Earnings Per Share

12 Months Ended

Dec. 31, 2025

4. Earnings Per Share

The following table sets forth the computation of basic and diluted (loss) earnings per share for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share amounts):


	Year Ended December 31,
	2025			2024		2023
Numerator:
Net (loss) income attributable to Acadia Healthcare Company, Inc.	$	(1,102,772	)	$	255,612	$	(21,667	)
Denominator:
Weighted-average shares outstanding for basic earnings per share		90,705			91,621		90,949
Effects of dilutive instruments		—			438		—
Shares used in computing diluted earnings per common share		90,705			92,059		90,949

(Loss) earnings per share attributable to Acadia Healthcare Company, Inc. stockholders:
Basic	$	(12.16	)	$	2.79	$	(0.24	)
Diluted	$	(12.16	)	$	2.78	$	(0.24	)

For the years ended December 31, 2025 and 2023, respectively, approximately 0.6 million and 0.9 million outstanding shares of restricted stock and shares of common stock issuable upon exercise of outstanding stock option awards have been excluded from the calculation of dilutive weighted-average shares outstanding. These shares are excluded from the calculation of diluted earnings per share in the consolidated statement of operations because the net loss for the years ended December 31, 2025 and 2023 causes such securities to be anti-dilutive. Approximately 1.0 million, 0.7 million and 0.3 million shares of restricted stock and common stock issuable upon exercise of outstanding stock options were excluded from the calculation of diluted earnings per share for the years ended December 31, 2025, 2024 and 2023, respectively, because their effect would have been anti-dilutive.