NOTE 2 - EARNINGS PER SHARE

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Earnings available to common stockholders	$	637	$	965	$	1,551	$	1,866

Basic weighted-average shares outstanding		299.8		320.0		306.8		334.9
Effect of employee stock awards		0.8		0.4		0.8		0.3

Diluted weighted-average shares outstanding		300.6		320.4		307.6		335.2

Earnings per share, basic	$	2.12	$	3.02	$	5.06	$	5.57
Earnings per share, diluted	$	2.12	$	3.01	$	5.04	$	5.57

The number of antidilutive securities excluded from the computation of diluted earnings per share amounts was not material.

In the three and nine months ended September 30, 2017, UAL repurchased approximately 8 million and 18 million shares of UAL common stock in open market transactions, respectively, for $0.6 billion and $1.3 billion, respectively. As of September 30, 2017, the Company had approximately $0.6 billion remaining to purchase shares under its existing share repurchase authority. UAL may repurchase shares through the open market, privately negotiated transactions, block trades or accelerated share repurchase transactions from time to time in accordance with applicable securities laws. UAL will repurchase shares of UAL common stock subject to prevailing market conditions, and may discontinue such repurchases at any time. See Part II, Item 2., “Unregistered Sales of Equity Securities and Use of Proceeds” of this report for additional information.