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


	Three Months Ended
	March 31,
(In thousands, except per share amounts)	2025			2024
				(Restated)
Numerator
Net loss attributable to ADTRAN Holdings, Inc.	$	(11,267	)	$	(330,765	)
Effect of redemption of RNCI		(3	)		—
Net loss attributable to ADTRAN Holdings, Inc. common stockholders	$	(11,270	)	$	(330,765	)
Denominator
Weighted average number of shares – basic		79,534			78,814
Effect of dilutive securities
Stock options		—			—
PSUs, RSUs and restricted stock		—			—
Weighted average number of shares – diluted		79,534			78,814
Loss per share attributable to ADTRAN Holdings, Inc. – basic	$	(0.14	)	$	(4.20	)
Loss per share attributable to ADTRAN Holdings, Inc. – diluted	$	(0.14	)	$	(4.20	)

For the three months ended March 31, 2025 and 2024, 0.2 million and 1.1 million 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 March 31, 2025 and 2024, 0.7 million and 3.5 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.