The calculation of basic and diluted loss per share is as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In thousands, except per share amounts)	2023			2022			2023			2022
Numerator
Net loss attributable to ADTRAN Holdings, Inc.	$	(72,735	)	$	(41,934	)	$	(140,533	)	$	(40,918	)
Denominator
Weighted average number of shares – basic		78,389			73,036			78,378			57,175
Effect of dilutive securities
Stock options		—			—			—			—
PSUs, RSUs and restricted stock		—			—			—			—
Weighted average number of shares – diluted		78,389			73,036			78,378			57,175
Loss per share attributable to ADTRAN Holdings, Inc. – basic	$	(0.93	)	$	(0.57	)	$	(1.79	)	$	(0.72	)
Loss per share attributable to ADTRAN Holdings, Inc. – diluted	$	(0.93	)	$	(0.57	)	$	(1.79	)	$	(0.72	)

For the three months ended September 30, 2023 and 2022, 0.5 million and 4 thousand shares, respectively, and for the nine months ended September 30, 2023 and 2022, 0.4 million and 4 thousand shares, respectively, of unvested PSUs, RSUs and restricted stock were excluded from the calculation of diluted earnings per share due to their anti-dilutive effect.

For the three months ended September 30, 2023 and 2022, 2.6 million and 0.1 million stock options, respectively, and for the nine months ended September 30, 2023 and 2022, 1.4 million and 0.2 million stock options, respectively, were outstanding but were not included in the computation of diluted earnings per share. These stock options were excluded because their exercise prices were greater than the average market price of the common shares during the applicable period, making them anti-dilutive under the treasury stock method.