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


	Year Ended December 31,
	2015		2014		2013
Basic Earnings (Loss) Per Share:
Net income (loss)	$	7,610	$	2,882	$	(1,834	)
Weighted-average shares outstanding (in thousands)		668,393		717,456		280,213

Basic earnings (loss) per share	$	11.39	$	4.02	$	(6.54	)

Diluted Earnings (Loss) Per Share:
Net income (loss)	$	7,610	$	2,882	$	(1,834	)
Change in fair value of conversion feature on 7.25% convertible senior notes (a)		—		3		—

Net income (loss) for purposes of computing diluted earnings (loss) per share	$	7,610	$	2,885	$	(1,834	)
Share computation for diluted earnings (loss) per share (in thousands):
Weighted-average shares outstanding		668,393		717,456		280,213
Dilutive effect of stock awards		18,962		15,603		—
Assumed conversion of convertible senior notes		—		957		—

Weighted average common shares outstanding – as adjusted		687,355		734,016		280,213

Diluted earnings (loss) per share	$	11.07	$	3.93	$	(6.54	)

The following were excluded from the calculation of diluted earnings (loss) per share (in thousands):
Stock options, SARs and RSUs because inclusion would be antidilutive		764		226		7,674

(a)

In March 2014, the Company notified the holders of US Airways Group’s 7.25% convertible senior notes that it had elected to settle all future conversions solely in cash instead of shares of AAG Common Stock in accordance with the related indenture. Thus, the diluted shares include the weighted average impact of the 7.25% convertible senior notes only for the period from January 1, 2014 to March 12, 2014. In addition, under GAAP, the Company must adjust the numerator for purposes of calculating diluted earnings per share by the change in fair value of the conversion feature from March 12, 2014 to May 15, 2014, which increased GAAP net income for purposes of computing diluted earnings per share by $3 million for the year ended December 31, 2014.