of these consolidated balance sheets.
the interim condensed consolidated balance sheet at december 31, 2006 is taken from the audited
financial statements at that date.
national healthcare corporation
interim condensed consolidated balance sheets
liabilities and shareholders= equity
current portion of long–term debt																																																											2,094,000
amounts due to third–party payors																																																											11,564,000
accrued risk reserves																																																											80,058,000	70,290,000
accrued interest																																																											224,000	278,000
long–term debt, less current portion																																																											10,000,000
deferred lease credit																																																											5,755,000	6,154,000
shareholders= equity:
preferred stock, .01 par value...
authorized; none issued or outstanding
authorized; 12,528,227 and 12,275,693 shares,
respectively, issued and outstanding																																																											125,000
retained earnings (the march 31, 2007 amount includes an																																																											135,366,000
increase of 900 for the cumulative effect of
implementing fin 48. see note 3)
unrealized gains on marketable securities																																																											24,151,000	17,044,000
total shareholders= equity																																																											254,077,000
total liabilities and shareholders’ equity																																																											487,297,000
tax refund receivable
bond reserve funds, mortgage replacement reserves and other deposits																																																												57,000
current portion of long-term debt																																																												2,461,000
debt serviced by other parties, less current portion
minority interests in consolidated subsidiaries																																																												1,185,000
total stockholders’ equity																																																												203,059,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31

cash flows from operating activities:
net income	36,103,000	25,194,000	41,009,000	24,113,000	32,290,000	6,029,000	42,700,000	27,106,000	26,251,000	27,965,000	10,121,000	15,917,000	11,285,000	5,574,000	-3,107,000	2,161,000	15,349,000	15,995,000	-3,546,000	105,330,000	21,308,000	27,416,000	12,868,000	28,522,000	-26,816,000	13,687,000	19,376,000	13,682,000	21,231,000	18,136,000	21,087,000	22,375,000	-2,899,000	21,296,000	11,184,000	10,569,000	12,633,000	13,863,000	11,110,000	11,866,000	13,699,000	14,976,000	12,567,000	12,358,000	13,242,000	14,800,000	12,829,000	12,511,000	13,229,000	16,589,000	19,877,000	14,342,000	13,805,000	14,434,000	17,233,000	13,614,000	12,676,000	14,526,000	17,211,000	13,611,000	18,724,000	15,355,000	15,083,000	11,850,000	10,407,000	7,154,000	12,344,000	11,367,000	9,184,000	4,940,000	13,773,000	9,486,000	8,172,000	13,391,000	13,126,000	11,892,000	7,040,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	11,614,000	11,769,000	11,158,000	11,015,000	10,978,000	11,442,000	10,619,000	9,338,000	10,586,000	11,768,000	10,135,000	10,083,000	10,048,000	10,478,000	10,253,000	10,001,000	9,757,000	10,151,000	10,229,000	10,131,000	10,161,000	10,487,000	10,548,000	10,545,000	10,438,000	10,904,000	10,663,000	10,335,000	10,517,000	10,718,000	10,437,000	10,397,000	10,342,000	11,043,000	10,833,000
equity in losses of unconsolidated investments	346,000																										-2,747,000	-2,480,000	-2,321,000		-2,724,000	-2,002,000	6,586,000
unrealized gains on marketable equity securities	-9,074,000	4,404,000	-20,827,000	5,061,000	-10,982,000		-32,767,000	-9,124,000	-14,399,000				-1,386,000				-3,126,000									3,866,000
gains on sale of marketable securities	-173,000				-241,000
