Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2023

Note 12. Earnings (Loss) Per Share

A reconciliation between basic and diluted Earnings (Loss) per share is as follows (in millions, except per share data):


	Year Ended December 31,
	2023		2022		2021
Net Income (loss) attributable to Royal Caribbean Cruises Ltd. for basic and diluted loss per share	$	1,697	$	(2,156)	$	(5,260)
Add convertible notes interest	88		—		—
Net Income (Loss) attributable to Royal Caribbean Cruises Ltd. for diluted earnings (loss) per share	1,785		(2,156)		(5,260)
Weighted-average common shares outstanding	256		255		252
Dilutive effect of stock-based awards	1		—		—
Diluted effect of convertible notes	26		—		—
Diluted weighted-average shares outstanding	283		255		252
Basic earnings (loss) per share	$	6.63	$	(8.45)	$	(20.89)
Diluted earnings (loss) per share	$	6.31	$	(8.45)	$	(20.89)

Effective January 1, 2022, we use the if-converted method to calculate the dilutive impact of our convertible notes that may be settled in cash or shares. In 2021, the dilutive impact was determined using the treasury stock method. There were no antidilutive shares for year ended December 31, 2023, compared to 31,027,815 and 504,250 antidilutive shares from our stock-based awards and convertible notes for the years ended December 31, 2022 and 2021, respectively.