The following table sets forth the computation of basic and diluted earnings per share available for common stockholders (in thousands, except per share data):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024


Income (loss) before preferred dividends and accretion of Series A Preferred Stock	$	(19,897)	$	1,596	$	(84,515)	$	(15,684)
Dividends and accretion of Series A Preferred Stock	(31,193)		(7,979)		(38,825)		(15,924)
Net loss attributable to common shareholders of Evolent Health, Inc.	$	(51,090)	$	(6,383)	$	(123,340)	$	(31,608)




Weighted-average common shares outstanding - basic and diluted	115,882		114,688		115,600		114,415

Loss per common share
Basic and diluted	$	(0.44)	$	(0.06)	$	(1.07)	$	(0.28)

Basic net loss per common share is calculated using the weighted average number of common shares outstanding during the period. Diluted net earnings per common share, if any, gives effect to diluted stock options (calculated based on the treasury stock method), shares issuable upon debt conversion (calculated using an as-if converted method).

Anti-dilutive shares excluded from the calculation of weighted-average common shares presented above are presented below (in thousands):


	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2025	2024	2025	2024
Restricted stock units (“RSUs”), performance-based RSUs (“PSUs”) and leveraged stock units (“LSUs”)	669	533	665	854
Stock options	—	289	—	351
Series A Preferred Stock	4,375	4,375	4,375	4,375
Convertible senior notes	15,752	20,252	15,752	20,252
Total	20,796	25,449	20,792	25,832