Loss Per Common Share

12 Months Ended

Dec. 31, 2023

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 Year Ended December 31,
		2023		2022		2021
Loss from continuing operations		$	(113,040)	$	(18,701)	$	(30,284)
Loss from discontinued operations, net of tax		—		(463)		(7,317)
Loss before preferred dividends and accretion of Series A Preferred Stock		(113,040)		(19,164)		(37,601)
Dividends and accretion of Series A Preferred Stock		(29,220)		—		—
Net loss attributable to common shareholders of Evolent Health, Inc.		$	(142,260)	$	(19,164)	$	(37,601)

Weighted-average common shares outstanding - basic and diluted		111,251		93,699		86,067





Loss per common share
Basic and diluted:
Continuing operations		$	(1.28)	$	(0.20)	$	(0.35)
Discontinued operations		—		—		(0.09)
Basic and diluted loss per share attributable to common shareholders of Evolent Health, Inc.		$	(1.28)	$	(0.20)	$	(0.44)

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 Year Ended December 31,
		2023	2022	2021
Restricted stock units ("RSUs"), performance-based RSUs (“PSUs”) and leveraged stock units ("LSUs")		1,352	1,804	1,807
Stock options		794	1,769	2,036
Series A Preferred Stock		4,375	—	—
Convertible senior notes		6,808	9,574	12,602
Total		13,329	13,147	16,445