Earnings (loss) per share ("EPS") for continuing operations and discontinued operations is computed by dividing net income (loss) from continuing operations and discontinued operations by the weighted average number of common shares outstanding during the period, respectively, on a basic and diluted basis. The Company computes diluted net income (loss) per share for continuing operations and discontinued operations using the more dilutive of the treasury stock method and the two-class method after giving effect to all potential dilutive Common Stock.

Diluted net income (loss) per share for continuing operations and discontinued operations 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 for continuing operations and discontinued operations. Computation of diluted net income (loss) per share for continuing operations and discontinued operations 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator
Net (loss) income from continuing operations	$	(144,106)	$	5,381	$	(167,956)	$	(7,121)
Less: Income attributable to noncontrolling interest	1,210		1,154		2,377		2,282
Net (loss) income from continuing operations attributable to AdaptHealth Corp.	(145,316)		4,227		(170,333)		(9,403)
Less: Earnings allocated to participating securities (1)	—		356		—		(792)
Net (loss) income from continuing operations for basic and diluted EPS	$	(145,316)	$	3,871	$	(170,333)	$	(8,611)

Net income from discontinued operations	$	11,387	$	10,447	$	20,364	$	16,870
Less: Earnings allocated to participating securities (1)	—		879		—		1,421
Net income from discontinued operations for basic and diluted EPS	$	11,387	$	9,568	$	20,364	$	15,449

Denominator
Basic weighted-average common shares outstanding	136,120		134,993		135,950		134,897
Add: Stock options (2)	—		169		—		—
Add: Unvested restricted stock units (2)	—		1,909		—		—
Diluted weighted-average common shares outstanding	136,120		137,071		135,950		134,897

Basic net income (loss) per share:
Continuing operations	$	(1.07)	$	0.03	$	(1.25)	$	(0.06)
Discontinued operations	0.08		0.07		0.15		0.11
Net income (loss) per share	$	(0.99)	$	0.10	$	(1.10)	$	0.05

Diluted net income (loss) per share:
Continuing operations	$	(1.07)	$	0.03	$	(1.25)	$	(0.06)
Discontinued operations	0.08		0.07		0.15		0.11
Net income (loss) per share	$	(0.99)	$	0.10	$	(1.10)	$	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 and six months ended June 30, 2026 due to the consolidated net loss reported in those periods.

(2)Due to the Company reporting net loss from continuing operations attributable to AdaptHealth Corp. for the three and six months ended June 30, 2026 and the six months ended June 30, 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 income (loss) per share for continuing operations and discontinued operations for the three and six months ended June 30, 2026 and 2025 because to do so would be anti-dilutive (in thousands):