Earnings (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic EPS:
Net income (loss)	$	(149)	$	(545)	$	256	$	803
Weighted average common shares outstanding (in thousands)	657,424		654,119		656,745		653,241
Basic EPS	$	(0.23)	$	(0.83)	$	0.39	$	1.23
Diluted EPS:
Net income (loss)	$	(149)	$	(545)	$	256	$	803
Interest expense on 6.50% convertible senior notes	—		—		—		33
Net income (loss) for purposes of computing diluted EPS	$	(149)	$	(545)	$	256	$	836
Share computation for diluted EPS (in thousands):
Basic weighted average common shares outstanding	657,424		654,119		656,745		653,241
Dilutive effect of restricted stock unit awards	—		—		888		1,677
Dilutive effect of certain PSP Warrants and Treasury Loan Warrants	—		—		1,142		3,310
Assumed conversion of 6.50% convertible senior notes	—		—		—		61,728
Diluted weighted average common shares outstanding	657,424		654,119		658,775		719,956
Diluted EPS	$	(0.23)	$	(0.83)	$	0.39	$	1.16

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,
	2024	2023	2024	2023
6.50% convertible senior notes	61,728	61,728	61,728	—
Restricted stock unit awards	2,862	3,627	2,717	3,802

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