NOTE 22—SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)


UAL	Quarter Ended
(In millions, except per share amounts)	March 31			June 30		September 30		December 31
2011
Operating revenue	$	8,202		$	9,809	$	10,171	$	8,928
Income from operations		34			808		935		45
Net income (loss)		(213	)		538		653		(138	)
Basic earnings (loss) per share		(0.65	)		1.63		1.97		(0.42	)
Diluted earnings (loss) per share		(0.65	)		1.39		1.69		(0.42	)

2010
Operating revenue	$	4,260		$	5,184	$	5,417	$	8,464
Income (loss) from operations		76			441		541		(82	)
Net income (loss)		(82	)		273		387		(325	)
Basic earnings (loss) per share		(0.49	)		1.62		2.30		(1.01	)
Diluted earnings (loss) per share		(0.49	)		1.29		1.75		(1.01	)

UAL's quarterly financial data is subject to seasonal fluctuations and historically its second and third quarter financial results, which reflect higher travel demand, are better than its first and fourth quarter financial results. UAL's quarterly results were impacted by the following significant items (in millions):


	Quarter Ended
	March 31			June 30		September 30			December 31
2011
Operating earnings:
Revenue—Co-brand Agreement modification (Note 2(c))	$	—		$	107	$	—		$	—
Integration-related costs		79			145		123			170
Termination of maintenance service contract		—			—		—			58
Aircraft-related charges (gains), net		(2	)		1		(3	)		(2	)
Intangible asset impairment		—			—		—			4
Other special items		—			—		—			19

Total integration-related costs and special items	$	77		$	146	$	120		$	249

Total special items, net in operating income	$	77		$	39	$	120		$	249

2010
Operating earnings:
Merger-related costs	$	—		$	28	$	44		$	493
Asset impairments		17			73		22			53
Other special items		1			5		(3	)		—
Goodwill impairment credit		—			—		—			(64	)

Total Merger-related costs and special charges in operating income (loss)	$	18		$	106	$	63		$	482

Non-cash fuel hedge mark-to-market (gains) losses	$	(31	)	$	37	$	12		$	14

See Note 21 for further discussion of these items.

Selected Quarterly Financial Data

NOTE 22—SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)


UAL	Quarter Ended
(In millions, except per share amounts)	March 31			June 30		September 30		December 31
2011
Operating revenue	$	8,202		$	9,809	$	10,171	$	8,928
Income from operations		34			808		935		45
Net income (loss)		(213	)		538		653		(138	)
Basic earnings (loss) per share		(0.65	)		1.63		1.97		(0.42	)
Diluted earnings (loss) per share		(0.65	)		1.39		1.69		(0.42	)

2010
Operating revenue	$	4,260		$	5,184	$	5,417	$	8,464
Income (loss) from operations		76			441		541		(82	)
Net income (loss)		(82	)		273		387		(325	)
Basic earnings (loss) per share		(0.49	)		1.62		2.30		(1.01	)
Diluted earnings (loss) per share		(0.49	)		1.29		1.75		(1.01	)

UAL's quarterly financial data is subject to seasonal fluctuations and historically its second and third quarter financial results, which reflect higher travel demand, are better than its first and fourth quarter financial results. UAL's quarterly results were impacted by the following significant items (in millions):


	Quarter Ended
	March 31			June 30		September 30			December 31
2011
Operating earnings:
Revenue—Co-brand Agreement modification (Note 2(c))	$	—		$	107	$	—		$	—
Integration-related costs		79			145		123			170
Termination of maintenance service contract		—			—		—			58
Aircraft-related charges (gains), net		(2	)		1		(3	)		(2	)
Intangible asset impairment		—			—		—			4
Other special items		—			—		—			19

Total integration-related costs and special items	$	77		$	146	$	120		$	249

Total special items, net in operating income	$	77		$	39	$	120		$	249

2010
Operating earnings:
Merger-related costs	$	—		$	28	$	44		$	493
Asset impairments		17			73		22			53
Other special items		1			5		(3	)		—
Goodwill impairment credit		—			—		—			(64	)

Total Merger-related costs and special charges in operating income (loss)	$	18		$	106	$	63		$	482

Non-cash fuel hedge mark-to-market (gains) losses	$	(31	)	$	37	$	12		$	14

See Note 21 for further discussion of these items.

Selected Quarterly Financial Data

NOTE 22—SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)


UAL	Quarter Ended
(In millions, except per share amounts)	March 31			June 30		September 30		December 31
2011
Operating revenue	$	8,202		$	9,809	$	10,171	$	8,928
Income from operations		34			808		935		45
Net income (loss)		(213	)		538		653		(138	)
Basic earnings (loss) per share		(0.65	)		1.63		1.97		(0.42	)
Diluted earnings (loss) per share		(0.65	)		1.39		1.69		(0.42	)

2010
Operating revenue	$	4,260		$	5,184	$	5,417	$	8,464
Income (loss) from operations		76			441		541		(82	)
Net income (loss)		(82	)		273		387		(325	)
Basic earnings (loss) per share		(0.49	)		1.62		2.30		(1.01	)
Diluted earnings (loss) per share		(0.49	)		1.29		1.75		(1.01	)

UAL's quarterly financial data is subject to seasonal fluctuations and historically its second and third quarter financial results, which reflect higher travel demand, are better than its first and fourth quarter financial results. UAL's quarterly results were impacted by the following significant items (in millions):


	Quarter Ended
	March 31			June 30		September 30			December 31
2011
Operating earnings:
Revenue—Co-brand Agreement modification (Note 2(c))	$	—		$	107	$	—		$	—
Integration-related costs		79			145		123			170
Termination of maintenance service contract		—			—		—			58
Aircraft-related charges (gains), net		(2	)		1		(3	)		(2	)
Intangible asset impairment		—			—		—			4
Other special items		—			—		—			19

Total integration-related costs and special items	$	77		$	146	$	120		$	249

Total special items, net in operating income	$	77		$	39	$	120		$	249

2010
Operating earnings:
Merger-related costs	$	—		$	28	$	44		$	493
Asset impairments		17			73		22			53
Other special items		1			5		(3	)		—
Goodwill impairment credit		—			—		—			(64	)

Total Merger-related costs and special charges in operating income (loss)	$	18		$	106	$	63		$	482

Non-cash fuel hedge mark-to-market (gains) losses	$	(31	)	$	37	$	12		$	14

See Note 21 for further discussion of these items.