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


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In thousands, except per share amounts)	2024			2023			2024			2023
Numerator
Net loss attributable to ADTRAN Holdings, Inc.	$	(49,865	)	$	(39,097	)	$	(374,415	)	$	(79,180	)
Denominator
Weighted average number of shares – basic		78,852			78,366			78,803			78,364
Effect of dilutive securities
Stock options		—			—			—			—
PSUs, RSUs and restricted stock		—			—			—			—
Weighted average number of shares – diluted		78,852			78,366			78,803			78,364
Loss per share attributable to ADTRAN Holdings, Inc. – basic	$	(0.63	)	$	(0.50	)	$	(4.75	)	$	(1.01	)
Loss per share attributable to ADTRAN Holdings, Inc. – diluted	$	(0.63	)	$	(0.50	)	$	(4.75	)	$	(1.01	)

For the three months ended June 30, 2024 and 2023, 1.4 million and 0.8 million shares, respectively, and for the six months ended June 30, 2024 and 2023, 1.3 million and 0.3 million, 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, 2024 and 2023, 5.0 million and 2.2 million stock options, respectively, and for the six months ended June 30, 2024 and 2023, 4.2 million and 1.0 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.