Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries NHC Reports Third Quarter 2021 Earnings By: National HealthCare Corporation via Business Wire November 05, 2021 at 05:05 AM EDT National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues and CARES Act income for the quarter ended September 30, 2021 totaled $276,737,000 compared to $250,626,000 for the quarter ended September 30, 2020, an increase of 10.4%. The net operating revenues increase for the third quarter of 2021 was primarily driven by the June 2021 controlling equity interest acquisition of Caris Healthcare, a hospice provider with 28 agencies. The census in our skilled nursing facilities increased 90 basis points during the third quarter of 2021, when compared sequentially to the second quarter of 2021. For the quarter ended September 30, 2021, the reported GAAP net loss attributable to NHC was $3,348,000 compared to net income attributable to NHC of $12,849,000 for the same period in 2020. The decrease in our reported GAAP earnings for the third quarter of 2021 is due to the unrealized losses in our marketable equity securities portfolio. Excluding the unrealized losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended September 30, 2021 was $14,884,000 compared to $13,475,000 for the same period in 2020, an increase of 10.5% (*). The GAAP diluted loss per share was $0.22 for the quarter ended September 30, 2021 compared to earnings per share of $0.84 for the same period in 2020. Adjusted diluted earnings per share were $0.96 and $0.88 for the quarters ended September 30, 2021 and 2020, respectively (*). (*) - See the tables below that provide a reconciliation of GAAP to non-GAAP items. About NHC NHC affiliates operate for themselves and third parties 75 skilled nursing facilities with 9,473 beds. NHC affiliates also operate 24 assisted living communities, five independent living communities, one behavioral health hospital, 34 homecare agencies, and 28 hospice agencies. NHC’s other services include Alzheimer’s and memory care units, pharmacy services, a rehabilitation services company, and providing management and accounting services to third party post-acute operators. Other information about the company can be found on our web site at www.nhccare.com. Non-GAAP Financial Presentation The Company is providing certain non-GAAP financial measures as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company’s operations and measure the Company’s performance more consistently across periods. Therefore, the Company believes this information is meaningful in addition to the information contained in the GAAP presentation of financial information. The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Forward-Looking Statements Statements in this press release that are not historical facts are forward-looking statements. NHC cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. The risks and uncertainties are detailed from time to time in reports filed by NHC with the S.E.C., including Forms 8-K, 10-Q and 10-K, and include, among others, the following: liabilities and other claims asserted against us and patient care liabilities, as well as the resolution of current litigation; availability of insurance and assets for indemnification; national and local economic conditions; including their effect on the availability and cost of labor, utilities and materials; the effect of government regulations and changes in regulations governing the healthcare industry, including our compliance with such regulations; changes in Medicare and Medicaid payment levels and methodologies and the application of such methodologies by the government and its fiscal intermediaries; and other factors referenced or incorporated by reference in the S.E.C. filings. The risks included here are not exhaustive. All forward-looking statements represent NHC’s best judgment as of the date of this release. Consolidated Statements of Operations (in thousands, except share and per share amounts) Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 (unaudited) (unaudited) Revenues and grant income: Net patient revenues $ 254,817 $ 227,383 $ 708,648 $ 697,149 Other revenues 11,491 11,111 33,916 34,463 Government stimulus income 10,429 12,132 48,304 36,780 Net operating revenues and grant income 276,737 250,626 790,868 768,392 Costs and expenses: Salaries, wages and benefits 159,305 151,564 461,239 455,947 Other operating 84,039 70,887 226,235 213,416 Facility rent 10,204 10,320 30,437 30,972 Depreciation and amortization 10,229 10,548 30,521 31,531 Interest 198 285 657 1,150 Total costs and expenses 263,975 243,604 749,089 733,016 Income from operations 12,762 7,022 41,779 35,376 Non-operating income 3,399 6,478 15,245 18,870 Gains on acquisitions of equity method investments - - 95,202 1,708 Unrealized losses on marketable equity securities (23,797 ) (241 ) (23,227 ) (40,580 ) Income/(loss) before income taxes (7,636 ) 13,259 128,999 15,374 Income tax (provision)/benefit 4,090 (391 ) (5,907 ) (800 ) Net income/(loss) (3,546 ) 12,868 123,092 14,574 Net (income)/loss attributable to noncontrolling interest 198 (19 ) (290 ) (253 ) Net income/(loss) attributable to National HealthCare Corporation $ (3,348 ) $ 12,849 $ 122,802 $ 14,321 Net income/(loss) per common share Basic $ (0.22 ) $ 0.84 $ 8.00 $ 0.94 Diluted $ (0.22 ) $ 0.84 $ 7.97 $ 0.93 Weighted average common shares outstanding Basic 15,364,043 15,310,754 15,347,043 15,304,235 Diluted 15,434,438 15,371,311 15,414,683 15,368,775 Dividends declared per common share $ 0.52 $ 0.52 $ 1.56 $ 1.56 Balance Sheet Data Sept. 30 Dec. 31 (in thousands) 2021 2020 (unaudited) Cash, cash equivalents and marketable securities $ 254,945 $ 323,445 Restricted cash, cash equivalents and marketable securities 176,356 158,162 Current assets 424,829 456,755 Property and equipment, net 522,019 520,318 Total assets 1,415,798 1,362,132 Current liabilities 257,670 281,228 NHC stockholders' equity 895,677 795,177 Selected Operating Statistics Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 (unaudited) (unaudited) Skilled Nursing Per Diems: Medicare $ 523.98 $ 521.50 $ 528.60 $ 513.29 Managed Care 404.43 413.11 406.32 405.68 Medicaid 231.39 218.21 225.68 209.43 Private Pay and Other 257.13 248.76 254.03 249.34 Average Skilled Nursing Per Diem $ 295.40 $ 288.51 $ 297.04 $ 281.68 Skilled Nursing Patient Days: Medicare 87,534 94,158 271,024 290,597 Managed Care 57,486 53,319 183,593 165,544 Medicaid 315,979 320,734 895,955 998,456 Private Pay and Other 158,011 151,841 439,225 485,025 Total Skilled Nursing Patient Days 619,010 620,052 1,789,797 1,939,622 The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 (unaudited) (unaudited) Net income/(loss) attributable to National Healthcare Corporation $ (3,348 ) $ 12,849 $ 122,802 $ 14,321 Non-GAAP adjustments Unrealized losses on marketable equity securities 23,797 241 23,227 40,580 Operating results for newly opened facilities not at full capacity (1) 115 87 480 401 Gains on acquisitions of equity method investments - - (95,202 ) (1,707 ) Stock-based compensation expense 726 518 1,905 1,807 Income tax (benefit)/provision on non-GAAP adjustments (6,406 ) (220 ) (6,369 ) (10,681 ) Non-GAAP Net income $ 14,884 $ 13,475 $ 46,843 $ 44,721 GAAP diluted earnings/(loss) per share $ (0.22 ) $ 0.84 $ 7.97 $ 0.93 Non-GAAP adjustments Unrealized losses on marketable equity securities 1.14 0.01 1.12 1.95 Operating results for newly opened facilities not at full capacity (1) 0.01 0.01 0.02 0.02 Gains on acquisitions of equity method investments - - (6.16 ) (0.08 ) Stock-based compensation expense 0.03 0.02 0.09 0.09 Non-GAAP diluted earnings per share $ 0.96 $ 0.88 $ 3.04 $ 2.91 (1) The newly opened facilities not at full capacity for the 2021 period presented consist of operations opened from 2019 through 2021. The newly opened facilities for the 2020 period presented consist of operations opened from 2018 through 2020. For both of the periods presented, one memory care facility was opened during these years. View source version on businesswire.com: https://www.businesswire.com/news/home/20211105005159/en/Contacts Brian F. Kidd, SVP/Controller Phone: (615) 890-2020 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
