Net Income (Loss) Per Share

6 Months Ended

Jun. 30, 2022

NOTE 8. NET INCOME (LOSS) PER SHARE

The Business Combination was accounted for as a reverse recapitalization by which CMG issued equity for the net assets of the Company accompanied by a recapitalization. Earnings per share have been recast for all historical periods to reflect the Company’s capital structure for all comparative periods.

The following table sets forth the calculation of basic and diluted earnings per share for the periods indicated based on the weighted-average number of common shares outstanding for the period subsequent to the transactions that occurred in connection with the Business Combination (in thousands, except share and per share data):


	Three Months Ended June 30,					Six Months Ended June 30,
	2022			2021		2022			2021
Net (loss) income attributable to CareMax, Inc. class A common stockholders	$	(9,381	)	$	10,057	$	(26,178	)	$	11,359

Weighted average basic shares outstanding		87,422,917			28,404,759		87,395,596			19,649,057
Weighted average diluted shares outstanding		87,422,917			30,906,859		87,395,596			20,907,019

Net (loss) income per share
Basic	$	(0.11	)	$	0.35	$	(0.30	)	$	0.58
Diluted	$	(0.11	)	$	0.33	$	(0.30	)	$	0.54

The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive or because issuance of shares underlying such securities is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022			2021
Series A Warrants and Series B Warrants		8,000		—		8,000	—		—
Public and Private Placement Warrants		5,792		—		5,792	—		—
Earnout Shares		3,200		—		3,200	—		—
Unvested restricted stock units		3,246		—		3,246	—		—
Unvested performance stock units (assuming 100% target payout)		209		—		209	—		—
Unvested options		418		—		418	—		—
Total		20,864		—		20,864	—		—