<PAGE>
    As filed with the Securities and Exchange Commission on February 7, 2003
                                                      Registration No. 333-82932
--------------------------------------------------------------------------------

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                             ----------------------
                                    FORM S-8
                          REGISTRATION STATEMENT UNDER
                           THE SECURITIES ACT OF 1933

                           U.S. PHYSICAL THERAPY, INC.
                           ---------------------------
             (Exact name of registrant as specified in its charter)

                                     NEVADA
                                     ------
         (State or other jurisdiction of incorporation or organization)

                                   76-0364866
                                   ----------
                      (I.R.S. employer identification no.)

                 1300 West Sam Houston Parkway South, Suite 300,
                              Houston, Texas 77042
                              --------------------
               (Address of principal executive offices) (Zip code)

                           U.S. Physical Therapy, Inc.
                       Nonstatutory Stock Option Agreement
                       -----------------------------------
                            (Full title of the plan)

                   J. Michael Mullin, Chief Financial Officer
                           U.S. Physical Therapy, Inc.
                 1300 West Sam Houston Parkway South, Suite 300,
                              Houston, Texas 77042
                ------------------------------------------------
                     (Name and address of agent for service)

                                 (713) 297-7000
       ------------------------------------------------------------------
          (Telephone number, including area code, of agent for service)

                                    COPY TO:
                               Eddy J. Rogers, Jr.
                             Andrews & Kurth L.L.P.
                             600 Travis, Suite 4200
                            Houston, Texas 77002-2778
                                 (713) 220-4200

                         CALCULATION OF REGISTRATION FEE

<Table>
<Caption>
Title of securities              Amount to be       Proposed maximum             Proposed maximum              Amount of
to be registered                  registered     offering price per share     aggregate offering price     registration fee
-------------------              ------------    ------------------------     ------------------------     ----------------
<S>                              <C>             <C>                          <C>                          <C>
Common Stock,
par value $.01 per share            40,000               $12.35 (1)                $494,000 (1)                 $45.45
</Table>

         (1) Estimated solely for purposes of calculating the registration fee,
in accordance with Rule 457, on the basis of the price of the securities of the
same class, as determined in accordance with Rule 457 (c) , using the average of
the high and low prices reported on the Nasdaq Stock Market for the Common Stock
on February 3, 2003.


<PAGE>



                                     PART I


              INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

         The document containing the information specified in Part I will be
sent or given to the employee as specified by Rule 428(b)(1). In accordance with
the instructions to Part I of Form S-8, such document will not be filed with the
Commission either as part of this registration statement or as prospectuses or
prospectus supplements pursuant to Rule 424.


                                     PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.

         U.S. Physical Therapy, Inc. (the "Registrant") hereby incorporates by
reference into this registration statement the following documents:

         (a)      The Registrant's Annual Report on Form 10-K for the year ended
                  December 31, 2001;

         (b)      The Registrant's Quarterly Report on Form 10-Q for the quarter
                  ended March 31, 2002;

         (c)      The Registrant's Quarterly Report on Form 10-Q for the quarter
                  ended June 30, 2002;

         (d)      The Registrant's Quarterly Report on Form 10-Q for the quarter
                  ended September 30, 2002;

         (e)      The description of the Registrant's common stock contained in
                  the Registrant's Form 8-A filed with the Securities and
                  Exchange Commission on May 7, 1992; and

         (f)      All documents filed by the Registrant subsequent to the date
                  hereof pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
                  Securities Exchange Act of 1934, prior to the filing of a
                  post-effective amendment which indicates that all securities
                  offered have been sold or which deregisters all securities
                  remaining unsold.



                                      -2-
<PAGE>



ITEM 4. DESCRIPTION OF SECURITIES.

         A description of the Registrant's common stock, par value $0.01 per
share, is incorporated by reference under Item 3.

ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.

         Not applicable.

ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.

         (a) Article EIGHT of the Registrant's Articles of Incorporation is set
forth as Exhibit 3.1 to the Registrant's Quarterly Report on Form 10-Q for the
quarter ended June 30, 2001 filed with the Securities and Exchange Commission on
August 14, 2001 and is incorporated herein by reference.

         (b) Sections 78.751 and 78.752 of the General Corporation Law of the
State of Nevada, entitled "Indemnification of officers, directors, employees and
agents; advancement of expenses" and "Insurance and other financial arrangements
against liability of directors, officers, employees and agents", respectively,
are set forth as Exhibit 28.2 to the Registrant's Form S-8 Registration
Statement (Registration No. 33-63446) filed with the Securities and Exchange
Commission on May 27, 1993 and are incorporated herein by reference.

