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Loss Per Common Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Loss Per Common Share Loss Per Common Share
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 September 30,For the Nine Months Ended September 30,
2025202420252024
Loss before preferred dividends and accretion of Series A Preferred Stock including excise tax$(20,864)$(23,137)$(105,379)$(38,821)
Dividends and accretion of Series A Preferred Stock including excise tax(6,066)(8,094)(44,891)(24,018)
Net loss attributable to common shareholders of Evolent Health, Inc.$(26,930)$(31,231)$(150,270)$(62,839)
Weighted-average common shares outstanding - basic and diluted114,066 114,862 115,083 114,565 
Loss per common share
Basic and diluted$(0.24)$(0.27)$(1.31)$(0.55)
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 September 30,For the Nine Months Ended September 30,
2025202420252024
Restricted stock units (“RSUs”), performance-based RSUs (“PSUs”) and leveraged stock units (“LSUs”)1,257 804 744 782 
Stock options— 230 — 309 
Series A Preferred Stock1,807 4,375 3,510 4,375 
Convertible senior notes19,336 20,252 16,960 20,252 
Total22,400 25,661 21,214 25,718