Financials

Year ended December 31	2,009	2,008	2,007
Net revenue	$ 2,569,685	$ 2,409,864	$ 2,106,993
Compensation and benefits	1,796,779	1,637,425	1,455,970
Operating expenses	334,328	383,359	317,518
Insurance expense	97,610	82,221	66,308
Selling, general and administrative expenses	63,481	69,658	61,893
Depreciation and amortization expense	64,351	68,980	70,483
Restructuring charges	—	—	2,242
Income from operations	213,136	168,221	132,579
Interest income from restricted assets	4,516	6,407	7,143
Interest expense	(40,996)	(42,087)	(46,948)
Realized gain (loss) on investments	2,105	2,722	245
Interest and other income	1,816	2,055	2,055
Loss on early debt extinguishment	—	(241)	—
Income before income taxes and equity in earnings of unconsolidated subsidiary	180,577	137,077	95,074
Income tax expense	(65,685)	(52,530)	(36,104)
Equity in earnings of unconsolidated subsidiary	347	300	848
Net income	$ 115,239	$ 84,847	$ 59,818
Basic earnings per common share	$ 2.71	$ 2.04	$ 1.44
Diluted earnings per common share	$ 2.64	$ 1.97	$ 1.39
Weighted average common shares outstanding, basic	42,552,716	41,652,783	41,551,207
Weighted average common shares outstanding, diluted	43,623,800	43,130,782	43,146,881
Reconciliation of Income from Operations to Adjusted EBITDA
Income from operations	$ 213,136	$ 168,221	$ 132,579
Depreciation and amortization expense	64,351	68,980	70,483
Interest income from restricted assets	4,516	6,407	7,143
Adjusted EBITDA	$ 282,003	$ 243,608	$ 210,205

Form 10-K

View Form 10-K (PDF)

Net Revenue
(in thousands) Income From Operations
(in thousands) Total Patient Encounters
(in millions)

Comparison of Cumulative Total Return Among Emergency Medical Services Corp., Russell 2000 Index and DJ U.S. Healthcare Providers

Assumes $100 invested on Dec. 16, 2005
Assumes dividend reinvested
Fiscal year ended Dec. 31, 2009

The preceding line graph compares the percentage change in the cumulative total stockholder return on EMSC’s class A common stock with the cumulative total return on (i) the Dow Jones U.S. Healthcare Providers Index and (ii) the Russell 2000 Index, for the period commencing December 16, 2005 (the date upon which EMSC’s shares of class A common stock began trading on the New York Stock Exchange) and ending December 31, 2009 (the last day of EMSC’s most recently completed fiscal year). The comparison assumes $100 was invested on December 16, 2005 in EMSC’s class A common stock and in the foregoing indexes, and further assumes the reinvestment of dividends.