Earnings Per Share

6 Months Ended

Jun. 30, 2016

NOTE 2 - EARNINGS PER SHARE

The computations of UAL’s basic and diluted earnings per share are set forth below (in millions, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Basic earnings per share:
Earnings available to common stockholders	$	588	$	1,193	$	901	$	1,701

Basic weighted-average shares outstanding		331		380		342		381

Earnings per share, basic	$	1.78	$	3.14	$	2.63	$	4.46

Diluted earnings per share:
Earnings available to common stockholders including the effect of dilutive securities	$	588	$	1,193	$	901	$	1,701

Diluted shares outstanding:
Basic weighted-average shares outstanding		331		380		342		381
Effect of employee stock awards		—		—		1		1

Diluted weighted-average shares outstanding		331		380		343		382

Earnings per share, diluted	$	1.78	$	3.14	$	2.63	$	4.45

The number of antidilutive securities excluded from the computation of diluted earnings per share amounts was not material.

In the three and six months ended June 30, 2016, UAL repurchased 15 million and 42 million shares of UAL common stock in open market transactions, respectively, for $694 million and $2.2 billion, respectively. As of June 30, 2016, the Company had $255 million remaining to purchase shares under its 2015 $3 billion share repurchase authorization.

In July 2016, UAL’s Board of Directors authorized a new $2 billion share repurchase program to acquire UAL’s common stock.

UAL may repurchase shares through the open market, privately negotiated transactions, block trades or accelerated share repurchase transactions from time to time in accordance with applicable securities laws. UAL will repurchase shares of UAL common stock subject to prevailing market conditions, and may discontinue such repurchases at any time. See Part II, Item 2, “Unregistered Sales of Equity Securities and Use of Proceeds” of this report for additional information.