deferred income taxes	2,725,000	3,877,000	4,006,000	-2,762,000	1,356,000	2,382,000	9,518,000	3,557,000	2,484,000	6,827,000	-2,256,000	866,000	331,000	1,018,000	1,011,000	1,366,000	2,600,000	-866,000	-5,288,000	-1,736,000	1,596,000	-188,000	1,124,000	3,479,000	-15,008,000	-2,135,000	4,893,000	-309,000	1,603,000	-349,000	3,443,000	2,830,000	-5,206,000	-5,595,000	2,421,000																																								4,063,000	-6,000	-12,804,000
stock–based compensation	1,280,000	900,000	1,239,000	1,233,000	1,027,000	1,098,000	1,093,000	1,176,000	793,000	663,000	708,000	772,000	639,000	632,000	639,000	629,000	712,000	715,000	726,000	683,000	496,000	646,000	518,000	823,000	466,000	430,000	340,000	684,000	424,000	240,000	361,000	749,000	428,000	415,000	431,000																																										305,000
changes in operating assets and liabilities:
accounts receivable	1,260,000	-6,554,000	9,613,000	-320,000	-6,416,000	-6,543,000	-19,056,000	16,277,000	-17,119,000	-5,942,000	-1,343,000	1,874,000	-3,148,000	-983,000	1,412,000	1,333,000	-5,624,000	2,895,000	-1,207,000	7,024,000	-4,622,000	-5,075,000	1,254,000	14,562,000	-6,212,000	-935,000	5,408,000	3,171,000	-3,345,000	-10,011,000	-3,924,000	2,776,000	1,761,000	-6,153,000	-2,435,000																																								-5,847,000
inventories	-1,355,000	49,000	48,000	187,000	960,000	-1,197,000	-156,000	131,000	623,000	-13,000	-378,000	-49,000	142,000	210,000	65,000	1,223,000	-4,000	114,000	-757,000	178,000	664,000	-1,593,000	12,000	704,000	-372,000	333,000	-457,000	-364,000	517,000	120,000	-284,000	-40,000	-113,000	-40,000	85,000
prepaid expenses and other assets	-1,335,000	1,992,000	2,605,000	-468,000	445,000	-2,526,000	4,320,000	1,336,000	3,153,000	-3,113,000	2,457,000	-1,970,000	1,957,000	373,000	-4,548,000	-2,551,000	-4,385,000	-1,613,000	593,000	-1,677,000	-601,000	1,735,000	755,000	3,752,000	-1,515,000	-456,000	759,000	418,000	-1,008,000	-407,000	215,000	-920,000	-631,000	146,000	27,000																																								183,000	-59,000	-1,194,000
operating lease obligations	233,000	171,000	173,000	176,000	175,000	80,000	73,000	65,000	55,000	-308,000	-313,000	-307,000	-316,000
trade accounts payable	-1,396,000	200,000	1,288,000	-367,000	-3,847,000	2,769,000	942,000	1,085,000	1,503,000	2,723,000	1,951,000	1,580,000	-4,018,000	-2,485,000	-6,697,000	298,000	3,354,000	-10,412,000	10,654,000	2,674,000	-4,999,000	1,222,000	1,448,000	167,000	-1,408,000	210,000	2,956,000	-3,581,000	-441,000	148,000	3,131,000	-549,000	737,000	1,242,000	-3,853,145																																										-783,000
accrued payroll	5,658,000	-6,074,000	-1,653,000	15,384,000	3,541,000	2,962,000	3,862,000	18,081,000	-19,954,000	14,391,000	2,390,000	10,619,000	-15,800,000	-4,832,000	-8,319,000	11,784,000	-32,821,000	20,772,000	-7,338,000	25,635,000	-21,777,000	25,493,000	-520,000	12,318,000	-21,343,000	10,329,000	2,806,000	10,803,000	-21,730,000	9,131,000	2,799,000	11,205,000	-22,619,000	11,516,000	2,275,000																																								10,228,000	3,195,000	-5,522,000
amounts due to third party payors	323,000	-1,321,000	-100,000	1,263,000	-1,454,000	-3,464,000	597,000	-1,770,000	1,619,000	2,781,000	-71,000	-1,020,000	48,000	1,135,000	-2,523,000	700,000	-276,000	549,000	115,000	865,000	-880,000	812,000	-2,182,000	2,217,000	353,000	-803,000	-888,000	506,000	185,000	-1,488,000	378,000	63,000	-234,000	-3,260,000	2,699,000																																								1,875,000	-1,296,000	-216,000
accrued risk reserves	4,905,000	7,563,000	5,050,000	785,000	4,581,000	-6,588,000	950,000	1,017,000	4,978,000	-4,866,000	1,905,000	594,000	3,157,000	-1,241,000	1,047,000	1,250,000	3,365,000	-5,776,000	1,974,000	368,000	1,945,000	-6,523,000	1,117,000	4,237,000	4,623,000	-1,701,000	1,014,000	-1,271,000	2,498,000	150,000	1,130,000	-1,433,000	2,971,000	-1,305,000
other current liabilities	7,238,000	-25,650,000	13,121,000	11,210,000	5,919,000	-15,783,000	11,134,000	-11,000	1,311,000	-8,659,000	4,249,000	4,379,000	5,407,000	-6,458,000	3,723,000	-1,410,000	1,701,000	-3,490,000	3,910,000	-6,131,000	4,331,000	-2,086,000	-3,995,000	8,614,000	3,365,000	-7,565,000	4,264,000	-4,077,000	8,158,000	-2,312,000	1,648,000	496,000	-1,882,000	-4,099,000
