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,
	2026		2025		2026		2025


Loss before preferred dividends and accretion of Series A Preferred Stock	$	(28,364)	$	(19,897)	$	(54,996)	$	(84,515)
Dividends and accretion of Series A Preferred Stock	—		(31,193)		—		(38,825)
Net loss attributable to common shareholders of Evolent Health, Inc.	$	(28,364)	$	(51,090)	$	(54,996)	$	(123,340)




Weighted-average common shares outstanding - basic and diluted	112,542		115,882		112,225		115,600

Loss per common share
Basic and diluted	$	(0.25)	$	(0.44)	$	(0.49)	$	(1.07)

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,
	2026	2025	2026	2025
Restricted stock units and performance-based RSUs	571	669	513	665

Series A Preferred Stock	—	4,375	—	4,375
Convertible senior notes	22,917	15,752	22,917	15,752
Total	23,488	20,796	23,430	20,792