NHC Reports Third Quarter 2021 Earnings By: National HealthCare Corporation via Business Wire November 05, 2021 at 05:05 AM EDT National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues and CARES Act income for the quarter ended September 30, 2021 totaled $276,737,000 compared to $250,626,000 for the quarter ended September 30, 2020, an increase of 10.4%. The net operating revenues increase for the third quarter of 2021 was primarily driven by the June 2021 controlling equity interest acquisition of Caris Healthcare, a hospice provider with 28 agencies. The census in our skilled nursing facilities increased 90 basis points during the third quarter of 2021, when compared sequentially to the second quarter of 2021. For the quarter ended September 30, 2021, the reported GAAP net loss attributable to NHC was $3,348,000 compared to net income attributable to NHC of $12,849,000 for the same period in 2020. The decrease in our reported GAAP earnings for the third quarter of 2021 is due to the unrealized losses in our marketable equity securities portfolio. Excluding the unrealized losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended September 30, 2021 was $14,884,000 compared to $13,475,000 for the same period in 2020, an increase of 10.5% (*). The GAAP diluted loss per share was $0.22 for the quarter ended September 30, 2021 compared to earnings per share of $0.84 for the same period in 2020. Adjusted diluted earnings per share were $0.96 and $0.88 for the quarters ended September 30, 2021 and 2020, respectively (*). (*) - See the tables below that provide a reconciliation of GAAP to non-GAAP items. About NHC NHC affiliates operate for themselves and third parties 75 skilled nursing facilities with 9,473 beds. NHC affiliates also operate 24 assisted living communities, five independent living communities, one behavioral health hospital, 34 homecare agencies, and 28 hospice agencies. NHC’s other services include Alzheimer’s and memory care units, pharmacy services, a rehabilitation services company, and providing management and accounting services to third party post-acute operators. Other information about the company can be found on our web site at www.nhccare.com. Non-GAAP Financial Presentation The Company is providing certain non-GAAP financial measures as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company’s operations and measure the Company’s performance more consistently across periods. Therefore, the Company believes this information is meaningful in addition to the information contained in the GAAP presentation of financial information. The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Forward-Looking Statements Statements in this press release that are not historical facts are forward-looking statements. NHC cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. The risks and uncertainties are detailed from time to time in reports filed by NHC with the S.E.C., including Forms 8-K, 10-Q and 10-K, and include, among others, the following: liabilities and other claims asserted against us and patient care liabilities, as well as the resolution of current litigation; availability of insurance and assets for indemnification; national and local economic conditions; including their effect on the availability and cost of labor, utilities and materials; the effect of government regulations and changes in regulations governing the healthcare industry, including our compliance with such regulations; changes in Medicare and Medicaid payment levels and methodologies and the application of such methodologies by the government and its fiscal intermediaries; and other factors referenced or incorporated by reference in the S.E.C. filings. The risks included here are not exhaustive. All forward-looking statements represent NHC’s best judgment as of the date of this release. Consolidated Statements of Operations (in thousands, except share and