Earnings (Loss) Per Share

6 Months Ended

Jun. 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Earnings (loss) available to common stockholders	$	1,075	$	329	$	881	$	(1,048)

Basic weighted-average shares outstanding	328.0		326.7		327.7		325.9
Dilutive effect of employee stock awards	1.2		1.7		1.5		—
Dilutive effect of stock warrants (a)	2.3		1.9		2.3		—
Diluted weighted-average shares outstanding	331.5		330.3		331.5		325.9


Earnings (loss) per share, basic	$	3.28	$	1.01	$	2.69	$	(3.22)
Earnings (loss) per share, diluted	$	3.24	$	1.00	$	2.66	$	(3.22)

Potentially dilutive securities (b)
Stock warrants (a)	1.5		1.5		1.5		1.5
Employee stock awards	0.7		0.7		0.7		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 June 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.

On March 3, 2021, the Company entered into an equity distribution agreement (the "Distribution Agreement") with several financial institutions (collectively, the "Managers"), relating to the issuance and sale from time to time by UAL (the "2021 ATM Offering"), through the Managers, of up to 37 million shares of UAL common stock (the "2021 ATM Shares"). Sales of the 2021 ATM Shares under the Distribution Agreement were allowed to be made in any transactions that were deemed to be "at the market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended. During 2021, approximately 4 million shares were sold in the 2021 ATM Offering at an average price of $57.50 per share, with net proceeds to the Company totaling approximately $250 million. No shares were sold in 2022 or 2023 under the 2021 ATM Offering, which expired in March 2023.