Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Computation of Earnings per Share

	Three Months Ended June 30,					Six Months Ended June 30,
	2011			2010		2011			2010
UAL basic earnings per share:
Net income	$	538		$	273	$	325		$	191
Less: Income allocable to participating securities		(2	)		—		(1	)		—
Earnings available to common stockholders	$	536		$	273	$	324		$	191
Basic weighted average shares outstanding		330			168		329			168
Earnings per share, basic	$	1.63		$	1.62	$	0.98		$	1.14
UAL diluted earnings per share:
Earnings available to common stockholders	$	536		$	273		324		$	191
Effect of UAL 4.5% Senior Limited-Subordination Convertible Notes		11			21		—			—
Effect of Continental 4.5% Convertible Notes		2			—		4			—
Effect of UAL 5% Senior Convertible Notes		—			4		—			—
Effect of Continental 6% Convertible Junior Subordinated Debentures		4			—		—			—
Effect of UAL 6% Senior Convertible Notes		5			5		9			10
Earnings available to common stockholders including the effect of dilutive securities	$	558		$	303	$	337		$	201
UAL diluted shares outstanding:
Basic weighted average shares outstanding		330			168		329			168
Effect of employee stock options		1			2		2			1
Effect of UAL 4.5% Senior Limited-Subordination Convertible Notes		13			22		—			—
Effect of Continental 4.5% Convertible Notes		12			—		12			—
Effect of UAL 5% Senior Convertible Notes		—			3		—			—
Effect of Continental 6% Convertible Junior Subordinated Debentures		4			—		—			—
Effect of UAL 6% Senior Convertible Notes		40			40		40			40
Diluted weighted average shares outstanding		400			235		383			209
Earnings per share, diluted	$	1.39		$	1.29	$	0.88		$	0.96
UAL potentially dilutive shares excluded from diluted per share amounts:
Restricted stock and stock options		7			5		6			6
UAL 4.5% Senior Limited-Subordination Convertible Notes		—			—		18			22
Continental 6% Convertible Junior Subordinated Debentures		—			—		4			—
UAL 5% Senior Convertible Notes (Note 9)		—			—		—			3