Shareholders Earnings per Share
The denominator for basic and diluted shareholders’ earnings per share at December 31, 2025, 2024 and 2023 is as follows:
202520242023
Denominator for basic shareholders’ earnings per share—weighted-average shares
224.0 231.7 235.9 
Effect of dilutive securities—employee stock options, non-vested restricted stock awards and convertible debentures
0.6 1.2 1.5 
Denominator for diluted shareholders’ earnings per share
224.6 232.9 237.4 
During the years ended December 31, 2025, 2024 and 2023, weighted-average shares related to certain stock options of 1.9, 0.7 and 0.8, respectively, were excluded from the denominator for diluted shareholders’ earnings per share because the stock options were anti-dilutive.
We have issued approximately 0.7 cumulative restricted stock units under our stock incentive plans, of which vesting is contingent upon us meeting specified annual earnings targets. Contingent restricted stock units are excluded from the denominator for diluted shareholders’ earnings per share and are included only if and when the contingency is met. These contingent restricted stock units are being measured over a three-year period and generally vest in March of the year following each measurement period.
Free Sentinel

Want the next Elevance Health, Inc. earnings per share disclosure the moment it drops?

Set a Sentinel and we'll alert you the moment Elevance Health, Inc.'s next filing hits EDGAR. No credit card, your email never gets sold.

Track for free

Historical Timeline

Fiscal YearFiled
2025Feb 6, 2026Showing above
2024Feb 20, 2025
2020Feb 18, 2021

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.