The holders of our Class A and Class B common stock (together, "common stock") have identical liquidation and dividend rights but different voting rights. Accordingly, we present the earnings per share (EPS) for Class A and Class B common stock together.

Basic EPS is computed by dividing net income by the weighted-average number of shares of our common stock outstanding. Diluted EPS is computed by dividing net income by the weighted-average number of fully diluted common stock outstanding and assumes the conversion of our Class B common stock to Class A common stock.

For the three months ended March 31, 2026 and 2025, approximately 40 million and 1 million shares, respectively, were excluded from the diluted EPS calculation as including them would have an anti-dilutive effect.

The numerators and denominators of the basic and diluted EPS computations for our common stock are calculated as follows (in millions, except per share amounts):


	Three Months Ended March 31,
		2026		2025
Basic EPS:
Numerator
Distributed earnings		$	1,346	$	1,329
Undistributed earnings		25,427		15,315
Net income		$	26,773	$	16,644
Denominator
Shares used in computation of basic EPS (1)		2,534		2,527
Basic EPS		$	10.57	$	6.59
Diluted EPS:
Numerator
Net income for diluted EPS		$	26,773	$	16,644
Denominator
Shares used in computation of basic EPS (1)		2,534		2,527
Effect of dilutive shares		30		63
Shares used in computation of diluted EPS		2,564		2,590
Diluted EPS		$	10.44	$	6.43

(1)Includes 2,192 million and 2,184 million shares of Class A common stock and 342 million and 343 million shares of Class B common stock, for the three months ended March 31, 2026 and 2025, respectively.

EPS for Class B common stock is not presented separately as under the two-class method Class A and Class B EPS is not meaningfully different.