         (c) The Registrant has in effect a policy of liability insurance
covering its directors and officers.

         Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers, and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that, in the opinion of the Securities and Exchange
Commission, such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of the expenses incurred or paid by a director, officer or
controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the Registrant will, unless
in the opinion of counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.



                                      -3-
<PAGE>



ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.

        Not applicable.

ITEM 8. EXHIBITS.

Exhibit
Number                     Description

4.1     U.S. Physical Therapy, Inc. Nonstatutory Stock Option
        Agreement dated February 7, 2001 (filed as an exhibit to the
        Company's Form 10-Q for the quarter ended June 30, 2001 and
        incorporated herein by reference)

4.2     U.S. Physical Therapy, Inc. Nonstatutory Stock Option
        Agreement dated February 26, 2002.

5       Opinion of Kummer Kaempfer Bonner & Renshaw

23.1    Consent of KPMG LLP

23.2    Consent of Kummer Kaempfer Bonner & Renshaw  (See Exhibit 5)

ITEM 9. UNDERTAKINGS.

        (a)    The undersigned Registrant hereby undertakes:

               (1)    To file, during any period in which offers or sales
                      are being made, a post-effective amendment to this
                      registration statement:

                      (i)    To include any prospectus required by Section
                             10(a)(3) of the Securities Act of 1933;

                      (ii)   To reflect in the prospectus any facts or events
                             arising after the effective date of the
                             registration statement (or the most recent
                             post-effective amendment thereof) which,
                             individually or in the aggregate, represent a
                             fundamental change in the information set forth in
                             the registration statement. Notwithstanding the
                             foregoing, any increase or decrease in volume of
                             securities offered (if the total dollar value of
                             securities offered would not exceed that which was
                             registered) and any deviation from the low or high
                             end of the estimated maximum offering range may be
                             reflected in the form of prospectus filed with the
                             Commission pursuant to Rule 424(b) if, in the
                             aggregate, the changes in volume and price
                             represent no more than a 20% change in the maximum
                             aggregate offering price set forth in the
                             "Calculation of Registration Fee" table in the
                             effective registration statement;

                      (iii)  To include any material information with respect to
                             the plan of distribution not previously disclosed
                             in the registration statement or any material
                             change to such information in the registration
                             statement.

               (2)    That, for the purpose of determining any liability under
                      the Securities Act of 1933, each such post-effective
                      amendment shall be deemed to be a new registration
                      statement relating to the securities offered therein, and
                      the offering of such securities at that time shall be
                      deemed to be the initial bona fide offering thereof.



                                      -4-
<PAGE>

               (3)    To remove from registration by means of a post-effective
                      amendment any of the securities being registered which
                      remain unsold at the termination of the offering.

        (b)    The undersigned Registrant hereby undertakes that, for purposes
               of determining any liability under the Securities Act of 1933,
               each filing of the Registrant's annual report pursuant to Section
               13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where
               applicable, each filing of an employee benefit plan's annual
               report pursuant to Section 15(d) of the Securities Exchange Act
               of 1934) that is incorporated by reference in the registration
               statement shall be deemed to be a new registration statement
               relating to the securities offered therein, and the offering of
               such securities at that time shall be deemed to be the initial
               bona fide offering thereof. ---- ----

        (c)    The undertaking concerning indemnification is set forth under the
               response to Item 6.

        (e)    The undersigned Registrant hereby undertakes to deliver or cause
               to be delivered with the prospectus, to each person to whom the
               prospectus is sent or given, the latest annual report to security
               holders that is incorporated by reference in the prospectus and
               furnished pursuant to and meeting the requirements of Rule 14a-3
               or Rule 14c-3 under the Securities Exchange Act of 1934; and,
               where interim financial information required to be presented by
               Article 3 of Regulation S-X are not set forth in the prospectus,
               to deliver, or cause to be delivered to each person to whom the
               prospectus is sent or given, the latest quarterly report that is
               specifically incorporated by reference in the prospectus to
               provide such interim financial information.




                                      -5-
<PAGE>


                                  SIGNATURES

        Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Houston, State of Texas, on this 7th day of February,
2003.

                                U.S. PHYSICAL THERAPY, INC.



                       By:      /s/ Roy W. Spradlin
                                -------------------
                                Roy W. Spradlin
                                Chairman of the Board, President and Chief
                                Executive Officer
                                (Principal Executive Officer)


         Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the date indicated.

