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EARNINGS (LOSS) PER SHARE
 9 Months Ended
Sep. 30, 2013
EARNINGS (LOSS) PER SHARE

NOTE 3—EARNINGS (LOSS) PER SHARE

The table below represents the computation of UAL’s basic and diluted earnings (loss) per share amounts and the number of securities that have been excluded from the computation of diluted earnings (loss) per share amounts because they were antidilutive (in millions, except per share amounts):

 

     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  
     2013     2012      2013     2012  

Basic earnings (loss) per share:

          

Net income (loss)

    $ 379      $ 6       $ 431      $ (103 ) 

Less: Income allocable to participating securities

      (1 )      —           (1 )      —     
  

 

 

    

 

 

     

 

 

    

 

 

  

Earnings (loss) available to common stockholders

    $ 378      $ 6       $ 430      $ (103 ) 
  

 

 

    

 

 

     

 

 

    

 

 

  

Basic weighted average shares outstanding

      357        331         343        331   
  

 

 

    

 

 

     

 

 

    

 

 

  

Earnings (loss) per share, basic

    $ 1.06      $ 0.02       $ 1.25      $ (0.31 ) 
  

 

 

    

 

 

     

 

 

    

 

 

  

Diluted earnings (loss) per share:

          

Earnings (loss) available to common stockholders

    $ 378      $ 6       $ 430      $ (103 ) 

Effect of convertible notes

      9        —           20        —     
  

 

 

    

 

 

     

 

 

    

 

 

  

Earnings (loss) available to common stockholders including the effect of dilutive securities

    $ 387      $ 6       $ 450      $ (103 ) 
  

 

 

    

 

 

     

 

 

    

 

 

  

Diluted shares outstanding:

          

Basic weighted-average shares outstanding

      357        331         343        331   

Effect of convertible notes

      37        —           46        —     

Effect of employee stock options

      1        1         1        —     
  

 

 

    

 

 

     

 

 

    

 

 

  

Diluted weighted-average shares outstanding

      395        332         390        331   
  

 

 

    

 

 

     

 

 

    

 

 

  

Earnings (loss) per share, diluted

    $ 0.98      $ 0.02       $ 1.15      $ (0.31 ) 
  

 

 

    

 

 

     

 

 

    

 

 

  

Potentially dilutive shares excluded from diluted per share amounts:

          

Restricted stock and stock options

      3        5         3        6   

Convertible notes

      —          61         4        61   

During the three and nine months ended September 30, 2013, UAL issued approximately 6 million and 28 million shares, respectively, of UAL common stock pursuant to agreements that UAL entered into with certain of its securityholders in exchange for approximately $51 million and $240 million, respectively, in aggregate principal amount of UAL’s outstanding 6% convertible senior notes due 2029 held by such securityholders. The newly issued shares of UAL common stock are included in the determination of basic weighted average shares outstanding for the three and nine months ended September 30, 2013 from the date the shares were issued. The Company retired the 6% convertible senior notes acquired in the exchange.