Earnings Per Share

9 Months Ended

Sep. 30, 2016

Earnings Per Share

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 September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Basic earnings per share:
Earnings available to common stockholders	$	965	$	4,816	$	1,866	$	6,517
Basic weighted-average shares outstanding		320		375		335		379
Earnings per share, basic	$	3.02	$	12.83	$	5.57	$	17.19
Diluted earnings per share:
Earnings available to common stockholders including the effect of dilutive securities	$	965	$	4,816	$	1,866	$	6,517
Diluted shares outstanding:
Basic weighted-average shares outstanding		320		375		335		379
Effect of employee stock awards		1		1		—		1
Diluted weighted-average shares outstanding		321		376		335		380
Earnings per share, diluted	$	3.01	$	12.82	$	5.57	$	17.15

The number of antidilutive securities excluded from the computation of diluted earnings per share amounts was not material. In the three and nine months ended September 30, 2016, UAL repurchased 5 million and 48 million shares of UAL common stock in open market transactions, respectively, for $255 million and $2.4 billion, respectively. As of September 30, 2016, the Company had approximately $2 billion remaining to purchase shares under its existing share repurchase authority. 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 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.