Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2020

The computations of UAL's basic and diluted earnings (loss) per share are set forth below (in millions, except per share amounts):



	Three Months Ended March 31,
	2020				2019
Earnings (loss) available to common stockholders	$	(1,704	)		$	292

Basic weighted-average shares outstanding	248.5				267.0
Effect of employee stock awards	—			(a)	1.3
Diluted weighted-average shares outstanding	248.5				268.3

Earnings (loss) per share, basic and diluted	$	(6.86	)		$	1.09

(a) In the three months ended March 31, 2020, approximately 0.9 million employee stock awards have been excluded from the computation of the diluted per share amount as they have an anti-dilutive effect.

On April 21, 2020, UAL entered into an underwriting agreement (the "Underwriting Agreement") with Morgan Stanley & Co. LLC and Barclays Capital Inc. (collectively, the "Underwriters"), relating to the issuance and sale by UAL of 39,250,000 shares of its common stock, par value $0.01 per share, at a price to the public of $26.50 per share. Pursuant to the Underwriting Agreement, UAL granted the Underwriters a 30-day option to purchase up to an additional 3,925,000 shares of UAL common stock on the same terms, and such option was exercised in full.