<Table>
<Caption>
    SIGNATURE                      TITLE                          DATE
<S>                        <C>                               <C>
/s/ Roy W. Spradlin
------------------------
Roy W. Spradlin            Chairman of the Board,            February 7, 2003
                           President, Chief Executive        ----------------
                           Officer
                           (Principal Executive Officer)


/s/ J. Michael Mullin
------------------------
J. Michael Mullin          Chief Financial Officer           February 7, 2003
                           (Principal Financial and          ----------------
                           Accounting Officer)
</Table>


                                      -6-
<PAGE>
<Table>
<Caption>
    SIGNATURE                      TITLE                          DATE

<S>                        <C>                              <C>
/s/ Daniel C. Arnold
------------------------
Daniel C. Arnold           Director                          February 7, 2003
                                                             ----------------


/s/ Mark J. Brookner
------------------------
Mark J. Brookner           Vice Chairman of the Board        February 7, 2003
                                                             ----------------


/s/ Bruce D. Broussard
------------------------
Bruce D. Broussard         Director                          February 7, 2003
                                                             ----------------


/s/ James B. Hoover
------------------------
James B. Hoover            Director                          February 7, 2003
                                                             ----------------


/s/ Marlin W. Johnston
------------------------
Marlin W. Johnston         Director                          February 7, 2003
                                                             ----------------


/s/ Albert L. Rosen
------------------------
Albert L. Rosen             Director                         February 7, 2003
                                                             ----------------
</Table>


                                      -7-
<PAGE>

                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit
Number                     Description
-------                    -----------

<S>      <C>
4.1      U.S. Physical Therapy, Inc. Nonstatutory Stock Option Agreement dated
         February 7, 2001 (filed as an exhibit to the Company's Form 10-Q for
         the quarter ended June 30, 2001 and incorporated herein by reference)

4.2      U.S. Physical Therapy, Inc. Nonstatutory Stock Option Agreement dated
         February 26, 2002

5        Opinion of Kummer Kaempfer Bonner & Renshaw

23.1     Consent of KPMG LLP

23.2     Consent of Kummer Kaempfer Bonner & Renshaw (See Exhibit 5)
</TABLE>


                                      -8-
[{"type": "S-8", "sequence": "1", "filename": "h03004sv8.txt", "description": "U.S. PHYSICAL THERAPY, INC.", "secsgml_size_bytes": 17290}]
{"company-data": {"conformed-name": "U S PHYSICAL THERAPY INC /NV", "cik": "0000885978", "assigned-sic": "8000", "irs-number": "760364866", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-103057", "film-number": "03545653"}, "business-address": {"street1": "3040 POST OAK BLVD STE 222", "city": "HOUSTON", "state": "TX", "zip": "77056", "phone": "7132977000"}, "mail-address": {"street1": "3040 POST OAK BLVD", "street2": "SUITE 222", "city": "HOUSTON", "state": "TX", "zip": "77056"}}
As filed with the Securities and Exchange Commission on February 7, 2003
                                                      Registration No. 333-82932
--------------------------------------------------------------------------------

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                             ----------------------
                                    FORM S-8
                          REGISTRATION STATEMENT UNDER
                           THE SECURITIES ACT OF 1933

                           U.S. PHYSICAL THERAPY, INC.
                           ---------------------------
             (Exact name of registrant as specified in its charter)

                                     NEVADA
                                     ------
         (State or other jurisdiction of incorporation or organization)

                                   76-0364866
                                   ----------
                      (I.R.S. employer identification no.)

                 1300 West Sam Houston Parkway South, Suite 300,
                              Houston, Texas 77042
                              --------------------
               (Address of principal executive offices) (Zip code)

                           U.S. Physical Therapy, Inc.
                       Nonstatutory Stock Option Agreement
                       -----------------------------------
                            (Full title of the plan)

                   J. Michael Mullin, Chief Financial Officer
                           U.S. Physical Therapy, Inc.
                 1300 West Sam Houston Parkway South, Suite 300,
                              Houston, Texas 77042
                ------------------------------------------------
                     (Name and address of agent for service)

                                 (713) 297-7000
       ------------------------------------------------------------------
          (Telephone number, including area code, of agent for service)

                                    COPY TO:
                               Eddy J. Rogers, Jr.
                             Andrews & Kurth L.L.P.
                             600 Travis, Suite 4200
                            Houston, Texas 77002-2778
                                 (713) 220-4200

