Earnings (Loss) Per Common Share

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Basic EPS:
Net income (loss)	$	1,338	$	476	$	1,348	$	(1,159)
Weighted average common shares outstanding (in thousands)	653,602		650,346		652,801		649,925
Basic EPS	$	2.05	$	0.73	$	2.06	$	(1.78)

Diluted EPS:
Net income (loss)	$	1,338	$	476	$	1,348	$	(1,159)
Interest expense on 6.50% convertible senior notes	12		11		23		—
Net income (loss) for purposes of computing diluted EPS	$	1,350	$	487	$	1,371	$	(1,159)
Share computation for diluted EPS (in thousands):
Basic weighted average common shares outstanding	653,602		650,346		652,801		649,925
Dilutive effect of restricted stock unit awards	1,307		1,477		1,185		—
Dilutive effect of certain PSP Warrants and Treasury Loan Warrants	2,708		4,981		3,176		—
Assumed conversion of 6.50% convertible senior notes	61,728		61,728		61,728		—
Diluted weighted average common shares outstanding	719,345		718,532		718,890		649,925
Diluted EPS	$	1.88	$	0.68	$	1.91	$	(1.78)

The following were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive (in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
6.50% convertible senior notes	—	—	—	61,728
Restricted stock unit awards	3,680	4,521	3,889	4,965

In addition, for the three and six months ended June 30, 2023 and 2022, excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive, are certain shares underlying the warrants we issued to the U.S. Department of Treasury (Treasury) pursuant to (i) the payroll support program established under the Coronavirus Aid, Relief, and Economic Security Act (PSP1), (ii) the payroll support program established under the Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (PSP2), (iii) the payroll support program established under the American Rescue Plan Act of 2021 (PSP3) (collectively, the PSP Warrants) and (iv) the Loan and Guarantee Agreement with Treasury (Treasury Loan Warrants).

The table below provides a summary of the PSP Warrants and the Treasury Loan Warrants:


Warrants	Warrants Issued (shares, in thousands)	Exercise Price		Expiration
PSP1 Warrants	14,048	$	12.51	April 2025 to September 2025
PSP2 Warrants	6,576	15.66		January 2026 to April 2026
PSP3 Warrants	4,407	21.75		April 2026 to June 2026
Treasury Loan Warrants	4,396	12.51		September 2025