NOTE 2 - EARNINGS PER SHARE

The table below represents the computation of UAL’s 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 June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Basic earnings per share:
Earnings available to common stockholders	$	1,193	$	789	$	1,701	$	180

Basic weighted-average shares outstanding		380		373		381		371

Earnings per share, basic	$	3.14	$	2.12	$	4.46	$	0.48

Diluted earnings per share:
Earnings available to common stockholders	$	1,193	$	789	$	1,701	$	180
Effect of convertible notes		—		7		—		6

Earnings available to common stockholders including the effect of dilutive securities	$	1,193	$	796	$	1,701	$	186

Diluted shares outstanding:
Basic weighted-average shares outstanding		380		373		381		371
Effect of convertible notes		—		22		—		21
Effect of restricted stock and employee stock options		—		1		1		—

Diluted weighted-average shares outstanding		380		396		382		392

Earnings per share, diluted	$	3.14	$	2.01	$	4.45	$	0.47

Potentially dilutive shares excluded from diluted per share amounts:
Restricted stock and stock options		—		1		—		2
Convertible notes		—		—		—		4

In January 2015, the holders of substantially all of the remaining $202 million principal amount of United’s 4.5% Convertible Notes due 2015 (the “4.5% Convertible Notes”) exercised their conversion option resulting in the issuance of 11 million shares of UAL common stock. There is no convertible debt outstanding as of June 30, 2015.

In 2014, UAL’s Board of Directors authorized a share repurchase program to acquire up to $1 billion of UAL’s common stock. UAL spent $250 million and $450 million to repurchase approximately 4.4 million and 7.3 million shares of UAL common stock in open market transactions in the three and six months ended June 30, 2015, respectively. As of June 30, 2015, the Company has $230 million remaining to spend under the share repurchase program.On July 21, 2015, UAL’s Board of Directors authorized a new $3 billion share repurchase program, which the Company expects to complete by December 31, 2017.UAL may repurchase shares through the open market, privately negotiated transactions, block trades, or accelerated share repurchase transactions from time to time in accordance with applicable securities laws. UAL will repurchase shares of common stock subject to prevailing market conditions, and may discontinue such repurchases at any time. See Part II, Item 2., “Unregistered Sales of Equity Securities and Use of Proceeds” of this report for additional information.