Earnings (Loss) Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Computation of Basic and Diluted Earnings (Loss) per Common Share

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


	Year Ended December 31,
	2023		2022		2021
Basic EPS:
Net income (loss)	$	822	$	127	$	(1,993)
Weighted average common shares outstanding (in thousands)	653,612		650,345		644,015
Basic EPS	$	1.26	$	0.20	$	(3.09)

Diluted EPS:
Net income (loss)	$	822	$	127	$	(1,993)
Interest expense on 6.50% convertible senior notes	46		—		—
Net income (loss) for purposes of computing diluted EPS	$	868	$	127	$	(1,993)
Share computation for diluted EPS (in thousands):
Basic weighted average common shares outstanding	653,612		650,345		644,015
Dilutive effect of restricted stock unit awards	1,830		1,579		—
Dilutive effect of certain PSP Warrants and Treasury Loan Warrants	2,499		3,198		—
Assumed conversion of 6.50% convertible senior notes	61,728		—		—
Diluted weighted average common shares outstanding	719,669		655,122		644,015
Diluted EPS	$	1.21	$	0.19	$	(3.09)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive (in thousands):


	Year Ended December 31,
	2023	2022	2021
Restricted stock unit awards	4,371	3,987	3,420
6.50% convertible senior notes	—	61,728	61,728

In addition, certain shares underlying our PSP Warrants and Treasury Loan Warrants for the years ended December 31, 2023, 2022 and 2021, were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive.