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UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
WASHINGTON,\ue000 DC\ue000 20549
\ue000
FORM\ue000 10-K
ANNUAL\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)
OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
For\ue000 the\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 31,\ue000 2008
Commission\ue000 File\ue000 Number\ue000 001-10315
\ue000
HealthSouth\ue000 Corporation
(Exact\ue000 Name\ue000 of\ue000 Registrant\ue000 as\ue000 Specified\ue000 in\ue000 its\ue000 Charter)
\ue000
Delaware
63-0860407
(State\ue000 or\ue000 Other\ue000 Jurisdiction\ue000 of
Incorporation\ue000 or\ue000 Organization)
(I.R.S.\ue000 Employer
Identification\ue000 No.)
\ue000
\ue000
3660\ue000 Grandview\ue000 Parkway,\ue000 Suite\ue000 200
Birmingham,\ue000 Alabama
35243
(Address\ue000 of\ue000 Principal\ue000 Executive\ue000 Offices)
(Zip\ue000 Code)
(205)\ue000 967-7116
(Registrant\u2019s\ue000 telephone\ue000 number)
\ue000
Securities\ue000 Registered\ue000 Pursuant\ue000 to\ue000 Section\ue000 12(b)\ue000 of\ue000 the\ue000 Act:
Common\ue000 Stock,\ue000 $0.01\ue000 Par\ue000 Value
Securities\ue000 Registered\ue000 Pursuant\ue000 to\ue000 Section\ue000 12(g)\ue000 of\ue000 the\ue000 Act:
None
\ue000
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 well-known\ue000 seasoned\ue000 issuer\ue000 as\ue000 defined\ue000 in\ue000 Rule\ue000 405\ue000 of\ue000 the\ue000 Securities\ue000 Act.
\ue000\ue000\ue000\ue000Yes\ue000 \ue000x \ue000\ue000\ue000\ue000\ue000No\ue000 \ue000o
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 not\ue000 required\ue000 to\ue000 file\ue000 reports\ue000 pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 Section\ue000 15(d)\ue000 of\ue000 the\ue000 Act.
\ue000\ue000\ue000\ue000Yes\ue000 \ue000 \ue000o \ue000\ue000\ue000\ue000No\ue000 \ue000x

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 (1)\ue000 has\ue000 filed\ue000 all\ue000 reports\ue000 required\ue000 to\ue000 be\ue000 filed\ue000 by\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the
Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934\ue000 during\ue000 the\ue000 preceding\ue000 12\ue000 months\ue000 (or\ue000 for\ue000 such\ue000 shorter\ue000 period\ue000 that\ue000 the\ue000 registrant\ue000 was\ue000 required\ue000 to
file\ue000 such\ue000 reports),\ue000 and\ue000 (2)\ue000 has\ue000 been\ue000 subject\ue000 to\ue000 such\ue000 filing\ue000 requirements\ue000 for\ue000 the\ue000 past\ue000 90\ue000 days.\ue000\ue000\ue000\ue000 Yes\ue000 \ue000x\ue000\ue000\ue000\ue000 No\ue000 \ue000o

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 disclosure\ue000 of\ue000 delinquent\ue000 filers\ue000 pursuant\ue000 to\ue000 Item\ue000 405\ue000 of\ue000 Regulation\ue000 S-K\ue000 is\ue000 not\ue000 contained\ue000 herein, and\ue000 will\ue000 not\ue000 be\ue000 contained,\ue000 to\ue000 the\ue000 best\ue000 of\ue000 registrant\u2019s\ue000 knowledge,\ue000 in\ue000 definitive\ue000 proxy\ue000 or\ue000 information\ue000 statements\ue000 incorporated\ue000 by reference\ue000 in\ue000 Part\ue000 III\ue000 of\ue000 this\ue000 Form\ue000 10-K\ue000 or\ue000 any\ue000 amendment\ue000 to\ue000 this\ue000 Form\ue000 10-K.\ue000 \ue000x

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 large\ue000 accelerated\ue000 filer,\ue000 an\ue000 accelerated\ue000 filer,\ue000 a\ue000 non-accelerated\ue000 filer,\ue000 or\ue000 a smaller\ue000 reporting\ue000 company.\ue000 See\ue000 the\ue000 definitions\ue000 of\ue000 \u201clarge\ue000 accelerated\ue000 filer,\u201d\ue000 \u201caccelerated\ue000 filer,\u201d\ue000 and\ue000 \u201csmaller\ue000 reporting\ue000 company\u201d in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act.

Large\ue000 accelerated\ue000 filer\ue000 \ue000x\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Accelerated\ue000 filer\ue000 \ue000o\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Non-Accelerated\ue000 filer\ue000 \ue000o\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 Smaller\ue000 reporting\ue000 company\ue000 \ue000o
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 shell\ue000 company\ue000 (as\ue000 defined\ue000 in\ue000 Exchange\ue000 Act\ue000 Rule\ue000 12b-2).
\ue000\ue000\ue000\ue000Yes\ue000 \ue000o \ue000\ue000\ue000\ue000No\ue000 \ue000x

The\ue000 aggregate\ue000 market\ue000 value\ue000 of\ue000 common\ue000 stock\ue000 held\ue000 by\ue000 non-affiliates\ue000 of\ue000 the\ue000 registrant\ue000 as\ue000 of\ue000 the\ue000 last\ue000 business\ue000 day\ue000 of\ue000 the
registrant\u2019s\ue000 most\ue000 recently\ue000 completed\ue000 second\ue000 fiscal\ue000 quarter\ue000 was\ue000 approximately\ue000 $1.5\ue000 billion.\ue000 For\ue000 purposes\ue000 of\ue000 the\ue000 foregoing
calculation\ue000 only,\ue000 executive\ue000 officers\ue000 and\ue000 directors\ue000 of\ue000 the\ue000 registrant\ue000 have\ue000 been\ue000 deemed\ue000 to\ue000 be\ue000 affiliates.\ue000 There\ue000 were\ue000 88,009,707
shares\ue000 of\ue000 common\ue000 stock\ue000 of\ue000 the\ue000 registrant\ue000 outstanding,\ue000 net\ue000 of\ue000 treasury\ue000 shares,\ue000 as\ue000 of\ue000 February\ue000 13,\ue000 2009.

