Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings (Loss) Per Common Share

Earnings (Loss) Per Common Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share (EPS) (in millions, except share and per share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Basic EPS:
Net income (loss)	$	(2,399)	$	425	$	(6,707)	$	1,272
Weighted average common shares outstanding (in thousands)	509,049		441,915		454,523		446,291
Basic EPS	$	(4.71)	$	0.96	$	(14.76)	$	2.85
Diluted EPS:
Net income (loss) for purposes of computing diluted EPS	$	(2,399)	$	425	$	(6,707)	$	1,272
Share computation for diluted EPS (in thousands):
Basic weighted average common shares outstanding	509,049		441,915		454,523		446,291
Dilutive effect of stock awards	—		486		—		848
Diluted weighted average common shares outstanding	509,049		442,401		454,523		447,139
Diluted EPS	$	(4.71)	$	0.96	$	(14.76)	$	2.84

Securities that could potentially dilute EPS in the future, and which were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive, are as follows (in thousands):

	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Restricted stock unit awards	4,559	2,590	5,091	2,648
PSP Warrants	25	—	2,131	—
Treasury Loan Warrants	1	—	—	—
6.50% convertible senior notes	61,728	—	21,933	—