Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of calculation of basic and diluted earnings per share

Computations of basic and diluted net income (loss) per share were as follows (in thousands, except per share data):


	Year Ended December 31,
	2022		2021		2020
Numerator
Net income (loss) attributable to AdaptHealth Corp.	$	69,316	$	156,175	$	(161,632)
Less: Earnings allocated to participating securities (1)	5,867		14,379		—
Net income (loss) for basic EPS	$	63,449	$	141,796	$	(161,632)
Change in fair value of warrant liability (2)	(17,158)		(53,181)		—
Net income (loss) for diluted EPS	$	46,291	$	88,615	$	(161,632)

Denominator (1) (2)
Basic weighted-average common shares outstanding	134,175		126,306		52,488
Add: Warrants (2)	1,528		2,377		—
Add: Stock options	2,512		3,782		—
Add: Unvested restricted stock	773		569		—
Diluted weighted-average common shares outstanding	138,988		133,034		52,488

Basic net income (loss) per share	$	0.47	$	1.12	$	(3.08)
Diluted net income (loss) per share	$	0.33	$	0.67	$	(3.08)

(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. There was no amount allocated to the participating securities during the year ended December 31, 2020 due to the net loss reported in that period.

(2)For the years ended December 31, 2022 and 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. This adjustment is included as the effect of the numerator and denominator adjustments for this derivative instrument is dilutive as a result of the non-cash gains recorded for the change in fair value of this instrument during those periods. For the year ended December 31, 2020, the numerator and denominator for the diluted net loss per share computation is the same as used in the basic net loss per share computation and therefore excludes the effect of potential dilutive securities as their inclusion would have been anti-dilutive.

Schedule of antidilutive shares

The table below provides the weighted-average number of potential common shares associated with outstanding securities not included in the Company’s computation of diluted net income (loss) per share for the years ended December 31, 2022, 2021 and 2020 because to do so would be anti-dilutive (in thousands):


	Year Ended December 31,
	2022	2021	2020
Preferred Stock	12,406	12,808	10,077
Warrants	—	—	1,902
Stock Options	469	—	1,539
Unvested restricted stock	—	—	659
Contingent Consideration Common Shares	—	—	2,000
Total	12,875	12,808	16,177