other noncurrent liabilities	4,181,000	288,000	-245,000	154,000	923,000	-2,442,000	297,000	-9,858,000	1,530,000	-243,000	-201,000	316,000	6,554,000	4,679,000	-2,171,000	-512,000	1,386,000	-9,932,000	-2,833,000	-695,000	1,598,000	-4,299,000	3,606,000	9,307,000	-1,468,000	2,293,000	-1,630,000	89,000	102,000	501,000	-1,632,000	203,000	337,000	253,000	-1,808,000																																								-12,000	-2,252,000	11,574,000
net cash from operating activities	62,533,000	16,807,000	66,197,000	62,819,000	39,255,000	12,789,000	34,207,000	50,661,000	9,646,000	25,733,000	32,305,000	39,321,000	13,857,000			26,242,000	-27,457,000	15,523,000	6,749,000	27,533,000	12,589,000	19,359,000	29,173,000	146,973,000	7,754,000	25,219,000	35,712,000	27,571,000	11,601,000	21,369,000	27,693,000	36,067,000	13,306,000	23,471,000	30,690,000																																								13,270,000	14,256,000	7,258,000
capital expenditures	-9,640,000	-10,397,000	-9,708,000	-10,204,000	-6,137,000	-8,156,000	-5,656,000	-7,833,000	-5,955,000	-8,601,000	-6,511,000	-6,149,000	-6,640,000			-8,071,000	-8,962,000	-13,625,000	-12,631,000	-8,816,000	-4,327,000	-4,156,000	-5,200,000	0	-6,628,000	-6,730,000	-5,681,000	-8,115,000	-5,874,000	-7,064,000	-7,252,000	-8,356,000	-7,100,000	-8,019,000	-7,647,000																																								-3,399,000	-3,608,000	-4,814,000
free cash flows	52,893,000	6,410,000	56,489,000	52,615,000	33,118,000	4,633,000	28,551,000	42,828,000	3,691,000	17,132,000	25,794,000	33,172,000	7,217,000			18,171,000	-36,419,000	1,898,000	-5,882,000	18,717,000	8,262,000	15,203,000	23,973,000	146,973,000	1,126,000	18,489,000	30,031,000	19,456,000	5,727,000	14,305,000	20,441,000	27,711,000	6,206,000	15,452,000	23,043,000																																								9,871,000	10,648,000	2,444,000
cash flows from investing activities:
purchases of property and equipment	-9,640,000	-10,397,000	-9,708,000	-10,204,000	-6,137,000	-8,156,000	-5,656,000	-7,833,000	-5,955,000	-8,601,000	-6,511,000	-6,149,000	-6,640,000	-5,637,000	-7,530,000	-8,071,000	-8,962,000	-13,625,000	-12,631,000	-8,816,000	-4,327,000	-4,156,000	-5,200,000
investments in unconsolidated companies	-3,594,000	-2,506,000	82,000	-786,000	-2,419,000	-5,928,000	-3,514,000	-3,368,000	-1,488,000									0				0	-120,000	-60,000	-125,000			-231,000	-125,000					-70,000	0
collections of notes receivable					7,000				16,000				2,000	-302,000	3,728,000	229,000	224,000	220,000	215,000	8,150,000	255,000	911,000	433,000	763,000	376,000	369,000	350,000	307,000	353,000	373,000	380,000	369,000	431,000	312,000	319,000																																										6,447,000
purchases of marketable securities	-10,938,000	-8,235,000	-9,677,000	-36,214,000	-11,062,000	-10,321,000	-5,838,000	-10,195,000	-8,703,000	-7,738,000	-7,357,000	-4,125,000	-10,281,000	-5,076,000	-3,820,000	-10,769,000	-14,128,000			-35,617,000	-7,866,000
proceeds from sale of marketable securities	10,284,000		21,234,000	31,167,000	12,288,000		5,114,000	23,047,000	11,615,000		8,527,000	12,559,000	15,492,000		7,300,000	13,868,000	16,946,000			38,853,000	6,086,000
net cash from investing activities	-13,888,000	-12,934,000	1,978,000	-15,579,000	-7,323,000	-11,645,000	-224,058,000	1,425,000	-2,415,000	-10,186,000	-5,135,000	-820,000	-1,427,000	2,832,000	-647,000	-2,243,000	-5,920,000	-13,052,000	-20,842,000	-26,143,000	-5,852,000	-48,605,000	3,294,000	-2,342,000	-16,225,000	-4,442,000	1,547,000	-8,423,000	-2,947,000	-6,572,000	-10,288,000	-10,974,000	-5,828,000	-10,750,000	-7,585,000																																								-2,402,000	-1,267,000	1,751,000
cash flows from financing activities:
repayments under credit facility	-40,000,000	-33,125,000	-36,875,000	-24,000,000	-3,000,000	-10,000,000																	0
dividends paid to common stockholders	-9,941,000	-9,931,000	-9,919,000	-9,434,000	-9,420,000	-9,419,000	-9,408,000	-9,086,000	-9,051,000	-9,040,000	-9,039,000	-8,733,000	-8,748,000	-8,774,000	-8,828,000	-8,509,000	-8,493,000	-8,020,000	-8,020,000	-8,002,000	-7,988,000	-7,986,000	-7,987,000	-7,980,000	-7,968,000	-7,968,000	-7,965,000	-7,652,000	-7,623,000	-7,613,000	-7,612,000	-7,305,000	-7,297,000	-7,294,000	-7,294,000
