(Loss) Earnings per Share

12 Months Ended

Dec. 31, 2023

Following the implementation of the Reorganization on November 7, 2023 (refer to Note 1. Nature of Operations for additional information), all outstanding shares of Old PubCo Class A Common Stock and Old PubCo Class B Common Stock were exchanged for an equivalent number of shares of Class A common stock of the Company.

Basic (loss) earnings per share of Class A common stock was computed by dividing net (loss) income attributable to Amneal Pharmaceuticals, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted (loss) earnings per share of Class A common stock was computed by dividing net (loss) income attributable to Amneal Pharmaceuticals, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period, adjusted to give effect to potentially dilutive securities. The weighted-average number of shares of Class A common stock for all periods prior to the Reorganization includes shares of Old PubCo Class A Common Stock.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted (loss) earnings per share of Class A common stock (in thousands, except per share amounts):


	Year Ended December 31,
	2023		2022		2021
Numerator:
Net (loss) income attributable to Amneal Pharmaceuticals, Inc.	$	(83,993)	$	(129,986)	$	10,624
Denominator:
Weighted-average shares outstanding - basic	176,136		150,944		148,922
Effect of dilutive securities:
Stock options	—		—		767
Restricted stock units	—		—		2,132
Weighted-average shares outstanding - diluted	176,136		150,944		151,821
Net loss (income) per share attributable to Amneal Pharmaceuticals, Inc.'s Class A common stockholders:
Basic	$	(0.48)	$	(0.86)	$	0.07
Diluted	$	(0.48)	$	(0.86)	$	0.07

Prior to the Reorganization, shares of Old PubCo Class B Common Stock did not share in the earnings or losses of the Company and, therefore, were not participating securities. As such, separate presentation of basic and diluted (loss) earnings per share of Old PubCo Class B Common Stock under the two-class method was not presented. Effective with the Reorganization, all outstanding shares of Old PubCo Class B Common Stock were surrendered and canceled.

The following table presents potentially dilutive securities excluded from the computations of diluted (loss) earnings per share of Class A common stock (in thousands):


	Years Ended December 31,
	2023		2022		2021
Stock options	2,416	(1)	2,648	(1)	347	(3)
Restricted stock units	10,511	(1)	10,755	(1)	—
Performance stock units	6,944	(1)	7,174	(1)	5,055	(4)
Shares of Old PubCo Class B Common Stock	—		152,117	(2)	152,117	(2)

(1)Excluded from the computation of diluted loss per share of Class A common stock for the years ended December 31, 2023 and 2022 because the effect of their inclusion would have been anti-dilutive since there was a net loss attributable to the Company for the years ended December 31, 2023 and 2022.

(2)Shares of Old PubCo Class B Common Stock were considered potentially dilutive shares of Class A common stock. Shares of Old PubCo Class B Common Stock were excluded from the computations of diluted (loss) earnings per share of Class A common stock for each of the years ended December 31, 2022 and 2021 because the effect of their inclusion would have been anti-dilutive under the if-converted method.

(3)Excluded from the computation of diluted earnings per share of Class A common stock for the year ended December 31, 2021 because the exercise price of the stock options exceeded the average market price of the Class A common stock during the period (out-of-the-money).

(4)Excluded from the computation of diluted earnings per share of Class A common stock for the year ended December 31, 2021 because the performance vesting conditions were not met.