Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2023

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


	Three Months Ended March 31,
	2023		2022
Loss available to common stockholders	$	(194)	$	(1,377)

Weighted-average shares outstanding, basic and diluted	327.4		325.0

Loss per share, basic and diluted	$	(0.59)	$	(4.24)

Potentially dilutive securities (a)
Stock warrants (b)	1.5		1.5
Employee stock awards	0.7		0.7
(a) Weighted-average potentially dilutive securities outstanding excluded from the computation of diluted earnings per share because the securities would have had an antidilutive effect.
(b) 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 March 31, 2023.