So we had started back in the third quarter, some margin improvement initiatives. Our solid recovery in the second quarter was made possible by the Company's commitment to operational readiness at all times. I can't say enough about the work that was done coordinated and collaborated with medical staff leaders and with physicians in our markets. All times are ET. For information regarding why the Company believes this non-GAAP financial measure provides useful information to investors, and for a reconciliation of this non-GAAP financial measure to net income (loss) attributable to Community Health Systems, Inc. common stockholders per share (diluted), see footnote (e) to the Financial Highlights, Financial Statements and Selected Operating Data below.Community Health Systems, Inc. is one of the largest publicly traded hospital companies in the United States and a leading operator of general acute care hospitals in communities across the country.
We do not intend to update any of these forward-looking statements.
You can see it in the results of our patients are doing well.And now, I would like to turn the call over to Dr. Lynn Simon, who continues to lead many of our critical aspects in our response to pandemic. Consistent with disclosures made by the Company in the April 6 Form 8-K and in the Company’s earnings release for the first quarter filed on April 28, 2020, the Company is not able to fully quantify the impact that the COVID-19 pandemic will have on its financial results during 2020, but expects developments related to the COVID-19 pandemic, including the CARES Act and PPPHCE Act as further discussed below, to materially affect the Company’s financial performance in 2020. The program currently requires that any outstanding balance remaining after 12 months must be repaid by the provider or be subjected to a 10.25% annual interest rate. In terms of the year-over-year comparison, there are few items worth noting versus prior-year which impacted both the quarter and the six-month periods. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors.
[Operator Instructions]As Wayne mentioned, when we were able to restart medical and surgical procedures across our markets in May, we were well prepared to ramp up operations. The daily focus by Tim and the team has enabled us to ramp up and down and backup as needed, and this flexibility will likely be important as we continue to face uncertainties due to COVID-19 pandemic.I think the downside is here. Insiders buying/selling: Community Health Systems (NYSE:CYH) In the past three months, Community Health Systems insiders have not sold or bought any company stock. Our stronger portfolio is benefiting from investments and strategic growth drivers, including capital investments in revenue and net revenue initiatives that will deliver market share gains in both inpatient and outpatient lines of business.And our last question comes from Kevin Fischbeck from Bank of America.One states began to lift stay-at-home orders, reconnected with our patients, leading to an increase of in-person practice visits as well. Adjusted EBITDA is a key measure used by management to assess the operating performance of the Company’s hospital operations and to make decisions on the allocation of resources. It's not just our Company size, although that's part of it, but also our mindset in our ability to adapt to new conditions, to make rapid decisions, to quickly coordinate resources and deploy expertise where it's needed. These divestitures, subject to definitive agreements, which are expected to be completed at various times during the third and fourth quarters of 2020, will mark the end of the Company’s formal portfolio rationalization strategy, which commenced in 2017. We have very few of state mandates as you know that are limiting our ability to provide elective or scheduled care to our patients. (d) The following table sets forth components reconciling the basic weighted-average number of shares to the diluted weighted-average number of shares (in millions):The consolidated operating results for the three and six months ended June 30, 2020, are not necessarily indicative of the results that may be experienced for any future periods. On a same-store basis, admissions decreased 18.1 percent and adjusted admissions decreased 24.2 percent for the three months ended June 30, 2020, compared with the same period in 2019. And also some medical equipment where the providers of the medical equipment and us included did not want those people in our hospital facilities. Funds from the Care Act have been very helpful to our organization and so many other healthcare providers. CYH has gained $0.58 from the previous closing price of $4.12 on volume of 363,329 shares.
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community health systems stock