Earnings (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2021

Computation of Basic and Diluted Earnings (Loss) per Common Share

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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Basic EPS:
Net income (loss)	$	169	$	(2,399)	$	(1,061)	$	(6,707)
Weighted average common shares outstanding (in thousands)	648,564		509,049		642,432		454,523
Basic EPS	$	0.26	$	(4.71)	$	(1.65)	$	(14.76)

Diluted EPS:
Net income (loss)	$	169	$	(2,399)	$	(1,061)	$	(6,707)
Interest expense on 6.50% convertible senior notes	14		—		—		—
Net income (loss) for purposes of computing diluted EPS	$	183	$	(2,399)	$	(1,061)	$	(6,707)
Share computation for diluted EPS (in thousands):
Basic weighted average common shares outstanding	648,564		509,049		642,432		454,523
Dilutive effect of stock awards and warrants	10,850		—		—		—
Assumed conversion of 6.50% convertible senior notes	61,728		—		—		—
Diluted weighted average common shares outstanding	721,142		509,049		642,432		454,523
Diluted EPS	$	0.25	$	(4.71)	$	(1.65)	$	(14.76)

Anti-Dilutive Securities Excluded From Calculation of Diluted EPS

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 September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
6.50% convertible senior notes	—	61,728	61,728	21,933
PSP1 Warrants	—	25	5,555	2,131
Restricted stock unit awards	1,172	4,559	3,272	5,091
Treasury Loan Warrants	—	1	1,731	—
PSP3 Warrants	4,350	—	1,472	—
PSP2 Warrants	—	—	1,329	—