The computation of basic and diluted earnings per share was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except shares and per share amounts)	2025		2024		2025		2024

Net income	$	3,222	$	2,925	$	6,175	$	5,299


Weighted-average shares outstanding – basic (1)	1,132,760,465		1,170,025,862		1,136,627,715		1,177,662,179
Effect of dilutive securities:
Outstanding stock options, unvested stock awards (1)	2,086,501		2,421,491		3,143,024		3,267,700

Weighted-average shares outstanding – diluted	1,134,846,966		1,172,447,353		1,139,770,739		1,180,929,879

Earnings per share – basic	$	2.84	$	2.50	$	5.43	$	4.50
Earnings per share – diluted	$	2.84	$	2.49	$	5.42	$	4.49

Potentially dilutive securities:
Outstanding stock options and unvested stock awards	2,479,780		1,827		80,012		955
Ka’ena Acquisition earnout (2)	—		932,755		—		466,377

(1) During the second quarter of 2025, the weighted-average number of shares issuable related to the Ka’ena Acquisition earnout (“Ka’ena Shares”) are included in our calculations of basic and diluted weighted-average shares outstanding based on the 20 trading day volume-weighted average price, as further described below.

(2) Represents the Ka’ena Shares that were contingently issuable based on achievement of specified performance indicators from the Ka’ena Acquisition closing date of May 1, 2024, based on the maximum number of shares contingently issuable for the earnout and 20 trading day volume-weighted average price as of June 30, 2024.

As of June 30, 2025, we had authorized 100 million shares of preferred stock, with a par value of $0.00001 per share. There was no preferred stock outstanding as of June 30, 2025 and 2024. Potentially dilutive securities were not included in the computation of diluted earnings per share if to do so would have been anti-dilutive.

The Ka’ena Shares were previously contingent consideration for the Ka’ena Acquisition. On June 30, 2025, we amended the Merger and Unit Purchase Agreement to set the calculation of the earnout as the difference between the maximum purchase price of $1.35 billion and the upfront payment, as adjusted, and removed the requirement for Ka’ena to achieve specified performance indicators. The Ka’ena Shares issuable are included in the calculation of basic and diluted weighted-average shares