Earnings (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Basic and Diluted 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,
	2023		2022		2023		2022
Basic EPS:
Net income (loss)	$	(545)	$	483	$	803	$	(676)
Weighted average common shares outstanding (in thousands)	654,119		650,586		653,241		650,145
Basic EPS	$	(0.83)	$	0.74	$	1.23	$	(1.04)

Diluted EPS:
Net income (loss)	$	(545)	$	483	$	803	$	(676)
Interest expense on 6.50% convertible senior notes	—		14		33		—
Net income (loss) for purposes of computing diluted EPS	$	(545)	$	497	$	836	$	(676)
Share computation for diluted EPS (in thousands):
Basic weighted average common shares outstanding	654,119		650,586		653,241		650,145
Dilutive effect of restricted stock unit awards	—		1,778		1,677		—
Dilutive effect of certain PSP Warrants and Treasury Loan Warrants	—		1,893		3,310		—
Assumed conversion of 6.50% convertible senior notes	—		61,728		61,728		—
Diluted weighted average common shares outstanding	654,119		715,985		719,956		650,145
Diluted EPS	$	(0.83)	$	0.69	$	1.16	$	(1.04)

Schedule of Anti-Dilutive Securities Excluded From Calculation of Diluted EPS

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,
	2023	2022	2023	2022
6.50% convertible senior notes	61,728	—	—	61,728
Restricted stock unit awards	3,627	4,490	3,802	5,400

Schedule of PSP Warrants and 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