Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Earnings (loss) available to common stockholders	$	1,137	$	942	$	2,018	$	(106)

Basic weighted-average shares outstanding	328.0		326.8		327.8		326.2
Dilutive effect of stock warrants (a)	2.7		1.0		2.5		—
Dilutive effect of employee stock awards	1.7		1.7		1.5		—
Diluted weighted-average shares outstanding	332.4		329.5		331.8		326.2


Earnings (loss) per share, basic	$	3.47	$	2.88	$	6.16	$	(0.33)
Earnings (loss) per share, diluted	$	3.42	$	2.86	$	6.08	$	(0.33)

Potentially dilutive securities (b)
Stock warrants (a)	1.5		3.5		1.5		3.5
Employee stock awards	0.6		0.7		0.6		0.7
(a) Represent warrants issued to the U.S. Treasury Department ("Treasury") pursuant to the payroll support program, including extensions, and the loan program established under the Coronavirus Aid, Relief, and Economic Security Act. The Company issued, to Treasury, warrants to purchase up to approximately 10 million shares of UAL common stock at exercise prices ranging from $31.50 to $53.92 and expiration dates ranging from April 20, 2025 to June 10, 2026. All warrants were outstanding as of September 30, 2023.
(b) Weighted-average potentially dilutive securities outstanding excluded from the computation of diluted earnings per share because the securities would have had an antidilutive effect.