Earnings per Share

6 Months Ended

Jun. 30, 2024

At December 31, 2023, there were 435,000 Class A units, 8,498 Class B units, and 3,583 Class C units (in thousands) outstanding which converted to common shares on a one-for-one basis effective March 4, 2024. On June 25, 2024, the Company effectuated a reverse stock split at a ratio of one share of common stock for every 4.295 shares of common stock and resulted in 104,094 shares (in thousands) outstanding. There were no participating shares or securities outstanding during the three and six months ended June 30, 2024.

The following table sets forth the computation of earnings per share (EPS) in 2024:


	Three Months Ended June 30, 2024					Six Months Ended June 30, 2024
	Net Income Attributable to the Company		Shares(1)	Basic and Diluted EPS		Net Income Attributable to the Company		Shares(1)	Basic and Diluted EPS
	(in thousands, except for per share amounts)
Common shares	$	51,737	104,094	$	0.50	$	100,693	104,094	$	0.97

At June 30, 2023, Concentra’s capital structure included Class A, B and C units outstanding and unvested restricted interests and outstanding options. To calculate EPS for the three and six months ended June 30, 2023, Concentra applied the two-class method because its unvested restricted interests and outstanding options were participating securities.

The following table sets forth the net income attributable to the Company, its units outstanding, and its participating units outstanding:


	Three Months Ended June 30, 2023		Six Months Ended June 30, 2023
	(in thousands)
Net income	$	54,032	$	101,463
Less: net income attributable to non-controlling interests	1,290		2,457
Net income attributable to the Company	52,742		99,006
Less: Distributed and undistributed income attributable to participating shares	148		287
Distributed and undistributed income attributable to outstanding shares	$	52,594	$	98,719

The following table sets forth the computation of EPS in 2023, under the two-class method:


	Three Months Ended June 30, 2023					Six Months Ended June 30, 2023
	Net Income Allocation		Shares(1)(2)	Basic and Diluted EPS		Net Income Allocation		Shares(1)(2)	Basic and Diluted EPS
	(in thousands, except for per share amounts)
Outstanding Class A, Class B, and Class C shares	$	52,594	103,962	$	0.51	$	98,719	103,952	$	0.95
Participating shares	148		292	$	0.51	287		302	$	0.95
Total Company	$	52,742				$	99,006

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(1) The recapitalization of the members units into common shares has been treated as such for earnings per share purposes and has been reflected retrospectively for all periods, along with the one for 4.295 reverse stock split, as described in Note 1, Organization.

(2) Represents the weighted average units outstanding during the period.