NOTE 3—LOSS PER SHARE

The table below represents the computation of UAL basic and diluted earnings per share amounts and the number of securities that have been excluded from the computation of diluted earnings per share amounts because they were antidilutive (in millions, except per share amounts):


	Three Months Ended March 31,
	2012			2011
UAL basic and diluted loss per share:
Loss available to common stockholders	$	(448	)	$	(213	)

Weighted average shares outstanding, basic and diluted		330			328

Loss per share, basic and diluted	$	(1.36	)	$	(0.65	)

UAL potentially dilutive shares excluded from diluted per share amounts:
Restricted stock and units and stock options		7			9
Continental 6% convertible junior subordinated debentures		4			4
UAL 6% senior convertible notes		40			40
UAL 4.5% senior limited-subordination convertible notes		5			22
Continental 4.5% convertible notes		12			12

UAL's 6% Senior Notes due 2031 (the "6% Senior Notes"), with a principal amount of $652 million as of March 31, 2012, can be redeemed, and the $125 million of UAL's 8% Contingent Senior Notes (the "8% Notes"), which UAL issued in January 2012, are redeemable with either cash or shares of UAL common stock, or in the case of mandatory redemption, a combination thereof, at UAL's option. These notes are not included in the diluted earnings per share calculation because it is UAL's intent to redeem these notes with cash if UAL were to decide to redeem these notes.

Loss Per Share

NOTE 3--LOSS PER SHARE

The table below represents the computation of UAL basic and diluted earnings per share amounts and the number of securities that have been excluded from the computation of diluted earnings per share amounts because they were antidilutive (in millions, except per share amounts):


	Three Months Ended March 31,
	2012			2011
UAL basic and diluted loss per share:
Loss available to common stockholders	$	(448	)	$	(213	)

Weighted average shares outstanding, basic and diluted		330			328

Loss per share, basic and diluted	$	(1.36	)	$	(0.65	)

UAL potentially dilutive shares excluded from diluted per share amounts:
Restricted stock and units and stock options		7			9
Continental 6% convertible junior subordinated debentures		4			4
UAL 6% senior convertible notes		40			40
UAL 4.5% senior limited-subordination convertible notes		5			22
Continental 4.5% convertible notes		12			12

UAL's 6% Senior Notes due 2031 (the "6% Senior Notes"), with a principal amount of $652 million as of March 31, 2012, can be redeemed, and the $125 million of UAL's 8% Contingent Senior Notes (the "8% Notes"), which UAL issued in January 2012, are redeemable with either cash or shares of UAL common stock, or in the case of mandatory redemption, a combination thereof, at UAL's option. These notes are not included in the diluted earnings per share calculation because it is UAL's intent to redeem these notes with cash if UAL were to decide to redeem these notes.

Loss Per Share

NOTE 3—LOSS PER SHARE

The table below represents the computation of UAL basic and diluted earnings per share amounts and the number of securities that have been excluded from the computation of diluted earnings per share amounts because they were antidilutive (in millions, except per share amounts):


	Three Months Ended March 31,
	2012			2011
UAL basic and diluted loss per share:
Loss available to common stockholders	$	(448	)	$	(213	)

Weighted average shares outstanding, basic and diluted		330			328

Loss per share, basic and diluted	$	(1.36	)	$	(0.65	)

UAL potentially dilutive shares excluded from diluted per share amounts:
Restricted stock and units and stock options		7			9
Continental 6% convertible junior subordinated debentures		4			4
UAL 6% senior convertible notes		40			40
UAL 4.5% senior limited-subordination convertible notes		5			22
Continental 4.5% convertible notes		12			12

UAL's 6% Senior Notes due 2031 (the "6% Senior Notes"), with a principal amount of $652 million as of March 31, 2012, can be redeemed, and the $125 million of UAL's 8% Contingent Senior Notes (the "8% Notes"), which UAL issued in January 2012, are redeemable with either cash or shares of UAL common stock, or in the case of mandatory redemption, a combination thereof, at UAL's option. These notes are not included in the diluted earnings per share calculation because it is UAL's intent to redeem these notes with cash if UAL were to decide to redeem these notes.