Loss Per Share

3 Months Ended

Mar. 31, 2024

The following table shows the computation of basic and diluted earnings per share, the latter of which uses the treasury stock method to calculate the dilutive effect of UAL's potential common stock (in millions, except per share amounts):


	Three Months Ended March 31,
	2024		2023
Loss available to common stockholders	$	(124)	$	(194)

Weighted-average shares outstanding, basic and diluted	328.3		327.4




Loss per share, basic and diluted	$	(0.38)	$	(0.59)


Potentially dilutive securities (a)
Stock warrants (b)	3.5		1.5
Employee stock awards	0.5		0.7
(a) Weighted-average potentially dilutive securities outstanding excluded from the computation of diluted earnings per share because the securities would have had an antidilutive effect.
(b) Represent warrants issued to the U.S. Treasury Department ("Treasury") pursuant to the payroll support program, including extensions, and the loan program established under the Coronavirus Aid, Relief, and Economic Security Act. The Company issued to Treasury warrants to purchase up to approximately 10 million shares of UAL common stock at exercise prices ranging from $31.50 to $53.92 and expiration dates ranging from April 20, 2025 to June 10, 2026. All warrants were outstanding as of March 31, 2024.