Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2023

Note 4. Earnings (Loss) Per Share

Basic and diluted earnings (loss) per share is as follows (in thousands, except per share data):


	Quarter Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net Income (Loss) attributable to Royal Caribbean Cruises Ltd. for basic earnings (loss) per share	$	458,761	$	(521,582)	$	410,851	$	(1,688,724)
Add convertible notes interest	21,323		—		4,214		—
Net Income (Loss) attributable to Royal Caribbean Cruises Ltd. for diluted earnings (loss) per share	480,084		(521,582)		415,065		(1,688,724)
Weighted-average common shares outstanding	255,805		254,964		255,636		254,893
Dilutive effect of stock-based awards	348		—		378		—
Dilutive effect of convertible notes	25,760		—		2,727		—
Diluted weighted-average shares outstanding	281,913		254,964		258,741		254,893
Basic earnings (loss) per share	$	1.79	$	(2.05)	$	1.61	$	(6.63)
Diluted earnings (loss) per share	$	1.70	$	(2.05)	$	1.60	$	(6.63)

Basic earnings (loss) per share is computed by dividing Net Income (Loss) by the weighted-average number of common stock outstanding during each period. Diluted earnings (loss) per share incorporates the incremental shares issuable upon the assumed exercise of stock options and conversion of potentially dilutive securities. If we have a net loss for the period, all potential common shares will be considered antidilutive, resulting in the same basic and diluted net loss per share amounts for those periods. There were no antidilutive shares for the quarter ended June 30, 2023 and approximately 25,459,641 antidilutive shares from our convertible notes for the six months ended June 30, 2023, compared to 23,526,181 and 23,597,611 antidilutive shares from our stock-based awards and convertible notes for the quarter and six months ended June 30, 2022, respectively.