issuance of common stock	12,268,000				1,278,000				8,412,000
repurchase of common shares	-16,321,000	-5,164,000	-3,182,000	-4,662,000	-1,722,000	0	-2,100,000	-1,502,000	-9,900,000	0	0	0	-2,482,000	-2,996,000	-6,761,000	0	-146,000	-558,000	0	0	-278,000	0	0	0	-53,000	0	0	0	-872,000	0	0	0	-867,000
noncontrolling interest distributions	-324,000
entrance fee deposits	-186,000	51,000	20,000	-127,000	171,000																																																																						-230,000	392,000	-217,000
net cash from financing activities	-54,504,000	-43,220,000	-47,003,000	-33,039,000	-12,693,000	-19,296,000	139,320,000	-7,613,000	-12,067,000	-9,834,000	-9,820,000	-10,272,000	-12,619,000	-12,101,000	-16,744,000	-8,347,000	-10,450,000	-9,495,000	-9,727,000	-6,894,000	-9,148,000	-8,370,000	-7,128,000	-58,032,000	31,641,000	-27,849,000	-35,083,000	-7,941,000	-8,875,000	-27,610,000	-18,543,000	-22,962,000	-8,159,000	-27,040,000																																									-3,223,000	-2,533,000	-2,441,000
net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents	-5,859,000	-39,347,000	21,172,000	14,201,000	19,239,000	-18,152,000	-50,531,000			5,713,000	17,350,000							-7,024,000	-23,820,000	-5,504,000	-2,411,000	-37,616,000	25,339,000	86,599,000	23,170,000	-7,072,000	2,176,000				-1,138,000	2,131,000	-681,000			2,787,000	32,220,000
cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period	112,187,000	0	0	0	96,922,000	0	0	0	125,968,000	0	0	0	74,865,000	0	0	0	119,743,000	0	0	0	158,502,000	0	0	0	61,010,000	0	0	0	54,920,000	0	0	0	67,421,000	0	0	0	31,589,000
cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period	106,328,000	-39,347,000	21,172,000	14,201,000	116,161,000	-18,152,000	-50,531,000	44,473,000	121,132,000	5,713,000	17,350,000	28,229,000	74,676,000	2,665,000	-19,368,000	15,652,000	75,916,000	-7,024,000	-23,820,000	-5,504,000	156,091,000	-37,616,000	25,339,000	86,599,000	84,180,000	-7,072,000	2,176,000	11,207,000	54,699,000	-12,813,000	-1,138,000	2,131,000	66,740,000	-14,319,000	15,144,000	2,787,000	63,809,000
balance sheet classifications:
cash and cash equivalents	85,526,000	-37,800,000	19,637,000	20,606,000	90,386,000	-8,686,000	-51,407,000	42,232,000	93,982,000	6,768,000	21,816,000	32,348,000	46,144,000	14,152,000	-31,283,000	18,805,000	56,993,000	-4,855,000	-22,230,000	585,000	134,107,000	-36,672,000	34,294,000	79,979,000	69,492,000	-8,927,000	29,515,000	-8,448,000	38,194,000	-12,352,000	-3,723,000	4,360,000	54,962,000	-10,672,000	8,942,000	13,752,000	47,096,000
restricted cash and cash equivalents	20,802,000	-1,547,000	1,535,000	-6,405,000	25,775,000	-9,466,000	876,000	2,241,000	27,150,000	-1,055,000	-4,466,000	-4,119,000	28,532,000	-11,487,000	11,915,000	-3,153,000	18,923,000	-2,169,000	-1,590,000	-6,089,000	21,984,000	-944,000	-8,955,000	6,620,000	14,688,000	1,855,000	-27,339,000	19,655,000	16,505,000	-461,000	2,585,000	-2,229,000	11,778,000	-3,647,000	6,202,000	-10,965,000	16,713,000
total cash, cash equivalents, restricted cash, and restricted cash equivalents	106,328,000	-39,347,000	21,172,000	14,201,000	116,161,000	-18,152,000	-50,531,000	44,473,000	121,132,000	5,713,000	17,350,000	28,229,000	74,676,000	2,665,000	-19,368,000	15,652,000	75,916,000	-7,024,000	-23,820,000	-5,504,000	156,091,000	-37,616,000	25,339,000	86,599,000	84,180,000	-7,072,000	2,176,000	11,207,000	54,699,000	-12,813,000	-1,138,000	2,131,000	66,740,000	-14,319,000	15,144,000	2,787,000	63,809,000
equity in earnings of unconsolidated investments		294,000	104,000			0	62,000	-584,000	-67,000	-74,000	-185,000	-221,000	-1,535,000	21,000	-34,000	-10,000	-454,000	209,000	-14,000	-2,395,000	-2,911,000	-3,894,000	-3,019,000	-2,618,000	-2,811,000									-1,024,000	-2,528,000																																								-1,734,000	-1,422,000	-1,175,000