                         CALCULATION OF REGISTRATION FEE
Title of securities              Amount to be       Proposed maximum             Proposed maximum              Amount of
to be registered                  registered     offering price per share     aggregate offering price     registration fee
-------------------              ------------    ------------------------     ------------------------     ----------------
Common Stock,
par value $.01 per share            40,000               $12.35 (1)                $494,000 (1)                 $45.45
(1) Estimated solely for purposes of calculating the registration fee,
in accordance with Rule 457, on the basis of the price of the securities of the
same class, as determined in accordance with Rule 457 (c) , using the average of
the high and low prices reported on the Nasdaq Stock Market for the Common Stock
on February 3, 2003.
PART I

              INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

         The document containing the information specified in Part I will be
sent or given to the employee as specified by Rule 428(b)(1). In accordance with
the instructions to Part I of Form S-8, such document will not be filed with the
Commission either as part of this registration statement or as prospectuses or
prospectus supplements pursuant to Rule 424.

                                     PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.

         U.S. Physical Therapy, Inc. (the "Registrant") hereby incorporates by
reference into this registration statement the following documents:

         (a)      The Registrant's Annual Report on Form 10-K for the year ended
                  December 31, 2001;

         (b)      The Registrant's Quarterly Report on Form 10-Q for the quarter
                  ended March 31, 2002;

         (c)      The Registrant's Quarterly Report on Form 10-Q for the quarter
                  ended June 30, 2002;

         (d)      The Registrant's Quarterly Report on Form 10-Q for the quarter
                  ended September 30, 2002;

         (e)      The description of the Registrant's common stock contained in
                  the Registrant's Form 8-A filed with the Securities and
                  Exchange Commission on May 7, 1992; and

         (f)      All documents filed by the Registrant subsequent to the date
                  hereof pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
                  Securities Exchange Act of 1934, prior to the filing of a
                  post-effective amendment which indicates that all securities
                  offered have been sold or which deregisters all securities
                  remaining unsold.

                                      -2-
ITEM 4. DESCRIPTION OF SECURITIES.

         A description of the Registrant's common stock, par value $0.01 per
share, is incorporated by reference under Item 3.

ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.

         Not applicable.

ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.

         (a) Article EIGHT of the Registrant's Articles of Incorporation is set
forth as Exhibit 3.1 to the Registrant's Quarterly Report on Form 10-Q for the
quarter ended June 30, 2001 filed with the Securities and Exchange Commission on
August 14, 2001 and is incorporated herein by reference.

         (b) Sections 78.751 and 78.752 of the General Corporation Law of the
State of Nevada, entitled "Indemnification of officers, directors, employees and
agents; advancement of expenses" and "Insurance and other financial arrangements
against liability of directors, officers, employees and agents", respectively,
are set forth as Exhibit 28.2 to the Registrant's Form S-8 Registration
Statement (Registration No. 33-63446) filed with the Securities and Exchange
Commission on May 27, 1993 and are incorporated herein by reference.

         (c) The Registrant has in effect a policy of liability insurance
covering its directors and officers.

         Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers, and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that, in the opinion of the Securities and Exchange
Commission, such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of the expenses incurred or paid by a director, officer or
controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the Registrant will, unless
in the opinion of counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.

                                      -3-
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.

        Not applicable.

ITEM 8. EXHIBITS.

Exhibit
Number                     Description

4.1     U.S. Physical Therapy, Inc. Nonstatutory Stock Option
        Agreement dated February 7, 2001 (filed as an exhibit to the
        Company's Form 10-Q for the quarter ended June 30, 2001 and
        incorporated herein by reference)

4.2     U.S. Physical Therapy, Inc. Nonstatutory Stock Option
        Agreement dated February 26, 2002.

5       Opinion of Kummer Kaempfer Bonner & Renshaw

23.1    Consent of KPMG LLP

23.2    Consent of Kummer Kaempfer Bonner & Renshaw  (See Exhibit 5)

ITEM 9. UNDERTAKINGS.

        (a)    The undersigned Registrant hereby undertakes:

               (1)    To file, during any period in which offers or sales
                      are being made, a post-effective amendment to this
                      registration statement:

                      (i)    To include any prospectus required by Section
                             10(a)(3) of the Securities Act of 1933;

                      (ii)   To reflect in the prospectus any facts or events
                             arising after the effective date of the
                             registration statement (or the most recent
                             post-effective amendment thereof) which,
                             individually or in the aggregate, represent a
                             fundamental change in the information set forth in
                             the registration statement. Notwithstanding the
                             foregoing, any increase or decrease in volume of
                             securities offered (if the total dollar value of
                             securities offered would not exceed that which was
                             registered) and any deviation from the low or high
                             end of the estimated maximum offering range may be
                             reflected in the form of prospectus filed with the
                             Commission pursuant to Rule 424(b) if, in the
                             aggregate, the changes in volume and price
                             represent no more than a 20% change in the maximum
                             aggregate offering price set forth in the
                             "Calculation of Registration Fee" table in the
                             effective registration statement;

                      (iii)  To include any material information with respect to
                             the plan of distribution not previously disclosed
                             in the registration statement or any material
                             change to such information in the registration
                             statement.

