----

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| x |    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------------------------------|

|  For the quarterly period ended |  March 31, 2010    |
|--------------------------------------|----------------------------------------|

| o |   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-------------------------------------------------------------------------------------------------|

|  For the transition period from  |    |  to  |   |
|--------------------------------------------|--------------|----------------|--------|

|  Delaware                                                       |  84-0915893                              |
|----------------------------------------------------------------------|-----------------------------------------------|
| (State or Other Jurisdiction of Incorporation or Organization)  | (I.R.S. Employer Identification Number)  |

|  7301 South Peoria, Englewood, Colorado         |  80112      |
|------------------------------------------------------|------------------|
| (Address of Principal Executive Offices)   | (Zip Code)  |

|  Large accelerated Filer o |  Accelerated Filer x                                                            |
|---------------------------------|--------------------------------------------------------------------------------------|
|  Non-accelerated Filer o   |  (Do not check if a smaller reporting company) Smaller reporting company o |

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TABLE OF CONTENTS

| PART I.  | FINANCIAL INFORMATION |                                                                                               |
|----------|-----------------------|----------------------------------------------------------------------------------------------------|
|     |                  |                                                                                               |   |   |
|     | Item 1.               | Condensed Consolidated Financial Statements                                                        |   |   |
|     |                  |                                                                                               |   |   |
|     |                  | Condensed Consolidated Balance Sheets - March 31, 2010 and December 31, 2009                       | 1 |   |
|     |                  |                                                                                               |   |   |
|     |                  | Condensed Consolidated Statements of Income for the three months ended March 31, 2010 and 2009     | 3 |   |
|     |                  |                                                                                               |   |   |
|     |                  | Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2010 and 2009 | 4 |   |
|     |                  |                                                                                               |   |   |
|     |                  | Notes to Condensed Consolidated Financial Statements                                               | 6 |   |
|     |                  |                                                                                               |   |   |
|     | Item 2.               | Management's Discussion and Analysis of Financial Condition and Results of Operations              | 9 |   |
|     |                  |                                                                                               |   |   |
|     | Item 3.               | Quantitative and Qualitative Disclosures about Market Risk                                         | 17 |   |
|     |                  |                                                                                               |   |   |
|     | Item 4.               | Controls and Procedures                                                                            | 17 |   |
|     |                  |                                                                                               |   |   |
| PART II. | OTHER INFORMATION     |                                                                                               |   |
|     |                  |                                                                                               |   |   |
|     | Item 1.               | Legal Proceedings                                                                                  | 18 |   |
|     |                  |                                                                                               |   |   |
|     | Item 1A.              | Risk Factors                                                                                       | 18 |   |
|     |                  |                                                                                               |   |   |
|     | Item 2.               | Unregistered Sales of Equity Securities and Use of Proceeds                                        | 18 |   |
|     |                  |                                                                                               |   |   |
|     | Item 3.               | Defaults upon Senior Securities                                                                    | 18 |   |
|     |                  |                                                                                               |   |   |
|     | Item 4.               | Reserved                                                                                           | 18 |   |
|     |                  |                                                                                               |   |   |
|     | Item 5.               | Other Information                                                                                  | 18 |   |
|     |                  |                                                                                               |   |   |
|     | Item 6.               | Exhibits                                                                                           | 18 |   |
|     |                  |                                                                                               |   |   |
|     |                  |                                                                                               |   |   |
|     |                  |                                                                                               |   |   |
|     | SIGNATURES            |                                                                                               | 19 |   |

