Earnings Per Share

9 Months Ended

Sep. 30, 2019

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,
	2019		2018		2019		2018
Earnings available to common stockholders	$	1,024	$	833	$	2,368	$	1,661

Basic weighted-average shares outstanding	255.3		272.4		261.0		277.0
Effect of employee stock awards	1.1		1.2		1.0		1.0
Diluted weighted-average shares outstanding	256.4		273.6		262.0		278.0

Earnings per share, basic	$	4.01	$	3.06	$	9.07	$	6.00
Earnings per share, diluted	$	3.99	$	3.05	$	9.04	$	5.98

In the three and nine months ended September 30, 2019, UAL repurchased approximately 4.1 million and 16.8 million shares, respectively, of UAL common stock in open market transactions for $0.4 billion and $1.4 billion, respectively. On July 15, 2019, UAL's Board of Directors authorized a new $3.0 billion share repurchase program to acquire UAL's common stock. As of September 30, 2019, the Company had approximately $3.3 billion remaining to purchase shares under its December 2017 and July 2019 share repurchase programs. 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.