agilon health, inc.AGL

agilon health, inc. Earnings Per Share Disclosure

10-KFiled Feb 25, 20262 min read
NOTE 15. Net Income (Loss) Per Common Share
Basic net income (loss) per common share (“EPS”) is computed based upon the weighted average number of common shares outstanding. Diluted net income (loss) per common share is computed based upon the weighted average number of common shares outstanding plus the impact of common shares issuable from the assumed conversion of stock options, certain performance RSUs and unvested RSUs. Only those instruments having a dilutive impact on basic EPS are included in diluted EPS during the periods presented.
The following table illustrates the computation of basic and diluted EPS (in thousands, except per share amounts):
Year Ended December 31,
202520242023
Numerator
Income (loss) from continuing operations$(405,347)$(250,277)$(195,253)
Noncontrolling interests’ share in (earnings) loss from continuing operations— (50)207 
Net income (loss) attributable to common stockholders before discontinued operations(405,347)(250,327)(195,046)
Income (loss) from discontinued operations14,000 (9,824)(67,550)
Net income (loss) attributable to common stockholders$(391,347)$(260,151)$(262,596)
Denominator
Weighted average shares outstanding, basic and diluted413,969410,966408,917
Net income (loss) per share attributable to common stockholders
Net income (loss) per common share from continuing operations, basic and diluted$(0.98)$(0.61)$(0.48)
Net income (loss) per common share from discontinued operations, basic and diluted$0.03 $(0.02)$(0.16)
Basic net income (loss) per share is the same as diluted net income (loss) per share for the years ended December 31, 2025, 2024, and 2023 as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following table provides the potential shares of common stock that were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders because their effect would have been anti-dilutive (in thousands):
December 31,
202520242023
Stock options - service only condition8,6469,1639,430
Stock options - market and performance condition(1)
4,2896,9627,826
Restricted stock units20,93917,85810,065
_____________________________________________________________________
(1)Market and performance conditions were satisfied during 2021.

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 25, 2025
2023Feb 27, 2024

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

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