Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2014

Earnings (Loss) Per Share

NOTE 4 - EARNINGS (LOSS) PER SHARE

The computations of UAL’s basic and diluted earnings (loss) per share and the number of securities that have been excluded from the computation of diluted earnings per share amounts because they were antidilutive are set forth below for the years ended December 31 (in millions, except per share amounts):

	2014		2013		2012
Basic earnings (loss) per share:
Earnings (loss) available to common stockholders	$	1,132	$	571	$	(723)
Basic weighted-average shares outstanding		371		348		331
Earnings (loss) per share, basic	$	3.05	$	1.64	$	(2.18)
Diluted earnings (loss) per share:
Earnings (loss) available to common stockholders	$	1,132	$	571	$	(723)
Effect of dilutive securities		11		26		—
Earnings (loss) available to common stockholders including the effect of dilutive securities	$	1,143	$	597	$	(723)
Diluted shares outstanding:
Basic weighted-average shares outstanding		371		348		331
Effect of convertible notes		18		42		—
Effect of restricted stock and employee stock options		1		1		—
Diluted weighted-average shares outstanding		390		391		331
Earnings (loss) per share, diluted	$	2.93	$	1.53	$	(2.18)
Potentially dilutive shares excluded from diluted per share amounts:
Restricted stock and stock options		1		3		5
Convertible notes		3		4		61
		4		7		66

See Notes 3 and 11 of this report for additional information related to the ASR Program, open market share repurchases, open market purchases of the Company’s convertible debt and exchange of shares for redemption of convertible debt.