Basic earnings per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding. Diluted earnings per share is based on the weighted average number shares of Class A Common Stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share-based awards outstanding. The potentially dilutive securities that would be anti-dilutive are not included in the calculation of diluted earnings per share attributable to controlling interest.

The following is a reconciliation of the denominators of the basic and diluted per share computations for net income (loss) (in thousands, except share and per share data):


	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Net Income (loss) per share:
Numerator – basic and diluted:
Net income (loss)	$	16,239	$	(21,275)
Less: Net income (loss) attributable to noncontrolling interest	8,529		(13,110)
Net income (loss) attributable to Bakkt Holdings, Inc. – basic	7,710		(8,165)

Dilutive effect from assumed vesting of RSUs and PSUs, net of tax	387		—
Net income (loss) attributable to Bakkt Holdings, Inc. – diluted	$	8,097	$	(8,165)

Denominator – basic and diluted:

Weighted average shares outstanding – basic	6,531,840		4,396,495
Assumed vesting of RSUs and PSUs, net of tax	642,763		—
Weighted average shares outstanding –diluted	7,174,603		4,396,495


Net income (loss) per share – basic	$	1.18	$	(1.86)
Net income (loss) per share – diluted	$	1.13	$	(1.86)

Potential common shares issuable to employees or directors upon exercise or conversion of shares under our share-based and unit-based compensation plans and upon exercise of warrants are excluded from the computation of diluted earnings per common share when the effect would be anti-dilutive.

No shares that are contingently issuable as part of the Bakkt Crypto Solutions acquisition have been included in the calculation of diluted EPS as no amounts are payable as of March 31, 2025. The following table summarizes the total potential common shares excluded from diluted earnings per common share as their effect would be anti-dilutive (in thousands):