per share amounts) Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 (unaudited) (unaudited) Revenues and grant income: Net patient revenues $ 254,817 $ 227,383 $ 708,648 $ 697,149 Other revenues 11,491 11,111 33,916 34,463 Government stimulus income 10,429 12,132 48,304 36,780 Net operating revenues and grant income 276,737 250,626 790,868 768,392 Costs and expenses: Salaries, wages and benefits 159,305 151,564 461,239 455,947 Other operating 84,039 70,887 226,235 213,416 Facility rent 10,204 10,320 30,437 30,972 Depreciation and amortization 10,229 10,548 30,521 31,531 Interest 198 285 657 1,150 Total costs and expenses 263,975 243,604 749,089 733,016 Income from operations 12,762 7,022 41,779 35,376 Non-operating income 3,399 6,478 15,245 18,870 Gains on acquisitions of equity method investments - - 95,202 1,708 Unrealized losses on marketable equity securities (23,797 ) (241 ) (23,227 ) (40,580 ) Income/(loss) before income taxes (7,636 ) 13,259 128,999 15,374 Income tax (provision)/benefit 4,090 (391 ) (5,907 ) (800 ) Net income/(loss) (3,546 ) 12,868 123,092 14,574 Net (income)/loss attributable to noncontrolling interest 198 (19 ) (290 ) (253 ) Net income/(loss) attributable to National HealthCare Corporation $ (3,348 ) $ 12,849 $ 122,802 $ 14,321 Net income/(loss) per common share Basic $ (0.22 ) $ 0.84 $ 8.00 $ 0.94 Diluted $ (0.22 ) $ 0.84 $ 7.97 $ 0.93 Weighted average common shares outstanding Basic 15,364,043 15,310,754 15,347,043 15,304,235 Diluted 15,434,438 15,371,311 15,414,683 15,368,775 Dividends declared per common share $ 0.52 $ 0.52 $ 1.56 $ 1.56 Balance Sheet Data Sept. 30 Dec. 31 (in thousands) 2021 2020 (unaudited) Cash, cash equivalents and marketable securities $ 254,945 $ 323,445 Restricted cash, cash equivalents and marketable securities 176,356 158,162 Current assets 424,829 456,755 Property and equipment, net 522,019 520,318 Total assets 1,415,798 1,362,132 Current liabilities 257,670 281,228 NHC stockholders' equity 895,677 795,177 Selected Operating Statistics Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 (unaudited) (unaudited) Skilled Nursing Per Diems: Medicare $ 523.98 $ 521.50 $ 528.60 $ 513.29 Managed Care 404.43 413.11 406.32 405.68 Medicaid 231.39 218.21 225.68 209.43 Private Pay and Other 257.13 248.76 254.03 249.34 Average Skilled Nursing Per Diem $ 295.40 $ 288.51 $ 297.04 $ 281.68 Skilled Nursing Patient Days: Medicare 87,534 94,158 271,024 290,597 Managed Care 57,486 53,319 183,593 165,544 Medicaid 315,979 320,734 895,955 998,456 Private Pay and Other 158,011 151,841 439,225 485,025 Total Skilled Nursing Patient Days 619,010 620,052 1,789,797 1,939,622 The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 (unaudited) (unaudited) Net income/(loss) attributable to National Healthcare Corporation $ (3,348 ) $ 12,849 $ 122,802 $ 14,321 Non-GAAP adjustments Unrealized losses on marketable equity securities 23,797 241 23,227 40,580 Operating results for newly opened facilities not at full capacity (1) 115 87 480 401 Gains on acquisitions of equity method investments - - (95,202 ) (1,707 ) Stock-based compensation expense 726 518 1,905 1,807 Income tax (benefit)/provision on non-GAAP adjustments (6,406 ) (220 ) (6,369 ) (10,681 ) Non-GAAP Net income $ 14,884 $ 13,475 $ 46,843 $ 44,721 GAAP diluted earnings/(loss) per share $ (0.22 ) $ 0.84 $ 7.97 $ 0.93 Non-GAAP adjustments Unrealized losses on marketable equity securities 1.14 0.01 1.12 1.95 Operating results for newly opened facilities not at full capacity (1) 0.01 0.01 0.02 0.02 Gains on acquisitions of equity method investments - - (6.16 ) (0.08 ) Stock-based compensation expense 0.03 0.02 0.09 0.09 Non-GAAP diluted earnings per share $ 0.96 $ 0.88 $ 3.04 $ 2.91 (1) The newly opened facilities not at full capacity for the 2021 period presented consist of operations opened from 2019 through 2021. The newly opened facilities for the 2020 period presented consist of operations opened from 2018 through 2020. For both of the periods presented, one memory care facility was opened during these years. View source version on businesswire.com: https://www.businesswire.com/news/home/20211105005159/en/Contacts Brian F. Kidd, SVP/Controller Phone: (615) 890-2020
