Each fall, the American Institute of Physics (AIP's) Statistical Research Center conducts its Survey of Enrollments and Degrees. The survey is sent to all degree-granting physics and astronomy departments in the U.S. and Puerto Rico, and asks them to provide the number of degrees they conferred in the previous academic year. The academic year is defined as being from September to August. In the academic year 2011-12 there were 195 departments with a physics PhD program. Responses were received from 96% of these departments. Estimates were derived and included in the totals for non-responding departments. This "focus on" provides an in-depth analysis of physics PhD production in the U.S. It presents detailed trends on the number of physics PhDs awarded in the U.S. including data on citizenship, women, and minorities. It includes data on recent PhD recipients such as time to degree, subfield of dissertation, and general satisfaction with degree. The number of physics PhDs awarded in the U.S. continued to climb with the class of 2012, reaching a new high. The 1,762 physics PhDs awarded in the class of 2012 represented a 4% increase over the previous year and a 62% increase from a recent low 8 years earlier. An appendix presents the number of physics doctorates conferred in academic years 2002-2012.