Earnings (Loss) Per Common Share

6 Months Ended

Jun. 30, 2021

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Basic EPS:
Net income (loss)	$	19	$	(2,067)	$	(1,231)	$	(4,308)
Weighted average common shares outstanding (in thousands)	644,123		428,807		639,366		427,260
Basic EPS	$	0.03	$	(4.82)	$	(1.92)	$	(10.08)

Diluted EPS:
Net income (loss) for purposes of computing diluted EPS	$	19	$	(2,067)	$	(1,231)	$	(4,308)
Share computation for diluted EPS (in thousands):
Basic weighted average common shares outstanding	644,123		428,807		639,366		427,260
Dilutive effect of stock awards and warrants	12,249		—		—		—
Diluted weighted average common shares outstanding	656,372		428,807		639,366		427,260
Diluted EPS	$	0.03	$	(4.82)	$	(1.92)	$	(10.08)

Securities that could potentially dilute EPS in the future, and which were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive, are as follows (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
6.50% convertible senior notes	61,728	4,070	61,728	2,035
PSP1 Warrants	—	6,368	5,632	3,184
Restricted stock unit awards	1,182	5,781	3,191	5,357
Treasury Loan Warrants	—	—	1,755	—
PSP2 Warrants	—	—	1,242	—
PSP3 Warrants	—	—	34	—