distributions from unconsolidated investments		0	0			0	0			0	1,000			0	0			0	0	417,000	5,897,000	0	3,149,000	4,552,000	2,349,000	18,000	1,275,000	2,578,000	31,000	1,411,000	89,000	1,487,000	2,254,000	81,000	3,411,000																																								311,000	1,781,000	118,000
losses on sale of marketable securities									-344,000				492,000	570,000	392,000
gain on sale of unconsolidated company						0	0	0	-1,024,000
gain on sale of property and equipment		0	0
acquisition of white oak manor, net of cash acquired
sale of marketable securities																																																																											0
collections of (investments in) notes receivable		0	47,000
acquisition of other businesses, net of cash acquired						0
proceeds from sale of assets
borrowings under credit facility						0																0	0	0	40,000,000
issuance of common shares		4,799,000	2,953,000			797,000	2,232,000			53,000	254,000			833,000	161,000			1,036,000	0	2,078,000	327,000	681,000	126,000	549,000	400,000	963,000	0	804,000	579,000	1,538,000	0	260,000	1,067,000	897,000	131,000																																								5,000	177,000	317,000
noncontrolling interest contributions						-274,000								0	0	0	250,000
debt issuance costs
principal payments under finance lease obligations						0	0	0	-860,000	-1,274,000	-1,256,000	-1,237,000	-1,218,000	-1,200,000	-1,183,000	-1,165,000	-1,147,000	-1,131,000	-1,114,000	-1,097,000	-1,081,000	-1,065,000	-1,049,000	-1,033,000	-1,019,000	-1,003,000	-988,000	-973,000	-959,000
realized gains on sale of marketable securities			-392,000
acquisition of white oak senior living, net of cash acquired
proceeds from the sale of unconsolidated company							0
contract liabilities									7,667,000					-138,000	-448,000	-4,417,000	-10,019,000	-11,991,000	-13,108,000			0	261,000
proceeds from sale of unconsolidated company									2,100,000
unrealized losses on marketable equity securities										-12,001,000	3,093,000			4,327,000	11,056,000			-9,364,000	23,797,000	6,489,000	-7,059,000	-16,614,000	241,000	-20,053,000	60,392,000			54,000	-6,838,000
impairment (recovery) of assets
provider relief funds														-516,000	0	0	-8,927,000	9,443,000	-10,429,000	-13,081,000	7,442,000	-5,336,000	2,110,000
(investments in) collections of notes receivable
realized losses on sale of marketable securities							19,000				42,000
investments in notes receivable							135,000															0	0	-175,000	-250,000	0	-150,000	-5,000,000	-312,000
entrance fee refunds							207,000	148,000	-668,000		221,000	-308,000	-171,000		-133,000	207,000	-914,000				-128,000					61,000	-581,000				0	0	-159,000		-340,000
acquisition of skilled nursing facility										0	0
net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents									-4,836,000				-189,000		-19,368,000	15,652,000	-43,827,000												-221,000
gain on acquisition of equity method investment																									-1,707,000		0			0
proceeds from the sale of property and equipment														0
acquisition of equity method investment																										0	0
recovery of notes receivable
investments in notes receivable
(investments in)/collections of notes receivable
gains on acquisition of equity method investments
acquisition of equity method investments
principal payments under credit facility
net cash from operating activities
acquisition of equity method investment, net of cash acquired																							0	0	-6,648,000					0
investments in unconsolidated companies and notes receivable
proceeds from sale of real estate
gains on sale of marketable securities																	-45,000
gains on acquisitions of equity method investments																		0	0				0
gain on sale of skilled nursing facility
impairment of assets
federal income tax receivable
proceeds from the sale of skilled nursing facility
acquisitions of equity method investments
gains on sales of marketable securities
acquisitions of equity method investments, net of cash acquired																			0
purchases of marketable securities
proceeds from sale of marketable securities
entrance fee (refunds) deposits																			-593,000
