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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share

Schedule of calculation of basic and diluted earnings per share


		Three Months Ended September 30,						Nine Months Ended September 30,
		2022			2021			2022			2021
Numerator
Net income attributable to AdaptHealth Corp.		$	16,122		$	58,092		$	71,904		$	133,233
Less: Earnings allocated to participating securities ⁽¹⁾			1,360			5,002			6,079			12,572
Net income for basic EPS		$	14,762		$	53,090		$	65,825		$	120,661
Change in fair value of warrant liability ⁽²⁾			—			(16,737)			(17,145)			(57,359)
Change in fair value of contingent consideration common shares liability ⁽²⁾			—			(8,145)			—			(27,718)
Net income for diluted EPS		$	14,762		$	28,208		$	48,680		$	35,584

Denominator ^{(1) (2)}
Basic weighted-average common shares outstanding			134,227			131,684			134,186			124,228
Add: Warrants ⁽²⁾			—			2,245			1,436			2,598
Add: Contingent Consideration Common Shares ⁽²⁾			—			2,000			—			2,000
Add: Stock options			2,903			3,794			2,669			4,112
Add: Unvested restricted stock			453			599			308			700
Diluted weighted-average common shares outstanding			137,583			140,322			138,599			133,638

Basic net income per share		$	0.11		$	0.40		$	0.49		$	0.97
Diluted net income per share		$	0.11		$	0.20		$	0.35		$	0.27

(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 nine months ended September 30, 2022, and the three and nine months ended September 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 nine months ended September 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


		Three Months Ended September 30,							Nine Months Ended September 30,
		2022			2021			2022			2021
Preferred Stock			12,406			12,406			12,406			12,944
Warrants			1,706			—			—			—
Stock options			468			—			468			—
Unvested restricted stock			108			—			221			—
Total			14,688			12,406			13,095			12,944