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Earnings Per Share | 3 Months Ended
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Mar. 31, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Earnings Per Share (EPS) is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period on a basic and diluted basis. The Company computes diluted net income (loss) per share using the more dilutive of the treasury stock method and the two-class method after giving effect to all potential dilutive common stock. The Company’s potentially dilutive securities during the periods presented below include potential common shares related to outstanding warrants, unvested restricted stock, outstanding stock options and outstanding preferred stock. Refer to Note 10, Stockholders' Equity, for additional discussion of these potential dilutive securities. Diluted net income (loss) per share considers the impact of potentially dilutive securities except when the potential common shares have an antidilutive effect. Computations of basic and diluted net income (loss) per share were as follows (in thousands, except per share data):
| Three Months Ended March 31,
| 2023 |  | 2022
Numerator |  |  |
Net income attributable to AdaptHealth Corp. | $ | 15,707 |  |  | $ | 41,750 |
Less: Earnings allocated to participating securities (1) | 1,327 |  |  | 3,537 |
Net income for basic EPS | $ | 14,380 |  |  | $ | 38,213 |
Change in fair value of warrant liability (2) | (21,914) |  |  | (26,717) |
Net (loss) income for diluted EPS | $ | (7,534) |  |  | $ | 11,496 |
Denominator (1) (2) |  |  |
Basic weighted-average common shares outstanding | 134,525 |  | 134,023
Add: Warrants (2) | 1,451 |  | 1,462
Add: Stock options | — |  | 2,772
Add: Unvested restricted stock | — |  | 226
Diluted weighted-average common shares outstanding | 135,976 |  | 138,483
Basic net income per share | $ | 0.11 |  |  | $ | 0.29 |
Diluted net (loss) income per share | $ | (0.06) |  |  | $ | 0.08 |
(1)The Company’s outstanding preferred stock are considered participating securities, thus requiring the two-class method of computing diluted net income (loss) per share. Computation of diluted net income (loss) per share 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. (2)For the three months ended March 31, 2023 and 2022, 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 (loss) per share. The effect of the numerator and denominator adjustments for this derivative instrument is dilutive as a result of the non-cash gains recognized for the change in fair value of this instrument during the periods. 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 three months ended March 31, 2023 and 2022 because to do so would be antidilutive (in thousands):
| Three Months Ended March 31,
| 2023 |  | 2022
Preferred Stock | 12,406 |  | 12,406
Stock options | 4,962 |  | —
Unvested restricted stock | 1,636 |  | 290
Total | 19,004 |  | 12,696

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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