gains on sale of marketable debt securities
gains on sale of restricted marketable debt securities																							-122,000	-11,000	-2,000	-10,000
income tax receivable																									2,560,000						-2,203,000	1,527,000	3,938,000		-3,466,000
purchases of restricted marketable debt securities																							0			-1,284,000
proceeds from sale of restricted marketable debt securities																							8,181,000
noncontrolling interest contributions/																							1,963,000
entrance fee deposits/																							-181,000
deferred revenue																									1,870,000	-683,000	-561,000	-692,000	2,018,000	-838,000	-729,000	-635,000	2,030,000	-781,000	-879,000
additions to property and equipment																									-6,628,000	-6,730,000	-5,681,000	-8,115,000	-5,874,000	-7,064,000	-7,252,000	-8,356,000	-7,100,000	-8,019,000	-7,647,000
purchase of restricted marketable debt securities																									-6,360,000			-3,322,000	-3,565,000
sale of restricted marketable debt securities																									3,410,000			23,527,000	6,576,000
equity contributed by noncontrolling entities																									281,000
obligation to provide future services
principal payments under line of credit agreement
distributions attributable to noncontrolling interest																										98,000	-549,000
equity contributed by noncontrolling interest
(investments in)/distributions from unconsolidated investments
sales of restricted marketable debt securities
principal payments on debt																															-10,000,000
unrealized gains on marketable securities
principal payments under capital lease obligations																														-945,000	-931,000	-917,000	-903,000	-890,000	-876,000
equity attributable to noncontrolling interest																																		247,000	0
tax expense from exercise of stock options
change in deposits
net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents																																		-14,319,000
distributions from/(investments in) unconsolidated companies
purchase of restricted marketable securities																															-3,405,000	-3,851,000	-2,694,000
sale of restricted marketable securities																															140,000	864,000	3,535,000
gains on sale of restricted marketable securities																																-14,000	-11,000		-17,000
unrealized losses on marketable securities																																	15,517,000
provision for doubtful accounts
redemption of preferred shareholders
dividends paid to preferred stockholders
tax benefit from exercise of stock options																																																																											0	133,000	62,000
provision for doubtful accounts receivable																																			1,817,000																																								49,000	429,000	388,000
changes in operating assets and liabilities, net of the effect of acquisitions:
purchases of restricted marketable securities
sales of restricted marketable securities
tax expense from stock–based compensation
adjustments to reconcile net income to net cash provided by operating activities:
other current liabilities and accrued risk reserves																																																																													6,871,000
net cash used in financing activities
net increase in cash and cash equivalents																																							-18,331,000	-11,640,000	10,975,000	-32,573,000	-719,000	-6,711,000	8,444,000	-7,150,000	1,159,000	-8,379,000	2,432,000	-6,705,000	13,776,000	795,000	7,138,000	-17,006,000	14,498,000	9,495,000	-1,294,000	7,850,000	15,827,000	3,827,000	5,026,000	-390,000	6,305,000	-5,226,000	-11,233,000	-36,097,000	10,583,000	3,918,000	11,585,000	-724,000	19,966,000	12,503,000	14,909,000	-72,968,000	7,645,000	10,456,000	6,568,000
cash and cash equivalents, beginning of period																																							0	0	38,208,000	0	0	0	69,767,000	0	0	0	81,705,000	0	0	0	66,701,000	0	0	0	61,008,000	0	0	0	28,478,000	0	0	0	39,022,000	0	0	0	49,033,000	0	0	0	2,379,000	0	0	0	50,678,000