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Table of Contents

Item 1. Condensed Consolidated Financial Statements

|                                                                                                                     |   | March 31,2010 |    |   | December 31,2009 |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|------------------|--------|
| Assets                                                                                                                   |   |          |    |   |             |   |
|                                                                                                                     |   |          |    |   |             |   |
| Current assets:                                                                                                          |   |          |    |   |             |   |
| Cash and cash equivalents                                                                                                |   | $             | 42,158  |   |             |   | 38,073 |   |
| Current installments of notes receivable                                                                                 |   |          | 449     |   |             |   | 467 |   |
| Receivables:                                                                                                             |   |          |    |   |             |   |   |   |
| Trade                                                                                                                    |   |          | 105,493 |   |             |   | 113,563 |   |
| Refundable income taxes                                                                                                  |   |          | 1,445   |   |             |   | 995 |   |
| Other                                                                                                                    |   |          | 2,242   |   |             |   | 2,264 |   |
|                                                                                                                     |   |          | 109,180 |   |             |   | 116,822 |   |
|                                                                                                                     |   |          |    |   |             |   |   |   |
| Inventories                                                                                                              |   |          | 20,928  |   |             |   | 20,635 |   |
| Work-in-process on medical interiors and products contracts                                                              |   |          | 6,475   |   |             |   | 7,035 |   |
| Assets held for sale                                                                                                     |   |          | 8,170   |   |             |   | 10,425 |   |
| Costs and estimated earnings in excess of billings on uncompleted contracts                                              |   |          | 4,360   |   |             |   | 6,614 |   |
| Prepaid expenses and other                                                                                               |   |          | 8,404   |   |             |   | 7,025 |   |
|                                                                                                                     |   |          |    |   |             |   |   |   |
| Total current assets                                                                                                     |   |          | 200,124 |   |             |   | 207,096 |   |
|                                                                                                                     |   |          |    |   |             |   |   |   |
| Property and equipment:                                                                                                  |   |          |    |   |             |   |   |   |
| Land                                                                                                                     |   |          | 251     |   |             |   | 251 |   |
| Flight and ground support equipment                                                                                      |   |          | 210,597 |   |             |   | 202,282 |   |
| Aircraft rotable spare parts                                                                                             |   |          | 30,001  |   |             |   | 28,295 |   |
| Buildings and other equipment                                                                                            |   |          | 34,327  |   |             |   | 34,274 |   |
|                                                                                                                     |   |          | 275,176 |   |             |   | 265,102 |   |
| Less accumulated depreciation and amortization                                                                           |   |          | (84,292 | )      |             |   | (83,360 | ) |
|                                                                                                                     |   |          |    |   |             |   |   |   |
| Net property and equipment                                                                                               |   |          | 190,884 |   |             |   | 181,742 |   |
|                                                                                                                     |   |          |    |   |             |   |   |   |
| Goodwill                                                                                                                 |   |          | 20,291  |   |             |   | 20,291 |   |
| Notes and other receivables, less current installments                                                                   |   |          | 124     |   |             |   | 125 |   |
| Other assets, net of accumulated amortization of $2,481 and $2,279 at March 31, 2010 and December 31, 2009, respectively |   |          | 15,313  |   |             |   | 14,878 |   |
|                                                                                                                     |   |          |    |   |             |   |   |   |
| Total assets                                                                                                             |   | $             | 426,736 |   |             |   | 424,132 |   |

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Table of Contents

|                                                                                                                                                                                                                                                            |   | March 31,2010 |                     |   | December 31,2009 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------------------------|--------|------------------|--------|
| Liabilities and Stockholders' Equity                                                                                                                                                                                                                            |   |          |                     |   |             |   |
|                                                                                                                                                                                                                                                            |   |          |                     |   |             |   |
| Current liabilities:                                                                                                                                                                                                                                            |   |          |                     |   |             |   |
| Notes payable                                                                                                                                                                                                                                                   |   | $             | 2,255                    |   |             |   | 4,510 |   |
| Current installments of long-term debt                                                                                                                                                                                                                          |   |          | 14,659                   |   |             |   | 14,882 |   |
| Current installments of obligations under capital leases                                                                                                                                                                                                        |   |          | 909                      |   |             |   | 968 |   |
| Accounts payable                                                                                                                                                                                                                                                |   |          | 12,393                   |   |             |   | 11,509 |   |
| Deferred revenue                                                                                                                                                                                                                                                |   |          | 6,550                    |   |             |   | 6,482 |   |
| Billings in excess of costs and estimated earnings on uncompleted contracts                                                                                                                                                                                     |   |          | 226                      |   |             |   | 759 |   |
| Accrued wages and compensated absences                                                                                                                                                                                                                          |   |          | 14,479                   |   |             |   | 12,438 |   |
| Due to third party payers                                                                                                                                                                                                                                       |   |          | 3,984                    |   |             |   | 3,945 |   |
| Deferred income taxes                                                                                                                                                                                                                                           |   |          | 7,341                    |   |             |   | 8,883 |   |
| Other accrued liabilities                                                                                                                                                                                                                                       |   |          | 11,678                   |   |             |   | 9,354 |   |
|                                                                                                                                                                                                                                                            |   |          |                     |   |             |   |   |   |
| Total current liabilities                                                                                                                                                                                                                                       |   |          | 74,474                   |   |             |   | 73,730 |   |
|                                                                                                                                                                                                                                                            |   |          |                     |   |             |   |   |   |
| Long-term debt, less current installments                                                                                                                                                                                                                       |   |          | 89,904                   |   |             |   | 89,621 |   |
| Obligations under capital leases, less current installments                                                                                                                                                                                                     |   |          | 1,166                    |   |             |   | 1,359 |   |
| Deferred income taxes                                                                                                                                                                                                                                           |   |          | 35,674                   |   |             |   | 35,034 |   |
| Other liabilities                                                                                                                                                                                                                                               |   |          | 28,426                   |   |             |   | 27,846 |   |
|                                                                                                                                                                                                                                                            |   |          |                     |   |             |   |   |   |
| Total liabilities                                                                                                                                                                                                                                               |   |          | 229,644                  |   |             |   | 227,590 |   |
|                                                                                                                                                                                                                                                            |   |          |                     |   |             |   |   |   |
| Stockholders' equity (notes 2 and 3):                                                                                                                                                                                                                           |   |          |                     |   |             |   |   |   |
| Preferred stock, $1 par value.  Authorized 5,000,000 shares, none issued                                                                                                                                                                              |   |          | --                       |   |             |   | -- |   |
| Common stock, $.06 par value. Authorized 16,000,000 shares; issued 12,470,787 and 12,467,387 shares at March 31, 2010, and December 31, 2009, respectively; outstanding 12,464,121 and 12,459,554 shares at March 31, 2010, and December 31, 2009, respectively |   |          |       748 |   |             |   |       748 |   |
| Additional paid-in capital                                                                                                                                                                                                                                      |   |          | 83,425                   |   |             |   | 82,978 |   |
| Retained earnings                                                                                                                                                                                                                                               |   |          | 112,919                  |   |             |   | 112,816 |   |
|                                                                                                                                                                                                                                                            |   |          |                     |   |             |   |   |   |
| Total stockholders' equity                                                                                                                                                                                                                                      |   |          | 197,092                  |   |             |   | 196,542 |   |
|                                                                                                                                                                                                                                                            |   |          |                     |   |             |   |   |   |
| Total liabilities and stockholders’ equity                                                                                                                                                                                                                |   | $             | 426,736                  |   |             |   | 424,132 |   |

