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


	Three Months Ended March 31,
(in millions, except shares and per share amounts)		2025		2024



Net income		$	2,953	$	2,374








Weighted-average shares outstanding – basic		1,140,537,935		1,185,298,497
Effect of dilutive securities:
Outstanding stock options, unvested stock awards		4,117,362		3,793,522


Weighted-average shares outstanding – diluted		1,144,655,297		1,189,092,019




Earnings per share – basic		$	2.59	$	2.00




Earnings per share – diluted		$	2.58	$	2.00

Potentially dilutive securities:
Outstanding stock options and unvested stock awards		961,773		6

Ka’ena Acquisition contingent consideration (1)		979,153		—

(1) The weighted-average number of shares contingently issuable related to the Ka’ena Acquisition earnout consideration (“Ka’ena Contingent Shares”) are included in potentially dilutive securities based on the maximum number of shares contingently issuable for the earnout and the 20 trading day volume-weighted average price as of March 31, 2025. No Ka’ena Contingent Shares were outstanding during the three months ended March 31, 2025, as the threshold specified performance indicators had not been achieved.

As of March 31, 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 March 31, 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.