Earnings Per Share

3 Months Ended

Mar. 31, 2016

NOTE 2 - EARNINGS PER SHARE

The computations of UAL’s basic and diluted earnings per share are set forth below (in millions, except per share amounts):


	Three Months Ended March 31,
	2016		2015
Basic earnings per share:
Earnings available to common stockholders	$	313	$	508

Basic weighted-average shares outstanding		354		382

Earnings per share, basic	$	0.88	$	1.33

Diluted earnings per share:
Earnings available to common stockholders including the effect of dilutive securities	$	313	$	508

Diluted shares outstanding:
Basic weighted-average shares outstanding		354		382
Effect of convertible notes		—		1
Effect of employee stock awards		1		1

Diluted weighted-average shares outstanding		355		384

Earnings per share, diluted	$	0.88	$	1.32

The number of antidilutive securities excluded from the computation of diluted earnings per share amounts was not material.

In the three months ended March 31, 2016, UAL repurchased 27 million shares of UAL common stock in open market transactions for $1.5 billion, of which $0.1 billion settled in April 2016. As of March 31, 2016, the Company had $948 million remaining to purchase shares under its share repurchase program (the “2015 Program”). The Company expects to complete its repurchases under the 2015 Program by September 30, 2016. UAL will repurchase shares of UAL 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. .