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Table of Contents

Air Methods Corporation and Subsidiaries

|                                                                 |   | Three Months Ended March 31, |       |
|----------------------------------------------------------------------|--------|------------------------------|------------|
|                                                                 |   | 2010                         |       |   | 2009 |   |
| Revenue:                                                             |   |                         |       |   |   |   |
| Flight revenue, net                                                  |   | $                            | 113,279    |   |   |   | 117,014 |   |
| Sales of medical interiors and products                              |   |                         | 3,905      |   |   |   | 7,649 |   |
| Other                                                                |   |                         | 1,318      |   |   |   | 720 |   |
|                                                                 |   |                         | 118,502    |   |   |   | 125,383 |   |
|                                                                 |   |                         |       |   |   |   |   |   |
| Operating expenses:                                                  |   |                         |       |   |   |   |   |   |
| Flight centers                                                       |   |                         | 53,136     |   |   |   | 52,239 |   |
| Aircraft operations                                                  |   |                         | 26,309     |   |   |   | 23,585 |   |
| Aircraft rental                                                      |   |                         | 12,303     |   |   |   | 12,227 |   |
| Cost of medical interiors and products sold                          |   |                         | 3,672      |   |   |   | 6,156 |   |
| Depreciation and amortization                                        |   |                         | 5,595      |   |   |   | 4,589 |   |
| Loss (gain) on disposition of assets, net                            |   |                         | (29        | ) |   |   | 71 |   |
| General and administrative                                           |   |                         | 15,935     |   |   |   | 17,243 |   |
|                                                                 |   |                         | 116,921    |   |   |   | 116,110 |   |
|                                                                 |   |                         |       |   |   |   |   |   |
| Operating income                                                     |   |                         | 1,581      |   |   |   | 9,273 |   |
|                                                                 |   |                         |       |   |   |   |   |   |
| Other income (expense):                                              |   |                         |       |   |   |   |   |   |
| Interest expense                                                     |   |                         | (1,461     | ) |   |   | (1,235 | ) |
| Other, net                                                           |   |                         | 46         |   |   |   | 102 |   |
|                                                                 |   |                         |       |   |   |   |   |   |
| Income before income taxes                                           |   |                         | 166        |   |   |   | 8,140 |   |
|                                                                 |   |                         |       |   |   |   |   |   |
| Income tax expense                                                   |   |                         | (63        | ) |   |   | (3,152 | ) |
|                                                                 |   |                         |       |   |   |   |   |   |
| Net income                                                           |   | $                            | 103        |   |   |   | 4,988 |   |
|                                                                 |   |                         |       |   |   |   |   |   |
| Basic income per common share (note 3)                               |   | $                            | .01        |   |   |   | .41 |   |
|                                                                 |   |                         |       |   |   |   |   |   |
| Diluted income per common share (note 3)                             |   | $                            | .01        |   |   |   | .41 |   |
|                                                                 |   |                         |       |   |   |   |   |   |
| Weighted average number of common shares outstanding – basic   |   |                         | 12,459,592 |   |   |   | 12,088,306 |   |
|                                                                 |   |                         |       |   |   |   |   |   |
| Weighted average number of common shares outstanding – diluted |   |                         | 12,529,664 |   |   |   | 12,274,671 |   |

