Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2021

Basic income (loss) per share applicable to common stockholders is computed by dividing earnings applicable to common stockholders by the weighted-average number of common shares outstanding. Diluted income (loss) per share assumes the conversion of any convertible securities using the treasury stock method or the if-converted method.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2021		2020		2021		2020
Numerator:
Net income (loss) attributable to UpHealth, Inc.	$	32,592	$	(521)	$	(3,141)	$	(1,060)
Denominator:
Weighted average shares outstanding(1)	117,628		50,050		95,194		50,050
Diluted effect of stock awards	270		—		—		—
Diluted effect of RSU's	175		—		—		—
Diluted effect of convertible notes	—		—		—		—
Diluted effect of forward share purchase agreement	—		—		—		—
Weighted average shares outstanding assuming dilution	118,073		50,050		95,194		50,050
Net income (loss) per share attributable to UpHealth, Inc.:
Basic	$	0.28	$	(0.01)	$	(0.03)	$	(0.02)
Diluted	$	0.28	$	(0.01)	$	(0.03)	$	(0.02)

(1) The shares and earnings per share available to our common stock holders, prior to the Business Combinations, have been recast to reflect the exchange ratio established in the Business Combinations (1.0 UpHealth Holdings share to 10.28 GigCapital2 share). See Note 3, Business Combinations, for more information.

For the three months ended September 30, 2021, the calculation of dilutive earnings per share excluded outstanding warrants to purchase 18.1 million shares of common stock at $11.50 per share; 0.2 million of stock options; senior convertible notes, convertible into 15.0 million shares of common stock at $10.65 per share; and 1.7 million shares of common stock under the terms of the forward share purchase agreement, because the effect would be anti-dilutive.

For the nine months ended September 30, 2021, the calculation of dilutive earnings per share excluded outstanding warrants to purchase 18.1 million shares of common stock at $11.50 per share; 1.5 million of stock options; 5.2 million of RSUs; senior convertible notes, convertible into 15.0 million shares of common stock at $10.65 per share; and 1.7 million shares of common stock under the terms of the forward share purchase agreement, because the effect would be anti-dilutive.