DOCUMENTS\ue000 INCORPORATED\ue000 BY\ue000 REFERENCE
The\ue000 definitive\ue000 proxy\ue000 statement\ue000 relating\ue000 to\ue000 the\ue000 registrant\u2019s\ue000 2009\ue000 Annual\ue000 Meeting\ue000 of\ue000 Stockholders\ue000 is\ue000 incorporated\ue000 by
reference\ue000 in\ue000 Part\ue000 III\ue000 to\ue000 the\ue000 extent\ue000 described\ue000 therein.
\ue000
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TABLE\ue000 OF\ue000 CONTENTS
\ue000
\ue000
\ue000
Page
\ue000
Cautionary\ue000 Statement\ue000 Regarding\ue000 Forward-Looking\ue000 Statements\ue000\ue000\ue000\ue000\ue000
ii
\ue000
\ue000
\ue000
PART\ue000 I
\ue000
\ue000
\ue000
\ue000
\ue000
Item\ue000 1.
Business\ue000\ue000\ue000\ue000\ue000
1
Item\ue000 1A.
Risk\ue000 Factors\ue000\ue000\ue000\ue000\ue000
14
Item\ue000 1B.
Unresolved\ue000 Staff\ue000 Comments\ue000\ue000\ue000\ue000\ue000
17
Item\ue000 2.
Properties\ue000\ue000\ue000\ue000\ue000
17
Item\ue000 3.
Legal\ue000 Proceedings\ue000\ue000\ue000\ue000\ue000
18
Item\ue000 4.
Submission\ue000 of\ue000 Matters\ue000 to\ue000 a\ue000 Vote\ue000 of\ue000 Security\ue000 Holders\ue000\ue000\ue000\ue000\ue000
18
PART\ue000 II
\ue000
\ue000
\ue000
\ue000
\ue000
Item\ue000 5.
Market\ue000 for\ue000 Registrant\u2019s\ue000 Common\ue000 Equity,\ue000 Related\ue000 Stockholder\ue000 Matters\ue000 and\ue000 Issuer\ue000 Purchases\ue000 of\ue000 Equity
Securities\ue000\ue000\ue000\ue000\ue000
19
Item\ue000 6.
Selected\ue000 Financial\ue000 Data\ue000\ue000\ue000\ue000\ue000
20
Item\ue000 7.
Management\u2019s\ue000 Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial\ue000 Condition\ue000 and\ue000 Results\ue000 of\ue000 Operations\ue000\ue000\ue000\ue000\ue000
26
Item\ue000 7A.
Quantitative\ue000 and\ue000 Qualitative\ue000 Disclosures\ue000 About\ue000 Market\ue000 Risk\ue000\ue000\ue000\ue000\ue000
64
Item\ue000 8.
Financial\ue000 Statements\ue000 and\ue000 Supplementary\ue000 Data\ue000\ue000\ue000\ue000\ue000
65
Item\ue000 9.
Changes\ue000 in\ue000 and\ue000 Disagreements\ue000 with\ue000 Accountants\ue000 on\ue000 Accounting\ue000 and\ue000 Financial\ue000 Disclosure\ue000\ue000\ue000\ue000\ue000
65
Item\ue000 9A.
Controls\ue000 and\ue000 Procedures\ue000\ue000\ue000\ue000\ue000
65
Item\ue000 9B.
Other\ue000 Information\ue000\ue000\ue000\ue000\ue000
66
\ue000
\ue000
\ue000
PART\ue000 III
\ue000
\ue000
\ue000
\ue000
\ue000
Item\ue000 10.
Directors\ue000 and\ue000 Executive\ue000 Officers\ue000 of\ue000 the\ue000 Registrant\ue000\ue000\ue000\ue000\ue000
67
Item\ue000 11.
Executive\ue000 Compensation\ue000\ue000\ue000\ue000\ue000
67
Item\ue000 12.
Security\ue000 Ownership\ue000 of\ue000 Certain\ue000 Beneficial\ue000 Owners\ue000 and\ue000 Management\ue000 and\ue000 Related\ue000 Stockholder
Matters\ue000\ue000\ue000\ue000\ue000
67
Item\ue000 13.
Certain\ue000 Relationships\ue000 and\ue000 Related\ue000 Transactions\ue000\ue000\ue000\ue000\ue000
67
Item\ue000 14.
Principal\ue000 Accountant\ue000 Fees\ue000 and\ue000 Services\ue000\ue000\ue000\ue000\ue000
67
\ue000
\ue000
\ue000
PART\ue000 IV
\ue000
\ue000
\ue000
\ue000
\ue000
Item\ue000 15.
Exhibits\ue000 and\ue000 Financial\ue000 Statement\ue000 Schedules\ue000\ue000\ue000\ue000\ue000
68
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i
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