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Table of Contents

Air Methods Corporation and Subsidiaries

|                                                                                        |   | Three Months Ended March 31, |    |
|---------------------------------------------------------------------------------------------|--------|------------------------------|---------|
|                                                                                        |   | 2010                         |    |   | 2009 |   |
|                                                                                        |   |                         |    |   |   |   |
| Cash flows from operating activities:                                                       |   |                         |    |   |   |   |
| Net income                                                                                  |   | $                            | 103     |   |   |   | 4,988 |   |
| Adjustments to reconcile net income to net cash provided by operating activities:           |   |                         |    |   |   |   |   |   |
| Depreciation and amortization expense                                                       |   |                         | 5,595   |   |   |   | 4,589 |   |
| Deferred income tax benefit                                                                 |   |                         | (902    | ) |   |   | (821 | ) |
| Stock-based compensation                                                                    |   |                         | 361     |   |   |   | 348 |   |
| Tax expense (benefit) from exercise of stock options                                        |   |                         | 12      |   |   |   | (168 | ) |
| Loss (gain) on disposition of assets, net                                                   |   |                         | (29     | ) |   |   | 71 |   |
| Unrealized loss on derivative instrument                                                    |   |                         | 216     |   |   |   | 153 |   |
| Changes in assets and liabilities:                                                          |   |                         |    |   |   |   |   |   |
| Increase in prepaid expenses and other current assets                                       |   |                         | (1,595  | ) |   |   | (1,287 | ) |
| Decrease in receivables                                                                     |   |                         | 7,642   |   |   |   | 5,863 |   |
| Decrease (increase) in inventories                                                          |   |                         | (293    | ) |   |   | 200 |   |
| Decrease (increase) in work-in-process on medical interiors and costs in excess of billings |   |                         | 2,814   |   |   |   | (3,712 | ) |
| Increase in accounts payable, other accrued liabilities, and other liabilities              |   |                         | 5,480   |   |   |   | 4,638 |   |
| Increase (decrease) in deferred revenue and billings in excess of costs                     |   |                         | (465    | ) |   |   | 820 |   |
| Net cash provided by operating activities                                                   |   |                         | 18,939  |   |   |   | 15,682 |   |
|                                                                                        |   |                         |    |   |   |   |   |   |
| Cash flows from investing activities:                                                       |   |                         |    |   |   |   |   |   |
| Acquisition of equipment and leasehold improvements                                         |   |                         | (15,049 | ) |   |   | (10,308 | ) |
| Proceeds from disposition and sale of equipment and assets held for sale                    |   |                         | 543     |   |   |   | 1,417 |   |
| Decrease (increase) in notes receivable and other assets, net                               |   |                         | (182    | ) |   |   | 1,014 |   |
| Net cash used by investing activities                                                       |   |                         | (14,688 | ) |   |   | (7,877 | ) |

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Table of Contents

|                                                 |   | Three Months Ended March 31, |   |
|------------------------------------------------------|--------|------------------------------|--------|
|                                                 |   | 2010                         |   |   | 2009 |   |
|                                                 |   |                         |   |   |   |   |
| Cash flows from financing activities:                |   |                         |   |   |   |   |
| Net payments under line of credit                    |   | $                            | --     |   |   |   | (5,455 | ) |
| Proceeds from long-term debt                         |   |                         | 3,750  |   |   |   | -- |   |
| Payments for debt and lease origination costs        |   |                         | (60    | ) |   |   | (127 | ) |
| Payments of long-term debt and notes payable         |   |                         | (3,690 | ) |   |   | (6,962 | ) |
| Payments of capital lease obligations                |   |                         | (252   | ) |   |   | (419 | ) |
| Tax benefit (expense) from exercise of stock options |   |                         | (12    | ) |   |   | 168 |   |
| Proceeds from issuance of common stock, net          |   |                         | 98     |   |   |   | 896 |   |
| Net cash used by financing activities                |   |                         | (166   | ) |   |   | (11,899 | ) |
|                                                 |   |                         |   |   |   |   |   |   |
| Increase (decrease) in cash and cash equivalents     |   |                         | 4,085  |   |   |   | (4,094 | ) |
|                                                 |   |                         |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period     |   |                         | 38,073 |   |   |   | 13,147 |   |
|                                                 |   |                         |   |   |   |   |   |   |
| Cash and cash equivalents at end of period           |   | $                            | 42,158 |   |   |   | 9,053 |   |
|                                                 |   |                         |   |   |   |   |   |   |
| Interest paid in cash during the period              |   | $                            | 1,439  |   |   |   | 1,172 |   |
|  Income taxes paid in cash during the period    |   | $                            | 163    |   |   |   | 2,141 |   |

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Table of Contents

Air Methods Corporation and Subsidiaries

|   | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the condensed consolidated financial statements for the respective periods. Interim results are not necessarily indicative of results for a full year. The condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto for the year ended December 31, 2009. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company considers its critical accounting policies involving more significant judgments and estimates to be those related to revenue recognition, deferred income taxes, valuation of long-lived assets, and fair values of assets acquired and liabilities assumed in business combinations. Actual results could differ from those estimates. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Changes in stockholders’ equity for the three months ended March 31, 2010, consisted of the following (amounts in thousands except share amounts): |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                            |   | Shares Outstanding |       |   | Amount |   |
|-------------------------------------------------|--------|--------------------|------------|--------|--------|--------|
|                                            |   |               |       |   |   |   |
| Balances at January 1, 2010                     |   |               | 12,459,554 |   |   | $      | 196,542 |   |
|                                            |   |               |       |   |   |   |   |   |
| Issuance of common shares for options exercised |   |               | 3,400      |   |   |   | 98 |   |
| Stock-based compensation                        |   |               | 1,167      |   |   |   | 361 |   |
| Tax expense from exercise of stock options      |   |               | --         |   |   |   | (12 | ) |
| Net income                                      |   |               | --         |   |   |   | 103 |   |
|                                            |   |               |       |   |   |   |   |   |
| Balances at March 31, 2010                      |   |               | 12,464,121 |   |   | $      | 197,092 |   |