cash and cash equivalents, end of period																																							-18,331,000	-11,640,000	49,183,000	-32,573,000	-719,000	-6,711,000	78,211,000	-7,150,000	1,159,000	-8,379,000	84,137,000	-6,705,000	13,776,000	795,000	73,839,000	-17,006,000	14,498,000	9,495,000	59,714,000	7,850,000	15,827,000	3,827,000	33,504,000	-390,000	6,305,000	-5,226,000	27,789,000	-36,097,000	10,583,000	3,918,000	60,618,000	-724,000	19,966,000	12,503,000	17,288,000	-72,968,000	7,645,000	10,456,000	57,246,000
supplemental disclosure of non-cash investing and financing activities:
buildings, personal property, and obligations recorded under capital lease agreements																																															0	0	39,032,000
adjustments to reconcile net income to net cash
depreciation																																																																											3,881,000	3,771,000	3,792,000
amortization of intangibles and deferred charges																																																																											10,000	11,000	10,000
gain on sale of land
amortization of deferred income																																																																											368,000	-468,000	-354,000
deferred income																																																																											-932,000	-870,000	2,669,000
decrease in restricted cash																																																																											2,369,000
stock based compensation																																																																											386,000
amortization of deferred lease credit
inventory																																																																											173,000	-8,000	-91,000
accounts payable																																																																											580,000
accrued interest																																																																													205,000
other current liabilities and accrued reserves																																																																											-3,563,000
additions to and acquisitions of property and equipment																																																																											-3,399,000	-3,608,000	-4,814,000
collection of notes receivable																																																																											686,000
purchase of marketable securities
increase in minority interests in consolidated subsidiaries																																																																												1,000	-11,000
increase in bond reserve funds, mortgage replacement reserves
and other deposits																																																																											-30,000
dividends paid to shareholders																																																																											-2,633,000	-2,255,000	-2,248,000
payments on debt																																																																											-569,000	-563,000	-554,000
increase in restricted cash																																																																													-5,594,000
changes in assets and liabilities:
accounts (and other) receivables																																																																													2,354,000
increase in bond reserve funds and other deposits
supplemental information:
cash payments for interest																																																																													71,000
cash payments for income taxes																																																																													550,000
provided by operating activities:
write-off of notes receivable
realized gain on sale of marketable securities
stock compensation
tax refund receivable
disposals of property and equipment
collections of receivables from exercise of options
decrease in bond reserve funds, mortgage
replacement reserves and other deposits
purchase of common shares
decrease in bond reserve funds, mortgage replacement reserves and other deposits
increase in financing costs

National HealthCare Corporation(NYSE MKT:NHC)

National HealthCare Corporation
(NYSE MKT:NHC)