Earnings (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

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,
	2022		2021		2022		2021
Basic EPS:
Net income (loss)	$	483	$	169	$	(676)	$	(1,061)
Weighted average common shares outstanding (in thousands)	650,586		648,564		650,145		642,432
Basic EPS	$	0.74	$	0.26	$	(1.04)	$	(1.65)
Diluted EPS:
Net income (loss)	$	483	$	169	$	(676)	$	(1,061)
Interest expense on 6.50% convertible senior notes	14		14		—		—
Net income (loss) for purposes of computing diluted EPS	$	497	$	183	$	(676)	$	(1,061)
Share computation for diluted EPS (in thousands):
Basic weighted average common shares outstanding	650,586		648,564		650,145		642,432
Dilutive effect of stock awards	1,778		2,264		—		—
Dilutive effect of warrants	1,893		8,586		—		—
Assumed conversion of 6.50% convertible senior notes	61,728		61,728		—		—
Diluted weighted average common shares outstanding	715,985		721,142		650,145		642,432
Diluted EPS	$	0.69	$	0.25	$	(1.04)	$	(1.65)

Anti-Dilutive Securities Excluded From Calculation of Diluted EPS

Securities 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,
	2022	2021	2022	2021
6.50% convertible senior notes	—	—	61,728	61,728
Restricted stock unit awards	4,490	1,172	5,400	3,272
PSP1 Warrants (1)	—	—	2,887	5,555
Treasury Loan Warrants (2)	—	—	902	1,731
PSP2 Warrants (3)	—	—	304	1,329
PSP3 Warrants (4)	—	—	—	—

(1)Pursuant to the payroll support program established under the CARES Act (PSP1), AAG issued to Treasury warrants (PSP1 Warrants) to purchase up to an aggregate of approximately 14.0 million shares of AAG common stock for an exercise price of $12.51 per share, subject to adjustment.

(2)Pursuant to the Loan and Guarantee Agreement with Treasury (the Treasury Loan Agreement), AAG issued to Treasury warrants (Treasury Loan Warrants) to purchase up to an aggregate of approximately 4.4 million shares of AAG common stock for an exercise price of $12.51 per share, subject to adjustment.

(3)Pursuant to PSP2, AAG issued to Treasury warrants (PSP2 Warrants) to purchase up to an aggregate of approximately 6.6 million shares of AAG common stock for an exercise price of $15.66 per share, subject to adjustment.

(4)Pursuant to PSP3, AAG issued to Treasury warrants (PSP3 Warrants) to purchase up to an aggregate of approximately 4.4 million shares of AAG common stock for an exercise price of $21.75 per share, subject to adjustment.