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Table of Contents

|   | Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by all outstanding and dilutive potential common shares during the period. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The reconciliation of basic to diluted weighted average common shares outstanding is as follows for the quarters ended March 31: |
|--------|----------------------------------------------------------------------------------------------------------------------------------|

|                                                                 |   | 2010   |       |   | 2009   |   |
|----------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Weighted average number of common shares outstanding – basic   |   |   | 12,459,592 |   |   |   | 12,088,306 |   |
| Dilutive effect of:                                                  |   |   |       |   |   |   |   |   |
| Common stock options                                                 |   |   | 68,140     |   |   |   | 183,841 |   |
| Unvested restricted stock                                            |   |   | 1,932      |   |   |   | 2,524 |   |
| Weighted average number of common shares outstanding – diluted |   |   | 12,529,664 |   |   |   | 12,274,671 |   |

|   | Common stock options totaling 103,500 and 267,234 were not included in the diluted shares outstanding for the quarter ended March 31, 2010 and 2009, respectively, because their effect would have been anti-dilutive. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  (4) | Fair Value of Financial Instruments |
|-----------|-------------------------------------|

|   | The following methods and assumptions were used to estimate the fair value of each class of financial instruments: |
|--------|--------------------------------------------------------------------------------------------------------------------|

|   | Cash and cash equivalents, accounts receivable, notes receivable, notes payable, accounts payable, and accrued liabilities: |
|--------|-----------------------------------------------------------------------------------------------------------------------------|

|   | The carrying amounts approximate fair value because of the short maturity of these instruments. |
|--------|-------------------------------------------------------------------------------------------------|

|   | Long-term debt: |
|--------|-----------------|

|   | Based on the borrowing rates currently available to the Company for loans with similar terms and average maturities and on recent transactions, the fair value of long-term debt as of March 31, 2010, is estimated to be $104,819,000. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents

| (5) | Business Segment Information |
|-----|------------------------------|

|   | Summarized financial information for the Company’s operating segments is shown in the following table (amounts in thousands). Amounts in the “Corporate Activities” column represent corporate headquarters expenses, corporate income tax expense, and results of insignificant operations. The Company does not allocate assets between operating segments for internal reporting and performance evaluation purposes. Operating segments and their principal products or services are as follows: |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Community-Based Services (CBS) - provides air medical transportation services to the general population as an independent service in 21 states at March 31, 2010. Services include aircraft operation and maintenance, medical care, dispatch and communications, and medical billing and collection. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Hospital-Based Services (HBS) - provides air medical transportation services to hospitals in 30 states under exclusive operating agreements at March 31, 2010. Services include aircraft operation and maintenance. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Products Division - designs, manufactures, and installs aircraft medical interiors and other aerospace and medical transport products for domestic and international customers. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  For quarter ended March 31: |   | CBS    |    |   | HBS    |   |    | ProductsDivision  |   |   | CorporateActivities |   |   | IntersegmentEliminations  |   |   | Consolidated |   |
|-----------------------------------|--------|--------|---------|--------|--------|--------|---------|------------------------|--------|--------|---------------------|--------|--------|--------------------------------|--------|--------|--------------|--------|
| 2010                              |   |   |    |   |   |   |    |                   |   |   |                |   |   |                           |   |   |         |   |
| External revenue                  |   | $      | 66,606  |   |   |   | 48,000  |                   |   |   | 3,896               |   |   |                           | --     |   |         |   | -- |   |   |   | 118,502 |   |
| Intersegment revenue              |   |   | 55      |   |   |   | --      |                   |   |   | 3,887               |   |   |                           | --     |   |         |   | (3,942 | ) |   |   | -- |   |
| Total revenue                     |   |   | 66,661  |   |   |   | 48,000  |                   |   |   | 7,783               |   |   |                           | --     |   |         |   | (3,942 | ) |   |   | 118,502 |   |
|  Operating expenses          |   |   | (62,475 | )      |   |   | (40,834 | )                      |   |   | (7,159              | )      |   |                           | (4,237 | )      |         |   | 3,379 |   |   |   | (111,326 | ) |
| Depreciation & amortization   |   |   | (2,798  | )      |   |   | (2,415  | )                      |   |   | (144                | )      |   |                           | (238   | )      |         |   | -- |   |   |   | (5,595 | ) |
| Interest expense                  |   |   | (552    | )      |   |   | (723    | )                      |   |   | (7                  | )      |   |                           | (179   | )      |         |   | -- |   |   |   | (1,461 | ) |
| Other income, net                 |   |   | 18      |   |   |   | --      |                   |   |   | --                  |   |   |                           | 28     |   |         |   | -- |   |   |   | 46 |   |
| Income tax expense                |   |   | --      |   |   |   | --      |                   |   |   | --                  |   |   |                           | (63    | )      |         |   | -- |   |   |   | (63 | ) |
| Segment net income (loss)         |   | $      | 854     |   |   |   | 4,028   |                   |   |   | 473                 |   |   |                           | (4,689 | )      |         |   | (563 | ) |   |   | 103 |   |
|                              |   |   |    |   |   |   |    |                   |   |   |                |   |   |                           |   |   |         |   |   |   |   |   |   |   |
| 2009                              |   |   |    |   |   |   |    |                   |   |   |                |   |   |                           |   |   |         |   |   |   |   |   |   |   |
| External revenue                  |   | $      | 69,102  |   |   |   | 48,642  |                   |   |   | 7,639               |   |   |                           | --     |   |         |   | -- |   |   |   | 125,383 |   |
| Intersegment revenue              |   |   | 54      |   |   |   | --      |                   |   |   | 7,736               |   |   |                           | --     |   |         |   | (7,790 | ) |   |   | -- |   |
| Total revenue                     |   |   | 69,156  |   |   |   | 48,642  |                   |   |   | 15,375              |   |   |                           | --     |   |         |   | (7,790 | ) |   |   | 125,383 |   |
|  Operating expenses          |   |   | (58,352 | )      |   |   | (42,135 | )                      |   |   | (12,916             | )      |   |                           | (4,782 | )      |         |   | 6,664 |   |   |   | (111,521 | ) |
| Depreciation & amortization   |   |   | (2,486  | )      |   |   | (1,707  | )                      |   |   | (151                | )      |   |                           | (245   | )      |         |   | -- |   |   |   | (4,589 | ) |
| Interest expense                  |   |   | (428    | )      |   |   | (651    | )                      |   |   | --                  |   |   |                           | (156   | )      |         |   | -- |   |   |   | (1,235 | ) |
| Other income, net                 |   |   | 20      |   |   |   | --      |                   |   |   | --                  |   |   |                           | 82     |   |         |   | -- |   |   |   | 102 |   |
| Income tax expense                |   |   | --      |   |   |   | --      |                   |   |   | --                  |   |   |                           | (3,152 | )      |         |   | -- |   |   |   | (3,152 | ) |
| Segment net income (loss)         |   | $      | 7,910   |   |   |   | 4,149   |                   |   |   | 2,308               |   |   |                           | (8,253 | )      |         |   | (1,126 | ) |   |   | 4,988 |   |

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| Item 2.  | Management's Discussion and Analysis of Financial Condition and Results of Operations |
|---------------|---------------------------------------------------------------------------------------|

| · | Community-Based Services (CBS) - provides air medical transportation services to the general population as an independent service. Revenue consists of flight fees billed directly to patients, their insurers, or governmental agencies, and cash flow is dependent upon collection from these individuals or entities. In the first quarter of 2010 the CBS Division generated 56% of our total revenue, increasing from 55% in the first quarter of 2009. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Hospital-Based Services (HBS) - provides air medical transportation services to hospitals throughout the U.S. under exclusive operating agreements. Revenue consists of fixed monthly fees (approximately 80% of total contract revenue) and hourly flight fees (approximately 20% of total contract revenue) billed to hospital customers. In the first quarter of 2010 the HBS Division generated 41% of our total revenue, increasing from 39% in 2009. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Products Division - designs, manufactures, and installs aircraft medical interiors and other aerospace and medical transport products for domestic and international customers. In the first quarter of 2010 the Products Division generated 3% of our total revenue, compared to 6% in 2009. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Flight volume. Fluctuations in flight volume have a greater impact on CBS operations than HBS operations because almost all of CBS revenue is derived from flight fees, as compared to approximately 20% of HBS revenue. By contrast, 80% of our costs primarily associated with flight operations (including salaries, aircraft ownership costs, hull insurance, and general and administrative expenses) incurred during the quarter ended March 31, 2010, are mainly fixed in nature. While flight volume is affected by many factors, including competition and the effectiveness of marketing and business development initiatives, the greatest single variable has historically been weather conditions. Adverse weather conditions—such as fog, high winds, or heavy precipitation—hamper our ability to operate our aircraft safely and, therefore, result in reduced flight volume. Total patient transports for CBS operations were approximately 8,600 for the first quarter of 2010 compared to approximately 9,400 for the first quarter of 2009. Patient transports for CBS bases open longer than one year (Same-Base Transports) were approximately 7,900 in the first quarter of 2010, compared to 9,100 in the first quarter of 2009. Cancellations due to unfavorable weather conditions for CBS bases open longer than one year were 635 higher in the first quarter of 2010, compared to the first quarter of 2009. In addition, requests for community-based services decreased by 8.5% for bases open greater than one year, partially attributed to the effect of the more severe weather on overall need for service. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | Reimbursement per transport. We respond to calls for air medical transports without pre-screening the creditworthiness of the patient and are subject to collection risk for services provided to insured and uninsured patients. Medicare and Medicaid also receive contractual discounts from our standard charges for flight services. Flight revenue is recorded net of provisions for contractual discounts and estimated uncompensated care. Both provisions are estimated during the period the related services are performed based on historical collection experience and any known trends or changes in reimbursement rate schedules and payer mix. The provisions are adjusted as required based on actual collections in subsequent periods. Net reimbursement per transport for CBS operations is primarily a function of price, payer mix, and timely and effective collection efforts. Both the pace of collections and the ultimate collection rate are affected by the overall health of the U.S. economy, which impacts the number of indigent patients and funding for state-run programs, such as Medicaid. Medicaid reimbursement rates in many jurisdictions have remained well below the cost of providing air medical transportation. In addition, the collection rate is impacted by changes in the cost of healthcare and health insurance; as the cost of healthcare increases, health insurance coverage provided by employers may be reduced or eliminated entirely, resulting in an increase in the uninsured population. The impact of recently enacted healthcare legislation is still unknown. The average gross charge per transport increased 11.8% in the quarter ended March 31, 2010, compared to 2009, contributing to an increase of 4.3% in net reimbursement per transport in the quarter ended March 31, 2010, compared to 2009. Provisions for contractual discounts and estimated uncompensated care for CBS operations were as follows: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                |   | For quarters ended March 31, |   |
|-------------------------------------|--------|------------------------------|--------|
|                                |   | 2010                         |   |   | 2009 |   |
| Gross billings                      |   |                         | 100    | % |   |   | 100 | % |
| Provision for contractual discounts |   |                         | 40     | % |   |   | 37 | % |
| Provision for uncompensated care    |   |                         | 20     | % |   |   | 20 | % |