               (2)    That, for the purpose of determining any liability under
                      the Securities Act of 1933, each such post-effective
                      amendment shall be deemed to be a new registration
                      statement relating to the securities offered therein, and
                      the offering of such securities at that time shall be
                      deemed to be the initial bona fide offering thereof.

                                      -4-
(3)    To remove from registration by means of a post-effective
                      amendment any of the securities being registered which
                      remain unsold at the termination of the offering.

        (b)    The undersigned Registrant hereby undertakes that, for purposes
               of determining any liability under the Securities Act of 1933,
               each filing of the Registrant's annual report pursuant to Section
               13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where
               applicable, each filing of an employee benefit plan's annual
               report pursuant to Section 15(d) of the Securities Exchange Act
               of 1934) that is incorporated by reference in the registration
               statement shall be deemed to be a new registration statement
               relating to the securities offered therein, and the offering of
               such securities at that time shall be deemed to be the initial
               bona fide offering thereof. ---- ----

        (c)    The undertaking concerning indemnification is set forth under the
               response to Item 6.

        (e)    The undersigned Registrant hereby undertakes to deliver or cause
               to be delivered with the prospectus, to each person to whom the
               prospectus is sent or given, the latest annual report to security
               holders that is incorporated by reference in the prospectus and
               furnished pursuant to and meeting the requirements of Rule 14a-3
               or Rule 14c-3 under the Securities Exchange Act of 1934; and,
               where interim financial information required to be presented by
               Article 3 of Regulation S-X are not set forth in the prospectus,
               to deliver, or cause to be delivered to each person to whom the
               prospectus is sent or given, the latest quarterly report that is
               specifically incorporated by reference in the prospectus to
               provide such interim financial information.

                                      -5-
SIGNATURES

        Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Houston, State of Texas, on this 7th day of February,
2003.

                                U.S. PHYSICAL THERAPY, INC.

                       By:      /s/ Roy W. Spradlin
                                -------------------
                                Roy W. Spradlin
                                Chairman of the Board, President and Chief
                                Executive Officer
                                (Principal Executive Officer)

         Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the date indicated.
SIGNATURE                      TITLE                          DATE
/s/ Roy W. Spradlin
------------------------
Roy W. Spradlin            Chairman of the Board,            February 7, 2003
                           President, Chief Executive        ----------------
                           Officer
                           (Principal Executive Officer)

/s/ J. Michael Mullin
------------------------
J. Michael Mullin          Chief Financial Officer           February 7, 2003
                           (Principal Financial and          ----------------
                           Accounting Officer)
-6-
SIGNATURE                      TITLE                          DATE
/s/ Daniel C. Arnold
------------------------
Daniel C. Arnold           Director                          February 7, 2003
                                                             ----------------

/s/ Mark J. Brookner
------------------------
Mark J. Brookner           Vice Chairman of the Board        February 7, 2003
                                                             ----------------

/s/ Bruce D. Broussard
------------------------
Bruce D. Broussard         Director                          February 7, 2003
                                                             ----------------

/s/ James B. Hoover
------------------------
James B. Hoover            Director                          February 7, 2003
                                                             ----------------

/s/ Marlin W. Johnston
------------------------
Marlin W. Johnston         Director                          February 7, 2003
                                                             ----------------

/s/ Albert L. Rosen
------------------------
Albert L. Rosen             Director                         February 7, 2003
                                                             ----------------
-7-
EXHIBIT INDEX
Exhibit
Number                     Description
-------                    -----------
4.1      U.S. Physical Therapy, Inc. Nonstatutory Stock Option Agreement dated
         February 7, 2001 (filed as an exhibit to the Company's Form 10-Q for
         the quarter ended June 30, 2001 and incorporated herein by reference)

4.2      U.S. Physical Therapy, Inc. Nonstatutory Stock Option Agreement dated
         February 26, 2002

5        Opinion of Kummer Kaempfer Bonner & Renshaw

23.1     Consent of KPMG LLP

23.2     Consent of Kummer Kaempfer Bonner & Renshaw (See Exhibit 5)
-8-