EARNINGS (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2012

Computation Of Earnings Per Share

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
UAL basic earnings (loss) per share:
Net income (loss)	$	339		$	538		$	(109	)	$	325
Less: Income allocable to participating securities		(1	)		(2	)		—			(1	)
Earnings (loss) available to common stockholders	$	338		$	536		$	(109	)	$	324
Basic weighted average shares outstanding		331			330			331			329
Earnings (loss) per share, basic	$	1.02		$	1.63		$	(0.33	)	$	0.98
UAL diluted earnings (loss) per share:
Earnings (loss) available to common stockholders	$	338		$	536		$	(109	)	$	324
Effect of UAL 4.5% Senior Limited-Subordination Convertible Notes		2			11			—			—
Effect of Continental 4.5% Convertible Notes		2			2			—			4
Effect of Continental 6% Convertible Junior Subordinated Debentures		3			4			—			—
Effect of UAL 6% Senior Convertible Notes		4			5			—			9
Earnings (loss) available to common stockholders including the effect of dilutive securities	$	349		$	558		$	(109	)	$	337
UAL diluted shares outstanding:
Basic weighted average shares outstanding		331			330			331			329
Effect of stock options		1			1			—			2
Effect of UAL 4.5% Senior Limited-Subordination Convertible Notes		5			13			—			—
Effect of Continental 4.5% Convertible Notes		12			12			—			12
Effect of Continental 6% Convertible Junior Subordinated Debentures		4			4			—			—
Effect of UAL 6% Senior Convertible Notes		40			40			—			40
Diluted weighted average shares outstanding		393			400			331			383
Earnings (loss) per share, diluted	$	0.89		$	1.39		$	(0.33	)	$	0.88
UAL potentially dilutive shares excluded from diluted per share amounts:
Restricted stock and stock options		5			7			7			6
UAL 4.5% Senior Limited-Subordination Convertible Notes		—			—			5			18
Continental 4.5% Convertible Notes		—			—			12			—
Continental 6% Convertible Junior Subordinated Debentures		—			—			4			4
UAL 6% Senior Convertible Notes		—			—			40			—