| · | Aircraft maintenance. Both CBS and HBS operations are directly affected by fluctuations in aircraft maintenance costs. Proper operation of the aircraft by flight crews and standardized maintenance practices can help to contain maintenance costs. Increases in spare parts prices from original equipment manufacturers tend to be higher for aircraft which are no longer in production. Two models of aircraft within our fleet, representing 24% of the rotor wing fleet, are no longer in production and are, therefore, susceptible to price increases which outpace general inflationary trends. In addition, on-condition components are more likely to require replacement with age. Since January 1, 2009, we have taken delivery of sixteen new aircraft and expect to take delivery of twelve additional aircraft through the end of 2010. We have replaced discontinued models and other older aircraft with the new aircraft, as well as provided capacity for base expansion. Replacement models of aircraft typically have higher ownership costs than the models targeted for replacement but lower maintenance costs. Total aircraft maintenance expense increased 10.5% from the first quarter of 2009 to the first quarter of 2010, while total flight hours for CBS and HBS operations decreased 14.5% over the same period. During the first quarter of 2010, we incurred costs for twenty major maintenance events, such as engine and transmission overhauls, compared to eleven in the first quarter of 2009, primarily because of the timing of overhaul cycles. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | Competitive pressures from low-cost providers. We are recognized within the industry for our standard of service and our use of cabin-class aircraft. Many of our competitors utilize aircraft with lower ownership and operating costs and do not require a similar level of experience for aviation and medical personnel. Reimbursement rates established by Medicare, Medicaid, and most insurance providers are not contingent upon the type of aircraft used or the experience of personnel. However, we believe that higher quality standards help to differentiate our service from competitors and, therefore, lead to higher utilization. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Employee recruitment and relations. The ability to deliver quality services is partially dependent upon our ability to hire and retain employees who have advanced aviation, nursing, and other technical skills. In addition, hospital contracts typically contain minimum certification requirements for pilots and mechanics. In September 2003, our pilots voted to be represented by a collective bargaining unit, and we signed a collective bargaining agreement on March 31, 2006. The agreement was effective January 1, 2006, through April 30, 2009. Negotiations on a new CBA commenced in the fourth quarter of 2008 and were referred for mediation during the second quarter of 2009. Under the Railway Labor Act, mediation decisions are non-binding on either party, and the duration of the process may vary depending upon the mediator assigned and the complexity of the issues negotiated. Other employee groups may also elect to be represented by unions in the future. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | CBS – Net flight revenue decreased $3,097,000, or 4.5%, to $65,279,000 in the three months ended March 31, 2010, compared to 2009, for the following reasons: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Decrease in Same-Base Transports of 1,238, or 13.5%, in the first quarter of 2010 compared to 2009. Cancellations due to unfavorable weather conditions for CBS bases open longer than one year were 635 higher in the first quarter of 2010, compared to the first quarter of 2009. In addition, requests for community-based services decreased by 8.5% for bases open greater than one year, partially attributed to the effect of the more severe weather on overall need for service. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increase of 11.8% in average gross charge per transport for the first quarter of 2010, compared to 2009. Net reimbursement per transport increased approximately 4.3% over the same period. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Incremental net revenue of $5,968,000 generated from the addition of thirteen new CBS bases either during or subsequent to the first quarter of 2009, and new service agreements with another air medical service provider in the Atlanta area effective February 2009. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Closure of six bases either during or subsequent to the first quarter of 2009 resulting in a decrease in net revenue of approximately $1,578,000. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | HBS – Net flight revenue decreased $638,000, or 1.3%, to $48,000,000 for the quarter ended March 31, 2010, compared to 2009, for the following reasons: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Cessation of service under six contracts during or subsequent to the first quarter of 2009 and the conversion of one contract to CBS operations in the second quarter of 2009, resulting in a decrease in net revenue of approximately $3,186,000. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Decrease of 10.6% in flight volume for all contracts excluding new contracts, contract expansions, and closed contracts. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------|

