Earnings (Loss) 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 include potential common shares related to unvested restricted stock, outstanding stock options and outstanding preferred stock. See Note 11, 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. 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.


	Three Months Ended March 31,
	2026		2025
Numerator
Net loss attributable to AdaptHealth Corp.	$	(16,040)	$	(7,207)
Less: Earnings allocated to participating securities (1)	—		—
Net loss for basic and diluted EPS	$	(16,040)	$	(7,207)

Denominator
Basic weighted-average common shares outstanding	135,779		134,799
Add: Stock options (2)	—		—
Add: Unvested restricted stock units (2)	—		—
Diluted weighted-average common shares outstanding	135,779		134,799

Basic net loss per share	$	(0.12)	$	(0.05)
Diluted net loss per share	$	(0.12)	$	(0.05)

(1)The Company’s preferred stock are considered participating securities. Computation of EPS 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. There were no amounts allocated to the participating securities during the three months ended March 31, 2026 and 2025 due to the net loss reported in those periods.

(2)Due to the Company reporting net loss attributable to AdaptHealth Corp. for the three months ended March 31, 2026 and 2025, all potentially dilutive securities related to outstanding stock options and unvested restricted stock units were excluded from the computation of diluted net loss per share for those periods as their inclusion would have been anti-dilutive.

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 loss per share for the three months ended March 31, 2026 and 2025 because to do so would be anti-dilutive (in thousands):


	Three Months Ended March 31,
	2026	2025
Preferred Stock	12,406	12,406

Stock options	855	1,361
Unvested restricted stock units	5,610	4,656
Total	18,871	18,423