XML 32 R19.htm IDEA: XBRL DOCUMENT v3.25.3
Earnings (Loss) Per Common Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) Per Common Share 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):
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Basic EPS:
Net income (loss)$(114)$(149)$12 $256 
Weighted average common shares outstanding (in thousands)660,358 657,424 659,788 656,745 
Basic EPS$(0.17)$(0.23)$0.02 $0.39 
Diluted EPS:
Net income (loss) for purposes of computing diluted EPS$(114)$(149)$12 $256 
Share computation for diluted EPS (in thousands):
Basic weighted average common shares outstanding660,358 657,424 659,788 656,745 
Dilutive effect of restricted stock unit awards— — 563 888 
Dilutive effect of certain PSP Warrants and Treasury Loan Warrants— — 433 1,142 
Diluted weighted average common shares outstanding660,358 657,424 660,784 658,775 
Diluted EPS$(0.17)$(0.23)$0.02 $0.39 
The following were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
6.50% convertible senior notes (1)
— 61,728 20,576 61,728 
Restricted stock unit awards1,873 2,862 1,424 2,717 
(1)On March 27, 2025, we provided notice to the holders of our Convertible Notes that we would settle our Convertible Notes at their maturity in cash on July 1, 2025. As a result, for the quarterly periods ending after March 31, 2025, we have excluded the Convertible Notes from the calculation of diluted EPS.
In addition, excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive, are certain shares underlying the warrants issued pursuant to (i) the payroll support program established under the Coronavirus Aid, Relief, and Economic Security Act (PSP1 Warrants), (ii) the payroll support program established under the Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (PSP2 Warrants), (iii) the payroll support program established under the American Rescue Plan Act of 2021 (PSP3 Warrants) and (iv) the Loan and Guarantee Agreement with the U.S. Department of Treasury (Treasury Loan Warrants).
During the first quarter of 2025, all of the PSP1 Warrants and Treasury Loan Warrants, 14.0 million shares and 4.4 million shares, respectively, were exercised at an exercise price of $12.51 per share and net settled in cash for $79 million, reflected within other financing activities in the condensed consolidated statement of cash flows.
The table below provides a summary of the warrants outstanding as of September 30, 2025:
Warrants
Warrants Issued (shares, in thousands) (1)
Exercise Price ($)Expiration
PSP2 Warrants6,57615.66 January 2026 to April 2026
PSP3 Warrants4,40721.75 April 2026 to June 2026
(1)The PSP2 Warrants and PSP3 Warrants are subject to certain anti-dilution provisions, do not have any voting rights and are freely transferable, with registration rights. Each warrant will be exercisable either through net share settlement or cash, at our option. The warrants were issued solely as compensation to the U.S. Government related to entry into the payroll support program agreements. No separate proceeds (apart from the financial assistance previously received in 2021) were received upon issuance of the warrants or will be received upon exercise thereof.