National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues and CARES Act income for the quarter ended September 30, 2021 totaled $276,737,000 compared to $250,626,000 for the quarter ended September 30, 2020, an increase of 10.4%. The net operating revenues increase for the third quarter of 2021 was primarily driven by the June 2021 controlling equity interest acquisition of Caris Healthcare, a hospice provider with 28 agencies. The census in our skilled nursing facilities increased 90 basis points during the third quarter of 2021, when compared sequentially to the second quarter of 2021. For the quarter ended September 30, 2021, the reported GAAP net loss attributable to NHC was $3,348,000 compared to net income attributable to NHC of $12,849,000 for the same period in 2020. The decrease in our reported GAAP earnings for the third quarter of 2021 is due to the unrealized losses in our marketable equity securities portfolio. Excluding the unrealized losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended September 30, 2021 was $14,884,000 compared to $13,475,000 for the same period in 2020, an increase of 10.5% (*). The GAAP diluted loss per share was $0.22 for the quarter ended September 30, 2021 compared to earnings per share of $0.84 for the same period in 2020. Adjusted diluted earnings per share were $0.96 and $0.88 for the quarters ended September 30, 2021 and 2020, respectively (*). (*) - See the tables below that provide a reconciliation of GAAP to non-GAAP items. About NHC NHC affiliates operate for themselves and third parties 75 skilled nursing facilities with 9,473 beds. NHC affiliates also operate 24 assisted living communities, five independent living communities, one behavioral health hospital, 34 homecare agencies, and 28 hospice agencies. NHC’s other services include Alzheimer’s and memory care units, pharmacy services, a rehabilitation services company, and providing management and accounting services to third party post-acute operators. Other information about the company can be found on our web site at www.nhccare.com. Non-GAAP Financial Presentation The Company is providing certain non-GAAP financial measures as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company’s operations and measure the Company’s performance more consistently across periods. Therefore, the Company believes this information is meaningful in addition to the information contained in the GAAP presentation of financial information. The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Forward-Looking Statements Statements in this press release that are not historical facts are forward-looking statements. NHC cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. The risks and uncertainties are detailed from time to time in reports filed by NHC with the S.E.C., including Forms 8-K, 10-Q and 10-K, and include, among others, the following: liabilities and other claims asserted against us and patient care liabilities, as well as the resolution of current litigation; availability of insurance and assets for indemnification; national and local economic conditions; including their effect on the availability and cost of labor, utilities and materials; the effect of government regulations and changes in regulations governing the healthcare industry, including our compliance with such regulations; changes in Medicare and Medicaid payment levels and methodologies and the application of such methodologies by the government and its fiscal intermediaries; and other factors referenced or incorporated by reference in the S.E.C. filings. The risks included here are not exhaustive. All forward-looking statements represent NHC’s best judgment as of the date of this release. Consolidated Statements of Operations (in thousands, except share and per share amounts) Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 (unaudited) (unaudited) Revenues