(Loss) Earnings Per Share

6 Months Ended

Jun. 30, 2023

17. (LOSS) EARNINGS PER SHARE

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


	Three Months Ended					Six Months Ended
	June 30,					June 30,
(In thousands, except per share amounts)	2023 (As Restated)			2022		2023 (As Restated)			2022
Numerator
Net (loss) income attributable to ADTRAN Holdings, Inc.	$	(39,097	)	$	2,143	$	(79,180	)	$	1,016
Denominator
Weighted average number of shares – basic		78,366			49,123		78,364			49,110
Effect of dilutive securities
Stock options		—			84		—			111
PSUs, RSUs and restricted stock		—			602		—			592
Weighted average number of shares – diluted		78,366			49,809		78,364			49,813
(Loss) earnings per share attributable to ADTRAN Holdings, Inc. – basic	$	(0.50	)	$	0.04	$	(1.01	)	$	0.02
(Loss) earnings per share attributable to ADTRAN Holdings, Inc. – diluted	$	(0.50	)	$	0.04	$	(1.01	)	$	0.02

For the three months ended June 30, 2023 and 2022, 0.8 million and 33 thousand shares, respectively, and for the six months ended June 30, 2023 and 2022, 0.3 million and 8 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 June 30, 2023 and 2022, 2.2 million and 0.2 million stock options, respectively, and for the six months ended June 30, 2023 and 2022, 1.0 million and 0.1 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.