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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share

Schedule of calculation of basic and diluted earnings per share


		Three Months Ended June 30,						Six Months Ended June 30,
		2022			2021			2022			2021
Numerator
Net income attributable to AdaptHealth Corp.		$	14,032		$	79,107		$	55,782		$	75,141
Less: Earnings allocated to participating securities ⁽¹⁾			1,186			6,908			4,721			7,431
Net income for basic EPS		$	12,846		$	72,199		$	51,061		$	67,710
Change in fair value of warrant liability ⁽²⁾			—			(37,454)			(18,509)			(40,622)
Change in fair value of contingent consideration common shares liability ⁽²⁾			—			(18,357)			—			(19,991)
Net income for diluted EPS		$	12,846		$	16,388		$	32,552		$	7,097

Denominator ^{(1) (2)}
Basic weighted-average common shares outstanding			134,332			129,664			134,178			120,438
Add: Warrants ⁽²⁾			—			2,554			1,313			2,736
Add: Contingent Consideration Common Shares ⁽²⁾			—			2,000			—			2,000
Add: Stock options			2,472			1,533			2,597			1,641
Add: Unvested restricted stock			211			831			247			905
Diluted weighted-average common shares outstanding			137,015			136,582			138,335			127,720

Basic net income per share		$	0.10		$	0.56		$	0.38		$	0.56
Diluted net income per share		$	0.09		$	0.12		$	0.24		$	0.06

(1)

The Company’s preferred stock are considered participating securities. Computation of EPS under the two-class method excludes from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the denominator.

(2)

For the six months ended June 30, 2022, and the three and six months ended June 30, 2021, the impact to earnings from the change in fair value of the Company’s warrant liability is excluded from the numerator, and the corresponding security is included in the denominator, for purposes of computing diluted net income per share. For the three and six months ended June 30, 2021, the impact to earnings from the change in fair value of the Company’s contingent consideration common shares liability is excluded from the numerator, and the corresponding security is considered for inclusion in the denominator, for purposes of computing diluted net income per share. These adjustments are included as the effect of the numerator and denominator adjustments for these derivative instruments is dilutive as a result of the non-cash gains recorded for the change in fair value of these instruments during the periods.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]


		Three Months Ended June 30,							Six Months Ended June 30,
		2022			2021			2022			2021
Preferred Stock			12,406			12,406			12,406			13,217
Warrants			1,168			—			—			—
Stock options			468			—			468			—
Unvested restricted stock			391			—			336			—
Total			14,433			12,406			13,210			13,217