and grant income: Net patient revenues $ 254,817 $ 227,383 $ 708,648 $ 697,149 Other revenues 11,491 11,111 33,916 34,463 Government stimulus income 10,429 12,132 48,304 36,780 Net operating revenues and grant income 276,737 250,626 790,868 768,392 Costs and expenses: Salaries, wages and benefits 159,305 151,564 461,239 455,947 Other operating 84,039 70,887 226,235 213,416 Facility rent 10,204 10,320 30,437 30,972 Depreciation and amortization 10,229 10,548 30,521 31,531 Interest 198 285 657 1,150 Total costs and expenses 263,975 243,604 749,089 733,016 Income from operations 12,762 7,022 41,779 35,376 Non-operating income 3,399 6,478 15,245 18,870 Gains on acquisitions of equity method investments - - 95,202 1,708 Unrealized losses on marketable equity securities (23,797 ) (241 ) (23,227 ) (40,580 ) Income/(loss) before income taxes (7,636 ) 13,259 128,999 15,374 Income tax (provision)/benefit 4,090 (391 ) (5,907 ) (800 ) Net income/(loss) (3,546 ) 12,868 123,092 14,574 Net (income)/loss attributable to noncontrolling interest 198 (19 ) (290 ) (253 ) Net income/(loss) attributable to National HealthCare Corporation $ (3,348 ) $ 12,849 $ 122,802 $ 14,321 Net income/(loss) per common share Basic $ (0.22 ) $ 0.84 $ 8.00 $ 0.94 Diluted $ (0.22 ) $ 0.84 $ 7.97 $ 0.93 Weighted average common shares outstanding Basic 15,364,043 15,310,754 15,347,043 15,304,235 Diluted 15,434,438 15,371,311 15,414,683 15,368,775 Dividends declared per common share $ 0.52 $ 0.52 $ 1.56 $ 1.56 Balance Sheet Data Sept. 30 Dec. 31 (in thousands) 2021 2020 (unaudited) Cash, cash equivalents and marketable securities $ 254,945 $ 323,445 Restricted cash, cash equivalents and marketable securities 176,356 158,162 Current assets 424,829 456,755 Property and equipment, net 522,019 520,318 Total assets 1,415,798 1,362,132 Current liabilities 257,670 281,228 NHC stockholders' equity 895,677 795,177 Selected Operating Statistics Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 (unaudited) (unaudited) Skilled Nursing Per Diems: Medicare $ 523.98 $ 521.50 $ 528.60 $ 513.29 Managed Care 404.43 413.11 406.32 405.68 Medicaid 231.39 218.21 225.68 209.43 Private Pay and Other 257.13 248.76 254.03 249.34 Average Skilled Nursing Per Diem $ 295.40 $ 288.51 $ 297.04 $ 281.68 Skilled Nursing Patient Days: Medicare 87,534 94,158 271,024 290,597 Managed Care 57,486 53,319 183,593 165,544 Medicaid 315,979 320,734 895,955 998,456 Private Pay and Other 158,011 151,841 439,225 485,025 Total Skilled Nursing Patient Days 619,010 620,052 1,789,797 1,939,622 The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 (unaudited) (unaudited) Net income/(loss) attributable to National Healthcare Corporation $ (3,348 ) $ 12,849 $ 122,802 $ 14,321 Non-GAAP adjustments Unrealized losses on marketable equity securities 23,797 241 23,227 40,580 Operating results for newly opened facilities not at full capacity (1) 115 87 480 401 Gains on acquisitions of equity method investments - - (95,202 ) (1,707 ) Stock-based compensation expense 726 518 1,905 1,807 Income tax (benefit)/provision on non-GAAP adjustments (6,406 ) (220 ) (6,369 ) (10,681 ) Non-GAAP Net income $ 14,884 $ 13,475 $ 46,843 $ 44,721 GAAP diluted earnings/(loss) per share $ (0.22 ) $ 0.84 $ 7.97 $ 0.93 Non-GAAP adjustments Unrealized losses on marketable equity securities 1.14 0.01 1.12 1.95 Operating results for newly opened facilities not at full capacity (1) 0.01 0.01 0.02 0.02 Gains on acquisitions of equity method investments - - (6.16 ) (0.08 ) Stock-based compensation expense 0.03 0.02 0.09 0.09 Non-GAAP diluted earnings per share $ 0.96 $ 0.88 $ 3.04 $ 2.91 (1) The newly opened facilities not at full capacity for the 2021 period presented consist of operations opened from 2019 through 2021. The newly opened facilities for the 2020 period presented consist of operations opened from 2018 through 2020. For both of the periods presented, one memory care facility was opened during these years. View source version on businesswire.com: https://www.businesswire.com/news/home/20211105005159/en/