|   | · | Incremental net revenue of $359,000 generated from the addition of one new contract during the first quarter of 2009. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | · | Annual price increases in the majority of contracts based on stipulated contractual increases, changes in the Consumer Price Index or spare parts prices from aircraft manufacturers, and the renewal of contracts at higher rates. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | CBS – Flight center costs increased $2,501,000, or 7.9%, to $34,010,000 for the following reasons: |
|--------|----------------------------------------------------------------------------------------------------------|

|   | · | Increase of approximately $3,021,000 for the addition of personnel to staff new base locations described above. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------|

|   | · | Decrease of $1,041,000 due to the closure of base locations described above. |
|--------|--------|------------------------------------------------------------------------------|

|   | · | Increase in salaries for merit pay raises. |
|--------|--------|--------------------------------------------|

| · | HBS - Flight center costs decreased $1,604,000, or 7.7%, to $19,126,000 primarily due to the following: |
|--------|---------------------------------------------------------------------------------------------------------|

|   | · | Decrease of $1,525,000 due to the closure of base locations described above. |
|--------|--------|------------------------------------------------------------------------------|

|   | · | Increase in salaries for merit pay raises. |
|--------|--------|--------------------------------------------|

| · | Increase of $1,858,000, or 10.5%, in aircraft maintenance expense to $19,611,000. In the first quarter of 2010, we incurred costs for twenty major maintenance events, such as engine and transmission overhauls, compared to eleven in the first quarter of 2009, primarily because of the timing of overhaul cycles. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Increase of approximately 18.6% in the cost of aircraft fuel per hour flown. Fuel costs increased by $246,000 to a total expense of $2,950,000 for 2010. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Increase in hull insurance rates effective July 2009. |
|--------|-------------------------------------------------------|

| · | $1,919,000 – governmental entities |
|--------|------------------------------------------|

| · | $1,986,000 – commercial customers |
|--------|-----------------------------------------|

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| · | $6,241,000 – governmental entities |
|--------|------------------------------------------|

| · | $1,408,000 – commercial customers |
|--------|-----------------------------------------|

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| Item 3.  | Quantitative and Qualitative Disclosures about Market Risk |
|---------------|------------------------------------------------------------|

| Item 4.  | Controls and Procedures |
|---------------|-------------------------|

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| Item 1. | Legal Proceedings |
|---------|-------------------|

| Item 1A.  | Risk Factors |
|----------------|--------------|

|  Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds |
|---------------------|-------------------------------------------------------------|

|  Item 3.  | Defaults Upon Senior Securities |
|---------------------|---------------------------------|

|  Item 4.  | Reserved |
|---------------------|----------|

|  Item 5.  | Other Information |
|---------------------|-------------------|

| Item 6.  | Exhibits |
|---------------|----------|

| 31.1 | Chief Executive Officer Certification adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|------|---------------------------------------------------------------------------------------------------------|

| 31.2 | Chief Financial Officer Certification adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|------|---------------------------------------------------------------------------------------------------------|

| 32 | Certification adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|----|---------------------------------------------------------------------------------|

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SIGNATURES

|                               | AIR METHODS CORPORATION |                                                 |
|------------------------------------|-------------------------|------------------------------------------------------|
|                               |                    |                                                 |   |
| Date:  May 7, 2010  | By:                     | /s/ Aaron D. Todd                               |   |
|                               |                    | Aaron D. Todd                                        |   |
|                               |                    | Chief Executive Officer(Principal Executive Officer) |   |
|                               |                    |                                                 |   |

|                         |   |                                                 |   |
|------------------------------|--------|------------------------------------------------------|--------|
| Date:  May 7, 2010 | By:    | /s/ Trent J. Carman                             |   |
|                         |   | Trent J. Carman                                      |   |
|                         |   | Chief Financial Officer(Principal Financial Officer) |   |
|                         |   |                                                 |   |

|                         |   |                                                   |   |
|------------------------------|--------|--------------------------------------------------------|--------|
| Date:  May 7, 2010 | By:    | /s/ Sharon J. Keck                           |   |
|                         |   | Sharon J. Keck                                         |   |
|                         |   | Chief Accounting Officer(Principal Accounting Officer) |   |
|                         |   |                                                   |   |

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