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Earnings Per Common Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
The following table provides the computation of basic and diluted earnings per common share (EPS) (in millions, except share and per share amounts):
 Year Ended December 31,
 202420232022
Basic EPS:
Net income$846 $822 $127 
Weighted average common shares outstanding (in thousands)656,996 653,612 650,345 
Basic EPS$1.29 $1.26 $0.20 
Diluted EPS:
Net income$846 $822 $127 
Interest expense on 6.50% convertible senior notes
51 46 — 
Net income for purposes of computing diluted EPS$897 $868 $127 
Share computation for diluted EPS (in thousands):
Basic weighted average common shares outstanding656,996 653,612 650,345 
Dilutive effect of restricted stock unit awards1,121 1,830 1,579 
Dilutive effect of certain PSP Warrants and Treasury Loan Warrants1,455 2,499 3,198 
Assumed conversion of 6.50% convertible senior notes
61,728 61,728 — 
Diluted weighted average common shares outstanding721,300 719,669 655,122 
Diluted EPS$1.24 $1.21 $0.19 
The following were excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive (in thousands):
Year Ended December 31,
202420232022
Restricted stock unit awards2,350 4,371 3,987 
6.50% convertible senior notes
— — 61,728 
In addition, for the years ended December 31, 2024, 2023 and 2022, excluded from the calculation of diluted EPS because inclusion of such shares would be antidilutive, are certain shares underlying the warrants issued pursuant to (i) the payroll support program established under the Coronavirus Aid, Relief, and Economic Security Act (PSP1), (ii) the payroll support program established under the Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (PSP2), (iii) the payroll support program established under the American Rescue Plan Act of 2021 (PSP3) (collectively, the PSP Warrants) and (iv) the Loan and Guarantee Agreement with the U.S. Department of Treasury (Treasury Loan Warrants).
The table below provides a summary of the PSP Warrants and the Treasury Loan Warrants:
Warrants
Warrants Issued (shares, in thousands) (1)
Exercise Price ($)Expiration
PSP1 Warrants14,04812.51 April 2025 to September 2025
PSP2 Warrants6,57615.66 January 2026 to April 2026
PSP3 Warrants4,40721.75 April 2026 to June 2026
Treasury Loan Warrants4,39612.51 September 2025
(1)The PSP Warrants and the Treasury Loan Warrants are subject to certain anti-dilution provisions, do not have any voting rights and are freely transferable, with registration rights. Each warrant will be exercisable either through net share settlement or cash, at our option. The warrants were issued solely as compensation to the U.S. Government related to entry into the PSP and Treasury Loan Agreements. No separate proceeds (apart from the financial assistance previously received in 2021 and 2020) were received upon issuance of the warrants or will be received upon exercise thereof.