Earnings (Loss) Per Common Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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 March 31,
	2024		2023
Basic EPS:
Net income (loss)	$	(312)	$	10
Weighted average common shares outstanding (in thousands)	655,847		652,000
Basic EPS	$	(0.48)	$	0.02
Diluted EPS:
Net income (loss) for purposes of computing diluted EPS	$	(312)	$	10
Share computation for diluted EPS (in thousands):
Basic weighted average common shares outstanding	655,847		652,000
Dilutive effect of restricted stock unit awards	—		1,064
Dilutive effect of certain PSP Warrants and Treasury Loan Warrants	—		3,643
Diluted weighted average common shares outstanding	655,847		656,707
Diluted EPS	$	(0.48)	$	0.02

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 March 31,
	2024	2023
6.50% convertible senior notes	61,728	61,728
Restricted stock unit awards	4,318	4,099

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