Evolent Health, Inc. Earnings Per Share Disclosure
| For the Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Loss before preferred dividends and accretion of Series A Preferred Stock including excise tax | $ | (534,510) | $ | (61,623) | (113,040) | ||||||||||||
| Dividends and accretion of Series A Preferred Stock including excise tax | (44,891) | (31,831) | (29,220) | ||||||||||||||
| Net loss attributable to common shareholders of Evolent Health, Inc. | $ | (579,401) | $ | (93,454) | $ | (142,260) | |||||||||||
| Weighted-average common shares outstanding - basic and diluted | 114,208 | 114,682 | 111,251 | ||||||||||||||
| Loss per common share | |||||||||||||||||
| Basic and diluted | $ | (5.07) | $ | (0.81) | $ | (1.28) | |||||||||||
| For the Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Restricted stock units, performance-based RSUs and leveraged stock units | 1,108 | 1,213 | 1,352 | ||||||||||||||
| Stock options | — | 245 | 794 | ||||||||||||||
| Series A Preferred Stock | 2,625 | 4,375 | 4,375 | ||||||||||||||
| Convertible senior notes | 18,366 | 15,752 | 6,808 | ||||||||||||||
| Total | 22,099 | 21,585 | 13,329 | ||||||||||||||
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.